> 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/1.5.-circular-letter-no.-6-2023-cvm-sse.md).

# 1.5. Circular Letter No. 6/2023/CVM/SSE

Guidance on receivables tokens and fixed-income tokens.

This Circular Letter is a supplement to Circular Letter No. 4/2023-CVM/SSE (“OC 4/23”) from the Superintendency of Securitization Oversight (SSE), and aims to provide guidance, recommendations, and guidelines for the market. The text is not normative in nature, that is, it does not have the force of law, but it embodies the SSE's understanding of the subject.

The purpose of the document is to make clear that certain investment modalities in credit rights <mark style="background-color:purple;">may be characterized as securities when publicly offered</mark>.

The Circular Letter also notes that some forms of tokenization may be equated to securitization transactions, granting rights to receive payments to their holders. Likewise, some forms of tokenization could be considered collective investment contracts.

For the SSE, an investment offering would be characterized by the set of:

* asset (credit right);
* public offering (as a token or any other means); and
* expectation of gain (remuneration).