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A fundamental evolution in the regulatory framework for Brazilian investment funds was issued by the Securities Commission (CVM) in the Resolution No. 175 on December 23, 2022, after lengthy discussions and audiences with the market. Among the most impactful changes, we can highlight the possibility of limiting the liability of investment fund shareholders. This is an old claim from ABVCAP members, as the limitation brings not only more security by eliminating the possibility of the investor losing more than what was invested, but also new possibilities for offering sophisticated products. The full resolution is available in portuguese-only.