Circular Letter No. 1241: Clarifies rules applicable to Mutual Investment Funds under Resolution CMN 1022/85

CIRCULAR LETTER No. 1.241

CENTRAL BANK OF BRAZIL

To the Institutions Administering Mutual Investment Funds

Based on the provisions of item II of Resolution No. 1.022, of 05.06.85, and aiming to resolve doubts regarding the rules applicable to Mutual Investment Funds, as embodied in the Regulation annexed to the aforementioned Resolution, we clarify that:

a) for the purposes of the provisions of the "caput" of article 37 of the mentioned normative, the counting of the interval of not less than 30 (thirty) days must be verified in relation to the dates of redemption requests with normal income;

b) with a view to complying with the requirements of article 36 of the cited Regulation, the sending of the documents listed therein to new investors together with and upon confirmation of the first investment shall be allowed;

c) the calculation of the value of the share of a Mutual Investment Fund on a non-business day shall be required whenever the last day of the calendar month falls on a non-business day;

d) for the purposes of the content of articles 32, 38 and 39 of the mentioned normative, bank holidays in the location of the headquarters of the Institution Administering the Mutual Investment Fund shall be considered as non-business days, in addition to Saturdays and Sundays, regardless of the location in which the investment or redemption of shares is made.

Brasília (DF), 04 July 1985.

DEPARTMENT OF CAPITAL MARKET RULES
Gustavo Jorge Laboissière Loyola
HEAD

This text does not replace the one published in the DOU and in Sisbacen.

Circular Letter No. 1.241, of 04 July 1985