By: André Jerusalem
On December 14, 2021, CVM put on the agenda the proposal to change CVM Instruction 472, which deals with Real Estate Investment Funds (“FIIs”) to include an express prohibition on the use of privileged information in the trading of shares of such Funds.
The foundation is based on the maxim “disclose or abstain from trading” (i.e. “disclose or don’t trade”), a famous phrase widely used when the topic is insider trading. This phrase became known in the 1960s in the United States, in the case of the Curtiss-Wright Corporation.
The public hearing will be open for comments until 02/11/2022 and suggestions should be sent to the address audpublicaSDM0821@cvm.gov.br
By: André Jerusalem