FULL TEXT OF CVM INSTRUCTION NO. 153, OF JULY 24, 1991, WITH THE CHANGES INTRODUCED BY CVM INSTRUCTIONS NO. 158/91, 498/11 AND 615/19 AND BY CVM RESOLUTION NO. 162/22

Provides for the constitution, operation, and administration of Incentivized Stock Mutual Funds provided for in Article 18 of Law No. 8.167 of January 16, 1991.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a session held on this date, in view of the provisions of Law No. 6.385 of December 7, 1976, and based on the provisions of Article 18 of Law No. 8.167 of January 16, 1991,

RESOLVED:

CHAPTER I

ON CONSTITUTION AND CHARACTERISTICS

Art. 1. The Incentivized Stock Mutual Fund, constituted in the form of a closed-end condominium, is a commingling of resources destined for application in a diversified portfolio of securities and financial assets.

§1. The Fund may have a fixed or indefinite duration, not less than 24 (twenty-four) months, and its denomination must include the expression "Incentivized Stock Mutual Fund".

§2. After the aforementioned period has elapsed, the General Meeting of unitholders, as provided for in Article 33 of this Regulation, may deliberate on the transformation of the closed-end condominium into an open-end one.

Art. 2. Once constituted, the Incentivized Stock Mutual Funds must request authorization from the Securities and Exchange Commission for their operation.

Sole Paragraph. The authorization request must be accompanied by the deliberation of the administering institution regarding the constitution of the Fund, which must contain the full text of its regulations, which, after authorization, will be registered at the Registry of Titles and Documents.

See CVM Instruction No. 200, of August 3, 1993.

Sole Paragraph. The authorization request must be accompanied by the deliberation of the administering institution regarding the constitution of the Fund, which must contain the full text of its regulations.

Paragraph with wording given by CVM Instruction No. 615, of October 2, 2019.

Art. 3. If the closed-end fund, by assembly deliberation, takes on characteristics of remuneration linked to the performance of the managed portfolio, the assembly must attribute:

I - minimum rate of return on which the administrator's success fee will be levied; II - remuneration conditions; and III - term of validity of the assembly deliberations provided for in the caput of this article.

Art. 4. The regulations of the Incentivized Stock Mutual Fund must necessarily provide for:

I - qualification of the administering institution; II - investment policy to be adopted by the administering institution, assets that may compose the Fund's portfolio, including the possibility of application in affiliated companies and the establishment of the diversification policy; III - entry fee or criteria for its fixation; IV - remuneration of administrators; V - fixation of a vesting period based on the provisions of Articles 1 and 28; VI - availability of monthly information for unitholders, in the form of paragraph 1 of Article 12; VII - expenses and charges of the Fund; VIII - conditions for redemption of shares, as provided for in Articles 29 and 30; IX - conditions for the incidence of a currency equalization tax established by administrators for entry through, assignment of shares and quotas provided for in Article 22, which shall not constitute an expense or charge of the Fund, incorporating into its assets.

Item with wording given by CVM Instruction No. 158, of August 21, 1991.

Sole Paragraph. The fees, expenses, and terms will be identical for all unitholders and will appear in the information referred to in items VII and VIII of Article 12.

Art. 5. The following acts relating to the Fund must be sent to the CVM, which may, at its discretion, approve or not:

I - amendment of the regulations;
II - indication and replacement of the director responsible for the administration of the Fund; III - replacement of the administering institution; IV - transformation; V - merger; VI - incorporation; VII - spin-off; VIII - liquidation.

Sole Paragraph. The Central Bank of Brazil will be informed by the Securities and Exchange Commission upon authorization for the Fund's operation, as well as in the cases provided for in items II and III of this article.

See CVM Instruction No. 200, of August 3, 1993.

CHAPTER II

ON ADMINISTRATION

Art. 6. The administration of the Incentivized Stock Mutual Fund will be exercised by multiple banks with investment portfolios, investment banks, brokerage firms, or distribution companies authorized by the Securities and Exchange Commission to exercise the activity provided for in Article 23 of Law No. 6.385 of December 7, 1976.

