CVM Instruction 224 (Repealed)

CVM INSTRUCTION NO. 224, OF DECEMBER 20, 1994.

Amends provisions in CVM Instruction No. 40, of November 7, 1984, which provides for the constitution and operation of Investment Clubs.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a session held on December 8, 1994, and in accordance with the provisions of Articles 4, items I and II, 18, and 23, item II, letter “a” Paragraph 2, of Law No. 6,385, of December 7, 1976,

RESOLVED:

Art. 1 The paragraphs 1 and 2, of Article 1, of CVM Instruction No. 40, of November 7, 1984, shall enter into force with the following wording:

“ Art. 1 -......
§1 The portfolio of the Investment Club referred to in this Instruction shall be constituted by at least 51% (fifty-one percent) in shares, subscription bonuses, and convertible debentures, issued by open companies, acquired on stock exchanges or in the organized over-the-counter market by entities authorized by the CVM or during a public distribution period. §2 - The balance of resources may be invested in:
a) positions in organized futures settlement markets involving contracts referenced in shares or share indices; b) other securities issued by open companies, acquired on stock exchanges or in the organized over-the-counter market by an entity authorized by the CVM or during a public distribution period; c) quotas of fixed-income funds and fixed-income titles of the administrator's free choice; d) non-standardized options, as provided for in CVM Instruction No. 223, of November 10, 1994.”

Art. 2 Paragraphs 2, 3, and 4 of Article 1 of CVM Instruction No. 40, of November 7, 1984, are renumbered as paragraphs 3, 4, and 5.

Art. 3 This Instruction enters into force on the date of its publication in the Official Gazette of the Union, repealing Instruction No. 66, of June 2, 1987.

Signed original by
THOMÁS TOSTA DE SÁ
President