What kind of mutual funds did the CNV have?

The changes apply to money market FCIs and are aimed at providing managing companies with a greater operating margin in liquidity management

12/23/2025 – 3:35 p.m

The National Securities Commission (CNV) introduced relevant changes in the regulatory framework Common Investment Funds (FCI) of money or classic money marketby changing the investment plan in fixed deadlines. The update was formalized by the General Resolution No. 1096 and search Give managing companies a higher operating margin in liquidity management.

The central point of the new regulations is this Expansion of the individual investment limit for fixed-term depositsboth in the traditional and pre-cancellable versions. From now on, any of these alternatives can be up to the 50% of the fund assetsthan the limit was before 35%.

In this way, money market funds gain the flexibility to concentrate a larger part of their assets on short-term instruments, provided that this is a single modality.

The global limit is maintained to maintain diversification

Despite the flexibility, the CNV decided Do not change the joint stop applies to this type of investment. The regulation still provides for a maximum limit of 70% of assets for the total of fixed terms that can be announced in advance and cannot be canceled in advancewith the goal Maintaining basic diversification criteria and risk control.

The rest of the regulatory framework also remains unchanged. Both those mandatory minimum liquidity requirements like him Maximum limit for investments in other assets that are valued on an accrual basisdifferent from traditional fixed terms.

From the regulator they explained that the decision comes from a joint analysis process with the Central Bankas part of the constant monitoring of the functioning of the monetary funds.

As indicated by the CNVThe aim of the measure is to provide administrators with “regulatory instruments that promote and enable more efficient liquidity management”. “greater flexibility in the allocation of investments”, without neglecting the regulatory parameters of the system.

Higher demand for short-term funds

The regulatory change occurs in a scenario where the Money market funds They are becoming increasingly important as an alternative to managing cash surpluses for both companies and private investors. The trend is explained by a context of falling interest ratesalthough still really highand by the need to have liquid, low-risk and almost immediately available instruments.

Within this framework, the aim is to expand the limits for fixed terms Improving potential performance this fund without changing its conservative profile, in a market that continues to adapt to new monetary and financial dynamics.