CVM Instruction No. 260 of April 9, 1997 (Revoked)

FULL TEXT OF CVM INSTRUCTION NO. 260, OF APRIL 9, 1997, WITH THE CHANGES INTRODUCED BY CVM INSTRUCTIONS NO. 433/06, 545/14 AND 609/19.

Provides for the issuance and distribution of Investment Certificates for the production, distribution, exhibition, and technical infrastructure of Brazilian cinematographic audiovisual works.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a session held on this date, having regard to the provisions of Law No. 6,385, of December 7, 1976, and based on Article 1 of Law No. 8,685, of July 20, 1993, Article 2 of Decree No. 974, of November 8, 1993, and Joint CVM/MINC Decision No. 1, of August 15, 1996,

resolves to issue the following Instruction:

ON INVESTMENT CERTIFICATES

Art. 1 Investment Certificates that characterize quotas representing rights to the commercialization of specific works and projects in the Brazilian independent cinematographic audiovisual area, as well as those for exhibition, distribution, and technical infrastructure, presented by a Brazilian national-capital company, provided for in Decree No. 974/93, which regulated Law No. 8,685/93, shall have their issuance and distribution registered with the CVM.

Sole Paragraph. The total number of quotas subject to registration shall represent a percentage of the commercialization rights during the term and under the conditions established by the issuing company at the time of the registration request referred to in the "caput" of this article.

Art. 2 For the purposes of this Instruction, issuing companies are considered to be those dedicated to the independent production of Brazilian audiovisual works, as well as Brazilian national-capital companies that present specific projects for exhibition, distribution, and technical infrastructure in the cinematographic audiovisual area, as defined in the "caput" and in § 5 of Article 1 of Law No. 8,685/93.

Art. 3 Investment Certificates, which may be named or book-entry, shall contain:

I - the denomination "INVESTMENT CERTIFICATE Decree No. 974/93"; II - the serial number of the Certificate; III - qualification of the issuing company with the registration numbers in the General Register of Taxpayers of the Ministry of Finance and the state registration; IV - the number of the project approval by the Ministry of Culture; V - the denomination of the project approved by the Ministry of Culture; IV – number of the project approval by the National Cinema Agency – ANCINE; V – denomination of the project approved by ANCINE;

Items IV and V with wording given by CVM Instruction No. 433, of June 5, 2006.

CVM INSTRUCTION NO. 260, OF APRIL 9, 1997.

VI - the number of the issuance and distribution registration with the CVM identifying the public nature of the registration; VII - the total number of quotas benefiting from tax incentives and the respective percentage of participation in commercialization rights; VIII - the number of quotas represented in each Investment Certificate; IX - investor identification; X - specification of the rights assured in the enterprise; XI - guarantees, if any; XII - deadline for project completion; XIII - place and date of issuance of the Certificate; and XIV - authorized signature of the person responsible for the issuing company.

ON THE REGISTRATION OF ISSUANCE AND DISTRIBUTION OF INVESTMENT CERTIFICATES

Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents:

I - contract or bylaws of the issuing company; II - deliberative act of the issuance of Investment Certificates; III - indication of the director or managing partner of the issuing company responsible for the project; IV - contract identifying the rights and obligations of the issuing company and the subscribers of the Certificates; V - copy of the payment slip for the inspection fee related to the issuance registration of the Investment Certificates; VI - copy of the distribution contract for the Investment Certificates and, if applicable, the subscription guarantee contract; VII - liquidity guarantee contract, if applicable; VIII - model of the Investment Certificate; IX - model of the subscription form with identification of its numbering, which shall contain:
a) space for signature; and b) express declaration by the investor of having taken knowledge of the existence of the prospectus and how to obtain it; X - draft of the prospectus, which shall be prepared in the form of Article 11 of this Instruction;

CVM INSTRUCTION NO. 260, OF APRIL 9, 1997.

XI - copies of the documents submitted for review by the Ministry of Culture, in accordance with Article 7 of Decree No. 974/93; XII - copy of the project approval document by the Ministry of Culture containing the respective registration number; and XI – copies of the documents submitted for review by ANCINE, in accordance with Art. 7 of Decree No. 974, of 1993; XII – copy of the project approval document by ANCINE containing the respective registration number; and

Items XI and XII with wording given by CVM Instruction No. 433, of June 5, 2006.

XIII - indication of the number of financial application accounts linked to the project and the agency of Banco do Brasil S/A where they were opened, as well as the names of the account holders.

