CVM Instruction No. 238 of October 11, 1995

CVM INSTRUCTION NO. 238, OF OCTOBER 11, 1995.

Amends Article 19 of CVM Instruction No. 202, of December 6, 1993.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on this date, based on the provisions of Articles 9, §2, 21, and 22, sole paragraph, item I, of Law No. 6.385, of December 7, 1976, and item II of National Monetary Council Resolution No. 1.657, of October 26, 1989, resolved to issue the following Instruction:

Art. 1 The Article 19 of CVM Instruction No. 202, of December 6, 1993, shall be in effect with the following wording:

“Art. 19 It constitutes an objective nature infraction, in which a summary administrative process procedure shall be adopted, in accordance with the Regulation Annexed to CMN Resolution No. 1.657/89, for the administrator of an open company to fail to adopt the procedures listed in items I to III of Article 13, except for the hypothesis provided for in item VI of Article 17 of this Instruction.

Sole paragraph. It constitutes a serious infraction, for the purposes provided for in § 3 of Article 11 of Law No. 6.385, of December 7, 1976:

I - the non-compliance with the provisions of item VI of Article 17 of this Instruction; II - the non-observance of the deadline fixed in Article 132 of Law No. 6.404, of December 15, 1976, for the holding of the ordinary general assembly; III - the recidivism of the objective nature infractions defined in the caput of this article.”

Art. 2 This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Original signed by
FRANCISCO AUGUSTO DA COSTA E SILVA
President