Rodrigo de Campos Vieira Ricardo Mastropasqua On June 25 2014, the Brazilian Exchange Securities Commission (CVM) issued CVM Instruction 549. This instruction partially amends CVM Instruction 409, which governs the organisation, management, operation, and disclosure of information regarding investment funds in Brazil and also creates the Share Investment Funds – Access Market, or FMA (Fundo de Investimento em Ações – Mercado de Acesso). The creation of the FMA is the result of the CVM's efforts to improve the Brazilian regulatory environment for smaller companies, enabling them to access capital markets and finance themselves by means of public offerings of shares. The FMA has features aimed at allowing investors to participate in the transition process from the pre- to post-initial public offering phases.
August 25, 2014