CVM Instruction 465 (Revoked)

CVM INSTRUCTION NO. 465, OF FEBRUARY 20, 2008, WITH THE CHANGES INTRODUCED BY CVM INSTRUCTION NO. 555/14.

Amends CVM Instructions No. 409, of August 18, 2004, and No. 438, of July 12, 2006.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on January 9, 2008, in accordance with the provisions of Art. 8, item I, of Law No. 6,385, of December 7, 1976, HAS DECIDED to issue the following Instruction:

Art. 1 The Arts. 2, 85, 97, 110-B and 115-A of CVM Instruction No. 409, of August 18, 2004, shall enter into force with the following wording:

“Art. 2 ..................................................
§ 5 The financial assets referred to in § 1 include financial assets of the same economic nature traded abroad, in the cases and within the limits admitted by this Instruction, provided that the possibility of their acquisition is expressly provided for in regulations and:
...............................................................
II – whose existence has been ensured by the fund’s custodian, which must contract, specifically for this purpose, third parties duly authorized to exercise the custody activity in countries signatory to the Treaty of Asunción or in other jurisdictions, provided that, in the latter case, supervised by a recognized local authority. ............................................................... ” (NR)

“Art. 85..................................................
§ 1 Subject to the provisions of §§ 5 and 6 of Art. 2, the fund may maintain in its portfolio financial assets traded abroad, under the following conditions:
I – unlimited, for funds classified as “External Debt” and for funds of any class that meet the provisions of Art. 110-B; II – up to 20% (twenty percent) of its net asset value for funds classified as “Multimarket”; and III – up to 10% (ten percent) of its net asset value, for cases not covered by items I and II above. ............................................................... ” (NR)

“Art. 97. ................................................

§ 2 The acquisition of shares of funds classified as “External Debt” and of shares of investment funds headquartered abroad by the funds referred to in this article is not subject to the incidence of issuer concentration limits (Art. 86). ............................................................... ” (NR)

“Art. 110-B The regulations of the funds referred to in this Chapter that require a minimum investment, per investor, of R$ 1,000,000.00 (one million reais), may provide:
I – non-compliance with the issuer and financial asset class concentration limits established in Arts. 86 and 87; and II – unlimited application of resources abroad, in which case the fund must add the expression “Investment Abroad” to its denomination. Sole Paragraph. The use of any of the faculties provided for in items I and II of the caput does not dispense the fund from observing the classification referred to in Article 92 and from maintaining its portfolio adequate to such classification and to its investment policy.” (NR)

“Art. 115-A. Investment funds in shares shall not be obliged to consolidate applications in shares of investment funds permitted by this Instruction whose portfolios are managed by third parties not linked to the administrator or the manager of the investing fund. ............................................................... ” (NR)

Art. 2 Article 4 of Art. 111-A of CVM Instruction No. 409, of 2004, is hereby revoked.

Art. 1 REVOKED
Art. 2 REVOKED

• Arts. 1 and 2 revoked by CVM Instruction No. 555, of December 17, 2014.

Art. 3 Sub-item 3 of item 3 - Variable Income Assets, of Section 2 - Evaluation and Accounting Criteria, of Chapter 1 - Basic Norms, of the Accounting Plan of Investment Funds - COFI, approved by CVM Instruction No. 438, of July 12, 2006, shall enter into force with the following wording:

“3 - The valuation of variable income assets must be made using the last daily closing quote of the market in which the asset presents the greatest liquidity, provided it has been traded at least once in the last 90 (ninety) days.” (NR)

Art. 4 Investment funds shall have 90 (ninety) days counted from the date of publication of this Instruction to adapt to the provisions of the new wording of Art. 2, § 5, item II of CVM Instruction No. 409, of 2004.

Art. 5 The alteration established by Art. 3 of this Instruction shall be implemented on May 2, 2008.

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

Original signed by
MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President