Circular Letter CVM/SIN No. 005/2004

CIRCULAR LETTER/CVM/SIN/No. 005/2004.
Rio de Janeiro, December 27, 2004.
Subject: Adaptation of investment funds to CVM Instruction No. 409, of 18.08.2004, and alteration of the "fund information extract" document.

Dear Sir,

Considering the doubts that have been presented by several administrators regarding the deadlines to be observed in the adaptation of FITVM/FIC-FITVM/FIF/FAC/FIEX in operation to the provisions of CVM Instruction No. 409/04, we clarify that:

1. The general assemblies of the funds must be held by January 31, 2005, to deliberate on the approval of the fund's new regulation, as well as on the date of its entry into force, which may not be later than March 31, 2005;

2. The administrator will have a period of 15 days, counted from the date of entry into force of the new regulation, to carry out the fund's registration update with the CVM and send a copy of the regulation, the fund information extract, and the prospectus, if applicable;

3. The monthly profile document will only be required from funds already adapted to the new Instruction and only starting from January 31, 2005 (reference month = Dec/2004).

In response to suggestions presented by ANBID, the "fund information extract" document will be altered starting from 12/01/2005 to better adapt to the standards used by the industry. The new standard will be available for consultation on the CVM's Internet page starting from 03.01.2005 (Sending of documents > File Standards - XML and Others > Fund Information Extract).

Finally, we inform you that funds that have already submitted the "Fund Information Extract" document must resubmit it, correcting the answers to the questions that will be modified. Funds registered with the CVM from today until 11.01.2005 may wait for the start of the new standard (12.01.2005) to send the aforementioned Extract, without prejudice to the submission of the regulation and prospectus, if applicable.

Sincerely,

Signed Original

CARLOS EDUARDO P. SUSSEKIND
Superintendent of Institutional Investor Relations