CVM Instruction No. 144 of April 25, 1991

CVM INSTRUCTION NO. 144, OF APRIL 25, 1991.

Amends the wording of Article 13 of CVM Instruction No. 120, of June 6, 1990.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION makes public that the Collegiate Board, in a session held on this date, in accordance with the provisions of Articles 8, 17, and 18, item II, letter “a”, of Law No. 6,385, of December 7, 1976, considering:

a) the work and understandings that have been developed by the Stock Exchanges in the creation of the national market, in the expansion of securities eligible for trading on the exchange floor, and in increasing the operational efficiency of the physical and financial settlement processes of operations and custody, still in progress;

b) that the CVM is participating, as an observer and as a mediator, in these works and understandings;

c) that it is planned that privatization auctions will begin starting in July of the coming year;

RESOLVES:

Art. 1 Alter Article 13 of CVM Instruction No. 120, of June 6, 1990, which shall now read as follows:

“Art. 13. Extend to June 24, 1991, the entry into force of the period for physical and financial settlement of operations carried out on the Exchange, in all markets, until the day following the closing of the operation (D+1).

Sole Paragraph. Until June 21, 1991, settlements will continue to be processed until the second day following the closing of the operation (D+2).”

Art. 2 This Instruction shall enter into force on this date, with the provisions to the contrary revoked, especially CVM Instruction No. 137, of December 20, 1990.

Original signed by
ARY OSWALDO MATTOS FILHO
President