Guidelines for the Annual Portfolio Manager Inform (ICAC) and the Update of the Registration Data of Capital Markets Participants
Securities portfolio managers, may they be natural or legal persons, must submit to the Comissão de Valores Mobiliários ("CVM") until May 31st, 2014 (i) the Annual Portfolio Manager Inform ("ICAC") with respect to the portfolio under its management, based on the portfolio position as of March 31st of the same year, pursuant to article 12 of CVM Instruction No. 306, dated May 5th, 1999, as amended ("CVM Instruction No. 306/99"); and (ii) their updated registration data, pursuant to article 1, item II, of CVM Instruction No. 510, dated December 5th, 2011, as amended ("CVM Instruction No. 510/11").
Such information must be submitted to the CVM even though the securities portfolio manager does not hold any assets under his management and/or does not have any changes to report regarding its existent registration data with CVM. In this latter case, the portfolio manager shall only confirm the validity of its data previously submitted to CVM (article 1, item II, of CVM Instruction No. 510/11). The qualified portfolio managers who are natural persons and act on behalf of qualified legal persons with CVM are also subject to the duty of annual disclosure and update of such information to CVM.
It is important to note that the omission or the delay in submitting the ICAC and/or the updated registration data by the capital markets participants to CVM will give rise to a daily fine, pursuant to article 20 of CVM Instruction No. 306/99 and article 5 of CVM Instruction No. 510/11, respectively, in accordance with articles 3 and 11 of CVM Instruction No. 452, dated April 30th, 2007.
The Submission of Information to CVM
The ICAC must be submitted to CVM in the form of Annexes I and II of CVM Instruction No. 306/99, describing, with respect to each securities portfolio manager, (i) the number and the value of the portfolio under his management classified by the type of investors; and (ii) the value of the portfolio under his management classified by the assets belonging to the portfolio.
In turn, the registration data of the securities portfolio managers shall be submitted in the form of Annexes 2 to 5 of CVM Instruction No. 510/11, as the case may be, depending on whether the portfolio manager is (i) natural person; (ii) legal person; (iii) portfolio manager of a fundo de investimento em direitos creditórios - FIDC; or (iv) portfolio manager of a fundo de investimento imobiliário - FII, respectively. Please note that independent investment agents, consultants, securities distributors and investment funds, among other participants of the capital markets set forth in CVM Instruction No. 510/11, are also subject to the duty to update annually its registration data with CVM.
As per the Ofício-Circular/CVM/SIN/Nº 10/2013, dated October 18th, 2013 ("Ofício Circular CVM No. 10/2013"), the information described hereinabove must be submitted to the CVM through the portfolio manager′s restricted access portal available at CVMWEB, according to the following instructions:
- At CVMWEB, access item "Envio de Documento Via Formulário" (Submission of Document Through Form);
- Then, click on the Option "Informe Cadastral" (Registration Data Inform) and select the type of inform as "Anual - Obrigatório" (Annual - Mandatory);
- Finally, click on the function "Enviar Documentos" (Send Documents).
Once the electronic submission of the ICAC and the update of the registration data have been concluded, it is possible to search the information submitted to CVM through the CVMWEB portal. This can be done, pursuant to the Ofício Circular CVM No. 10/2013, by accessing the item "Envio de Documentos Via Formulário" (Submission of Document Through Form), then, by clicking on the option "Informe Cadastral" (Registration Data Inform), and finally, by accessing the function "Pesquisar Documento" (Document Search). The documents are available on the basis of the year of its submission to CVM and they can be viewed simply by choosing the year of search.