Circular Letter CVM/SRE 1153/05

CIRCULAR LETTER CVM/SRE No. 1153/2005
Rio de Janeiro, July 1, 2005

To the
Director Responsible for
Real Estate Investment Funds

Subject: Registration update of Real Estate Investment Funds and their Administrators

Dear Sir,

On the occasion of the implementation of a system that allows the electronic update of real estate investment fund registrations directly by the administrators, administrators must verify the information contained therein and proceed, by the end of the current month, to the appropriate update of the data, keeping it constantly updated from then on.

Thus, the registration update of real estate investment funds, as well as their administrators, must henceforth be done through the CVM page on the internet (http://www.cvm.gov.br), clicking on "Registration Update".

Furthermore, we reiterate the guidance contained in CIRCULAR LETTER/CVM/SRE No. 51/2005, of January 19, 2005, available on the CVM page on the worldwide web, that occasional or periodic documents related to real estate investment funds must be sent to the CVM electronically, no longer being accepted that they be delivered in our protocols or sent by mail.

In this way, only the dates of the electronic protocols received by the administrator upon said sending will be considered valid.

Regarding changes to the fund's regulations, subject to prior CVM authorization, as provided in art. 7 of CVM Instruction No. 205/94, the administrator must proceed with the electronic sending of the minutes of the assembly that deliberated such change, which will automatically generate the opening of a process for analysis of the request.

After evaluation and sending of a Letter communicating the CVM's decision, the document changes from "pending authorization" to "authorized" or "denied".

Finally, regarding the replacement of the administrator and the director responsible for the funds, the current administrator must insert the new data, clicking on "Registration Update", which will also generate the automatic process for analysis, which will follow the same routine mentioned above.

In case of doubt, we request contacting: CVM Computer Systems Support and the Records Management – 3, regarding the fund's operating registration, by phone (21) 35548578 or by email to ger3@cvm.gov.br.

Sincerely,

(Signed original)
Carlos Alberto Rebello Sobrinho
Superintendent of Securities Registration
FMF/