CVM Instruction No. 180 of February 13, 1992

CVM INSTRUCTION NO. 180, OF FEBRUARY 13, 1992.

Provides for limits on open positions in the Index Futures Market.

The PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION makes public that the Collegiate Body, in a session held on this date, having regard to the provisions of Articles 8, 17, and 18, item II, letter "a", of LAW NO. 6,385, of December 7, 1976,

HAS DECIDED:

Art. 1 - The open positions held in the index futures market by clients or groups of clients acting jointly shall not exceed the following limits:

Number of Open Contracts by Maturity	Maximum Limit of Open Contracts Held by Clients or Group of Clients
Up to 15,000	2,000 Contracts or 25% (twenty-five percent) of the Total Open Contracts, whichever is greater
Above 15,001	4,000 Contracts or 20% (twenty percent) of the Total Open Contracts, whichever is greater

Art. 2 - Stock Exchanges and Futures Exchanges may allow the limits set forth in the preceding article to be exceeded when, due to market circumstances, the number of open contracts undergoes a reduction, provided that they immediately present to the Securities and Exchange Commission the respective criteria and justifications.

Art. 3 - Stock Exchanges and Futures Exchanges shall send to the Securities and Exchange Commission, within a maximum period of 24 (twenty-four) hours, daily reports on the activity, as well as the statement of positions held in the index futures market, and, within the same period, other reports when requested.

Art. 4 - Non-compliance with the provisions of this Instruction constitutes a serious offense, for the purposes of Article 11 of Law No. 6,385, of December 7, 1976.

CVM INSTRUCTION NO. 180, OF FEBRUARY 13, 1992.
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Art. 5 - This Instruction shall enter into force on the date of its publication in the Official Gazette of the Union.

Signed original by
ARY OSWALDO MATTOS FILHO
President