Circular Letter CVM/SMI/SIN 02/2014 Regarding CORECON Resolution No. 601

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CIRCULAR LETTER/CVM/SMI/SIN/No. 2/2014 Rio de Janeiro, April 11, 2014 To Autonomous Investment Agents, Securities Consultants, Securities Analysts and Portfolio Administrators of Securities Subject: CORECON Resolution No. 601, dated February 5, 2014

Dear Sir/Madam,

We refer to Resolution No. 601, dated February 5, 2014, issued by the Regional Council of Economics (“CORECON”) with the objective of creating and regulating the activity termed by it as “Independent Economic and Financial Consultant” (“Economic Consultant”).

In this regard, we highlight the mention in that regulation regarding the provision of services that, by their nature and concept, may involve activities regulated by this Securities and Exchange Commission (CVM), in accordance with Law No. 6,385/76.

In this sense, we inform that the prior registration or accreditation of professionals regulated by the Regional Council of Economics – CORECON for the exercise of the activity of Independent Economic and Financial Consultant does not exempt, remove, or substitute the applicability of the norms pertaining to each of the activities regulated by the CVM, whenever applicable.

Therefore, for those professionals accredited as Economic Consultants, in accordance with the aforementioned Resolution, who intend, for example, to “receive and register purchase and sell orders, transmitting these orders to the appropriate trading or registration system”, or to “prospector and capture clients for applications in the securities market”, must also obtain accreditation as autonomous investment agents as provided for in CVM Instruction No. 497/2011.

Similarly, those who intend to “perform investment analyses” for the purpose of dissemination to third parties must obtain prior accreditation as securities analysts, in accordance with CVM Instruction No. 483/10; and those who intend to recommend “applications in the equity segment”, the status of securities consultant, as provided for in CVM Instruction No. 43/85.

Finally, we remind that the unauthorized exercise, when applicable, of a professional activity regulated by the CVM may subject the participant to the applicable administrative penalties provided for in Article 11 of Law No. 6,385/76; in addition to constituting, in theory, a crime against the capital market, in accordance with Article 27-E of the same Law.

Sincerely,
FRANCISCO JOSÉ BASTOS SANTOS WALDIR DE JESUS NOBRE Superintendent of Institutional Investor Relations Superintendent of Market Relations and Intermediaries