Circular Letter CVM/SIN 01/07

CIRCULAR LETTER/CVM/SIN/No. 001/2007
Rio de Janeiro, 08/01/2007
Subject: Adaptation of Investment Funds to the Rules of CVM Instruction No. 450, of 03/30/2007

Dear Sirs/Madams,

1. Considering the changes to CVM Instruction No. 409, of 08/18/2004, due to the issuance of CVM Instruction No. 450, of 03/30/2007, we inform you that the adaptation of Investment Fund regulations must be communicated to the CVM through the CVMWeb Registration Update Module.

2. From the link "General Data Change - Fund Adaptation to CVM Instruction No. 450/07", the administrator must select the Fund being adapted and answer the following question in the "Fund Characterization" item:
Has the fund regulation already been adapted to CVM Instruction No. 450/07?
If the answer is "Yes", the administrator must inform the date of the fund's adaptation to the rules of CVM Instruction No. 450/07 and answer the following questions:
Can the Fund exceed 50% of Net Asset Value (NAV) in private credits?
Is the minimum investment per investor equal to or greater than R$ 1,000,000.00 (one million reais)?
Is it a Pension Fund?
If the answer to this last question is "Yes", the administrator must select at least one of the alternatives to the following question:
Which categories will receive applications?
Open private pension entities;
Closed private pension entities;
Own social pension regimes established by the Union, by the States, by the Federal District, or by Municipalities; Open complementary pension plan - PGBL; Life insurance with survival coverage clause - VGBL.

1. After updating the registration data, the administrator must send the new fund regulation and the new fund prospectus (if any) through the CVMWeb Document Upload Module.

2. Finally, the new Fund Information Extract must be sent, as already detailed in Circular Letters CVM/SMI/No. 001/2007 and CVM/SMI/No. 002/2007.

3. For Funds already adapted to the rules of CVM Instruction No. 450/2007 and for those already constituted in accordance with the same Instruction, only items 2 and 4 above must be followed, and it is not necessary to resend the new regulation and prospectus, if applicable.

Sincerely,

CARLOS EDUARDO P. SUSSEKIND
Superintendent of Institutional Investor Relations