CVM INSTRUCTION NO. 259, OF JANUARY 24, 1997.

Establishes procedures to be observed by stock exchanges regarding investment clubs.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a session held on this date, based on Article 8 of Law No. 6,385, of December 7, 1976, and considering the provisions of Ordinance of the Minister of State for Finance No. 6, of January 10, 1997, has resolved to issue the following Instruction:

Art. 1. Stock exchanges shall submit to the CVM, within a maximum period of 15 (fifteen) business days after the end of the period to which they refer:

I - the information contained in models I and II, annexed to this Instruction, with monthly and semi-annual periodicity, respectively;

II - monthly, numerical information regarding complaints from unit holders of investment clubs and occurrences of non-compliance with the provisions of CVM Instruction No. 40, of November 7, 1984.

Art. 2. The information referred to in the preceding article shall be sent to the CVM on magnetic media, according to the formatting to be provided by this Autarchy.

Art. 3. Non-compliance with the provisions of this Instruction constitutes a case of objective offense, in which case the summary procedure for administrative proceedings may be adopted, in accordance with the Regulation Annexed to Resolution CMN No. 1,657, of October 26, 1989.

Art. 4. 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

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CVM INSTRUCTION NO. 259, OF JANUARY 24, 1997.

SEMI-ANNUAL REPORT OF INVESTMENT CLUB

Stock Exchange: Position in:
Administrator of the club:
Name of the club: Club with participation linked to the company Club without participation linked to the company CGC of the Club:

APPLICATIONS Values in R$1.00

1 - Shares ______
2 - Subscription Bonuses ______
3 - Convertible Debentures ______

SUBTOTAL

4 - Options Market ______
Paid premiums ______
Received premiums (______)

5 - Forward Market ______
Long positions ______
Short positions ______

6 - Simple Debentures ______
7 - Other Securities ______
8 - Fixed Income Fund Shares ______ 9 - Private Bonds ______ 10 - Public Bonds ______ 11 - Privatization Currencies ______ 12 - Other applications ______

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CVM INSTRUCTION NO. 259, OF JANUARY 24, 1997.

SUBTOTAL

TOTAL APPLICATIONS

OTHER INFORMATION

Value of open futures contracts
Inflow of resources
Outflow of resources
Flow of resources
Total number of unit holders on the last day of the month Value of the unit on the last day of the month Net equity

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CVM INSTRUCTION NO. 259, OF JANUARY 24, 1997.

MONTHLY REPORT OF INVESTMENT CLUBS

Stock Exchange:
Position in:

	Clubs with participation linked to companies	Clubs without participation linked to companies	TOTAL
APPLICATIONS (Values in R$1.00)
1 - Shares	______	______	______
2 - Subscription Bonuses	______	______	______
3 - Convertible Debentures
4 - Options Market	______	______	______
Paid premiums	______	______	______
Received premiums	(______)	(______)	(______)
5 - Forward Market	______	______	______
Long positions	______	______	______
Short positions	______	______	______
6 - Simple Debentures	______	______	______
7 - Other Securities	______	______	______
8 - Fixed Income Fund Shares	______	______	______
9 - Private Bonds	______	______	______
10 - Public Bonds	______	______	______

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CVM INSTRUCTION NO. 259, OF JANUARY 24, 1997.

11 - Privatization Currencies
12 - Other applications	______	______	______

TOTAL APPLICATIONS

OTHER INFORMATION

Value of open futures contracts
Inflow of resources
Outflow of resources
Flow of resources
Total number of unit holders on the last day of the month Total number of clubs on the last day of the month Total number of administrators on the last day of the month Net equity