CVM INSTRUCTION NO. 248, OF MARCH 29, 1996.

Provides for the preparation and disclosure of financial statements and quarterly information adapted to the provisions contained in Articles 4 and 5 of Law No. 9,249, of December 26, 1995.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a session held on this date, based on items I, II, and IV of the sole paragraph of Article 22 of Law No. 6,385, of December 7, 1976, and also taking into account the provisions contained in Articles 4 and 5 of Law No. 9,249, of December 26, 1995,

RESOLVED:

Art. 1 The financial statements and quarterly information required by CVM normative acts, especially in CVM Instructions No. 202, of December 6, 1993, No. 206, of January 14, 1994, No. 207, of February 1, 1994, and No. 232, of February 10, 1995, must be prepared and disclosed in the manner of corporate legislation, modified by Articles 4 and 5 of Law No. 9,249/95, with their preparation and disclosure in currency of constant purchasing power becoming optional.

Art. 2 Open companies that disclose, abroad, statements or information additional to those required by corporate legislation and by the norms of this Commission must, simultaneously, also disclose them in the country.

Art. 3 This Instruction enters into force on the date of its publication, applying to quarterly information - QI and financial statements relating to periods and fiscal years to be closed from March 1996 onwards.

Art. 4 Article 1 of CVM Instruction No. 191, of July 15, 1992, and CVM Instruction No. 201, of December 1, 1993, are hereby revoked, adapting to this Instruction the other norms of the Securities and Exchange Commission that deal with this matter.

Signed original by
FRANCISCO AUGUSTO DA COSTA E SILVA
President

What changed in the obligations

Against CVM Instruction No. 201 of December 1, 1993 (Repealed) (1993-12-01)

1 new obligation · 1 change of scope · 6 not carried over

Changed (1)

Scope
Before
Art. 1. The financial statements and the administrative report, for the purpose of compliance with the provisions of paragraph 3 of Article 133 of Law No. 6,404/76 and CVM Instruction No. 02, of May 4, 1978, may be published exclusively in currency of constant purchasing power, as advocated by the fundamental principles of accounting and in accordance with the terms established by CVM Instructi… in the old text
Now
Art. 1 The financial statements and quarterly information required by CVM normative acts, especially in CVM Instructions No. 202, of December 6, 1993, No. 206, of January 14, 1994, No. 207, of February 1, 1994, and No. 232, of February 10, 1995, must be prepared and disclosed in the manner of corporate legislation, modified by Articles 4 and 5 of Law No. 9,249/95, with their preparation and dis… in this text

New in this text (1)

Art. 2 Open companies that disclose, abroad, statements or information additional to those required by corporate legislation and by the norms of this Commission must, simultaneously, also disclose them in the country. in this text

Not carried over (6)

Art. 2. Companies that adopt the publication format provided for in Article 1 shall disclose in an explanatory note attached to their financial statements, when applicable, the following complementary information: a) titles and balances of accounts contained in the balance sheet, prepared in accordance with corporate legislation, when they differ from those presented in the financial statements… in the old text
Art. 2. Companies that adopt the publication format provided for in Article 1 shall disclose in an explanatory note attached to their financial statements, when applicable, the following complementary information: b) reconciliation of any divergences between net income and/or net equity, due to the provisions of letter "a" above; in the old text
Art. 2. Companies that adopt the publication format provided for in Article 1 shall disclose in an explanatory note attached to their financial statements, when applicable, the following complementary information: c) basis, calculation method, and amount of the mandatory dividend, profit participations, and provision for income tax and social contribution. in the old text
Art. 3. Publicly held companies shall also send to shareholders who request it in writing, under the conditions provided for in paragraph 3 of Article 124 of Law No. 6,404/76, a copy of the Balance Sheet, Statement of Income for the Period, and Statement of Accumulated Profits/Losses, prepared in accordance with corporate legislation, as well as the respective report of independent auditors. in the old text
Art. 4. The report of independent auditors shall include their opinion on the financial statements referred to in Article 1 of this Instruction, as well as on the corresponding explanatory notes, including those required in Art. 2 above. in the old text
The issuance and publication of an audit report in the manner provided for in the caput of this article does not eliminate the need for a report for financial statements prepared in accordance with corporate legislation. in the old text

“Not carried over” means the sentence has no counterpart in this text; the rule can still be in force in another text.

CVM Instruction No. 248 of March 29, 1996

CVM INSTRUCTION NO. 248, OF MARCH 29, 1996.

Lineage: In force

Timeline

What changed in the obligations