§1. The administering institution must maintain or contract the necessary services for the correct performance of the activity referred to in the "caput" of this article.

§2. The administration of the Fund will be under the direct supervision and responsibility of the director of the administering institution.

Art. 7. The administering institution will have the power to exercise all rights inherent to the securities and financial assets comprising the portfolio of the Incentivized Stock Mutual Fund, including the right to sue and to attend and vote in general and special meetings.

Sole Paragraph. The administering institution may also open and operate bank accounts, freely acquire and alienate securities and financial assets, settle disputes, and, in short, practice all acts necessary for the administration of the portfolio, observing the limitations of this Regulation.

Art. 8. The administering institution will fix the remuneration to be received for the provision of management and administration services of the Incentivized Stock Mutual Fund, including participation in the Fund's results.

Art. 9. The administering institution may, with prior notice published in the periodical(s) referred to in item VII, letter "e", of Article 12, or by means of a letter, telex, or telegram addressed to each unitholder, resign from the administration of the Incentivized Stock Mutual Fund, immediately communicating the fact to the Securities and Exchange Commission.

Sole Paragraph. In the case of Funds with shares traded on a stock exchange or organized over-the-counter market, the same disclosure required for relevant events must be adopted by the respective entities and the administering institution.

CHAPTER III

ON DISCREDITING OF THE ADMINISTERING INSTITUTION

Art. 10. The Securities and Exchange Commission, in the exercise of its legal powers, may discredit the administering institution that fails to comply with current regulations.

I - The discrediting process will begin with notification from the Securities and Exchange Commission to the administering institution, indicating the facts that motivated it and the term, not less than 15 (fifteen) days, to present a defense. II - The decision of the Securities and Exchange Commission that discredits the administering institution will be reasoned, with an appeal to the National Monetary Council, without suspensive effect, within 15 (fifteen) days from the date of receipt of the communication issued by the Commission.

Art. 11. In cases of resignation and discrediting, the administering institution will be obliged to immediately convene the general meeting to elect its successor or deliberate on the liquidation of the Incentivized Stock Mutual Fund.

CHAPTER IV

ON THE OBLIGATIONS OF THE ADMINISTERING INSTITUTION

Art. 12. The obligations of the administering institution include:

I - to maintain, at its own expense, updated and in perfect order:

a) records of unitholders and transfers of shares; b) the minutes book of general meetings; c) the attendance book of unitholders; d) the archive of auditors' reports; e) accounting records relating to the operations and assets of the Fund; f) documentation relating to the Fund's operations. II - to receive dividends, bonuses, and any other income or values from the Fund; III - to exercise or alienate subscription rights for shares and other securities; IV - to employ, in the defense of unitholders' rights, the diligence required by the circumstances, practicing the acts necessary to ensure them, including lawsuits, appeals, and exceptions; V - to cover the Fund's advertising expenses; VI - to provide to the Stock Exchange of the location of its headquarters, for disclosure to the market, the following information:
a) daily, the value of the share, the value and date of the last distribution of income, and the net asset value of the Fund; b) monthly, the yield earned in the period; VII - to provide unitholders, semi-annually, information on:
a) number of shares held and their value; b) nominal and real yield earned in the semester; c) value and composition of the portfolio, discriminating quantities, type, and quotation of the securities and financial assets that compose it, the value of each investment and its percentage of the total portfolio value, highlighting, if any, investments in affiliated companies. d) balance sheets and other financial statements, accompanied by the report of the independent auditor;

e) indication of the periodical(s) used for disclosure of information; f) list of institutions responsible for the custody services of securities and financial assets comprising the portfolio; VIII - to provide unitholders, annually, the following information:
a) the nominal and real yield in the last 6 (six) years, taken as complete fiscal years; b) the nominal value of the share, at the time of the balance sheets, in the last 6 (six) years, as well as the value adjusted for reinvestments occurring each year; c) the charges debited to the Fund in each 1 (one) of the last 3 (three) years, as provided for in Article 13, specifying their value and percentage relative to the Fund's average monthly net assets, in each year; d) brokerage expenses in each 1 (one) of the last 3 (three) years, as a percentage of the average monthly value of the stock portfolio, in each year; e) proof for income tax declaration purposes; IX - to keep deposited in a commercial bank, multiple bank with investment portfolio, investment bank, stock exchange, or custody entity authorized by the Securities and Exchange Commission, the securities and financial assets comprising the Fund.

