The Securities and Exchange Commission of Brazil (CVM) opened a public consultation on 5 October 2026 to update accounting rules for investment funds, aiming to align the national regulatory framework with international accounting standards (IFRS).
Scope and Phased Implementation of the Proposed Convergence
The regulatory update is designed to bring current investment fund accounting practices into full alignment with international accounting standards adopted across securities markets. According to CVM, the transition will occur in phases.
Initial implementation will focus on migrating CVM Instructions 489, 516, and 579, alongside funds specified in Normative Annexes VIII, X, and XII of CVM Resolution 175. The proposal involves full adoption of pronouncements issued by the Accounting Pronouncements Committee (CPC), without introducing divergences from International Financial Reporting Standards (IFRS).
Funds under Normative Annex VI (FIAGROS) are not included in this proposal. These vehicles already prepare financial statements in accordance with accounting rules applied to publicly held companies, which are already aligned with IFRS.
Consultation Focus Areas and Feedback Timelines
CVM is seeking feedback from market participants and information users on specific technical and operational aspects of the fund industry. Key areas under consultation include operational challenges, financial statement comparability, independent audit procedures, and regulatory adaptation costs.
The regulator is also gathering input on expected benefits for investors and proposed changes to CVM system infrastructure to enhance access, transparency, and usability of reported data. Input collected during this process will inform a formal regulatory proposal to be presented in a subsequent public consultation.
Market participants and interested parties can submit feedback and comments until 4 December 2026 via email or physical submission to CVM's office in Rio de Janeiro.
Frequently Asked Questions
What is the deadline for submitting comments to the CVM consultation?
Comments and suggestions can be submitted to CVM until 4 December 2026 via email or postal mail.
Are FIAGROS funds included in this public consultation?
No, FIAGROS funds are excluded because their financial statements already follow open company accounting rules aligned with IFRS.
