By Diogo Nebias | Capital Markets – PSNA The recent publication of CVM/SRE Circular Letter 1/2025 brings significant changes to the requirements for automatic registration of public offerings of FIAGRO (agribusiness…
The recent publication of CVM/SRE Circular Letter 1/2025 brings significant changes to the requirements for automatic registration of public offerings of FIAGRO (agribusiness investment funds), especially after the entry into force of CVM Resolution 175 and its Annex VI.
End of separate categories: There is now a single FIAGRO category, with no distinction between Receivables, Real Estate and Equity.
New concentration classification: FIAGROs with more than 50% of net assets allocated to assets typical of other categories must comply with the specific rules of CVM Resolution 175.
Target audience as the differentiating criterion: Automatic registration now depends on the target audience ("professional", "qualified" or "general"), not on the fund's former category.
Specific requirements for Receivables: Risk assessment, type of backing and sustainability requirements apply only to offerings concentrated in this type of asset and aimed at the general public.
Our Capital Markets team is available to guide managers and structurers in adapting their FIAGROs to the new CVM guidelines.
