Brazil’s Securities Commission (CVM) issued Deliberation CVM 906 to facilitate the establishment of investment funds dedicated to the Eco Invest Programme created by Law 14.995/2024, including waivers from certain regulatory requirements to support blended finance structures. The measure is aligned with the programme’s third auction model, which is based on the use of investment funds regulated under CVM Resolution 175, aiming to channel private capital with an equity profile into Brazil’s energy transition. The deliberation focuses on transactions to acquire equity interests through Fundo de Investimento em Participações (FIP) and, for sector-specific structures, Fundo de Investimento Imobiliário (FII) and Fundo de Investimento nas Cadeias Produtivas Agroindustriais (FIAGRO). CVM noted that, under CVM Resolution 1, deliberations are not normative acts and instead determine specific actions or omissions for identified legal entities, which in this case are the Eco Invest Brasil funds by equivalence. On that basis, Deliberation CVM 906 was issued without a regulatory impact assessment or public consultation.
Brazil Securities Commission (CVM) 2026-03-12
Brazil Securities Commission issues Deliberation to enable Eco Invest programme investment funds with regulatory waivers for blended finance
Brazil’s Securities Commission (CVM) issued Deliberation CVM 906 to support the Eco Invest Programme by waiving certain regulatory requirements for investment funds. This aligns with the programme’s third auction model, focusing on equity transactions through FIP, FII, and FIAGRO. CVM clarified that deliberations are specific actions for identified legal entities, issued without a regulatory impact assessment or public consultation.