The new instruction also regulates mechanisms to enable investment in lower liquidity companies, authorizing the FMAS, consisting of a closed condominium, to repurchase quotas from the Fund itself when they are being traded on the market below its equity value.

With this, CVM creates a background of actions that can invest in closed and open companies. The intention is to enable such funds to monitor the evolution of companies that have not yet made public offering of shares, but they want or have the potential to do so.

The issue of the standard happens days after the government has announced a package of measures to encourage the capital market, in which it includes exemption from Income tax about capital gain with Actions of small and average companies by 2023.