CVM Instruction No. 147 of June 21, 1991

INSTRUCTION CVM NO. 147, OF JUNE 21, 1991.

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

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION (CVM) 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, subsection "a", of Law No. 6,385, of December 7, 1976, considering:

a) the statement made by the Rio de Janeiro and São Paulo Stock Exchanges that they are finalizing the work of interconnecting their respective custody systems, which will facilitate the settlement of inter-market operations, as well as increase system security.

b) that the CVM has a special interest in this interconnection being implemented as soon as possible, so that the process for the physical and financial settlement of operations conducted on Stock Exchanges can be changed.

RESOLVES:

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

"Article 13. Extend to August 26, 1991, the effective date of the deadline for the physical and financial settlement of operations conducted on Stock Exchanges, in all markets, until the day following the closing of the operation (D+1)."

Sole Paragraph. Until August 23, 1991, settlements will continue to be processed until the second day following the closing of the operation (D+2)."

Art. 2nd This Instruction shall enter into force on this date, with the repeal of contrary provisions, especially CVM Instruction No. 144, of April 25, 1991.

Signed original by
ARY OSWALDO MATTOS FILHO
President