CVM revokes suspension of the negotiation of quotas of the real estate fund MFII11
On Wednesday, the Brazilian Securities and Exchange Commission (CVM) revoked the suspension it had imposed on the negotiation of the real estate fund MFII11, Mérito Desenvolvimento Imobiliário I, at B3. Accordingly, the fund may again have its shares bought and sold by investors as of this Thursday (27). The fund, which is managed by Planner Corretora de Valores S.A., was suspended on July 18 of this year after the CVM discovered irregularities in its performance. At the time, according to the commission, the fund was similar to a financial pyramid, since the shareholder's compensation was made with part of the money coming from new issues. Now, according to the local authority, these irregularities have been remedied and, therefore, the fund can have its activities restarted. Among other things, the manager of MFII11 adjusted the net worth of the real estate fund, adjusting the evaluation of its investments. In addition, the fund manager also committed to distribute income based on the fund's operating results; adjust existing investments in accordance with CVM Instruction 472; implement effective measures to take over the management of real estate assets and withdraw the request for registration of public offering of quotas in progress, which included the 20% entrance fee.
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