Sole Paragraph. The documents described in items IV, VIII, IX, and X above must contain an item explicitly stating that the placement may or may not reach the total number of registered quotas, given the possibility of reallocating resource sources to carry out the project, with a decrease in resources from the incentive established by Law No. 8,685, of 1993, and the corresponding increase in resources from the incentive established by Law No. 8,313, of 1991, or the unnecessary nature of the total resources originally planned.

Sole Paragraph included by CVM Instruction No. 433, of June 5, 2006.

ON THE GRANTING OF REGISTRATION

Art. 5 The registration shall become automatically effective if the request is not denied within 30 (thirty) days after its presentation to the CVM, via protocol, with the required documents and information.

§1 The 30 (thirty) day period may be interrupted only once, if the CVM requests, by official letter, additional documents and information.

§2 To meet any requirements, a period not exceeding 60 (sixty) days shall be granted, counted from the receipt of the respective correspondence.

§3 In the event that the CVM's requirements are met after 15 (fifteen) days have passed since the registration request, a new period of 30 (thirty) days shall begin to run from the date of compliance with the requirements.

ON THE APPROVAL OF REGISTRATION

Art. 6 The approval of the registration shall be communicated by official letter, which shall contain the main characteristics of the registered distribution.

Sole Paragraph. After approval, any and all communications regarding the project must, obligatorily, mention the name of the project and the number of the registration granted by the CVM.

CVM INSTRUCTION NO. 260, OF APRIL 9, 1997.

ON THE DENIAL OF REGISTRATION

Art. 7 The registration shall be denied when:

I - the issuing company fails to meet any CVM requirements within the period fixed in Article 5, § 2 of this Instruction; and II - the issuing company or its director or the managing partner responsible for the project is in default with the CVM.

Sole Paragraph. In the event of denial, all documents accompanying the request shall be returned.

ON THE VERACITY OF INFORMATION

Art. 8 The administrators of the issuing company are responsible for the veracity of the information sent to the CVM.

Sole Paragraph. It is the duty of the distribution leader to make efforts to verify the sufficiency and quality of the information provided to the market throughout the distribution period, necessary for investors to make a decision.

ON INTERMEDIARIES

Art. 9. Members of the distribution system may form a consortium for the specific purpose of distributing Investment Certificates in the market and/or guaranteeing the subscription of the issuance.

§1 The consortium shall be regulated by a contract and sub-contract from which the conditions and limits of co-obligation of each participating institution and the grant of powers of representation of the consortium societies to the distribution leader shall necessarily appear.

§2 The responsibility of each of the institutions participating in the consortium formed under the terms of this article corresponds to the amount of risk assumed in the contract instrument referred to in the preceding paragraph, observing the provisions of Article 10 of this Instruction.

§3 The total costs related to the intermediation of the public distribution, such as placement fee, leadership fee, costs of preparing the prospectus, advertising expenses, and transportation expenses for intermediaries, shall not exceed 10% (ten percent) of the amount of the registered distribution.

Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction:

I - evaluate, together with the issuing company, the viability of the distribution, its conditions, and the type of contract to be entered into; II - formulate, together with the issuing company, the registration request referred to in Article 4 of this Instruction, advising it in all stages of the issuance; III - form the launch consortium, if applicable;

CVM INSTRUCTION NO. 260, OF APRIL 9, 1997.

IV - inform the CVM of the participants in the consortium, as well as those who join it subsequently, discriminating the quantity of Investment Certificates initially attributed to each one; V - immediately communicate to the CVM any eventual alteration in the distribution contract, or its termination; VI - during the quota distribution period, be responsible for sending to the CVM the monthly reports referred to in Article 24 of this Instruction, which shall be prepared by each of the consortium participants, according to the type of contract, with the sending of the last reports to be processed within 15 (fifteen) days after the closing of the quota distribution; VII - prepare the prospectus referred to in Article 11 of this Instruction; VIII - deposit, within 48 hours after receipt, the captured resources, in accordance with Article 4 of Law No. 8,685/93, being able to deduct the amounts intended for the payment of financial intermediation, under the terms and limits established when formulating the registration request; IX - control the issuance capture limit, respecting the maximum limit provided in Article 4, § 2, "b", of Law No. 8,685/93; X - control the subscription forms, returning to the company those that are not used, within a maximum period of 30 (thirty) days after the closing of the distribution; XI - subscribe and fully pay for quotas that may not have been placed during the distribution period, provided for in item IV of Article 11 of this Instruction, within 30 (thirty) days after the end of this period, if there is a contractual commitment to guarantee the firm placement of the total issued quotas.

