CVM INSTRUCTION NO. 218, OF AUGUST 12, 1994.

Provides for the application of resources managed by stock exchanges and by clearing and custody companies.

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

HAS RESOLVED:

Art. 1. To authorize stock exchanges and clearing and custody companies referred to in the "caput" of Article 74 of the Regulation annexed to RESOLUTION NO. 1,656, of October 26, 1989, of the National Monetary Council, to apply their own resources or those under their administration in organized markets for future settlement, referenced in stocks or indices representing securities.

Sole Paragraph. Sales operations in the markets referred to in the "caput" of this article may only be carried out with the exclusive objective of protecting positions held in the spot market, up to the limit of these positions, prohibiting short selling or operations that imply an increase in portfolio risk.

Art. 2. This Instruction shall enter into force on the date of its publication, with Article 12 of CVM INSTRUCTION NO. 36, of August 8, 1984, being repealed.

Signed original by

THOMÁS TOSTA DE SÁ
President