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Regulation of Interest

All regulation provided in this page are free translations intended for informative purposes only, without any legal binding. Although the CVM makes its best efforts to update the regulation shown, all the documents have been have been changed by further updates. In each one of them, it´s possible to see what is the latest version.

Any questions arising may only be elucidated by consulting the original versions in Portuguese, in tthe original website, where can be found the CVM Instructions that have changed the rules below.



  • Law 6.385/76: "Securities Act", which disciplines the securities market and creates the CVM (as amended by Laws Nº 9.457/97, 10.303/01 and 10.411/02).
  • Law 6.404/76: "Corporation Act" (as amended by Laws Nº 9.457/97 and 10.303/01).
  • Law 10.303/01: Provisional Measure nº8 and Decree Nº 3.995 alter and add provisions to Law Nº 6.404 of December 15, 1976, which governs Corporations, and to Law Nº 6.385 of December 7, 1976, which governs the securities market and creates the Brazilian Securities Commission. (Provisional Measure nº8 has been converted into Law 10.411/02). 


CVM Rules

  • Instruction 028: Regulates the exercise of the activity of Debenture Holders' Trustee for Debenture Holders (changed by CVM Instructions 123, 490 and 519).
  • Instruction 168: Special Procedures on Stock Trading (changed by CVM Instruction 252).
  • Instruction 296: Regulates the registration of a public offer of collective investment contracts (changed by CVM Instruction 350).
  • Instruction 301: On the identification, registration, operations, communication, limits and administrative responsibility approached by the items I and II of article 10, I and II of article 11, and the articles 12 and 13, of the Law nº 9.613/98, referring to the crimes regarding "laundering" or concealment of assets, rights and valuables (changed by CVM Instructions 463, 506, 523, 534 and 553).
  • Instruction 308: Regulates accreditation and activities performance of independent auditors in the securities market; defines the duties and responsibilities of administrators of audited entities in their relationship with independent auditors, and revokes CVM Instructions 216 and 275 (changed by CVM Instructions 509 and 545).
  • Instruction 356: Regulates the organization and operation of receivables investment funds and funds for investment in receivables investment fund shares (changed by CVM Instructions (changed by CVM Instructions 393, 435, 442, 446, 458, 484, 489, 498, 510, 531, 545, 554, and 558).
  • Instruction 358: Disclosure of Material Events (changed by CVM Instructions 369, 449, 547, 552 and 568).
  • Instruction 359: Exchange Traded Index Funds (cnanged by CVM Instructions 537 and 545).
  • Instruction 361: Tender Offer Procedures (changed by CVM Instructions 436, 480, 487 and 492).
  • Instruction 391: Regulates the organization and operation of private equity funds and funds of private equity funds  (changed by CVM Instructions 435, 450, 453, 496, 498, 535, 540, 545, 549 and 554).
  • Instruction 400: Regulates the public offers for the distribution of securities in primary and secondary markets, and revokes CVM Instructions 13 and 88 (changed by CVM Instructions 429, 442, 472, 482, 488, 507, 525, 528, 531, 533, 546, 548, 551, 566 and 571).
  • Instruction 404: Provides for the simplified registration procedure and standard clauses and conditions to be adopted in deeds of issuance of debentures designed for trading in a special segment of stock exchanges or entities of the organized over-the-counter market.
  • Instruction 408: Provides for the inclusion of Special Purpose Companies (SPCs) in the consolidated accounting statements of publicly-held companies.
  • Instruction 457: Regulates the preparation and disclosure of consolidated financial statements in accordance with the international financial reporting standards issued by the International Accounting Standards Board - IASB (changed by CVM Instruction 485).
  • Instruction 461: Regulates the security markets and provides on the formation, organization, operation and dissolution of stock exchanges, futures and commodities exchanges, organized markets and non-organized markets (changed by CVM Instructions 468, 499, 508, 544 and 554).
  • Instruction 480: Provides for registration of issuers of Securities admitted for trading on regulated securities markets (changed by CVM Instructions 488, 509, 511, 420, 525, 547, 552, 561, 567, 568 and 569).
  • Instruction 541: Establish provisions for central securities depository services (changed by CVM Instruction 569).
  • Instruction 543: Establish provisions for registrar services and issuance of securities certificates (changed by CVM Instruction 582).
  • Instruction 560: Disposes on the registration, operations and information disclousure of non-resident investor in the country (changed by CVM Instruction 574).


  • Resolution 4373: Provides for non-resident investors’ investments in the Brazilian financial and capital markets and gives other provisions.


Legal Opinions

  • Legal Opinion nº 31: Understanding note about article 3 of Instruction CVM 301, of April 16, 1999 ("Money Laundering"), related to the maintenance and update of client registration data.
  • Legal Opinion nº 32: The use of the Internet in securities offerings and intermediation of operations.
  • Legal Opinion nº 33: Intermediation of operations and the offering of securities issued and admitted to trading in other jurisdictions.