§1 The institutions participating in the consortium are obliged to keep the prospectus available to the public.

§2 Quotas of projects may only be traded in the secondary market after the release, by the Ministry of Culture, of the captured resources and the registered distribution has been fully placed.

§2 Quotas of projects may only be traded in the secondary market after the release, by ANCINE, of the captured resources and the registered distribution has been fully placed.

§ 2 with wording given by CVM Instruction No. 433, of June 5, 2006.

ON THE PROSPECTUS

Art. 11. The prospectus shall contain the following information:

I - qualification of the issuing company;
II - deliberative act of the issuance of Investment Certificates; III - information regarding the project that constitutes the object of the issuance of Investment Certificates; IV - characteristics of the issuance, such as:

CVM INSTRUCTION NO. 260, OF APRIL 9, 1997.

a) total value of the issuance; b) quantity of quotas into which the issuance is divided; c) distribution period to the public, which shall not exceed 360 (three hundred and sixty) days counted from the granting of the registration, extendable, with the prior consent of the CVM, through a duly justified request approved by the Ministry of Culture; and d) deadline for delivery of Certificates not exceeding 30 (thirty) days after proof, to the CVM and the Ministry of Culture, of the capture of the total resources planned in the global budget, except in the case of a firm guarantee; c) distribution period to the public, which shall not exceed 360 (three hundred and sixty) days counted from the granting of the registration, automatically extendable for an equal period, through the protocol at the CVM of a copy of the publication in the Official Gazette of the Union of a Decision of ANCINE, which had approved the extension of the period for resource capture. d) deadline for delivery of Certificates not exceeding 30 (thirty) days after proof, to the CVM and to ANCINE, of the capture of the total resources planned in the global budget, except in the case of a firm guarantee;

Sub-items “c” and “d” with wording given by CVM Instruction No. 433, of June 5, 2006.

V - value of the quota in current currency;
VI - number and date of registration with the CVM; VII - identification of the rights and obligations of the issuing company and the subscribers of the certificates, as specified in the contract referred to in item IV of Article 4 of this Instruction; VIII - distribution conditions regarding the placement of Certificates with the public and any subscription guarantee provided by the leader and consortium members; IX - statement of the costs of distribution of the Certificates; X - guarantees offered by the issuing company, if any; and XI - indication of the means that will be used to disseminate the information provided for in this Instruction.

Sole Paragraph. After these indications, the prospectus shall contain the following text:
"The registration of this issuance does not imply, on the part of the CVM, a guarantee of the veracity of the information provided or a judgment on the quality of the project, the issuing company, or the profitability and risk of the investment represented by the Investment Certificate."

§1 The prospectus shall contain, on its cover, the following wording: “The registration of this issuance does not imply, on the part of the CVM, a guarantee of the veracity of the information provided or a judgment on the quality of the project, the issuing company, or the profitability and risk of the investment represented by the Investment Certificate”.

CVM INSTRUCTION NO. 260, OF APRIL 9, 1997.

§2 The extension referred to in sub-item “c” of item IV of this article shall not take effect when the issuing company, together with the leading distribution institution, is in arrears with the obligation to provide periodic information to the CVM, and its effects shall be cancelled if it is verified that such information is inconsistent with the information contained in the prospectus.

§§ 1 and 2 with wording given by CVM Instruction No. 433, of June 5, 2006.

Art. 12. The definitive prospectus shall be available to the public, for delivery, during the distribution period, in a sufficient number of copies, at the distribution locations of the issuance.

Art. 13. The use of a preliminary prospectus is permitted in the phase preceding the issuance registration, provided that the information contained therein is that referred to in Article 11 of this Instruction.

Art. 14. In the prospectus mentioned in the previous article, the characterization “Preliminary Prospectus” shall appear on its cover, in addition to expressly mentioning the following:

"I - The information contained in this publication will be subject to analysis by the CVM, which will examine its adequacy to the requirements of the relevant regulation. II - The definitive prospectus will be available to investors, for delivery, at the locations where the Investment Certificates will be placed with the public, during the distribution period."

ON ADVERTISING MATERIAL

Art. 15. The use of any advertising text for the offer, advertisement, or promotion of the distribution of Investment Certificates may only be adopted after the granting of registration and will depend on examination and prior approval by the CVM.

