Circular Letter CVM/SIN 01/02

CIRCULAR LETTER CVM/SIN NO. 001/02.
Rio de Janeiro, February 18, 2002.
Subject: Submission of documents on electronic media – Start of operation of the new CVMweb system

Dear Director,

As you are aware, the CVM Instructions established the obligation to send this Commission a series of documents and information, relating to investment funds (CVM Instruction No. 302/99), portfolios of non-resident investors (CVM Instruction No. 325/00), and the registration and portfolio of providers of securities portfolio administration services (CVM Instruction No. 306/99).

2. To facilitate compliance with such requirements, we developed, with the collaboration of ANBID, a new system for receiving and processing this information, which we have named CVMweb. The CVM will make this system available on its Internet site (http://www.cvm.gov.br), through the "Consultation and Submission of Documents" option, starting from March 19, 2002.

3. From this date, the submission of the documents listed below via the new system will become mandatory, and they will no longer be accepted by the CVM protocol or the old Internet submission system:

• Registration of the start of operation of funds authorized by the CVM;
• Daily report of investment funds;
• Monthly synthetic report of investment funds;
• Monthly statement of sources and applications of investment fund resources;
• Request for inclusion of a participant in a collective account of non-resident investors;
• Request for the constitution of a personal or collective account of non-resident investors; and
• Submission of registration information of providers of securities portfolio administration services – Annexes III and IV to CVM Instruction No. 306/99.

4. Representatives of non-resident investors, during the period from 19.03.2002 to 12.05.2002, must continue to send the document "Consolidated monthly report of non-resident investor portfolios". To do so, they must access the CVM website and continue using the representative's CNPJ and the old password. Starting from 13.05.2002, the submission of this document will be replaced by the "Monthly report per account holder of non-resident investors", which must be submitted via CVMweb.

5. We highlight that during the period from 19.03.2002 to 12.05.2002, the use of the new System for submitting the documents listed below will be optional, and in this case, the physical delivery of documents will be waived for those who opt for this method. However, starting from 13.05.2002, the use of CVMweb will become MANDATORY for everyone, and the submission of the documents listed below via the CVM protocol or the old Internet submission system will no longer be accepted:

• Monthly statement of sources and applications of investment fund resources;
• Statement of the composition and diversification of investment fund applications;
• Semi-annual balance sheet and monthly balance sheets of investment funds;
• Semi-annual report of investment funds;
• Changes to prospectuses and regulations of investment funds;
• Monthly report per account holder of non-resident investors;
• Semi-annual report of non-resident investors per passage; and
• Submission of the Annual Report of providers of securities portfolio administration services – Annexes I and II to CVM Instruction No. 306/99.

6. Access to CVMweb is simple, requiring initially the use of the CPF number of the natural person to whom this Letter is addressed, and the respective access password, which follows below.
   CPF: XXXXXXXXXXX
   PASSWORD: XXXXX

7. We also inform that CVMweb (through the "Special Consultation" option) is prepared to generate a receipt confirmation of the transmitted information, which will be accepted as proof of compliance with the obligations established by the Instructions.

8. Furthermore, we request that you access, starting from 19/03/2002, the System to update your data and to obtain more information about its operation. Finally, we remain at your disposal for clarification of any doubts or other information, via the email cvmweb@cvm.gov.br.

Sincerely,

Signed Original By:
CARLOS EDUARDO P. SUSSEKIND
Superintendent of Institutional Investor Relations

To the
Responsible Director

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