CVM INSTRUCTION NO. 236 OF JUNE 6, 1995.

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

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION makes public that the Collegiate Body, in a meeting held on June 5, 1995, 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.

RESOLVED:

Art. 1. Amend paragraph 2 of Article 3 of CVM Instruction No. 209, of March 25, 1994, which shall henceforth read as follows:

“Art. 3.

......

§2. The total subscription of the quotas constituting the initial assets must be closed within a maximum period of 180 (one hundred and eighty) days, counted from the date of registration of the distribution of quotas by the Securities and Exchange Commission, if applicable, or from the date of the decision to issue them for private placement.”

Art. 2. 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