Circular Letter CVM/SIN No. 01/2003

CIRCULAR LETTER/CVM/SIN/No. 001/2003
Rio de Janeiro, October 30, 2003.
Subject: Crimes of "money laundering" or concealment of assets, rights, and values – Application of CVM Instruction No. 301/99

Dear Director,

We once again alert you to ensure that the procedures in force at your Institution are sufficient to guarantee full compliance with the determinations contained in CVM Instruction No. 301/99, which governs the identification, registration, record-keeping, operations, communication, limits, and administrative liability regarding Law No. 9,613 of March 3, 1998, concerning crimes of "money laundering" or concealment of assets, rights, and values.

The following legal entities are also responsible for the obligations contained in the aforementioned Instruction, as provided in Article 2:
a. administrators of financial investment funds, funds applying to shares of investment funds, foreign investment funds, funds investing in securities and financial instruments, and funds investing in shares of these, as well as administrators of other funds regulated by the CVM; and b. institutions acting on behalf of and for the order of clients, as provided by CMN Resolution No. 2,536/98.

2. Finally, we emphasize that non-compliance with the determinations contained in the aforementioned Instruction may subject the infringer, among other penalties, to the sanctions provided for in Article 12 of Law No. 9,613/98.

Sincerely,

Signed original by
LUÍS FELIPE MARQUES LOBIANCO
Superintendent of Institutional Investor Relations Acting