General Internal Regulation	CEDEVAL
Approved by the Board of Directors in session JD-02/2022 dated 02/22/2022	Version: 01	Page: 1 of 57

CEDEVAL

CENTRAL SECURITIES DEPOSITORY

REGULATION

GENERAL INTERNAL

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General Internal Regulation	CEDEVAL
Approved by the Board of Directors in session JD-02/2022 dated 02/22/2022	Version: 01	Page: 2 of 57

Content

TITLE I.................................................................................................................................................. 7
GENERAL PART ................................................................................................................................... 7
CHAPTER I.............................................................................................................................................. 7
GENERAL PROVISIONS................................................................................................................ 7
Nature ............................................................................................................................................... 7
Legal Regime ........................................................................................................................................ 8
Regulation ....................................................................................................................................... 8
Modifications to the Regulation .................................................................................................................. 9
Definition of Terms ............................................................................................................................ 9
Functions .............................................................................................................................................. 14
CHAPTER II........................................................................................................................................... 15
CORPORATE GOVERNANCE ................................................................................................................. 15
Corporate Governance Structure ...................................................................................................... 15
Board of Directors ....................................................................................................................................... 15
Presidency............................................................................................................................................ 16
General Management .................................................................................................................................. 17
Registrar............................................................................................................................................ 17
Implementation of Corporate Governance Standards ...................................................................... 18
Conflict of Interest Management ............................................................................................................ 18
Corporate Governance Code ........................................................................................................... 18
Risk Management................................................................................................................................ 18
External Audit and Fiscal Oversight ...................................................................................................... 18
Internal Control System .................................................................................................................... 18
Committees ......................................................................................................................................... 19
Regulatory Compliance Function ..................................................................................................... 19
CHAPTER III ......................................................................................................................................... 20
PARTICIPANTS.................................................................................................................................... 20
Participants.......................................................................................................................................... 20
Operations .......................................................................................................................................... 21
Information Requirements................................................................................................................ 23
Duties of Participants.................................................................................................................. 24
Contractual Suspension by CEDEVAL ................................................................................................. 24
Contractual Termination by the Participant .......................................................................................... 24
Entities Subject to Intervention .......................................................................................................... 25
Access or Identification Keys ......................................................................................................... 25
TITLE II ............................................................................................................................................... 26
ELECTRONIC RECORDS .............................................................................................................. 26
CHAPTER I............................................................................................................................................ 26
ELECTRONIC REGISTRY OF ISSUANCE DEPOSITS................................................................ 26
Electronic Registry of Issuance Deposits .................................................................................... 26

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General Internal Regulation	CEDEVAL
Approved by the Board of Directors in session JD-02/2022 dated 02/22/2022	Version: 01	Page: 3 of 57

Unregistered or Uninscribed Issuances ................................................................................................... 27
CHAPTER II .......................................................................................................................................... 27
ELECTRONIC REGISTRY OF SECURITIES ACCOUNTS.................................................................... 27
Electronic Registry of Securities Accounts.......................................................................................... 27
Co-ownership Accounts....................................................................................................................... 27
Responsibility .................................................................................................................................... 28
Securities Accounts ............................................................................................................................... 28
Types of Accounts .................................................................................................................................. 28
Operations Between Accounts .................................................................................................................. 29
Inactive Accounts .................................................................................................................................. 30
CHAPTER III ......................................................................................................................................... 30
ELECTRONIC REGISTRY OF SHAREHOLDERS.................................................................................... 30
Shareholder Registry ......................................................................................................................... 30
CHAPTER IV......................................................................................................................................... 31
DOCUMENT CUSTODY REGISTRY.................................................................................... 31
TITLE III............................................................................................................................................... 31
CEDEVAL OPERATIONS AND SERVICES...................................................................................... 31
CHAPTER I............................................................................................................................................ 31
DEPOSIT AND WITHDRAWAL OPERATIONS OF ISSUANCES AND SECURITIES ..................................... 31
Issuance or Securities Deposit Contract ................................................................................. 32
Securities Administration...................................................................................................................... 32
Deposit of issuances authorized for public offering,
represented by book entries or by securities........................................................... 32
Deposit of securities belonging to issuances authorized for public offering and that are
represented by means of securities.................................................. 32
Deposit of securities not registered with the Superintendence, represented by
book entries or by securities............................................................................................ 33
Deposits and Withdrawals................................................................................................................................ 33
Withdrawal of Issuances and Book Entries ................................................................................ 33
Withdrawal of Issuances and Book Entries from Abroad......................................................... 34
Documentary Archive ............................................................................................................................... 35
CHAPTER II .......................................................................................................................................... 35
CUSTODY OPERATIONS ............................................................................................................ 35
Custody ................................................................................................................................................ 35
Securities Custody ..................................................................................................................... 35
Document Custody ...................................................................................................................... 35
CHAPTER III ......................................................................................................................................... 36
OPERATIONS WITH THE CENTRAL BANK AND THE STATE......................................... 36
Delegation by the Central Bank ........................................................................................ 36
Instrumentation of the Delegation.......................................................................................................... 36
Applicable Legal and Regulatory Regime ................................................................................................... 36
Duties of CEDEVAL........................................................................................................................... 36

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General Internal Regulation	CEDEVAL
Approved by the Board of Directors in session JD-02/2022 dated 02/22/2022	Version: 01	Page: 4 of 57

