The Brazilian investment funds market has entered a new stage following the expiration of the adaptation period to Resolution of the Brazilian Securities and Exchange Commission (“CVM”) No. 175 (“RCVM 175”), which ended on June 30, 2025. Having been in effect since October 2, 2023, RCVM 175 has not only modernized the legal framework governing investment funds but also aligned it more closely with international best practices and the principles set forth in Law No. 13,874/2019 (the “Economic Freedom Law”).
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