CVM Instruction 427 (Revoked)

Headquarters: Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil – Tel.: (21) 3554-8686 – http://www.cvm.gov.br.
Regional Office of São Paulo: Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors – Bela Vista – São Paulo – SP – ZIP: 01333-010 – Brazil – Tel.: (11) 2146-2000 Regional Office of Brasília: SCN Q.02 – Bl. A – Ed. Corporate Financial Center – S.404/4th Floor – Brasília – DF – ZIP: 70712-900 – Brazil – Tel.: (61) 3327-2030/2031

FULL TEXT OF CVM INSTRUCTION NO.
427, OF JANUARY 27, 2006, WITH
THE AMENDMENTS INTRODUCED BY CVM INSTRUCTIONS NO. 513/11 AND 556/15.

Provides for the automatic cancellation and suspension of the registration of companies benefiting from resources originating from tax incentives.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION – CVM makes public that the Board, in a meeting held on January 23, 2006, based on arts. 1, item I, and 3, item I, letters “a” and “c”, of Decree-Law no. 2,298, of November 21, 1986, HAS RESOLVED to issue the following Instruction:

ON SCOPE AND PURPOSE

Art. 1 This Instruction regulates the automatic cancellation and suspension of the registration of companies benefiting from resources originating from tax incentives, or incentivized companies.

ON CANCELLATION

Art. 2 The automatic cancellation of the registration of an incentivized company shall be carried out by the CVM’s Department of Corporate Relations in the following cases:

I – extinction of the company, verified by deregistration in the Public Registry of Commercial Companies or by information provided by the Operating Banks administering the Regional Investment Funds;

II – cancellation of registration in the Public Registry of Commercial Companies, due to the company being considered inactive by the competent Commercial Board;

III – deregistration by the Federal Revenue Secretariat of the company’s registration in the National Registry of Legal Entities - CNPJ; and

IV – suspension of the company’s registration as an incentivized company at the Securities and Exchange Commission for a period exceeding 12 (twelve) months.

Item IV with wording given by CVM Instruction no. 513, of December 26, 2011.

§1 The automatic cancellation of the registration of an incentivized company resulting from items I, II and III shall be disclosed through publication of a notice in the Federal Official Gazette.

§2 The automatic cancellation of the registration of an incentivized company resulting from item IV shall be communicated to the company through notification, by correspondence, with acknowledgment of receipt (AR), sent to the company’s last address on record with the CVM, as well as disclosed through publication of a notice in the Federal Official Gazette.

§1 The automatic cancellation of the registration of an incentivized company resulting from items I, II and III shall be disclosed by a communication made available on the CVM’s website on the worldwide computer network.

INSTRUÇÃO CVM NO. 427, OF JANUARY 27, 2006. 2

Headquarters: Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil – Tel.: (21) 3554-8686 – http://www.cvm.gov.br.
Regional Office of São Paulo: Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors – Bela Vista – São Paulo – SP – ZIP: 01333-010 – Brazil – Tel.: (11) 2146-2000 Regional Office of Brasília: SCN Q.02 – Bl. A – Ed. Corporate Financial Center – S.404/4th Floor – Brasília – DF – ZIP: 70712-900 – Brazil – Tel.: (61) 3327-2030/2031

§2 The automatic cancellation of the registration of an incentivized company resulting from item IV shall be communicated to the company by means of notification, by correspondence, with acknowledgment of receipt (AR), sent to the company’s last address on record with the CVM, as well as disclosed by a communication made available on the CVM’s website on the worldwide computer network.

§§1 and 2 with wording given by CVM Instruction no. 556, of January 22, 2015.

§3 An appeal against the decision to automatically cancel the registration of an incentivized company may be filed with the CVM Board, in accordance with current regulations.

ON SUSPENSION

Art. 3 The suspension of the registration of an incentivized company shall be carried out by the Department of Corporate Relations when the company has been in arrears with the obligation to provide information to the CVM for more than 12 (twelve) months.

Original text of Art. 3 with wording given by CVM Instruction no. 556, of January 22, 2015.

§1 The suspension of the registration of an incentivized company shall be communicated to the company by means of notification, by correspondence, with acknowledgment of receipt (AR), sent to the company’s last address on record with the CVM, as well as disclosed by a communication made available on the CVM’s website on the worldwide computer network.

§1 with wording given by CVM Instruction no. 556, of January 22, 2015.

§2 An appeal against the decision to suspend the registration of an incentivized company may be filed with the CVM Board, in accordance with current regulations.

§3 The administrators of incentivized companies are subject to the penalties provided for in art. 11 of Law no. 6,385, of December 07, 1976, for non-compliance with the provisions regarding the presentation of periodic and occasional information contained in the Instruction that provides for the registration of these companies at the CVM.

ON FINAL PROVISIONS

Art. 4 A company that, despite its obligation to register as an incentivized company imposed by legislation, has not taken the necessary measures to obtain such registration within a period of up to 10 (ten) years from its inclusion in the CVM’s registry of incentivized companies, shall be excluded from this registry.

INSTRUÇÃO CVM NO. 427, OF JANUARY 27, 2006. 3

Headquarters: Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil – Tel.: (21) 3554-8686 – http://www.cvm.gov.br.
Regional Office of São Paulo: Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors – Bela Vista – São Paulo – SP – ZIP: 01333-010 – Brazil – Tel.: (11) 2146-2000 Regional Office of Brasília: SCN Q.02 – Bl. A – Ed. Corporate Financial Center – S.404/4th Floor – Brasília – DF – ZIP: 70712-900 – Brazil – Tel.: (61) 3327-2030/2031

Art. 5 The CVM shall notify the following agencies and entities of the automatic cancellations and suspensions of the registration of incentivized companies, as well as the exclusion referred to in Article 4, without prejudice to other communications that may be pertinent, in accordance with the law:

I – Federal Revenue Secretariat;

II – National Department of Commerce Registration;

III – Operating Banks of the respective Regional Investment Funds;

IV – Northeast Development Agency – ADENE;

V – Amazon Development Agency – ADA;

VI – Fund Management Unit – UGFIN, of the Ministry of Integration;

IV – Superintendence for the Development of the Northeast – SUDENE;

V – Superintendence for the Development of the Amazon – SUDAM;

VI – Ministry of Integration;

Items IV, V and VI with wording given by CVM Instruction no. 556, of January 22, 2015.

VII – stock exchanges or over-the-counter market entities in which the securities issued by the incentivized company have been admitted for trading, if applicable.

Art. 6 The cancellation and suspension of registration do not exempt the company, its controllers and administrators, from liability arising from any non-compliance with the legislation applicable to them, including due to the tax incentives obtained by the company.

Art. 7 This Instruction enters into force 30 (thirty) days after its publication in the Federal Official Gazette.

Original signed by

MARCELO FERNANDEZ TRINDADE
President