Legislation

The regulation of private equity funds in Brazil is conducted by the CVM, which has established specific standards for the sector since 1994, with important milestones such as CVM Instruction 391/2003 and, more recently, the consolidation of regulations in Annex IV of CVM Resolution 175/2023. Furthermore, other relevant standards are issued by agencies such as the Central Bank, CMN, PREVIC, and SUSEP, which also impact private equity transactions. In the tax area, ABVCAP monitors the developments of the reform approved in 2023 to avoid negative impacts on the sector. The legislative content also includes relevant case law and technical articles produced by members, which delve into important regulatory discussions for the industry.