CVM Instruction No. 237 of July 27, 1995

CVM INSTRUCTION NO. 237, OF JULY 27, 1995

Amends the wording of CVM Instruction No. 215, of June 8, 1994, regarding the composition of the portfolio and redemption of shares of Stock Investment Mutual Funds - Free Portfolio.

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

HAS DECIDED:

Art. 1. Amend the wording of the following articles of CVM Instruction No. 215, of June 8, 1994, which shall enter into force with the following wording:

"Art. 49. The FMIA-CL shall maintain, in minimum, 51% (fifty-one percent) of its applications in:
I - shares and subscription warrants, issued by open companies; II - shares issued by companies headquartered in countries signatory to the Treaty of Asunción (MERCOSUL) or deposit certificates of these shares admitted to public trading on the Brazilian securities market; III - risk positions in organized markets for future settlement, involving contracts referenced in shares or share indices, not characterized as 'hedge' operations or fixed-income operations.

§1. For the determination of the limit hereby established, disqualification caused by fluctuations in the securities and derivatives market, or by convertible debentures resulting from the exercise of preemptive rights, shall not be considered, provided it is justified to the CVM and the excess is eliminated within a period of 3 (three) months, extendable, at the CVM's discretion, by another 3 (three) months.

§2. The provisions of Article 43, sole paragraph, and Article 44, § 2, of this Instruction shall apply to the FMIA-CL."

"Art. 50. Always observing the provisions of Article 3, § 1, of this Instruction, the balance of resources may be applied in:

I - other securities issued by open companies, acquired in stock exchanges, or over-the-counter market, organized by an entity authorized by the CVM, or during a period of public distribution; II - shares of fixed-income funds or financial investment funds and fixed-income titles, at the administrator's free choice; III - shares of FMIAs and FMIA-CLs, closed, which hold, by provision of their regulations, in minimum, 90% (ninety percent) of their applications in shares; IV - positions in organized markets for future settlement, involving contracts referenced in shares or share indices.

Sole Paragraph. The administrator shall forward to the CVM, together with the documents referred to in Article 36, item I, of this Instruction, a statement of the positions held in organized markets for future settlement that characterize share hedge operations and fixed-income operations."

"Art. 56. In the redemption of shares of the FMIA-CL, the value calculated on the close of the first business day subsequent to the entry of the redemption request at the headquarters or premises of the financial institution responsible for the service shall be used."

Art. 2. Stock Investment Mutual Funds - Free Portfolio shall adapt their Regulations to the provisions of this Instruction by December 29, 1995.

Sole Paragraph. The portfolios of Stock Investment Mutual Funds - Free Portfolio shall adapt to the provisions of Articles 49 and 50 of CVM Instruction No. 215, of June 8, 1994, modified by this Instruction, by October 1, 1995.

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

Art. 4. Articles 2 and 3 of CVM Instruction No. 233, of February 24, 1995, are hereby repealed.

Original signed by
THOMÁS TOSTA DE SÁ
President