CVM Instruction 368 (Revoked)

CVM INSTRUCTION NO. 368, OF MAY 29, 2002.

Amends CVM Instruction No. 209, of March 25, 1994, which provides for the constitution, operation, and administration of Investment Funds in Emerging Enterprises.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION – CVM makes public that the Collegiate Body, in a meeting held on this date, and having regard to the provisions of Articles 2, item V, and 8, item I, of Law No. 6,385, of December 7, 1976, HAS RESOLVED to issue the following Instruction:

Article 1. Articles 1, 3, 4, 21, 23, and 45 of CVM Instruction No. 209, of March 25, 1994, shall enter into force with the following wording:

“Article 1º ...
...
§4. It is prohibited for the Fund to invest in a company in which quota holders or administrators of the Fund, or their respective spouses or relatives up to the 2nd degree, participate, directly or indirectly, individually or jointly, in a percentage greater than 10% of the share capital, or in which they hold administrative positions, except for the exercise, by the Fund’s administrators, of positions obtained as a result of the exercise of rights related to the securities included in portfolios managed by them in their capacity as administrators of third-party portfolios.” (NR)

“Article 3º ...
...
II - proof of the subscription of all quotas relating to the initial assets; ...
§2. The total subscription of the quotas constituting the initial assets must be completed within a maximum period of 360 (three hundred and sixty) days, counting from the date of the granting of the registration of the distribution of quotas by the Securities and Exchange Commission, if applicable, or from the date of authorization for the constitution of the fund, if intended for private placement. ...

CVM INSTRUCTION NO. 368, OF MAY 29, 2002.
2

§4. The Superintendent of Institutional Investor Relations of the CVM, due to a substantiated request and at his exclusive discretion, may extend the period provided for in § 2, for a period of up to 60 (sixty) days.” (NR)

“Article 4º ...
§1. The rates, expenses, and deadlines shall be identical for all quota holders.
§2. The administrator may establish that portions of the administration fee are paid directly by the fund to the contracted service providers, provided that the sum of these portions does not exceed the total amount of the administration fee fixed in the fund’s regulations.” (NR)

“Article 21 Only quotas of the Fund that have been the subject of a public distribution previously registered with the Securities and Exchange Commission may be traded on the stock or over-the-counter market.
...
” (NR)

“Article 23 ...
§3. ...
IV – information on the deadline for the settlement of quotas.” (NR)

“Article 45. The administrator who fails to send to the Securities and Exchange Commission the information provided for in this Instruction shall be subject to a daily coercive fine of R$ 200.00 (two hundred reais), which shall apply from the first business day following the expiration of the deadlines established for compliance with the obligation, without prejudice to the liability of the administrators under item V of Article 9 and Article 11 of LAW No. 6,385, of December 7, 1976.” (NR)

Article 2. This Instruction shall enter into force on the date of its publication in the Official Gazette of the Union.

Signed original by
JOSÉ LUIZ OSORIO DE ALMEIDA FILHO
President