Sole Paragraph. The CVM will have a period of two business days, counted from the date of delivery, to manifest itself, after which the advertising text will be considered approved.

Art. 16. The advertising text shall not diverge from the information in the prospectus.

ON THE DISTRIBUTION OF INVESTMENT CERTIFICATES

Art. 17. The distribution of Investment Certificates may only begin after:

I - the granting of registration by the CVM; and II - the prospectus is available for delivery to investors.

ON THE SUSPENSION OF DISTRIBUTION

Art. 18. The CVM may suspend, at any time, the distribution that is being processed under conditions different from those contained in this Instruction and/or the registration, when it has been deemed illegal or fraudulent, even after the respective registration has been effected.

ON THE CLOSING OF DISTRIBUTION

Art. 19. Upon closing the distribution and full payment, the CVM shall communicate the capture result to the Ministry of Culture.

CVM INSTRUCTION NO. 260, OF APRIL 9, 1997.

Art. 19. Upon closing the distribution and full payment, the CVM shall communicate the capture result to ANCINE.

Art. 19 with wording given by CVM Instruction No. 433, of June 5, 2006.

ON THE CANCELLATION OF REGISTRATION

Art. 20. If the capture of resources is not completed within the period provided for in item IV of Article 11 of this Instruction, the registration shall be cancelled by the CVM.

Art. 20. If the capture of sufficient resources for the realization of the project is not completed within the period provided for in sub-item "c" of item IV of Art. 11 of this Instruction, the registration shall be cancelled by the CVM.

§1 In the cases provided for in Art. 18, the CVM may cancel the registration of the public offer of distribution of investment certificates, when it involves uncurable illegality or violation of regulations.

§2 In the case referred to in the caput, the leading distribution institution:

I – shall take all necessary measures to reimburse subscribers for the invested values; or II – shall arrange, at the option of each subscriber, the transfer of these values to the financing of another work or project approved by ANCINE, in accordance with Law No. 8,685, of 1993, or Law No. 8,313, of 1991.

Art. 20 with wording given by CVM Instruction No. 433, of June 5, 2006.

Art. 20-A. In the event of reallocation of resource sources for the realization of the project, with a decrease in the value from the incentive established by Law No. 8,685, of 1993, and the corresponding increase in resources from the incentive established by Law No. 8,313, of 1991, the issuing company and the leading distribution institution shall communicate such fact to the CVM within a period of 5 (five) days after the publication in the Official Gazette of the Union of the ANCINE authorization, attaching a copy of said publication to the communication.

Art. 20-A included by CVM Instruction No. 433, of June 5, 2006.

Art. 20-B. In the event of partial cancellation of quotas, resulting from a reduction in the global budget of the project or substitution by another resource source not provided for in Law No. 8,313, of 1991, the issuing company and the leading distribution institution shall update the documents referred to in items IV, VIII, IX, and X of Art. 4, with all pertinent information, as well as send a copy of the ANCINE publication in the Official Gazette of the Union, which had authorized the reduction of the global budget of the project or substitution by another resource source.

Sole Paragraph. The distribution must be suspended while the documents containing the aforementioned updates are not made available to the public.

Art. 20-B included by CVM Instruction No. 433, of June 5, 2006.

ON THE OBLIGATIONS OF THE ISSUING COMPANY

Art. 21. It is incumbent upon the issuing company, directly or indirectly, to provide:

a) the acquisition of rights to literary works, scripts, and screenplays necessary for video-cinematographic productions; b) the hiring of directors, technical personnel, and artistic services; c) the purchase or rental of equipment and materials; d) the hiring of financial and administrative advisory services; and e) all other activities necessary for the execution of the enterprise.

Sole Paragraph. Expenses resulting from the hiring of financial intermediation are included in the budgetary costs and may be deducted from the captured resources, in accordance with item VIII of Article 10 of this Instruction.

Art. 22. The issuing company shall maintain transfer registration books for Investment Certificates or hire a service for this purpose from a financial institution authorized by the CVM.

Art. 23. The accounting of commercialization rights shall be carried out in specific books and separately and shall be the responsibility of an accountant accredited by the respective Regional Council of Accounting - CRC.

Art. 24. The issuing company shall prepare, by the 10th (tenth) day of the month following the reference month, a monthly report on the full payment of quotas and the evolution of the project, according to the forms contained in Annexes I and II to this Instruction, except during the distribution period, in accordance with item VI of Article 10 of this Instruction.

