FAQ

The Administrator should be a financial institution approved by the Central Bank. It is responsible for controlling investments and redemptions and for calculating the value of shares.

The fund’s administration encompasses the set of services directly or indirectly related to the fund’s functioning and maintenance, which may be provided by the administrator itself or by third parties hired by the administrator on behalf of the fund, according to a written document.

In cases in which services such as (i) portfolio management, (ii) investment consulting (if any), (iii) treasury, control and processing of financial assets, (iv) share distribution, (v) bookkeeping of issuance and redemption of shares and (vi) custody of financial assets are outsourced to third parties, the investment fund’s administrator will be exclusively responsible for subsidiary attributions, such as sending communications and calls for general shareholder meetings to the shareholders, liquidity management (along wi th the manager) and conformity of net equity to the fund’s investment policy, in the terms of its regulations and applicable regulations, etc.

Furthermore, under CVM Instruction 558, which will go into effect on January 4, 2016, institutions that are authorized only in the fiduciary administrator category will be allowed to perform all activities related to the functioning and maintenance of a securities portfolio, except for management activities, under the terms of applicable regulation.

Carry out all the activities necessary for the administration of the Fund portfolio, in the case that this isn’t outsourced, as well as exercising all the rights inherent to the assets constituting the portfolio, within the legal limits and observing the rules established by the CVM;

Hire obligatory independent auditor, who should be registered with the CVM, to audit the Fund’s financial statements;

Hire, if necessary, another person or corporation, duly accredited by the CVM, to manage (MANAGER) the Fund portfolio;

Hire legally qualified third parties to provide the following services related to Fund activities: treasury and controlling and processing financial assets, bookkeeping of fund investments and redemptions, custody, investment consulting, distribution of shares and risk classification by specialized agency (required when the administrator isn’t duly accredited or authorized to provide those services).

In addition, one of the primary obligations of the Investment Fund Administrator is the release of information to investors in accordance with the frequency, deadlines, and content requirements stipulated by CVM regulations. The release of this information should be carried out in a manner that treats all shareholders equally.