CIRCULAR LETTER/CVM/SMI/Nº 4/2015

São Paulo, June 25, 2015

To

Central Depositories, Custodians, and Securities Registrars

Subject: Availability of judicial orders or from other competent public bodies

Dear Sirs,

1. As is known, it is the responsibility of central depositories, custodians, and securities registrars to adequately and promptly handle events affecting the securities deposited, custodied, or registered by them, in accordance with, respectively, Article 1, § 1, IV, of CVM Instruction No. 541/2013; Article 1, § 2, I, “c”, of CVM Instruction No. 542/2013; and Article 1, § 1, V, of CVM Instruction No. 543/2013.

2. A very relevant portion of the events affecting securities that must be processed by such participants refers to orders, issued by the Judiciary or other entities legitimized by law, that determine the blocking or unblocking for movement of these securities, requests for information about securities, or other requests of a similar nature (“Judicial Orders”).

3. As is known, with the general objective of enabling compliance with orders that are directed to all these service providers, and not just a specific participant, many times such Judicial Orders are sent directly to the CVM, so that it can then promote their circularization to the market.

4. Currently, this circularization is carried out through prior digitization of all Judicial Orders received by the CVM, their recording on digital media (“CVM CDs”), and their subsequent sending to market participants via Circular Letters SMI/GME sent to the respective correspondence addresses registered by these participants at the CVM.

5. In this context, to facilitate the availability of these Judicial Orders, promote greater effectiveness in their receipt by the market, and guarantee greater security to the procedure, starting from 7/1/2015 (“Implementation Date”), the CVM will adopt a new mechanism for transmitting Judicial Orders received by it.

6. Thus, on the Implementation Date, all central depositories, custodians, and securities registrars accredited at the CVM to exercise these activities must access the link https://sei.cvm.gov.br/login_externo, and from there, register two people responsible for access to the new functionality, indicating the following information:

i. Full name of the responsible person
ii. CPF of the responsible person
iii. Identity number of the responsible person and respective issuing body
iv. Contact phone number of the institution for which the person is responsible
v. Address (street, neighborhood, state, city, and ZIP code) of the institution for which the person is responsible

vi. Contact email of the responsible person (an institutional email must be indicated, not personal. Example: fulano@instituicao.com.br).
vii. Registration of the password that will be used by the responsible person themselves to access the system
viii. Sending of an electronic message to the address gme@cvm.gov.br (subject “Registration of new user for access to the Judicial Orders System”), to be sent from any of the emails registered in the name of the institution at the CVM, with the objective of confirming the registered responsible person as the person authorized to represent them for purposes of access to the system.

7. In this initial registration, the system will alert about the forwarding to the CVM of a digital copy of the responsible person's identity and CPF. This alert may be disregarded, provided that all guidelines contained in item 6 of this Circular Letter have been observed.

8. Subsequently, the registration will be validated by the CVM, which will then contact the responsible person with information regarding the approval of the operation or with requests for additional information, as appropriate.

9. We inform you that all Judicial Orders received by the CVM since 5/18/2015 can already be consulted in this new environment. These files are organized in this environment according to the business day on which they were received by the CVM protocols existing in its premises in Rio de Janeiro, São Paulo, and Brasília.

10. Also in this regard, we clarify that all Judicial Orders of a specific date will be kept grouped in a single compressed file in .ZIP or compatible format, to facilitate their reference, organization, and the download process to be carried out by institutions.

11. In this way, each compressed file will correspond to the total of Judicial Orders filed at the CVM on the date to which its name refers. Thus, the file “18/05/2015.zip”, for example, will contain all Judicial Orders received by the CVM protocols on 5/18/2015.

12. With the establishment of the new system, we inform that the sending of CVM CDs will be simultaneously discontinued, and from the Implementation Date, central depositories, custodians, and securities registrars must access the new environment daily and take the necessary measures to comply with the orders and requests contained in the Judicial Orders.

13. With the adoption of the new system, the CVM will have a new tool that will present important evolutions compared to the current one, among which we highlight:

(1) access to judicial orders by market participants can be carried out immediately after the CVM makes the documents available, which will guarantee greater agility to the process;

(2) user registration will allow the CVM to attest with greater efficacy whether the institutions process the judicial orders received by the CVM properly, in benefit of the supervisory efforts of the Autarchy over the participants;

(3) the registration operation, moreover, also allows ensuring access to this information only by persons legitimized to process them in the institutions providing deposit, custody, and registration services;

(4) the new mechanism for making orders available will allow better organization by the institution of queries and downloads already performed, the search at any time for old orders (since 5/18/2015), and a more adequate reference (since it is indexed by date) of this documentation, which amounts to a quite significant volume.

14. For securities custodians who hold access, in the capacity of Custody Agents, to the environments under the responsibility of BM&FBOVESPA, we also reinforce the need to be aware of the full text of Circular Letter 049-2015-DP, issued by that organized market administrator entity.

15. We remind, as is customary, that responses to the requests and orders made available by the CVM to the market (as well as any requests for additional information) must be sent directly to the requesting courts or authorities themselves, without the need for them to copy or inform the CVM.

16. Any doubts or additional clarifications necessary should be obtained by means of an electronic message sent to the electronic address gme@cvm.gov.br.

Sincerely,

WALDIR DE JESUS NOBRE
Superintendent of Market Relations and Intermediaries