CVM Instruction No. 207 of February 1, 1994 (Revoked)

FULL TEXT OF CVM INSTRUCTION NO. 207, OF FEBRUARY 1, 1994, WITH CHANGES INTRODUCED BY CVM INSTRUCTION NO. 232/95.

CVM INSTRUCTION NO. 207, OF FEBRUARY 1, 1994.

Provides for additional publications ordered by LAW NO. 6,404, of December 15, 1976.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION makes public that the Collegiate Body, in a meeting held on this date, and based on the provisions of item I of the sole paragraph of article 22 of LAW NO. 6,385, of December 7, 1976, combined with the provisions of paragraph 1 of article 289 of LAW NO. 6,404/76,

HAS RESOLVED:

Art. 1. In addition to the publications ordered by LAW NO. 6,404, of December 15, 1976, and respecting the norms of article 289 and its paragraphs 2 and 5 of the same Law:

a) publicly-held companies whose securities are admitted to trading on stock exchanges must also carry out the publications ordered by law, in a large-circulation newspaper, published in the locality where the stock exchange is located, in which, in the last two fiscal years, the highest quantity of transactions with securities of their issuance has been verified, the requirement being waived in the event that said locality coincides with the company's headquarters;

b) publicly-held companies whose securities are not admitted to trading on stock exchanges must proceed with the publications referred to in the previous item, in a large-circulation newspaper, published in the capital of the state where the company's headquarters is located, this requirement being waived in the event that the two localities coincide.

Art. 2. Publicly-held companies must make the publications provided for in this Instruction always in the same newspaper, chosen in a Meeting of the Board of Directors, and any change must be preceded by notice to shareholders.

Sole Paragraph. For the publications ordered by LAW NO. 6,404, of December 15, 1976, the requirement prevails that the change of newspaper only be made after the publication of a notice contained in the extract of the minutes of the ordinary general meeting.

Art. 3. The financial statements of publicly-held companies that are obliged to carry out their publications in the disclosure organs indicated in items "a" and "b", of article 1 of this Instruction, may be published in a summarized form, comparatively with the data of the previous fiscal year, provided that the following information is disclosed, at a minimum:¹

INSTRUCTION CVM NO. 207, OF FEBRUARY 1, 1994.
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a) condensed balance sheet, by full correction, presenting at least, the values relating to the following groups of accounts: Current Assets, Long-Term Receivables, Permanent Assets divided into Investments, Fixed Assets and Deferred Assets, Current Liabilities, Long-Term Payables, Results of Future Fiscal Years and Shareholders' Equity divided into Social Capital, Capital Reserves, Revaluation Reserves, Profit Reserves and Accumulated Profits or Losses;

b) synthetic statement of the Result of the Fiscal Year, by full correction, encompassing Net Sales, Gross Profit, Operating Profit, Non-Operating Result and Net Profit;

c) proposal for the distribution of the result of the fiscal year, discriminating, if applicable, the value of the dividend per share;

d) information on the quantity of shares that make up the social capital, discriminating the species and classes;

e) information on the profit or loss per share;

f) reference to the opinion of the independent auditor, mentioning the existence or not of a qualification, transcribing it in the affirmative case;

g) indication of the newspapers and dates of publication of the Financial Statements disclosed in the terms of article 289 of LAW NO. 6,404/76;

Art. 3. The financial statements of publicly-held companies that are obliged to carry out their publications in the disclosure organs indicated in items "a" and "b", of article 1 of this Instruction, may be published in a summarized form, comparatively with the data of the previous fiscal year, provided that the following information is disclosed, at a minimum:

a) condensed balance sheet by full monetary correction, presenting, at a minimum, the values relating to the following groups of accounts: Current Assets, Long-Term Receivables, Permanent Assets sub-divided into Investments, Fixed Assets and Deferred Assets, Current Liabilities, Long-Term Payables, Results of Future Fiscal Years and Shareholders' Equity divided into Social Capital, Capital Reserves, Revaluation Reserves, Profit Reserves and Accumulated Profits or Losses;

b) condensed statement of the result of the fiscal year, by full correction, encompassing, at a minimum, the values relating to Net Sales, Gross Profit, Total Operating Expenses, Result of Equity Method, Operating Profit or Loss, Non-Operating Results (if relevant), Provision for Income Tax and Net Profit or Loss of the Fiscal Year;

c) explanatory notes encompassing, at a minimum, the following information: Changes in accounting practices in relation to the previous fiscal year; Investments in other Companies, when relevant, explicitly stating the final amount and the result of the equity method in each investment, discriminating the values relating to premiums, discounts and provisions for losses; Interest rates, maturities and real burdens on long-term debts; Quantity of shares that make up the Social Capital, discriminating species and classes; Reconciliation of the result calculated by full correction with that calculated by corporate legislation; Amount of fiscal loss eligible for use in subsequent fiscal years.

d) proposal for the allocation of the result, discriminating, if applicable, the calculation basis of the dividends, including dividends already paid during the fiscal year and the amount of the dividend per share;

e) transcription of any qualification and/or emphasis paragraph contained in the Opinion of the Independent Auditor;

f) any information not contained in the above-mentioned information if it is relevant for knowledge of the company's situation;

g) indication of the newspapers and dates of publication of the Financial Statements disclosed in the terms of article 289 of Law No. 6404/76

• Article with wording given by CVM Instruction No. 232, of February 10, 1995.

Art. 4. The information required in article 3 will be extracted from the consolidated financial statements for publicly-held companies obliged to prepare them.¹

Art. 4. The information required in article 3 will be extracted from the consolidated financial statements for publicly-held companies obliged to prepare them, adding an explanatory note reconciling the consolidated result with the result of the controlling company.

• Article with wording given by CVM Instruction No. 232, of February 10, 1995.

Art. 5. The company must send to the Securities and Exchange Commission and, if applicable, to the Stock Exchanges, concomitantly with the financial statements presented in summarized form, the financial statements in the form provided for in article 16, of CVM INSTRUCTION NO. 202, of December 06, 1993.¹

Art. 5. The publicly-held company must send to the Securities and Exchange Commission and, if applicable, to the Stock Exchanges where it has registration, both the complete financial statements in the form and deadline provided for in article 16 of CVM Instruction No. 202, of December 06, 1993, as well as the financial statements presented in summarized form according to article 3 above.

• Article with wording given by CVM Instruction No. 232, of February 10, 1995.

Art. 6. CVM INSTRUCTION NO. 2, of May 4, 1978, is hereby revoked.

INSTRUCTION CVM NO. 207, OF FEBRUARY 1, 1994.
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Art. 7. This Instruction enters into force on the date of its publication.

Original signed by

THOMÁS TOSTA DE SÁ

President