§1 The monthly report and the project evolution report shall be placed at the headquarters of the issuing company, available to the holders of investment quotas, with copies sent to the CVM and to the Secretariat for Audiovisual Development of the Ministry of Culture.

§ 1 with wording given by CVM Instruction No. 433, of June 5, 2006.

§ 2 The monthly report shall contain, at a minimum, the following data:

a) month and year of reference; b) denomination of the project and its registration number with the CVM; c) identification of the issuer and the financial intermediary; d) value of the issuance; e) quantity of quotas fully paid in the month;

CVM INSTRUCTION NO. 260, OF APRIL 9, 1997.

f) balance of unplaced quotas, reported in the previous report, as well as the current balance of quotas to be placed; and

g) date of quota subscription, names of subscribers and respective quantities subscribed.

§3º The report on the physical evolution of the project must contain, at a minimum, in addition to the information contained in items “a” to “c” of the previous paragraph, the following:

a) the scheduled dates for the start and end of each phase of the project, as approved by the Ministry of Culture; a) the scheduled dates for the start and end of each phase of the project, as approved by ANCINE;

item “a” with wording given by CVM Instruction No. 433, of June 5, 2006.
b) the actual dates of the start and end of each phase of the project, according to its respective evolution; and c) information on relevant events that occurred during the period.

Art. 25. Once the project is completed, the issuing company must prepare and disseminate, semi-annually, a report containing information regarding the earnings resulting from the commercialization of the project, according to the form contained in Annex III to this Instruction.

§1º The semi-annual report must be made available to the holders of Investment Certificates, at the headquarters of the issuing company, and copies sent to the CVM and to the Secretariat for Audiovisual Development of the Ministry of Culture, on the same date of its dissemination, which may not exceed 30 (thirty) days elapsed since the end of the semester.

§1º The semi-annual report must be made available to the holders of Investment Certificates, at the headquarters of the issuing company, and copies sent to the CVM and to ANCINE, on the same date of its dissemination, which may not exceed 30 (thirty) days elapsed since the end of the semester.

§ 1º with wording given by CVM Instruction No. 433, of June 5, 2006.

§2º The semi-annual report must contain, at a minimum, in addition to the information contained in items "b" and "c" of § 2º of the previous article, the following data:

a) semester and year of reference; b) gross revenue earned during the period, with identification of its sources, taxes and levies applicable, commercialization expenses, distribution commissions, participation of exhibitors, as well as any other costs or expenses associated with it; c) net income of the period, base value for the calculation of participations to be attributed to holders of Investment Certificates;

d) percentage of participation contractually attributed to holders of Investment Certificates; e) quantity of quotas issued; f) global amount attributed to quota holders; and g) net value, in current currency, of the unitary participation of each quota of the project.

§3º the semi-annual report must be signed by the director or managing partner of the production company, responsible for the project with the CVM, and by an accountant accredited by the respective Regional Council of Accounting - CRC.

Art. 26. The issuing company must also provide information on the following events:

I - communication on relevant acts or facts, in accordance with article 157, § 4º of Law No. 6.404, of 15.12.76 and CVM Instruction No. 31, of 08.02.84, on the same day of its dissemination by the press; II - petition for bankruptcy, its grounds and financial statements especially prepared for obtaining the legal benefit; III - judgment granting bankruptcy; IV - petition or confession of bankruptcy, on the same day of its knowledge by the company, or of the entry of the petition in court, as the case may be; V - declaratory judgment of bankruptcy, with indication of the trustee of the bankrupt estate, on the same day of its knowledge by the company; and VI - other information requested by the CVM, within the deadline set by it.

Sole Paragraph. The provisions contained in CVM Instruction No. 31/84 shall apply to the issuing company and its administrators.

ON THE ASSEMBLY OF CERTIFICATE HOLDERS

Art. 27. The holders of Investment Certificates may hold an assembly to elect a representative, to whom the issuing company shall guarantee access to the accounting of commercialization rights.

Art. 28. Only a natural or legal person who meets the following requirements may exercise the function of representative of Certificate holders:

I - be a Certificate holder; and
II - not hold a position or function in the issuing company, or provide it with advisory or services of any nature.

Art. 29. The assembly may be convened by any of the Certificate holders.

Sole Paragraph. The quorum for deliberation shall be an absolute majority of the quotas represented by the Investment Certificates.