§1. The administering institution must, within a maximum of 10 (ten) days after the end of each month, make available to unitholders, at its headquarters or premises, the information referred to in letters "a", "b", and "c" of item VII of this article.

§2. The mailing referred to in item VII of this article is not mandatory to unitholders:

I - holders of shares whose value is less than one minimum wage; or II - whose last mailing of information was returned due to incorrect address declared and who have not proceeded with the respective update.

§3. The communications provided for in items VII, letter "d", and VIII, letters "a" to "e", of this article must be sent within a maximum of 60 (sixty) days after the end of the semester or calendar year to which they refer, and those established in the other letters of the aforementioned items, within 10 (ten) days.

§4. Custodian institutions of the securities and financial assets of the Fund may only accept orders signed by the legal representative(s) or agent of the administering institution, duly accredited with it for this purpose.

CHAPTER V

ON THE CHARGES OF THE FUND

Art. 13. The charges of the Incentivized Stock Mutual Fund, in addition to the remuneration referred to in Article 8, will be the following expenses, which may be debited to the Fund by the administering institution:

I - taxes, federal, state, municipal, or autonomous contributions, that fall or may fall on the assets, rights, and obligations of the Fund; II - expenses with printing, mailing, and publication of reports, forms, and periodic information, provided for in this Instruction or in pertinent regulation; III - expenses with correspondence of interest to the Fund, including communications to unitholders; IV - fees and expenses of the auditors responsible for reviewing the Fund's financial statements and analyzing its situation and the performance of the administering institution, including with respect to the investment policy fixed in the bylaws and prospectuses. V - emoluments and commissions paid for operations of purchase and sale of securities and financial assets of the Fund; VI - attorneys' fees, court costs, and related expenses incurred in the defense of the Fund's interests, in court or out of court, including the value of the condemnation, imputed to the Fund, if any; VII - portion of eventual losses not covered by insurance policies and not resulting directly from fault or negligence of the administering institution in the exercise of its functions; VIII - insurance premiums, as well as any expenses relating to the transfer of resources from the Fund between banks; IX - any expenses inherent to the constitution, transformation, merger, incorporation, spin-off, liquidation of the Fund, and to the holding of a general meeting of unitholders; X - custody fee for securities and financial assets of the Fund.

Sole Paragraph. Any expenses not provided for as charges of the Fund will be borne by the administering institution.

CHAPTER VI

ON THE COMPOSITION AND DIVERSIFICATION OF THE PORTFOLIO

Art. 14. The Incentivized Stock Mutual Fund must have in the global value of its applications, at least 70% represented by:

I - shares issued by companies benefiting from resources originating from tax incentives, referred to in Decree-Laws No. 1.376 of December 12, 1974, and No. 2.298 of November 21, 1986, and which are registered with the Securities and Exchange Commission - CVM, in the form of CVM Instruction No. 92 of December 8, 1988; II - investment certificates of the FINOR, FINAM, FISET, and FUNRES Funds; III - shares acquired in the Secondary Market for Incentivized Securities - MSTI, referred to in CVM Instruction No. 92 of December 8, 1988, or through special auctions of incentivized securities held on a stock exchange.

Art. 15. To meet the minimum limit provided for in Article 14, it will be admitted that daily positions are at a minimum of 35% (thirty-five percent) of the total value of applications, provided that the average, every 720 (seven hundred and twenty) days, is at least 70% of the total value of applications.

Art. 16. The remaining resources may be kept available or applied, individually or cumulatively, in Public Debt Securities, Notes or Bonds of the Central Bank of Brazil, Shares of the Financial Application Fund, and shares or debentures issued by open companies acquired on a Stock Exchange, in an organized over-the-counter market by entities authorized by the Securities and Exchange Commission - CVM, or by subscription.

