Circular Letter CVM/SMI 01/2014

Rua Sete de Setembro, 111/2nd Floor – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil – Tel.: (21) 3554-8686 – http://www.cvm.gov.br.

São Paulo Regional Superintendence: Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors – Bela Vista – São Paulo – SP – ZIP: 01333-010 – Brazil – Tel.: (11) 2146-2000

Brasília Regional Superintendence: SCN Q.02 – Bl. A – Ed. Corporate Financial Center – S.404/4th Floor – Brasília – DF – ZIP: 70712-900 – Brazil – Tel.: (61) 3327-2030/2031

CIRCULAR LETTER/CVM/SMI/No. 001/2014

São Paulo, March 31, 2014.

To

Directors Responsible for CVM Instruction No. 301/1999

Subject: Procedures for opening current accounts as provided in CVM Instruction No. 301/1999.

Dear Sirs and Madams:

1. We have observed numerous attempts, many of which were successful, to open new current accounts involving possible fraud, such as the use of false documents and, even, of deceased persons.

2. In this regard, we reiterate the importance of reviewing and supervising the application of procedures and controls established by the intermediary, as provided for in item I of Article 3-A of CVM Instruction No. 301/1999, with the wording given by CVM Instruction No. 523/2012, especially those who opted for the adoption of alternative registration systems.

Sincerely,

Waldir de Jesus Nobre

Superintendent of Market and Intermediary Relations