Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – “CVM”), in order to improve the accuracy and protection of information from the Real Estate Investment Funds (Fundos de Investimento Imobiliário – “FII”) industry, accepted several market’s claims and facilitated the fill of FII’s quarterly report.

In this sense, Superintendence of Relations with Institutional Investor of CVM (Superintendência de Relações com Investidores Institucionais – “SIN”) published the Circular Letter CVM/SIN 7/2020, with the new procedures to be adopted by the FII’s administrators. Among the changes, the following stand out:

I. inclusion of the alternatives 30/06 and 31/12 for selection in the item General Data\End of the fiscal year (Dados Gerais\Encerramento do exercício social);

II. modification of the format description to dd/mm/yyyy in the item General Data\Quarter End Date (Dados Gerais\Data de Encerramento do Trimestre);

III. acceptance of positive or negative values in the cells related to the Accounting and Financial column, regardless of the account classification, in the item Quarterly Statements of Accounting and Financial Results (From A to E) (Demonstrações Trimestrais dos Resultados Contábil e Financeiro);

IV. modification of the field related to the instalment of the quarterly financial result, and inclusion of two new fields that imply in the amendment of the formula of the item Quarterly Statements of Accounting and Financial Results\Distribution of Accumulated Income in the quarter/semester (Demonstrações Trimestrais dos Resultados Contábil e Financeiro\Distribuição do Resultado Acumulado no trimestre/semestre);

V. inclusion of data validations;

VI. implementation of adjustments on the help tab.

The new form shall be adopted for the 1^st quarter/2020 report and submitted until May 15^th, 2020.

CVM highlighted that the quarterly FII report shall be filled correctly, and emphasized that the information accuracy results from the duty of diligence of fund managers, as set forth in CVM Instruction No. 555, of December 17^th, 2014.

Access the Circular Letter CVM/SIN 7/2020 here.