Os benefícios e limites da cláusula de barreira em fundos de investimento

The use of redemption gates as a liquidity management instrument by fund managers is one of the recent innovations brought by Resolution 175 of the CVM. However, little is known about what the limits imposed to fund managers on the adoption of this instrument would be, how these clauses work and what procedure should be adopted, before, during and after the activation of a redemption gate. Amidst regulatory and self-regulatory standards, fiduciary duties, funds statutory prospectus and international market standards recommendations, this article analyses the legal and economic features of redemption gates, in order to foster its understanding and use.