In Brazil, the main agency responsible for investment funds regulation is CVM –  Brazilian Securities Commission (Comissão de Valores Mobiliários), a federal government administration body.

The Regulatory Instruction (IN) CVM 409, dated August 2004, consolidated the regulation of fixed income and equity funds and introduced several improvements with a greater transparence and clearness of information given to investor, which is a matter of vital concern.

The investment funds have been classified in seven categories, which are: equities, currency, short term, external debt, multi-market, referenced and fixed income classes. Besides, the Instruction mentioned above determines the constitution, management, operation and disclosure of information with regards to these funds.

The IN CVM 450 was edited in March 2007 and it changed the IN CVM 409, improving the level of information, broadening investment alternatives and assuring a more efficient analysis of investors’ risk profile.

The IN CVM 456, dated June 2007, consolidated IN CVM 409 and its modifications, and implemented changes on the funds’ operational aspects.

Currently, the consolidated IN CVM 409 regulates all investment funds, exception made to those which have their own legislation, such as real estate funds, receivables funds and private equity funds.

Please find below links to the main regulation instruments that cause relevant impact on the investment funds' market: 

Investment Funds

IN CVM 409 (consolidated version):

http://www.cvm.gov.br/asp/cvmwww/atos/Atos_Redir.asp?File=\inst\inst409consolid.doc

Receivables Funds

IN CVM 356 (consolidated version):

http://www.cvm.gov.br/asp/cvmwww/atos/Atos_Redir.asp?File=\inst\inst356consolid.doc

Private Equity Funds

IN CVM 391 (consolidated version):

http://www.cvm.gov.br/asp/cvmwww/atos/Atos_Redir.asp?File=\inst\inst391consolid.doc

ANBID's Auto-Regulation Code

http://www.anbid.com.br/auto_regulacao_downloads/fundos_investimento/novo_codigo_fundos.zip