Art. 17. The application of the Fund's resources must observe the following diversification requirements:

I - the total applications in a single company will not exceed 5% (five percent) of the voting capital or 20% (twenty percent) of its capital, in the case of preferred shares without voting rights; II - in any case, the total applications in securities issued or co-obligated by a company, its holding company, companies directly or indirectly controlled by it, and its affiliates under common control will not exceed 1/3 (one third) of the total applications of the Fund.

Sole Paragraph. For the determination of the diversification limits now established, shares received as bonuses or resulting from the conversion of debentures and the shares and debentures convertible from the exercise of the right of preference will not be considered, provided that the excess is eliminated within 6 (six) months, which may be extended, when justified and approved by the Securities and Exchange Commission.

Art. 18. Orders to buy and sell securities and financial assets will always be issued with precise identification of the Incentivized Stock Mutual Fund.

Art. 19. Incentivized Stock Mutual Funds must adapt to the portfolio composition and diversification requirements within a maximum of 8 (eight) months from the date when authorization for operation is granted.

Sole Paragraph. Non-compliance with the composition and diversification limits referred to in this regulation, after the term provided for in this article, must be justified before the Securities and Exchange Commission, which, without prejudice to applicable penalties, may determine that the administering institution convene a general meeting of unitholders to decide on one of the following alternatives:

I - transfer of the Fund's administration to another institution; II - liquidation of the Fund.

CHAPTER VII

ON THE ISSUANCE, PLACEMENT, AND REDEMPTION OF SHARES

Art. 20. Shares of the Incentivized Stock Mutual Fund will correspond to ideal fractions of its assets and will assume a book-entry form.

§1. Shares of the Incentivized Stock Mutual Fund may only be traded on stock exchanges or organized over-the-counter markets.

§2. When shares are traded on stock exchanges, they will follow the same procedures and norms adopted for book-entry shares issued by open companies.

§3. The quality of unitholder will be proven by the deposit account statement.

§1. Closed-end Incentivized Stock Mutual Fund shares can only be traded in regulated markets:

I - when distributed publicly through an offer registered with the CVM; I – when distributed publicly through an offer registered with the CVM; or

Item I with wording given by CVM Resolution No. 162, of July 13, 2022. II - when distributed with restricted efforts, observing the restrictions of the specific norm; or II - REVOKED Item II revoked by CVM Resolution No. 162, of July 13, 2022. III - when the shares are already admitted to trading in regulated markets.

§2. Shares issued by closed-end Incentivized Stock Mutual Funds that do not fall under the hypotheses of items I to III of §1 may also be traded in regulated markets, provided they are previously submitted to trading registration, by presenting a prospectus, in accordance with applicable regulation.

§3. The quality of unitholder will be proven by the deposit account statement.

§§1, 2, and 3 with wording given by CVM Instruction No. 498, of June 13, 2011.

Art. 21. The subscription and payment price of each share of the Incentivized Stock Mutual Funds will be the ideal fraction of its net assets, obtained on the business day immediately preceding the receipt of the "Share Subscription Order - OSQ", calculated with up to four decimal places, in the same manner as operator banks proceed with respect to the Funds referred to in Decree-Law No. 1.376/74.

Art. 22. Entry of unitholders into the Incentivized Stock Mutual Funds will be through subscription and payment of shares, the payment of which will be made in cash at the time of respective subscription, or through the assignment of shares from the FINOR, FINAM, FISET, and FUNRES Funds, provided they were acquired directly in view of the tax incentive deductions provided for in Decree-Law No. 1.376/74, by their holders.

Art. 22. Entry of unitholders into the Incentivized Stock Funds will be through subscription and payment of shares, the payment of which will be made in cash at the time of respective subscription, or through the assignment of shares from the FINOR, FINAM, FISET, and FUNRES Funds, provided they were acquired directly in view of the tax incentive deductions provided for in Decree-Law No. 1.376/74, by their holders, as well as through the assignment of shares of incentivized companies.