Accounts of the Central Bank and the State ............................................................................ 37
CHAPTER IV ......................................................................................................................................... 37
SERVICES RELATED TO THE DEPOSITORY RECORDS .......................................... 37
Account Statements................................................................................................................................ 37
Designation of Beneficiaries ................................................................................................................ 37
Exchange of Securities and Share Certificates..................................................................................... 38
Amortization of Securities......................................................................................................................... 38
Representation in the Exercise of Rights ......................................................................................... 38
Representation of Social Rights............................................................................................. 39
Liquidation of Economic Rights ................................................................................................... 39
Deposit of Securities Not Registered for Public Offering ............................................... 39
Encumbrances on Securities .................................................................................................................. 39
Pledge on Securities............................................................................................................................ 40
Seizures on Securities ...................................................................................................................... 40
Other Encumbrances ................................................................................................................................ 41
Non-seizability of Securities in Administration..................................................................................... 41
Types of Documents Issued by CEDEVAL................................................................................... 41
Documentation Formats ................................................................................................................. 42
Legitimation Statements ................................................................................................................. 42
Certificates of Book-Entry Securities .......................................................................................................... 43
CHAPTER V .......................................................................................................................................... 43
COLLATERAL ADMINISTRATION ..................................................................................................... 43
Registration and Inscription of Collateral ................................................................................................ 43
Types of Collateral ................................................................................................................................ 43
Receipt and Return of Documents .............................................................................................. 44
Representation of Collateral Beneficiaries...................................................................................... 44
Execution of Collateral..................................................................................................................... 45
TITLE IV .............................................................................................................................................. 45
CLEARING AND SETTLEMENT ...................................................................................................... 45
CHAPTER I............................................................................................................................................ 45
CLEARING AND SETTLEMENT SYSTEM................................................................................ 45
Clearing and Settlement System of Operations.................................................................... 45
Guiding Principles of the System............................................................................................................ 46
Stock Exchange Clearing Process of Operations ............................................................................. 46
Settlement Process of Operations ............................................................................................... 47
Procedure in Case of Defaults........................................................................................... 47
CHAPTER II .......................................................................................................................................... 47
OPERATIONS PERFORMED IN THE STOCK EXCHANGE TRADING SYSTEMS .................... 47
Agreements and Contracts with Related Institutions......................................................................... 47
Relationship with a Stock Exchange....................................................................................................... 48
Relationship with other Institutions ............................................................................................................ 48

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General Internal Regulation	CEDEVAL
Approved by the Board of Directors in session JD-02/2022 dated 02/22/2022	Version: 01	Page: 5 of 57

TITLE V ............................................................................................................................................... 48
INTERNATIONAL OPERATIONS ................................................................................................... 48
CHAPTER I............................................................................................................................................ 48
OPERATIONS WITH FOREIGN SECURITIES................................................................................. 48
CHAPTER II .......................................................................................................................................... 49
FOREIGN STOCK EXCHANGE INTERMEDIARIES ............................................................................... 49
Remote Operators ............................................................................................................................ 49
Remote Operations............................................................................................................................ 49
CHAPTER III ......................................................................................................................................... 50
INTERNATIONAL CUSTODY CONTRACTS.................................................................................. 50
TITLE VI .............................................................................................................................................. 50
ELECTRONIC TRANSACTION SYSTEMS ...................................................................................... 50
SINGLE CHAPTER ................................................................................................................................. 50
ELECTRONIC SIGNATURE ........................................................................................................................ 50
Communications and Electronic Signature .................................................................................................... 50
Information Systems........................................................................................................................ 51
TITLE VII ............................................................................................................................................. 51
RISK MANAGEMENT AND INSTITUTIONAL CONTROL SYSTEMS.................................... 51
CHAPTER I............................................................................................................................................ 51
INTEGRAL RISK MANAGEMENT SYSTEM ................................................................................ 51
CHAPTER II .......................................................................................................................................... 52
INTERNAL CONTROL SYSTEM....................................................................................................... 52
Internal Control Function .................................................................................................................... 52
Head of Internal Control............................................................................................................... 52
Head of Systems Audit................................................................................................. 53
CHAPTER III.......................................................................................................................................... 53
CYBERSECURITY AND BUSINESS CONTINUITY MANAGEMENT SYSTEM...................... 53
Cybersecurity, Information Security and Business Continuity ............................................. 53
CHAPTER IV ......................................................................................................................................... 54
MONEY LAUNDERING AND ASSET PREVENTION SYSTEM AND .......................................... 54
TERRORISM FINANCING .................................................................................................. 54
Money Laundering and Asset Risk Management and Terrorism Financing .............................................. 54
Terrorism.............................................................................................................................................. 54
Responsible for the AML/CFT Prevention Function............................................................................. 55
Information Requirements................................................................................................................ 55
TITLE VIII ............................................................................................................................................ 55
FINAL PROVISIONS ................................................................................................................... 55
SINGLE CHAPTER ................................................................................................................................. 55
FEES, COMMISSIONS, SURCHARGES AND PENALTIES.................................................................... 55
Transparency in the Establishment of Commissions............................................................................ 55
Commissions ............................................................................................................................................ 56
Contractual Information for Users ............................................................................................ 56

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General Internal Regulation	CEDEVAL
Approved

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