CVM Instruction No. 240 of November 17, 1995

CVM INSTRUCTION NO. 240, OF NOVEMBER 17, 1995.

Amends Articles 13, 14, 22 and 23 of CVM Instruction No. 208, of February 7, 1994.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION makes public that the Collegiate Body, in a session held on this date, in view of the provisions of Law No. 6,385, of December 7, 1976, based on Article 1 of Law No. 8,685, of July 20, 1993, and Article 2 of Decree No. 974, of November 8, 1993,

HAS RESOLVED:

Art. 1. Include item XI in Article 13 of CVM Instruction No. 208, of February 7, 1994, with the following wording:

“Art. 13 ...
...
XI - subscribe and fully pay for the quotas not placed during the distribution period provided for in item IV of Article 14, within thirty days from the expiration of this period, in case there is a contractual commitment for a firm guarantee of placement of all issued quotas. ...”

Art. 2. Amend item IV of Article 14 of CVM Instruction No. 208, of February 7, 1994, which shall enter into force with the following wording:

“Art. 14. The prospectus shall contain the following information:
...
IV - characteristics of the issuance, such as the total value of the issuance, the number of quotas into which the issuance is divided, the distribution period to the public, which may not exceed 180 (one hundred and eighty) days counted from the granting of the registration, extendable, with the prior consent of the CVM, for up to an equal period, and the deadline for delivery of the certificates, not exceeding 30 days after proof, to the CVM and the Ministry of Culture, of the obtaining of all resources provided for in the global budget, except in the case of existence of a firm guarantee, provided for in the sole paragraph of Article 22 of this Instruction.”

Art. 3. Add a sole paragraph to Article 22 of CVM Instruction No. 208, of February 7, 1994, with the following wording:

CVM INSTRUCTION NO. 240, OF NOVEMBER 17, 1995.
2

“Art. 22 ...
Sole paragraph. In the event of a contractual commitment by the financial institution responsible for the distribution, for a firm guarantee of placement of all issued quotas, the CVM shall communicate this fact to the Ministry of Culture, for the purpose of advancing the start of the release of the deposited amounts.”

Art. 4. Amend item II of Article 23 of CVM Instruction No. 208, of February 7, 1994, which shall enter into force with the following wording:

“Art. 23. ...
...
II - proof of subscription of all quotas with incentivized resources, or a firm contractual guarantee of subscription thereof by the financial institution responsible for the distribution, in which case the latter may only benefit from the tax incentive up to the limits provided for in paragraph 2 of Article 1 of Law 8,685 and paragraph 1 of Article 1 of Decree 974, with the remaining resources being deposited in a separate account, in accordance with the provisions of paragraph 1 of this article.”

Art. 5. Amend the wording of paragraph 2 of Article 23 of CVM Instruction No. 208, of February 7, 1994, which shall enter into force with the following wording:

“Art. 23 ...
...
§2 If the resources necessary to make the project viable are not obtained within the period provided for in item IV of Article 14 of CVM Instruction No. 208, of February 7, 1994, the deposited values, relating to item II of the caput of this article, shall be transferred to the National Foundation of Arts - Funarte, in accordance with Article 10 of Decree 974/93, in the manner defined by the competent bodies, and the deposited values shall be returned based on item I of this article, in the manner provided for in the prospectus.

Art. 6. 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”