CVM Instruction No. 225 of December 20, 1994

CVM INSTRUCTION NO. 225, OF DECEMBER 20, 1994

Amends CVM Instruction No. 209, of March 25, 1994, which provides for the constitution, operation, and administration of Emerging Companies Investment Mutual Funds

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION makes public that the Collegiate Board, in a meeting held on December 8, 1994, and in view of the provisions of Resolution 1,787, of February 1, 1991, of the National Monetary Council and Article 19 of Law No. 6,385, of December 7, 1976,

HAS RESOLVED:

Art. 1. Amend paragraph 2 of Article 6 of CVM Instruction No. 209, of March 25, 1994, which shall henceforth read as follows:

“ Art. 6. ...
§2. When the administration of the Fund is not exercised by a financial institution or a member of the distribution system, the administrator shall hire a legally qualified institution to perform the services of placement, issuance and redemption of quotas and treasury, such as:
I - opening and operating bank accounts in the name of the Fund; II - receipt of resources upon issuance or subscription of quotas, and payment upon redemption of quotas or liquidation of the Fund; III - receipt of dividends and any other income; IV - financial settlement of all operations of the Fund.”

Art. 2. The institutions hired for the services provided above shall be jointly and severally liable with the Fund administrator for any damages they cause to quota holders.

Art. 3. This Instruction shall enter into force on the date of its publication in the Official Gazette of the Union.

Signed original by
THOMÁS TOSTA DE SÁ
President