CVM Instruction No. 115 of April 11, 1990 (Revoked)

CVM INSTRUCTION NO. 115, OF APRIL 11, 1990.

Provides for the provision of fungible custody services for nominative shares.

The BOARD OF DIRECTORS OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that, in a session held on this date, based on the provisions of Articles 8 and 4, II and III of LAW NO. 6,385, of December 7, 1976, and Articles 41 and 42 of LAW NO. 6,404, of December 15, 1976, it has RESOLVED to issue the following Instruction:

Article 1. Stock Exchanges authorized by the Securities and Exchange Commission - CVM to provide fungible share custody services may contract the provision of custody services for nominative and endorsable shares, for the purpose of custody, control, and administration, in which these shares are received as fungible assets in accordance with Articles 41 and 42 of LAW NO. 6,404/76.

Sole Paragraph. As soon as the compensation and settlement system for operations provided for in Article 74 of the Regulation annexed to RESOLUTION NO. 1,656, of 10.26.89, is implemented, Stock Exchanges must transfer to the Joint Stock Company, to be constituted for this purpose, the provision of the custody service authorized in the "caput" of this article.

Article 2. The issuing company shall proceed to transfer the nominative and endorsable shares received in custody to the name of the Stock Exchange, in its own records, upon presentation of the contract entered into between the depositor and the Stock Exchange, and the company is entitled to require, for its files, a copy of this instrument.

§1. Stock Exchanges, before commencing the provision of the service now authorized, must submit to the approval of the Securities and Exchange Commission - CVM the draft of the standard contract to be entered into with the depositor, in which it must be clearly stated that the transfer, to the name of the Stock Exchange, of the ownership of the custodied shares will take place on an exclusively fiduciary basis, and therefore do not, nor should they, form part of the assets of the custodian Stock Exchange for any purposes.

§ 2. Any changes to be made to the aforementioned custody contract require prior approval by the Securities and Exchange Commission - CVM.

Article 3. The Stock Exchange must maintain, in the name of each depositor, a deposit account for the shares that are transferred in accordance with the preceding item, and may only operate it upon presentation of a written order from the depositor or a legally constituted attorney-in-fact.

Article 4. The depositor may, at any time, and without needing to state their reasons, rescind the custody contract, and the Stock Exchange must, within a maximum period of 3 (three) business days, effect the transfer or endorsement, to the name of the respective shareholder, in the records of the issuing company, of the credit balance of shares registered in the respective deposit account.

CVM INSTRUCTION NO. 115, OF APRIL 11, 1990.
2

Article 5. The Stock Exchange must inform the depositor of any modifications occurring with respect to the custodied shares, such as purchase and sale, exercise of rights of margin deposits as collateral for operations in forward, futures, and options markets, effected through a written order from the depositor or their legally constituted attorney-in-fact.

Sole Paragraph. Such information must be provided within 5 (five) business days counted from each modification occurring in the deposit account.

Article 6. Holders of shares in custody under the terms of this Instruction may participate in the general assemblies of the issuing companies of the custodied shares or be represented therein, and exercise the right to vote, by exhibiting or depositing with the company, if the bylaws require it, a certificate issued by the Stock Exchange.

Article 7. The custodian Stock Exchange shall provide, to the company, the list of holders of shares in custody, as well as the quantity of shares of which each is the holder, whenever requested, upon the exercise of the right to vote, exercise of the right of preference, distribution of dividends or bonuses, and, in any case, on the last business day of each civil quarter.

Article 8. The CVM may, at any time, request copies of the control records of the nominative and endorsable shares deposited as fungible assets from Stock Exchanges.

Sole Paragraph. The independent external auditor of Stock Exchanges, when examining their respective annual financial statements, must report on the reasonableness of the statements resulting from the fulfillment of the obligations imposed by this Instruction.

Article 9. The Stock Exchange is liable for losses and damages caused by errors or irregularities in the provision of custody services for shares.

Article 10. The issuing company of the shares subject to custody is not liable to the depositor and third parties for acts performed by the custodian Stock Exchange.

Article 11. The provisions of this Instruction apply, insofar as applicable, to the control and administration of assets represented by book-entry shares, and the financial institution providing this service is entitled to require, for its files, a copy of the contract entered into between the depositor and the custodian Stock Exchange.

Article 12. Stock Exchanges must submit to the approval of the CVM the rules for implementing the custody services for fungible shares, regulated by this Instruction.

Article 13. Financial institutions authorized by the Securities and Exchange Commission - CVM to provide fungible share custody services may request authorization from the Securities and Exchange Commission - CVM to provide the service referred to in Article 1, and the applicable provisions of this Instruction shall apply to them.

CVM INSTRUCTION NO. 115, OF APRIL 11, 1990.
3

Article 14. It constitutes a serious offense for the purposes of § 3 of Article 11 of LAW NO. 6,385/76 the provision of the service provided for in this Instruction, without prior authorization from the CVM, as well as the non-compliance with the provisions of §§ 1 and 2 of Article 2, and Articles 3, 5, and 7 of this Instruction.

Article 15. This Instruction enters into force on the date of its publication.

Signed original by
ARY OSWALDO MATTOS FILHO
President