CVM Instruction 257 (Repealed)

CVM INSTRUCTION NO. 257, OF JANUARY 13, 1997.

Provides for the provisional authorization for the establishment of funds regulated by CVM Instruction No. 215/94.

The President of the Securities and Exchange Commission - CVM makes it public that the Collegiate Body, in a session held on this date, having in view the provisions of Article 19 of Law No. 6,385, of December 7, 1976, and Resolution No. 1,787, of February 1, 1991, of the National Monetary Council, resolved to issue the following Instruction:

Art. 1. The authorization for the operation of funds in the form of an open condominium, regulated by CVM Instruction No. 215, of June 8, 1994, may be granted, at the request of the fund administrator, on a provisional basis, within a maximum period of 10 (ten) days, from the date of receipt of the application at the CVM.

Art. 2. The request for provisional authorization for operation must be accompanied by the documentation provided for in § 1 of Article 2 of CVM Instruction No. 215, and by a declaration made in accordance with the terms of the Single Annex to this Instruction.

Art. 3. The CVM may, within a period of 90 (ninety) days from the date of the provisional authorization for the operation of the fund, request documents, additional information, or modifications to the documentation presented, as well as request the correction of procedures that are out of compliance with current legislation.

§1. The administering institution that fails to meet the requirements set forth in this article within a period of 30 (thirty) days, counted from the receipt of the respective correspondence, shall be subject to a daily fine of 69.20 (sixty-nine point twenty) UFIRs, which shall apply from the first business day following the end of said period, without prejudice to the cancellation of the provisional authorization and the liability of the administrators, for the purposes of Article 11 of Law No. 6,385, of December 7, 1976.

§2. The CVM shall express its opinion on the compliance with the requirements within a period of 30 (thirty) days, from the date of receipt of the documentation regarding the same.

§3. If the requirements have not been fully met by the administering institution, a final period of 30 (thirty) days shall be granted to do so under the conditions of §1 of this article.

Art. 4. The requirements and the cancellation of the provisional authorization shall be communicated to the interested party through a letter with Acknowledgment of Receipt.

Art. 5. The CVM, when necessary, shall determine that the administrator convene a general meeting of unitholders to approve the necessary changes to obtain definitive authorization.

CVM INSTRUCTION NO. 257, OF JANUARY 13, 1997.
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Art. 6. After analysis and compliance with all required formalities, the CVM, through an official letter, shall communicate to the administrator the granting of the definitive authorization.

Sole Paragraph. The definitive authorization shall be considered automatically granted if the provisional authorization is not cancelled and if no requirements are made within the deadlines provided for in Article 3 of this Instruction.

Art. 7. In the event of cancellation of the provisional authorization, the administrator shall immediately convene a general meeting of unitholders to deliberate on the liquidation of the fund.

Art. 8. The deadlines provided for in Chapter X of CVM Instruction No. 215 do not apply to requests for provisional authorization for the establishment of funds in the form of an open condominium, under the terms of this Instruction.

Art. 9. Provisional authorization for the operation of funds whose constitution requests have already been filed with the CVM prior to the effectiveness of this Instruction may be granted.

§1. To request the authorization referred to in this article, the fund administrator must file with the CVM the declaration provided for in the Single Annex to this Instruction.

§2. The maximum period of 10 (ten) days, provided for in Art. 1 of this Instruction, shall be counted from the date of receipt of the declaration presented in accordance with the preceding paragraph.

Art. 10. This Instruction shall enter into force on the date of its publication in the Official Gazette of the Union.

Signed original by
FRANCISCO AUGUSTO DA COSTA E SILVA
President

CVM INSTRUCTION NO. 257, OF JANUARY 13, 1997.
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SINGLE ANNEX
DECLARATION

We declare, for the purposes of obtaining the provisional authorization for the operation of the (include the name of the fund), that the regulations of said fund provide for the matters listed in Article 3 of CVM Instruction No. 215/94, especially with regard to its investment policy and its target audience.

We also declare that we assume the commitment to adopt the necessary measures to meet the requirements that may be formulated by the CVM, for the purposes of obtaining definitive authorization, under the terms and deadlines of Article 3 of CVM Instruction No. 257/97, including the convening of a general meeting of unitholders, when necessary.

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Administering Institution:
Responsible Director