Caput with wording given by CVM Instruction No. 158, of August 21, 1991.

§1. Payment by assignment of shares referred to in the "caput" of this article will be made considering, for the purpose of payment, the book value of the shares of the aforementioned funds, calculated by operator banks in the form of pertinent legislation.

§1. Payment by assignment of shares and shares referred to in the "caput" of this article will be made considering, for the purpose of payment, the book value of the shares of the incentivized companies and of the shares of the aforementioned funds, calculated by operator banks in the form of pertinent legislation, deducted by a currency equalization tax under the conditions stipulated by administrators and disclosed in the form of paragraph 3 of Article 42.

Paragraph with wording given by CVM Instruction No. 158, of August 21, 1991.

§2. The assignment of shares will be effected through the issuance of a "Share Transfer Order - OTQ", which must contain the name of the holder of the shares, the complete CGC, address, and other elements indispensable for the perfect identification of the assignor subscriber, as well as the qualification of the Incentivized Stock Mutual Fund in which the application by the investor is being made.

Art. 23. In case of transformation of the funds into open-end condominiums, in the issuance of shares, the value calculated at the close of the first business day subsequent to the effective availability of the resources entrusted by investors to the administering institution, at its headquarters or premises, will be used, determining the share value based on a book valuation in accordance with the norms of the Chart of Accounts referred to in paragraph 2 of Article 41.

§1. For the calculation of the number of shares to which the investor is entitled, the commission or entry fee in effect at the time of investment, as well as other agreed expenses, will be deducted from the value delivered to the administering institution.

Art. 24. The share value will be calculated daily.

Art. 25. Shares of the Incentivized Stock Mutual Fund may only be placed by a multiple bank with investment portfolio, investment bank, brokerage firm, or distribution company, accredited with the Securities and Exchange Commission.

Art. 26. The investment proposal, or the receipt provided to the investor at the time of sale, must expressly state the value of the resources delivered to the administering institution or its agent, specifying them represented by a named check, payment order, bank check, deposit receipt in favor of the administering institution, or in cash.

Sole Paragraph. In the case of subscription by assignment of shares referred to in Art. 22, the proposal will follow the requirements contained in paragraph 2 of this same article.

Art. 27. The investor must be provided, obligatorily and free of charge, at the time of entry as a unitholder of the Incentivized Stock Mutual Fund:

I - a copy of the Fund's regulations, referred to in Article 4; II - a document containing the latest information referred to in items VII and VIII of Article 12, except for the provision in letter "e" of item VIII;

III - document containing clearly the expenses with commissions or subscription fees, distribution and others that the investor must bear.

Art. 28. In the case of open-ended funds, the quotas of Incentivized Stock Mutual Funds may have a lock-up period of up to 15 (fifteen) days, counted from the date of their issuance, for the purpose of exercising the right of redemption by the quota holder.

Art. 29. In the redemption of quotas, the value calculated at the close of the first business day subsequent to the entry of the redemption request at the headquarters or premises of the administering institution will be used.

Art. 30. The redemption will be made in cash, check, or payment order without the charging of any fee or expense.

Art. 31. In the event of lack of liquidity that makes redemption in cash impossible, after hearing the Securities and Exchange Commission, the funds will proceed with redemption in shares from their portfolio at the investor's choice, at a price equivalent to a percentage on the valuation value of the securities, prevailing the highest offer per business day of receipt of requests at the agencies or headquarters of the administrator.

§1º If more than one redemption request is received on the same day, under equal price conditions regarding the same shares, the quantity of shares subject to redemption will be divided proportionally among them, and the remaining quantity of titles to meet redemption requests formulated under identical conditions must be completed with other shares from the portfolio of the incentivized stock mutual funds, at the administrator's choice, and at their valuation value in the portfolio, if the quota holder has not formulated, at the time of the request, other options for redemption in titles.

§2º Under no circumstances will the redemption price in shares be lower than the valuation value of the titles in the portfolios of the incentivized stock mutual funds.

