The Brazilian Securities and Exchange Commission set up a securities monetization exercise Group

ACCORDING TO THE BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM) BULLETIN, CVM HAS ESTABLISHED A SECURITIES MONETIZATION WORKING GROUP (GTT), WHICH WILL STUDY SECURITIES REGISTRATION, STORAGE, HOSTING, TRADING AND SETTLEMENT ACTIVITIES BASED ON DISTRIBUTED BOOK TECHNOLOGY (DLT) AND PROPOSE TECHNICAL RECOMMENDATIONS AND REGULATORY MEASURES. THE WORKING GROUP HAD AN INITIAL PERIOD OF 120 DAYS AND COULD BE EXTENDED BY 30 DAYS FOR ITS FIRST OUTCOME TO BE SUBMITTED TO THE CVM COMMISSION WITHIN 60 DAYS OF ITS ESTABLISHMENT FOR A PROGRAMME OF EXPERIMENTAL REGULATORY SYSTEMS FOR THE MONETIZATION OF SECURITIES。