Due to the impacts to the economic activity caused by the coronavirus, including to the investment fund industry, CVM, on April 22, 2020, issued Resolution No. 853, which promotes temporary changes to the deadlines related to the notice of meeting provided for in CVM Instruction No. 356.
As provided in said resolution, the administrator, regardless of what is stated in the regulation, will have the possibility of reducing deadlines for convening meetings or requesting manifestation by formal consultation during the year 2020 for FIDCs and provided that they deal exclusively with (i) amortization of shares and/or (ii) valuation events.
To this end, the administrator shall observe the following conditions:
- a minimum of 3 business days' notice between the first convening of a meeting or formal consultation and the holding of such meeting or the receipt of a manifestation on such consultation;
- if the abovementioned option to reduce the time limit is exercised, the administrator may also reduce the time limit for the second call to a minimum of 5 business days prior to the second call and the holding of the meeting or receipt of statements in case of consultation;
- in any case, the second convening notice of the meeting may be provided together with the first notice; and
- in addition to the requirements contained in the fund regulations or in the applicable rules, it is an essential condition for the installation of the meeting or for the effectiveness of formal consultations convened with reduced time limits, that quota holders representing at least 50% of the quotas of each class in circulation be present or manifest themselves, as the case may be, without prejudice to the quorums for installation and deliberation specified in the respective regulations, which remain unchanged.
The resolution also allows the administrator to make such calls exclusively by electronic means, regardless of what is stated in the regulations; in these cases, the call should also be disclosed on the website of the administrator and of the fund manager.
To access the full text of Resolution 853 published by CVM, click here.
Finally, to access the newsletters related to coronavirus published by the office, please click here.
The Financial and Capital Markets team is available for any clarifications and/or additional information by means of the e-mail [email protected]
