INR Registration Maintenance — Non-Resident Investor
The non-resident investor's CVM registration before operating, and its update whenever the Annex A information of Resolução CVM 13 changes, under the responsibility of the representative in Brazil, within the regime of Joint Resolution BCB/CVM No. 13, which replaced Resolução CMN 4.373/2014.
Before operations start and whenever the Annex A information of Resolução CVM 13 changes
Specific Event
What it is
Before operating, a non-resident investor must appoint a representative in Brazil and obtain CVM registration (Joint Resolution BCB/CVM No. 13, art. 6), with the Annex A information of Resolução CVM 13 (art. 2). The representative makes and keeps that registration current (Joint Resolution 13, art. 8, I; Resolução CVM 13, art. 12, II) and immediately reports the termination of the representation agreement (Joint Resolution 13, art. 8, IV; Resolução CVM 13, art. 12, V). Individuals are exempt from registration (Joint Resolution 13, art. 16, II), including as participants in a collective account (Ofício-Circular nº 1/2025/CVM/SIN, item 2), but the representative sends their data before operations start (Resolução CVM 13, art. 2, sole paragraph). Since 23 February 2026, registering such an individual in a dummy account is done exclusively at B3, with the CPF as the key document (Ofício-Circular nº 3/2026/CVM/SIN). Article 6 does not apply to investments by non-resident legal entities in financial assets from a non-resident BRL account in their own name, except in securities (Joint Resolution 13, art. 14), nor to investors that trade only agricultural derivatives with cash movements in an account abroad (Ofício-Circular nº 4/2026/CVM/SIN). Joint Resolution 13 has been in force since 1 January 2025 (art. 28), revoked Resolução CMN 4.373/2014 (art. 27, III) and dropped the requirement to appoint a custodian before operating; registrations made with the Central Bank under 4.373 remained available for consultation for one year, until the end of 2025 (art. 26).
Who must comply
The non-resident investor's representative (a financial institution, an institution authorised by the BCB, or a clearing and settlement house supervised by the BCB — Joint Resolution 13, art. 7); the custodian reports to the CVM the termination of a custody agreement with no new custodian (Resolução CVM 13, art. 16).
Penalties for non-compliance
The SIN suspends the registration of an investor that does not meet the requirements to operate (Resolução CVM 13, art. 9); a representative that breaches its obligations is barred from acting as representative, and the investor must appoint another (Joint Resolution 13, art. 8, sole paragraph); breaching the duties of arts. 2, 13 and 16 of Resolução CVM 13 is a serious violation (art. 24).
Official source
Resolução Conjunta BCB/CVM 13How Arkar automates it
A dedicated INR module: full registration (individuals, legal entities, foreign funds), update workflows, integration with representatives and custodians, and provision of information to the CVM/BCB.
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