CVM Instruction No. 166 of December 11, 1991

CVM INSTRUCTION NO. 166, OF DECEMBER 11, 1991.

Provides for the execution of small buy and sell orders for securities and revokes CVM Instruction No. 84, of September 21, 1988.

THE PRESIDENT OF THE SECURITIES COMMISSION makes public that the Collegiate Body, in a session held on this date, and based on the provisions of Item II of Article 4, and item "a" of Item II of Article 18 of Law No. 6,385, of December 7, 1976,

HAS RESOLVED:

Article 1. In transactions carried out in the spot market, brokerage firms are authorized to aggregate small orders, and for chronology purposes, must register them immediately after forming the lot considered adequate.

§1. The adequate lot must be the standard lot or its multiples.

§2. To complete the lot, the brokerage firm must comply with the chronology of order entry.

Article 2. A small order is considered to be one with a value equal to or less than CR$ 60,000.00 (sixty thousand cruzeiros), in December 1991, and must be updated based on the monthly variation of the National Consumer Price Index - INPC.

Article 3. The validity period of the order must be specified by the client, not exceeding 5 (five) days.

Article 4. This Instruction will enter into force on the date of its publication in the Official Gazette of the Union, with CVM Instruction No. 84, of September 21, 1991, being revoked.

Original signed by
ARY OSWALDO MATTOS FILHO
President