{"id":5767,"date":"2018-09-17T09:05:32","date_gmt":"2018-09-17T12:05:32","guid":{"rendered":"http:\/\/www.vivacquaadvogados.com\/?p=5767"},"modified":"2019-07-30T09:05:59","modified_gmt":"2019-07-30T12:05:59","slug":"public-hearing-on-investment-fund-activities-launched","status":"publish","type":"post","link":"https:\/\/www.vivacquaadvogados.com\/en\/public-hearing-on-investment-fund-activities-launched\/","title":{"rendered":"PUBLIC HEARING ON INVESTMENT FUND ACTIVITIES LAUNCHED"},"content":{"rendered":"

NOTE: Proposal of changes in those that have relevant participation of Own Social Security Regimes(Regimes Pr\u00f3prios de Previd\u00eancia Social \u2013 \u201cRPPS\u201d)<\/u><\/p>\n

The Brazilian Securities and Exchange Commission (\u201cCVM\u201d) in a public hearing, on July 24, 2018, proposes changes to \u201cCVM\u201d Instructions 356, 472, 476, 521, 555 and 578.<\/p>\n

The purpose of the change is to improve governance issues and price formation in public offers directed to funds with relevant participation of Own Social Security Regimes (\u201cRPPS\u201d).<\/u><\/p>\n

\u201cCVM\u201d intends to better discipline the application of investment funds that have \u201cRPPS\u201d as quota holders preponderant.<\/p>\n

The Draft proposes that funds with \u201cRPPS\u201d that individually or joint, directly or indirectly, hold more than 15% of their net equity are prevented from acquiring securities that have not been object of a registered public offering.<\/p>\n

The changes proposed in the Draft are divided into three groups:<\/p>\n

    \n
  • changes in instructions dealing with investment funds to restrict the acquisition of securities in certain situations.<\/li>\n
  • change of the instruction on restricted efforts, limiting the distributions of Certificates of Real Estate Receivables (Certificados de Receb\u00edveis Imobili\u00e1rios – \u201cCRI\u201d) e Certificates of Agricultural Receivables (Certificados de Receb\u00edveis Agr\u00edcolas – \u201cCRA\u201d) to those issued by securitization companies registered as publicly-held companies.<\/li>\n
  • change in the instruction dealing with the investment fund and in the instruction dealing with the activity of credit risk classification to include new hypotheses of serious infraction.<\/li>\n<\/ul>\n<\/div>
    <\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5767","post","type-post","status-publish","format-standard","hentry","category-publications"],"_links":{"self":[{"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/posts\/5767\/"}],"collection":[{"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/posts\/"}],"about":[{"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/types\/post\/"}],"author":[{"embeddable":true,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/users\/1\/"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/comments\/?post=5767"}],"version-history":[{"count":2,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/posts\/5767\/revisions\/"}],"predecessor-version":[{"id":5769,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/posts\/5767\/revisions\/5769\/"}],"wp:attachment":[{"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/media\/?parent=5767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/categories\/?post=5767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vivacquaadvogados.com\/en\/wp-json\/wp\/v2\/tags\/?post=5767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}