An "Accredited Investor" in Brazil is defined in the instruction 409, article 109 from the CVM (Comissão de Valores Mobiliários) as:
- financial institutions; or
- insurance companies or capitalization societies; or
- private retirement funds; or
- person or company that has at least R$300,000 deposited in financial investments and sign a form stating that they qualify and have appropriate knowledge of how the financial markets work; or
- mutual funds exclusively targeted to accredited investors; or
- portfolio managers and equity consultants authorized by CVM to invest their own capital.