CVM Instruction No. 245 of March 1, 1996 (Revoked)

FULL TEXT OF CVM INSTRUCTION NO. 245, OF MARCH 1, 1996, WITH THE CHANGES INTRODUCED BY CVM INSTRUCTION NO. 274/98.

CVM INSTRUCTION NO. 245, OF MARCH 1, 1996.

Provides for the information to be provided by public companies registered for the trading of their securities on a stock exchange or organized over-the-counter market, and whose consolidated annual gross revenue is less than R$ 100,000,000.00 (one hundred million reais).

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 21 and 22, sole paragraph, item I, of Law No. 6,385, of December 7, 1976, and on Vote No. 426 of the National Monetary Council of December 21, 1978,

HAS RESOLVED:

Art. 1. The following provisions apply to the public company registered for the trading of its securities on a stock exchange or organized over-the-counter market, and whose consolidated gross revenue in the immediately preceding fiscal year was less than R$ 100,000,000.00 (one hundred million reais):

I - The following are exempted:

a) the presentation of the documents and information referred to in items VI and XV of Art. 7, and II of Art. 16, of CVM Instruction No. 202, of December 6, 1993;

• Clause revoked by CVM Instruction No. 274, of March 12, 1998.

b) the review of quarterly information by an independent auditor; and

c) the publication of information not ordered by corporate law, required by CVM Instructions No. 207, of February 1, 1994, and No. 232, of February 10, 1995;

II - Upon registration with the CVM, the financial statements and explanatory notes relating to the last two fiscal years must be presented and prepared in accordance with the provisions of Art. 176, of Law No. 6,404, of December 15, 1976, indicating the newspapers and dates in which they were published, with the Statement of Changes in Equity not being mandatory;

III - The consolidated financial statements relating to the last fiscal year, or drawn up on a date subsequent to its closing, if during that period the investments, added to credits of any nature in controlled entities, represent more than thirty percent of the company's equity, must be prepared including only the balance sheet and the statement of the result of the fiscal year, and may be presented by groups of accounts, accompanied by an opinion from an independent auditor;

IV - An administrative report on the business affairs and main administrative events of the closed fiscal year must be prepared (item I, Art. 133, Law No. 6,404, of December 15, 1976);

V - The Quarterly Information Form - ITR must be sent to the CVM within sixty days after the end of each quarter of the fiscal year, except for the last quarter, or when the company discloses the information to shareholders or third parties, if this occurs on an earlier date.

Sole paragraph. The public company that exceeds the revenue value defined in the caput of this article shall be subject to the provisions of CVM Instruction No. 202, of December 6, 1993.

Art. 2. The company whose securities are listed on the organized over-the-counter market by initiative of an intermediary or participant shall not benefit from the exemptions established in Art. 1 of this Instruction.

Art. 3. Include a sole paragraph in Art. 1 of CVM Instruction No. 202, of December 6, 1993, with the following wording:

"Art. 1. ......

Sole paragraph. The over-the-counter market comprises two categories:

a) the organized over-the-counter market, whose transactions are supervised by a self-regulatory entity, with operation authorized by the Securities and Exchange Commission, in accordance with CVM Instruction No. 243, of this date;

b) the unorganized over-the-counter market, whose transactions are not supervised by a self-regulatory entity."

Art. 4. Art. 2 of CVM Instruction No. 202, of December 6, 1993, shall be effective with the following wording:

"Art. 2. The registration of a company for trading in a specific market authorizes the trading of its variable income securities exclusively in that market."

Art. 5. Item III of Art. 7 of Instruction 202, of December 6, 1993, shall be effective with the following wording:

"III - when it concerns a request for registration for trading on a Stock Exchange or organized over-the-counter market, declaration from the entity informing of the approval of the request for admission to trading of the company's security, conditioned only on obtaining registration with the CVM;"

Art. 6. This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Signed original by

FRANCISCO AUGUSTO DA COSTA E SILVA
President