Art. 32. Regardless of the spontaneous redemption requests presented by quota holders, incentivized stock mutual funds may conduct special auctions of titles belonging to their portfolios, on the Stock Exchange, in the manner followed by FINOR, FINAM, and FISET Funds and in accordance with Resolution 1,660 of October 26, 1989, of the National Monetary Council.

Sole Paragraph. In these special auctions, investors may convert their quotas into titles from the portfolios of the incentivized stock mutual funds or acquire them for full or partial payment in cash, observing the minimum prices offered by the administrator.

CHAPTER VIII
OF THE GENERAL ASSEMBLY

Art. 33. It is exclusively the competence of the General Assembly of quota holders:

I - to take, annually, the accounts relating to the Fund and deliberate on the financial statements presented by the administering institution; II - to amend the Fund's regulations; III - to deliberate on the replacement of the administering institution; IV - to deliberate on the transformation, merger, incorporation, spin-off, or eventual liquidation of the Fund; V - to deliberate on changes in the remuneration rate of the administering institution, including regarding participation in the Fund's results.

Sole Paragraph. The Fund's regulations may be amended independently of a general assembly or consultation with quota holders whenever such amendment results exclusively from the need to meet requirements of the Securities and Exchange Commission, as a consequence of legal or regulatory norms, and the necessary communication to quota holders must be provided, when applicable, in the periodicals destined for the disclosure of information about the Fund, within a period of 30 (thirty) days.

Art. 34. The convening of the general assembly will be made through public announcement in the periodical(s) destined for the disclosure of information about the Fund.

I - The convening must necessarily include the day, time, and location where the assembly will be held, and, in a summary manner, the matters to be addressed.
II - The first convening of the general assembly must be made at least 8 (eight) days in advance, counting the period from the publication of the first announcement.
III - In the cases provided for in items III, IV, and V of article 29, if a second convening is necessary, it must be made 5 (five) days in advance.
IV - Regardless of the convening provided for in this article, the general assembly will be considered regular if all quota holders attend.
V - The general assembly may be convened by the administering institution or by quota holders who hold at least 5% (five percent) of the total quotas issued by the Fund:

Art. 35. In the general assembly, which may be installed with any number, decisions will be taken by the criterion of the majority of quotas of those present, with each quota corresponding to one vote, except as provided in the sole paragraph of this article and in paragraph 3 of article 36.

Sole Paragraph. Decisions regarding the matters provided for in items III, IV, and V of article 33 will be taken, in the first convening, by the majority of issued quotas, and in the second convening by the majority of quotas of those present.

Art. 36. Decisions of the general assembly may be taken through a formalized consultation process by letter, telex, or telegram directed by the administering institution to each quota holder for a response within a maximum period of 30 (thirty) days.

§1º The consultation must contain all necessary informative elements for the exercise of the right to vote.

§2º The absence of response will be considered as consent by the quota holders, provided that such interpretation is expressly authorized by the Fund's regulations and appears in the consultation itself.

§3º The deliberation "quorum" will be an absolute majority of issued quotas, regardless of the matter.

Art. 38. Only quota holders registered in the "Register of Quota Holders" or in the deposit account, as applicable, 3 (three) days before the date fixed for its holding, may vote in the general assembly.

Art. 39. Legal representatives of quota holders or their legally constituted proxies will have the quality to attend the general assembly or to vote in the deliberation process by consultation.

CHAPTER IX
OF THE FINANCIAL STATEMENTS

Art. 40. The Incentivized Stock Mutual Fund will have accounting records distinct from those of the administering institution.

Art. 41. The financial statements of the Incentivized Stock Mutual Fund will be subject to the accounting standards issued by the Securities and Exchange Commission, and will be audited semi-annually by an independent auditor registered with the Commission.

§1º The financial statements will be published within 60 (sixty) days after the closing of the semester or calendar year to which they refer, in the periodicals destined for the disclosure of information relating to the Fund.

