CVM Instruction No. 174 of February 6, 1992 (Revoked)

FULL TEXT OF CVM INSTRUCTION NO. 174, OF FEBRUARY 6, 1992, WITH CHANGES INTRODUCED BY CVM INSTRUCTIONS NOS. 272/98, 288/98 AND 298/99. CVM INSTRUCTION NO. 174, OF FEBRUARY 6, 1992.

Provides for the trading on stock exchanges of selected portfolios of shares.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION makes public that the Collegiate Body, in a meeting held on this date, based on item "a", paragraph II of Article 18 of Law No. 6,385, of December 7, 1976,

HAS DECIDED:

Art. 1 The trading on stock exchanges of selected portfolios of shares shall be subject to the norms of this Instruction.

Art. 2 Stock exchanges shall adopt special trading procedures for operations with the selected portfolio of shares.

Art. 3 Selected portfolios of shares shall meet the following criteria:
I - minimum diversification in shares of 5 (five) issuers; II - total applications in shares of the same issuer shall not exceed 25% (twenty-five percent) of the total portfolio; II - total applications in shares of the same issuer shall not exceed 25% of the total portfolio, unless prior authorization from the CVM. (NR)

• Paragraph with wording given by CVM Instruction No. 288, of August 7, 1998.
  III - no security may have liquidity lower than 6 (six) days in a period of 60 (sixty) days.
  III - upon the constitution of the portfolio, its shares must have been traded in at least six of the sixty trading sessions immediately preceding.
• Paragraph with wording given by CVM Instruction No. 272, of February 4, 1998.

CVM INSTRUCTION NO. 174, OF FEBRUARY 6, 1992.
2

Art. 4 The realization of trading modalities of selected portfolios of shares that constitute operations in the forward markets - forward, futures, and options - is prohibited.

• Article revoked by CVM Instruction No. 272, of February 4, 1998.

Art. 5 Winning interference shall only be admitted in, at least, 5% (five percent) of the portfolio, maintaining the same composition of the offered portfolio.

Art. 6 The CVM shall charge a registration fee from the selling offering institutions, in accordance with legal and regulatory provisions.

Art. 6A The provisions of this Instruction apply to the trading of selected portfolios of shares in organized over-the-counter entities, as well as to the trading of selected portfolios of other securities on stock exchanges or organized over-the-counter markets.

• Article added by CVM Instruction No. 298, of January 18, 1999.

Art. 7 This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Original signed by
ARY OSWALDO MATTOS FILHO
President