Amid the current scenario and the various guidelines and concerns to which the institutions participating in the market need to be aware due to the coronavirus, one must not forget the duties and obligations imposed by the regulations in force in relation to the activity of portfolio management and securities advisory services.
As provided for in article 15 of CVM Instruction No. 558 and in article 14 of CVM Instruction No. 592, fund managers and consultants, respectively, shall forward until March 31, 2020, the Reference Form duly updated based on the positions as of December 31, 2019 ("FR").
The update of the Reference Form is applicable both to individuals and legal entities, observing the content disposed (i) when related to the portfolio manager, in Annex 15-I for individuals and in Annex 15-II for legal entities, both of CVM Instruction 558; and (ii) when related to the consultant, in Annex 14-I for individuals and in Annex 14-II for legal entities, both of CVM Instruction 592.
It should be noted that, pursuant to the aforementioned regulations, an individual who acts exclusively as an agent for a legal entity accredited as a securities portfolio manager and/or securities consultant is exempt from submitting the reference form, and must be mentioned in the specific item of the FR of the legal entity to which he/she is linked.
The FR must be forwarded to the CVM by specific system and kept updated on the website of the manager and/or consultant.
Finally, pursuant to Article 1, item II, of CVM Instruction No. 510, portfolio managers and consultants must also send the Electronic Declaration of Compliance by March 31, 2020, in order to confirm that the registration data previously informed to CVM remain valid.
The Financial and Capital Markets team is available for any clarifications and/or additional information by e-mail [email protected]