ON THE COMMINATORY FINE

Art. 30. Non-compliance by the issuing company with the obligations and respective deadlines provided for in the articles of this Instruction shall result in the application of a daily fine, in accordance with current legislation, without prejudice to the liability of the administrators of the issuing company, in accordance with articles 9º, item V, and 11 of Law No. 6.385/76.

Art. 30. Non-compliance by the issuing company with the obligations and respective deadlines provided for in this Instruction shall result in the application of the daily fine provided for in the specific norm dealing with commotory fines, without prejudice to the provisions of art. 11 of Law No. 6.385, of 1976.

Art. 30 with wording given by CVM Instruction No. 609, of June 25, 2019.

ON INFRACTIONS OF AN OBJECTIVE NATURE

Art. 31. It constitutes a hypothesis of infraction of an objective nature, in which a summary administrative process procedure may be adopted, the failure to forward, within the due deadline, the forms provided for in articles 24 and 25 of this Instruction.

Article revoked by CVM Instruction No. 545, of January 29, 2014.

ON SERIOUS INFRACTIONS

Art. 32. A serious infraction is considered, for the purposes of § 3º of article 11 of Law No. 6.385/76, without prejudice to the fine provided for in § 1º of the same article, the distribution:

I - that is being processed under conditions different from those contained in the registration; II - carried out without prior registration with the CVM; and III - carried out without intermediation by the institutions mentioned in article 4º of this Instruction.

ON EFFECTIVENESS

Art. 33. This Instruction shall enter into force on the date of its publication in the Official Gazette of the Union, with CVM Instructions Nos. 208, of February 7, 1994; 240, of November 17, 1995 and 256, of November 8, 1996, being revoked.

Signed original by
FRANCISCO AUGUSTO DA COSTA E SILVA
President

ANNEX – I
MONTHLY AUDIOVISUAL INFORMATION - IMA

1.1 - PROJECT NAME 1.2 - MONTH / YEAR OF REFERENCE
/
1.3 - NAME/BUSINESS NAME OF ISSUER 1.4 - CGC OF ISSUER
1.5 - BUSINESS NAME OF FINANCIAL INTERMEDIARY 1.6 - CGC FIN INTERMED
1.7 - EMISSION VALUE
[ ] R$

[ ] UFIR
1.8 - UNIT VALUE OF QUOTA (R$)
1.9 - PROJECT REGISTRATION AT CVM
C A V / /
1.10- QUANTITY OF QUOTAS ISSUED
1.11 - BALANCE OF QUOTAS PREVIOUS PERIOD
1.12- BALANCE OF CURRENT QUOTAS

2 - PLACEMENT OF QUOTAS
2.1 - DATE OF SUBSCRIPTION
2.2 - SUBSCRIBER 2.3- QUANTITY OF QUOTAS SUBSCRIBED

3- RESPONSIBLE FOR THE PROJECT WITH THE CVM
3.1 - FULL NAME 3.2 - ID NUMBER/ISSUING BODY
3.3 - DATE
3.4 - SIGNATURE
IMA 270297

INSTRUCTIONS FOR FILLING OUT: MONTHLY AUDIOVISUAL INFORMATION - IMA

FIELD NAME CONTENT
1.1 - PROJECT NAME The name of the project registered with the CVM, according to the document that granted the registration.
1.2 - MONTH/YEAR OF REFERENCE The month and year to which the information refers
1.3 - NAME/BUSINESS NAME OF ISSUER The name or business name of the film producer, according to the document that granted the registration.
1.4 - CGC OF ISSUER Self-explanatory
1.5 - BUSINESS NAME OF FINANCIAL INTERMEDIARY The name or business name of the financial intermediary, according to the document that granted the registration.
1.6 CGC FIN INTERMED Self-explanatory
1.7- EMISSION VALUE The registered value of the emission, in “R$” or in “UFIR”, according to the CVM document that granted the registration.
1.8 - UNIT VALUE OF QUOTA (R$) The value, in Real, at which the quota was sold
1.9 - PROJECT REGISTRATION AT CVM The number of the project registration at the CVM, according to the document that granted the registration.
1.10 - QUANTITY OF QUOTAS ISSUED According to the CVM document that granted the registration
1.11 - BALANCE OF QUOTAS PREVIOUS PERIOD The balance of quotas still unsubscribed and paid up, in the previous month.
1.12- BALANCE OF CURRENT QUOTAS The balance of quotas still unsubscribed and paid up, in the reference month.

