CVM Instruction 159 (Revoked)

CVM INSTRUCTION NO. 159, OF AUGUST 21, 1991.

Provides for the physical and financial settlement of operations carried out in Stock Exchanges.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a session held on this date, in accordance with the provisions of Articles 8, 17, and 18, item II, letter "a", of Law No. 6,385, of December 7, 1976, and considering the interconnection of custody systems implemented by the Stock Exchanges of Rio de Janeiro and São Paulo, which will facilitate the physical and financial settlement of inter-market operations;

RESOLVED:

Article 1. Article 10 of CVM Instruction No. 120, of June 6, 1990, shall be amended to read as follows:

"Article 10. Stock Exchanges must perform the physical and financial settlement of operations carried out in their auctions or systems, in all markets in which they operate, by the second useful day following the closing of the operation (D+2)."

Article 2. Revoke the sole paragraph of Article 11 and Article 13 of CVM Instruction No. 120, of June 6, 1990.

Article 3. This Instruction enters into force on this date, with the contrary provisions revoked.

Signed Original

JOSÉ ARTHUR ESCODRO
Acting President