An "Accredited Investor" in Brazil is defined in the instruction 409, article 109 from the CVM (Comissão de Valores Mobiliários)[6] as:

  1. financial institutions; or
  2. insurance companies or capitalization societies; or
  3. private retirement funds; or
  4. 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
  5. mutual funds exclusively targeted to accredited investors; or
  6. portfolio managers and equity consultants authorized by CVM to invest their own capital.
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