New CVM decision permits buyers to entry funds that had been beforehand restricted
Last Friday (23), the Securities and Exchange Commission (CVM) published Resolution No. 175, which presents new guidelines for investment funds. The new rules, which will come into force from April 2023, were already awaited by the market and will bring investors the possibility of making allocations in more sophisticated funds and at lower costs.
CVM Resolution No. 175 provides for the constitution, operation and disclosure of information on investment funds, as well as the provision of services to the funds. According to the Autarchy, the regulation brings specific rules for financial investment funds (FIF) and for investment funds in credit rights (FIDC).
With the Resolution, the CVM seeks to reflect fundamental advances for greater efficiency in the functioning of the fund market, as well as to reduce compliance costs for its participants, without disregarding investor protection. “The new rules bring greater freedom of allocation to the fund industry, with the expansion of a new risk exposure limit for some financial assets and the limitation of the liability of each shareholder to the value of the subscribed shares”, explains the person in charge of the Pension area. from InvestSmart XP, Tatiana Guedes.
A great benefit that the new features will bring is the possibility for investors to have access to strategies that were previously restricted. “When the resolution takes effect, there will be, for example, the chance for funds for the general public to allocate up to 100% in assets abroad, which was previously only possible for qualified investors”, highlights Tatiana. Another important change, stresses the executive, is related to the possibility for portfolios to invest directly in crypto assets and socio-environmental assets, two fronts that are constantly expanding. “The resolution also provides for investor access to FIDCs for the general public. Currently, these funds are aimed only at qualified investors”, explains Tatiana.