CVM INSTRUCTION NO. 201, OF DECEMBER 1, 1993

Provides for the form of publication of financial statements provided for in Law No. 6,404, of December 15, 1976.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM - makes public that the Collegiate Board, in a meeting held on November 30, 1993, in view of the provisions of Article 176 and paragraph 3 of Article 177 of Law No. 6,404/76, as well as items I, II, and IV of Article 22 of Law No. 6,385, of December 17, 1976,

HAS RESOLVED:

Art. 1. The financial statements and the administrative report, for the purpose of compliance with the provisions of paragraph 3 of Article 133 of Law No. 6,404/76 and CVM Instruction No. 02, of May 4, 1978, may be published exclusively in currency of constant purchasing power, as advocated by the fundamental principles of accounting and in accordance with the terms established by CVM Instruction No. 191, of July 15, 1992.

Art. 2. Companies that adopt the publication format provided for in Article 1 shall disclose in an explanatory note attached to their financial statements, when applicable, the following complementary information:

a) titles and balances of accounts contained in the balance sheet, prepared in accordance with corporate legislation, when they differ from those presented in the financial statements mentioned in Art. 1;

b) reconciliation of any divergences between net income and/or net equity, due to the provisions of letter "a" above;

c) basis, calculation method, and amount of the mandatory dividend, profit participations, and provision for income tax and social contribution.

Art. 3. Publicly held companies shall also send to shareholders who request it in writing, under the conditions provided for in paragraph 3 of Article 124 of Law No. 6,404/76, a copy of the Balance Sheet, Statement of Income for the Period, and Statement of Accumulated Profits/Losses, prepared in accordance with corporate legislation, as well as the respective report of independent auditors.

Art. 4. The report of independent auditors shall include their opinion on the financial statements referred to in Article 1 of this Instruction, as well as on the corresponding explanatory notes, including those required in Art. 2 above.

Sole Paragraph. The issuance and publication of an audit report in the manner provided for in the caput of this article does not eliminate the need for a report for financial statements prepared in accordance with corporate legislation.

Art. 5. Consolidated financial statements shall be prepared and published exclusively in currency of constant purchasing power, in accordance with the terms established by CVM Instruction No. 191, of July 15, 1992.

Art. 6. The caput of Article 21 of CVM Instruction No. 191/92 is hereby repealed, and its sole paragraph is transformed into Article 21.

Art. 7. This Instruction shall enter into force on the date of its publication, applying to financial statements closed from December 1993 onwards.

Signed original by

LUIZ CARLOS PIVA
President