CVM Instruction 456 of June 22, 2007, as amended by CVM Instruction 555/14

CVM INSTRUCTION NO. 456, OF JUNE 22, 2007, WITH THE CHANGES INTRODUCED BY CVM INSTRUCTION NO. 555/14.

Amends CVM Instructions No. 409, of August 18, 2004, and No. 332, of April 4, 2000.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on June 11, 2007, in accordance with the provisions of Art. 8, item I, of Law No. 6,385, of December 7, 1976, RESOLVED to issue the following Instruction:

Art. 1 The Arts. 2, 16, 40, 57, 65, 72, 84, 86, 87 and 103 of CVM Instruction No. 409, of August 18, 2004, shall enter into force with the following wording:

“Art. 2 ..............................................................
§ 1 ..............................................................
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III – provided that the issuance or trading has been registered or authorized by the CVM, shares, debentures, subscription warrants, their coupons, rights, subscription receipts and certificates of dematerialization, certificates of deposit of securities, debenture receipts, investment fund shares, promissory notes, and any other securities, other than those referred to in item IV;
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§ 2 Assets whose settlement may occur through the delivery of products, commodities or services shall:
I – be traded on a commodities and futures exchange that guarantees their settlement, observing the provisions of §5 of Art. 16; or II – be the object of a contract that ensures the fund the right to their alienation before maturity, with guarantee of a financial institution or insurance company, observing, in the latter case, the regulation of the Private Insurance Superintendence – SUSEP.
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§ 5 The financial assets referred to in § 1 include financial assets of the same nature traded abroad, in the cases and limits admitted by this Instruction, provided that the possibility of their acquisition is expressly provided for in the bylaws, and:
I – are admitted to trading on stock exchanges, commodities and futures exchanges, or registered in a registration, custody or financial settlement system duly authorized in their countries of origin and supervised by a recognized local authority; or

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II – whose existence has been ensured by a custodian entity contracted by the fund administrator, which is duly authorized to exercise this activity in its country of origin and supervised by a recognized local authority.
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§ 7 For the purposes of this Instruction:
I – financial assets traded in countries signatory to the Treaty of Asunción are equated to financial assets traded in the national market; and II – BDRs classified as level I, in accordance with the provisions of Art. 3, § 1, item I and § 2, of CVM Instruction No. 332, of April 4, 2000, are equated to financial assets traded abroad. ..............................................................” (NR)

“Art. 16. ..............................................................
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§ 5 It is incumbent upon the administrator to take the necessary measures so that the scenarios described in the main text do not occur as a result of the physical settlement of the fund's assets, as provided for in item I of § 2 of Art. 2.” (NR)

“Art. 40. ..............................................................
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§ 7 If the investment policy contemplates the possibility of allocating more than 30% (thirty percent) of the fund's net assets to the assets listed in Art. 98, the prospectus must contain a highlight on this possibility.” (NR)

“Art. 57. ..............................................................
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§ 2 Contracts entered into in the manner of § 1, referring to the services provided in items I, III and V of § 1 of Art. 56, must contain a clause that stipulates joint liability between the fund administrator and the third parties contracted by the fund, for any damages caused to unitholders due to conduct contrary to the law, regulations and normative acts issued by the CVM. ..............................................................” (NR)

“Art. 65. ..............................................................

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VII – keep updated with the CVM the list of service providers contracted by the fund, as well as other registration information; ..............................................................” (NR)

“Art. 72. The administrator is obliged to immediately disclose, through correspondence to all unitholders and through a notice via the Document Submission System available on the CVM website, any relevant act or fact that has occurred or is related to the functioning of the fund or to the assets comprising its portfolio. Sole Paragraph. Any act or fact that may influence in a considerable manner the value of the shares or the decision of investors to acquire, alienate or maintain such shares is considered relevant.” (NR)

“Art. 84. ..............................................................
Sole Paragraph. The audit of financial statements is not mandatory for funds in activity for less than 90 (ninety) days.” (NR)

“Art. 86. ..............................................................
§ 11. If the fund's investment policy allows investment in shares of other funds, the administrator must ensure that, in the consolidation of the investor fund's applications with those of the invested funds, the application limits referred to in this article are not exceeded, observing, however, the provisions of Art. 115-A.” (NR)

“Art. 87. ..............................................................
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II – ..............................................................
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d) securities other than those provided for in item I, provided they are registered with the CVM and subject to a public offering in accordance with CVM Instruction No. 400, of 2003, observing, furthermore, the provisions of item II, of §10 of Art. 86. e) derivative contracts, except those referenced in the assets listed in item I.
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§ 1 Investment funds may exceed the limit referred to in letters “a”, “b” and “f” of item I, provided they comply with the provisions of Arts. 113 to 115.

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§ 2 Operations with derivative contracts referenced in the assets listed in item I of the main text of this article are included in the calculation of the limits established for their underlying assets, observing the provisions of § 4 of Art. 86.
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§ 4 If the fund's investment policy allows investment in shares of other funds, the administrator must ensure that, in the consolidation of the investor fund's applications with those of the invested funds, the application limits referred to in this article are not exceeded, observing, however, the provisions of Art. 115-A.” (NR)

“Art. 103. In cases of spin-off, merger, incorporation and transformation, they must be forwarded to the CVM, through the Document Submission System available on the CVM website on the internet, on the date of the start of validity of the events deliberated in the assembly:
.............................................................. (NR)

Art. 2 The following Arts. 115-A and 119-A are added to CVM Instruction No. 409, of 2004:

“Art. 115-A. Investment funds in shares shall not be obliged to consolidate the applications in the funds they invest in, provided that at least 50% (fifty percent) of their net assets are invested in shares of one or more investment funds regulated by this Instruction, which have a prospectus and whose portfolios are managed by third parties not linked to the administrator or manager of the investor fund; § 1 If the investment policy of any of the invested funds allows the limit provided for in Art. 98 to be exceeded, the investment policy of the investor fund must detail the mechanisms that will be adopted to mitigate the risk of exceeding the limit referred to in Art. 98, or, alternatively, adopt the measures of items I to III of that article. § 2 For the use of the facility referred to in the main text, the investment policy of investment funds in shares intended for qualified investors shall not allow investment in shares of funds referred to in Art. 110-B.” (NR)

“Art. 119-A. This Instruction applies to any and all investment funds registered with the CVM, insofar as it does not contradict the provisions of the specific norms applicable to these funds”. (NR)

Art. 3 Art. the sole paragraph of Art. 110-B is repealed.

Art. 1 REPEALED
Art. 2 REPEALED
Art. 3 REPEALED

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• Arts. 1 to 3 repealed by CVM Instruction No. 555, of December 17, 2014.

Art. 4 Art. 3 of CVM Instruction No. 332, of April 4, 2000, shall enter into force with the following wording:

“Art. 3. ..............................................................
§ 1 ..............................................................
I - ..............................................................
d) ..............................................................
2. investment funds;
..............................................................” (NR)

Art. 5 The period provided for in Art. 16 of CVM Instruction No. 450, of March 30, 2007, is extended to August 31, 2007.

Art. 6 This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Signed original by
MARCELO FERNANDEZ TRINDADE
President