The Brazilian Securities and Exchange Commission ("CVM") disclosed, on April 1, 2019, Circular Letter No. 4/2019/CVM/SIN, addressed to the administrators of real estate investment funds (FII), with the purpose of clarifying the interpretation of article 20, paragraph 1, of CVM Instruction No. 472, with respect to the counting of votes in meetings held with the presence of shareholders in a situation of conflict of interest.
Under the terms of the Official Letter, in the calculation of the quorum, the shares held by the conflicted quotaholders and, therefore, prohibited from voting, should be disregarded.
To access the full Circular Letter, click here.
Barcellos Tucunduva Advogados remains at your disposal to clarify any doubts and to provide advice related to the matter.