§2º The Accounting Plan issued by the Securities and Exchange Commission will contemplate all standards for the evaluation of assets comprising the Fund, as well as for the appropriation of revenues and expenses inherent to securities and financial instruments, observing, regarding titles, the guidance of the Central Bank of Brazil.

CHAPTER X
OF THE INFORMATION

Art. 42. The administering institution of the Incentivized Stock Mutual Fund is obliged to disclose, broadly and immediately, any act or relevant fact pertaining to it, in order to guarantee all quota holders access to information that may, directly or indirectly, influence their decisions regarding staying in the Fund and other investors regarding the acquisition of quotas.

§1º The disclosure of information referred to in this article must be made through publication in the periodical(s) destined for the disclosure of information about the Fund.

§2º The administering institution must make the publications provided for in this Regulation always in the same periodical(s), and any change in this regard must be preceded by notice to quota holders.

§3º The administering institution will disclose to the market, to quota holders, and to the Securities and Exchange Commission - CVM - the currency equalization rate for entry into the fund through the cession of quotas and shares provided for in article 22, with a minimum advance notice of 30 days for the start of its application, except for that initially stipulated, which will have immediate effect.

• Paragraph added by CVM Instruction No. 158, of August 21, 1991.

Art. 43. Any advertising text for the offer of quotas, advertisement, or promotion of the Incentivized Stock Mutual Fund may not diverge from the content of the regulations.

Sole Paragraph. If the advertising text presents inaccuracies or improprieties that may induce the investor to valuation errors, the Securities and Exchange Commission may require that corrections and clarifications be broadcast, with equal prominence, through the same medium(s) used to disseminate the original advertising text.

Art. 44. The administering institution must send to the Securities and Exchange Commission, within 10 (ten) days after the closing of the period to which they refer, without prejudice to others that may be required, the following documents relating to the Incentivized Stock Mutual Fund:

I - monthly:
a) trial balance; b) statements of the composition and diversification of investments, highlighting, when applicable, investments in affiliated companies; c) statement of sources of resources; II - semi-annually:

a) balance sheets; b) copies of information provided to quota holders; c) information regarding the general conditions of insurance coverage, in the case of transit of securities and financial instruments; d) list of institutions responsible for providing custody services for the securities and financial instruments comprising the portfolio; e) list of judicial or extrajudicial demands, whether in defense of quota holders' rights or against the Fund's administration, indicating the date of their start and final solution.

Sole Paragraph. The opinion of the independent auditor regarding the financial statements must be sent to the Securities and Exchange Commission, within 60 (sixty) days from the date of the closing of the semester.

CHAPTER XI
OF THE PROHIBITIONS

Art. 45. It is prohibited for the administering institution, in the name of the Incentivized Stock Mutual Fund:

I - to receive deposits in a checking account; II - to contract or effect loans under any modality; III - to provide guarantee, aval, acceptance, or co-obligate under any other form; IV - to trade with duplicate bills, promissory notes, those referred to in CVM Instruction No. 134, of November 1, 1990, or other securities not authorized by the National Monetary Council; V - to promise predetermined yield to quota holders; VI - to acquire or sell off the stock exchange trading floor shares of open companies registered for trading on the exchange, except for the cases of subscription, bonus, and conversion of debentures into shares, regarding acquisition; VII - to apply resources:
a) abroad; b) in the acquisition of real estate; c) in the subscription or acquisition of shares of investment companies or in quotas or of its own issuance; d) in the acquisition of shares traded in an unorganized or organized over-the-counter market segment by an entity not authorized by the Securities and Exchange Commission.

Art. 46. It is prohibited for the administering institution to sell Fund quotas on installment.

CHAPTER XII
OF THE TRANSITORY AND FINAL PROVISIONS

Art. 47. The provisions of article 11 of Law No. 6,385, of December 7, 1976, apply to the administering institution and to its administrators responsible for the management of the Fund, regardless of other legal sanctions applicable.

Art. 48. This Instruction will enter into force on the date of its publication in the Official Gazette of the Union.

Signed original by
RENÊ DE OLIVEIRA GARCIA JÚNIOR
Acting President