CVM Instruction No. 158 of August 21, 1991

CVM INSTRUCTION NO. 158, OF AUGUST 21, 1991.

Amends provisions of CVM Instruction No. 153, of July 24, 1991, which 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 Body, in a session held on this date, having in view 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:

Art. 1st Include item IX in Article 4, with the following wording:
"IX - conditions for the incidence of a currency equalization rate established by the administrators for entry through, the cession of quotas and shares provided for in Article 22, which shall not constitute a charge or expense of the fund, being incorporated into its assets."

Art. 2nd Alter the "caput" and the first paragraph of Article 22, which shall henceforth have the following wording:
"Art. 22 Entry of quota holders into Incentivized Stock Mutual Funds shall be made through subscription and payment of quotas, whose payment shall be made in cash, at the time of respective subscription, or through the cession of quotas 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 cession of shares of incentivized companies.

§1st Payment through the cession of quotas and shares referred to in the "caput" of this article shall be made considering, for purposes of payment, the net asset value of the shares of incentivized companies and of quotas of the aforementioned funds, calculated by the operating banks in accordance with relevant legislation, minus a currency equalization rate under the conditions stipulated by the administrators and disclosed in the manner of paragraph 3 of Article 42."

Art. 3rd Include paragraph 3 in Article 42, with the following wording:
"§3rd The administering institution shall 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 shall have immediate effect."

Art. 4th This instruction enters into force on the date of its publication in the Official Gazette of the Union.

CVM INSTRUCTION NO. 158, OF AUGUST 21, 1991.
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Original signed by
JOSÉ ARTHUR ESCODRO
Acting President