CVM INSTRUCTION NO. 200, OF AUGUST 3, 1993.

Sets deadlines for authorization by the CVM of the acts it specifies.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM, makes it known that the collegial body, in a meeting held on this date, and in view of the provisions of Article 8 of LAW NO. 6,385, of December 7, 1976,

HAS DECIDED:

Art. 1. Authorizations provided for shall be granted within thirty days, counted from the date of receipt of the request at the CVM, duly accompanied by the respective documentation:

a) in Article 2 of Annexes I and II to Resolution CMN No. 1,289, of March 20, 1987, for Investment Societies - Foreign Capital and Investment Funds - Foreign Capital;

b) in Article 4 of CVM INSTRUCTION NO. 91, of December 6, 1988, for Conversion Funds - Foreign Capital;

c) in Article 3 of CVM INSTRUCTION NO. 141, of March 27, 1991, for Privatization Funds - Privatization Certificate;

d) in Articles 2 and 4 of CVM INSTRUCTION NO. 148, of July 3, 1991, for Mutual Funds for Investment in Shares and Sectoral Funds for Investment in Shares;

e) in Articles 2 and 5 of CVM INSTRUCTION NO. 153, of July 24, 1991, for Incentivized Share Mutual Funds;

f) in Article 3 of CVM INSTRUCTION NO. 157, of August 21, 1991, for Privatization Mutual Funds - Foreign Capital;

g) in § 2 of Article 1 and in Articles 2 and 4 of CVM INSTRUCTION NO. 177, of February 6, 1992, for Mutual Investment Funds - Free Portfolio;

h) in § 2 of Article 1 and in Articles 2 and 4 of CVM INSTRUCTION NO. 186, of March 17, 1992, for Cultural and Artistic Investment Funds.

Art. 2. Authorization shall be considered automatically granted if the request is not denied within the period referred to in Article 1.

Sole Paragraph. A request not accompanied by the relevant documentation shall be summarily denied, with the applicant being informed of the decision.

Art. 3. The thirty-day period shall be suspended only once, if the CVM requests additional documents or information necessary for the examination of the authorization request, or conditions it on modifications to the relevant documentation.

§ 1. A period not exceeding sixty days, counted from the receipt by the applicant of the respective correspondence, shall be granted to comply with any requirements, under penalty of the request being denied.

§ 2. The CVM is assured, for its final statement, a period corresponding to five business days, if the remainder of the period provided for in the caput is less.

Art. 4. The denial of the authorization request shall be communicated to the interested party through a letter with Acknowledgment of Receipt - (AR).

Art. 5. This Instruction enters into force on the date of its publication.

Signed original by

LUIZ CARLOS PIVA
President