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The Brazilian Securities and Exchange Commission (CVM) places in public hearing today, 12/14/2021, a proposal to amend CVM Instruction 472, to include an express prohibition on the improper use of privileged information in the negotiation of shares in Real Estate Investment Funds (FII ).
The measure continues the reform of CVM Instruction 472, initiated by CVM Instruction 571, which changed the original text with regard to the disclosure of material facts.
CVM proposes rules specifically aimed at reinforcing the prohibition of the use of privileged information in the scope of the REIT shares market, based on the principle widely known as ” disclose or abstain from trading” .
“The objective is to provide a more targeted and systematized regulation aimed at curbing the illegal use of privileged information in the real estate fund market, in order to make its characterization more objective”.
Antonio Berwanger, Superintendent of Market Development at the Autarchy.
Manifestations must be sent by 11/2/2022 to the address [email protected] .
Access the Public Hearing Notice 08/21 .
This hearing is part of the CVM Regulatory Agenda 2021 .