The Brazil Securities Commission (CVM), through its Securitisation and Agribusiness Superintendence (SSE), published Circular Letter CVM/SSE 8/2025 clarifying the technical staff’s interpretation of provisions in CVM Resolution 175 and Normative Annexes II, III and VI as they apply to receivables investment funds (FIDC), real estate investment funds (FII) and agribusiness production chain investment funds (FIAGRO). The clarifications draw on questions and consultations received by the SSE. The circular covers, for FIAGRO, the treatment of FIAGRO quotas as equivalent to FIDC quotas, registration of invested credit rights, investments in companies and administrator resignation. For FIDC, it addresses the manager’s responsibility to verify the underlying assets, the role of the collection agent in FIDCs aimed at professional investors, the receipt of guarantees and investments in quotas of other FIDCs managed by the same manager. For FII, it discusses investment in FIDC quotas.

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