CVM Instruction 221 (Repealed)

CVM INSTRUCTION NO. 221, OF SEPTEMBER 22, 1994.

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:

a) the standardization of procedures of world stock exchanges;

b) the practice adopted by stock exchanges that are members of Mercosur; and

c) the request of Brazilian stock exchanges,

HAS RESOLVED:

Art. 1. Article 10 of CVM Instruction No. 120, of June 6, 1990, shall be effective with the following wording:

"Art. 10. Stock Exchanges must carry out the physical and financial settlement of operations conducted in their auctions or systems, in all markets in which they operate, by the third business day following the closing of the operation (D + 3)."

Art. 2. This Instruction shall enter into force on the date of its publication in the Official Gazette of the Union, with CVM Instruction No. 159, of August 21, 1991, and other provisions to the contrary being repealed.

Original signed by

THOMÁS TOSTA DE SÁ

President