Regulatory Alerts2014-10-25
CVM Instruction No. 395 of September 23, 2003
The Brazilian Securities and Exchange Commission (CVM) issued Instruction No. 395 to amend Instruction No. 387 by adding a new paragraph to Article 10. This amendment mandates that brokerage firms must attach copies of identity documents, tax registration numbers, and proof of residence for natural person clients, as well as corporate tax registration and bylaws for legal entity clients. The instruction entered into force on the date of its publication in the Official Gazette of the Union.
CVM INSTRUCTION NO. 395, OF SEPTEMBER 23, 2003.
Adds paragraph 11 to Article 10 of CVM Instruction No. 387, of April 28, 2003, which establishes norms and procedures to be observed in transactions involving securities, in auction and in electronic negotiation and registration systems on stock exchanges and commodity and futures exchanges, and provides other measures.
THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on this date, based on items "a" and "c" of paragraph II of Article 18 of Law No. 6,385, of December 7, 1976, HAS RESOLVED to issue the following Instruction:
Article 1. Article 10 of CVM Instruction No. 387, of April 28, 2003, is hereby supplemented with the following paragraph:
"Paragraph 11. Brokerage firms must attach to their clients' records: I - If natural persons, copies of the identity card, CPF (Individual Taxpayer Registry), and proof of residence or domicile; II - If legal entities, copies of the CNPJ (Corporate Taxpayer Registry) and the regulations or corporate bylaws registered with the competent authority." (AC)
Article 2. This Instruction enters into force on the date of its publication in the Official Gazette of the Union.
Signed original by LUIZ LEONARDO CANTIDIANO President