INSTRUCTION CVM NO. 210, OF APRIL 15, 1994.

Provides for the operational code for foreign institutional investors registered with the Securities and Exchange Commission (CVM), in accordance with CVM INSTRUCTION NO. 169, of January 2, 1992, and takes other measures.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION makes public that the Collegiate Body, in a session held on 01/14/94, and based on the provisions of item I of Article 8 of LAW NO. 6,385, of December 7, 1976, and RESOLUTION NO. 1,832, of May 31, 1991, of the National Monetary Council,

HAS RESOLVED:

Art. 1 Foreign institutional investors, registered with the Securities and Exchange Commission, in accordance with CVM INSTRUCTION NO. 169, of 01/02/92, must inform their code in the operations they carry out.

Art. 2 The CVM will assign each foreign institutional investor, holders of own or collective accounts, as well as participants in collective accounts, an individualized code, to be adopted in all operations carried out in the name of the investor, in order to allow the identification of final principals in the operations carried out and ensure segregation between the orders of the holder and each of the participants in the collective account.

§1 The code assigned by the CVM must also be used by the custodian institution, to identify the custody accounts of the investors.

§2 Foreign institutional investors already accredited with the Securities and Exchange Commission will receive the operational code from it, and may not operate without using it from 30 days after the date of receipt.

Art. 3 To obtain the registration of each foreign institutional investor participant in a collective account, the administering institution will present to the CVM a request requesting the individual registration of the participant, in accordance with the model attached.

§ 1 The CVM will inform the local administrator of the participant's code.

§2 The holder of a collective account may operate its own resources in this account, provided that a code for this purpose has been requested in its name, in accordance with the model attached.

Art. 4 The documents required in CVM INSTRUCTION NO. 169, of 01/02/92, written in a foreign language, must be accompanied by a version in the vernacular, signed by a sworn translator and registered in the register of titles and documents, and the authentication and respective legalization by consular route may be delivered to the CVM within 60 (sixty) days from the date of filing the registration request.

§1 If the period specified in the caput of this article is exceeded, the local administrator will be subject to the payment of a daily coercive fine in the amount of 69.20 daily UFIRs, incurred from the first business day following the end of said period.

§ 2 Without prejudice to the provisions of the previous paragraph, the CVM may, after the period has expired, determine the suspension of the foreign investor's portfolio transactions.

Art. 5 It is prohibited for foreign institutional investors to give the securities components of the portfolio or the rights related to them for lease, loan, pledge, or guarantee, except:

a) for the provision of margin guarantees for positions in futures, options, and forward markets, observing the conditions established by CMN Resolution no. 1,935, of 06/30/92, and in art. 3 of CMN Resolution no. 2,034, of 12/17/93; or

b) to carry out buy and sell operations on margin, in accordance with the regulations in force for margin account operations; or

c) other cases expressly authorized by the CVM.

Art. 6 This Instruction enters into force on the date of its publication in the Official Gazette of the Union, with Article 7 of CVM INSTRUCTION NO. 169, of January 2, 1992, being repealed.

Signed original by

THOMÁS TOSTA DE SÁ
President

ANNEX

MODEL OF REQUEST FOR REGISTRATION OF PARTICIPANT IN PORTFOLIO OF FOREIGN INSTITUTIONAL INVESTORS - COLLECTIVE ACCOUNT.

(Place and Date)

To
Securities and Exchange Commission
Superintendence of Internationalization and Development - SDM FAX: (061) 321-0536 Ref.: Registration of Foreign Institutional Investor - Participant of Collective Account

Dear Sirs,

I hereby request the operational registration code, as a participant in a collective account, for the following foreign investor:

Administrator:
Holder of the Collective Account:
Declaratory Act:
Participant (full name):
Participant (operational name): (up to 55 characters) ______ ______ ______ Classification under CVM INSTRUCTION NO. 169______

As the administering institution, I commit to complying with the provisions of item II, Article 5 of CVM INSTRUCTION NO. 169 of January 2, 1992.

Awaiting your prompt measures,

Sincerely,

Fax.:

Tel.:
(Name of the Director Responsible for the Administration of the Collective Account)

MODEL OF RESPONSE TO THE REQUEST FOR REGISTRATION OF PARTICIPANT IN PORTFOLIO OF FOREIGN INSTITUTIONAL INVESTORS - COLLECTIVE ACCOUNT.

(Place and Date)

To
______(Name of the Administrator)
______(Holder of the Collective Account)
FAX:
Ref.: Registration of Foreign Institutional Investor - Participant of Collective Account

Dear Sirs,

As per your request, we inform you that the name and operational code of the foreign institutional investor are:

Name:
Code:

Awaiting your prompt measures,

Sincerely,

Projects and Development Management
GDP