Funds and Structured Finance
Formation of funds and organization of investment structures under CVM regulation.
The structure of a fund must connect the investment policy, the unitholders' profile, the risks of the assets and the capacity of the service providers. CVM Resolution 175 brings together general rules and category-specific annexes, so that different fund categories require distinct solutions. Classes and subclasses are not interchangeable designations: the asset organization and the rights associated with each structure must be reflected in the documentation and in the operation.
Legal advisory covers regulations, subscription instruments, contracts with service providers and investment documents. In structured finance, guarantee mechanisms, subordination, default events and the distribution of financial flows are also assessed. The regulatory design must take into account tax effects and the rules governing the distribution of units. Subsequent amendments require an analysis of decision-making authority, unitholders' rights and the necessary communications, in accordance with the category and the regulations.
Our work
- Regulations and structuring of classes and subclasses
- Contracts with service providers and investment documents
- Vehicle reorganization and governance review
Do all fund categories follow exactly the same rules?
No. The general part of CVM Resolution 175 combines with the specific annexes for each category. Eligible assets, limits and duties must be verified within this set of rules.
Editorial review: