Regulatory Alerts2014-10-25
CVM Instruction No. 348 of January 23, 2001
The Brazilian Securities and Exchange Commission (CVM) establishes that hiring unauthorized or unregistered individuals for securities intermediation constitutes a serious offense under Article 11, Section 3 of Law No. 6,385 of 1976. This regulation specifically applies to members of the securities distribution system and administrators of CVM-regulated funds who engage personnel not authorized or registered with the CVM for client acquisition or business intermediation. The instruction entered into force on the date of its publication in the Official Gazette of the Union.
CVM INSTRUCTION NO. 348, OF JANUARY 23, 2001.
Provides for a serious offense, in accordance with the provisions of Article 11, Section 3, of Law No. 6,385, of December 7, 1976.
THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on this date, and based on the provisions of Article 11, Section 3, of Law No. 6,385, of December 7, 1976, resolved to issue the following Instruction:
Article 1. It is considered a serious offense, for the purposes of Section 3 of Article 11 of Law No. 6,385, of December 7, 1976, the hiring by a member of the securities distribution system (Article 15 of Law No. 6,385/76) or administrator of funds regulated and supervised by the CVM, of persons not authorized and/or registered with this agency in accordance with the provisions of Article 16 of Law No. 6,385/76, for the intermediation of transactions involving securities, including with respect to agency and/or client acquisition.
Article 2. This Instruction enters into force on the date of its publication in the Official Gazette of the Union.
Original signed by JOSÉ LUIZ OSORIO DE ALMEIDA FILHO President