Circular Letter CVM/SIN 02/08

The CVM Superintendence permits investment funds exclusively managed for entities supervised by SUSEP to use the average quotation valuation method for variable income assets, as defined in Annex I of SUSEP Circular 314/05, instead of the closing quotation method mandated by Article 3 of CVM Instruction 465/08. This exception applies to the registration, valuation, and disclosure of securities and derivative instruments within the portfolios of such funds.

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CIRCULAR LETTER CVM/SIN No. 002/2008.
Rio de Janeiro, April 30, 2008.
To the Director Responsible for the administration of investment funds, regulated by CVM Instruction No. 409, of August 18, 2004.
Subject: Criterion for the valuation of variable income assets in the portfolio of exclusive funds of entities supervised by SUSEP.

Dear Sir,

We refer to the decision of the Collegiate Body of this Commission, meeting on this date, to proceed with the review of the proposal to amend CVM Instruction No. 438/07, including the permission for exclusive funds of entities supervised by SUSEP to observe the conditions, requirements, and deadlines of specific regulatory framework for the registration, valuation, and disclosure of the securities and financial derivative instruments comprising the portfolios of such funds.

In this regard, we communicate that this Superintendence, in the application of Instruction 438/07, will admit the use of the criterion for the valuation of variable income assets provided for in Annex I of SUSEP Circular No. 314/05 (average quotation) by the exclusive funds of entities supervised by that agency, in substitution for the new criterion established in Art. 3 of CVM Instruction No. 465/08 (closing quotation).

Sincerely,

(Signed original)
Carlos Alberto Rebello Sobrinho
Superintendent of Institutional Investor Relations

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This document amends: CVM Instruction 465 (Revoked)

Source: Comissão de Valores Mobiliários — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works