> For the complete documentation index, see [llms.txt](https://www.opensourcelaw.com.br/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.opensourcelaw.com.br/en/regulation/1.-cvm/1.4.-circular-letter-no.-4-2023-cvm-sse.md).

# 1.4. Circular Letter No. 4/2023/CVM/SSE

Characterization of receivables tokens or fixed-income tokens as securities.

This Circular Letter aims to guide the tokenization market regarding the likely securities nature of receivables tokens or fixed-income tokens.