CVM Instruction No. 172 of January 23, 1992

CVM INSTRUCTION NO. 172, OF JANUARY 23, 1992.

Provides for the deadline for payment of redemptions of shares of mutual investment funds in stocks constituted in the form of an open condominium.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate, in a meeting held on this date, and in view of the provisions of RESOLUTION NO. 1,787, of February 1, 1991, of the National Monetary Council,

RESOLVED:

Art. 1. Establish, as the maximum limit for payment of redemptions of shares of mutual investment funds in stocks constituted in the form of an open condominium, the 5th (fifth) business day, inclusive, subsequent to the receipt of the request at the headquarters or at the branch of the administering institution.

Art. 2. Fix at 20% (twenty percent) of the redemption value, the increase that will be paid to the shareholder by the fund's administering institution, if the deadline established in Art. 1 is exceeded.

Sole Paragraph. The total value mentioned in the caput of this article will suffer daily monetary update in the same proportion as the percentage variation that occurred in the Fiscal Reference Unit (UFIR) until the day of effective payment to the shareholder.

Art. 3. Revoke CVM Instruction No. 114, of March 30, 1990.

Art. 4. This Instruction will enter into force on the date of its publication in the Official Gazette of the Union.

Original signed by
ARY OSWALDO MATTOS FILHO
President