2 - PLACEMENT OF QUOTAS
2.1 - DATE OF SUBSCRIPTION The date on which the quota was paid up by the buyer.
2.2 - SUBSCRIBER Name or business name of the quota subscriber
2.3- QUANTITY OF QUOTAS SUBSCRIBED The quantity of quotas paid up by the subscriber

3- RESPONSIBLE FOR THE PROJECT WITH THE CVM
3.1 - FULL NAME Full name of the project responsible, of the financial intermediary, with the CVM
3.2 - ID NUMBER/ ISSUING BODY Self-explanatory

3.3 - DATE The date of preparation of this form
3.4 - SIGNATURE Self-explanatory

ANNEX - II
PHYSICAL AUDIOVISUAL INFORMATION - IFA

1.1 - PROJECT NAME 1.2-Nº CVM PROJECT
CAV/ /
1.3 - MONTH / YEAR OF REFERENCE
/
1.4 - NAME/BUSINESS NAME OF ISSUER 1.5 - CGC OF ISSUER
1.6 - BUSINESS NAME OF FINANCIAL INTERMEDIARY 1.7 - CGC FIN INTERMED

2 - PHYSICAL EVOLUTION OF THE PROJECT
2.1 - FORECAST 2.2 - ACHIEVEMENT
PHASE
2.1.1 – START DATE
2.1.2 - END DATE
2.2.1 - START DATE
2.2.2 - END DATE
PRE-PRODUCTION
PREPARATION
FILMING
POST-PRODUCTION
FINALIZATION

3 - RELEVANT INFORMATION ABOUT THE PROJECT
3.1 - RELEVANT INFORMATION

4 - RESPONSIBLE FOR THE PROJECT WITH THE CVM
4.1 - FULL NAME 4.2 - ID NUMBER/ISSUING BODY
4.5 - DATE
4.6 - SIGNATURE
IFA 270297

INSTRUCTIONS FOR FILLING OUT: PHYSICAL AUDIOVISUAL INFORMATION - IFA

FIELD NAME CONTENT
1.1 - PROJECT NAME The name of the project registered with the CVM, according to the document that granted the registration.
1.2-Nº CVM PROJECT The number of the project registration at the CVM, according to the document that granted the registration
1.3 - MONTH/YEAR OF REFERENCE The month and year to which the information refers
1.4 - NAME/BUSINESS NAME OF ISSUER The name or business name of the film producer, according to the document that granted the registration.
1.5 - CGC OF ISSUER Self-explanatory
1.6 - BUSINESS NAME OF FINANCIAL INTERMEDIARY Self-explanatory
1.7 - CGC FIN INTERMED Self-explanatory

2 - PHYSICAL EVOLUTION OF THE PROJECT
2.1 - FORECAST
2.1 .1 - START DATE Scheduled date for the start of the phase, according to the project approved by ANCINE
2.1.2 - END DATE Scheduled date for the end of the phase, according to the project approved by ANCINE
2.2 - ACHIEVEMENT
2.2.1 - START DATE Actual start date of the project phase.
2.2.2 - END DATE Actual end date of the project phase

3 - RELEVANT INFORMATION ABOUT THE PROJECT
3.1 - RELEVANT INFORMATION Information that clarifies relevant events that occurred during the execution of the project.

4- RESPONSIBLE FOR THE PROJECT WITH THE CVM
4.1 - FULL NAME Full name of the project responsible, of the financial intermediary, with the CVM
4.2 - ID NUMBER/ ISSUING BODY Self-explanatory
4.3 - DATE The date of preparation of this form
4.4 - SIGNATURE Self-explanatory

Items 2.1.1 and 2.1.2 with wording given by CVM Instruction No. 433, of June 5, 2006.

ANNEX - III
SEMI-ANNUAL AUDIOVISUAL INFORMATION - ISA

1.1 - PROJECT NAME 1.2-Nº CVM PROJECT
CAV/ /
1.3 - REFERENCE SEMESTER
//___ A
//___

2- PRODUCER IDENTIFICATION
2.1 - NAME/BUSINESS NAME OF ISSUER 2.2 - CGC/CPF
2.3 - FULL ADDRESS (STREET AND COMPLEMENT) 2.4 - NEIGHBORHOOD
2.5- ZIP CODE 2.6 - CITY 2.7-
STATE
2.8-
PHONE
2.9-
FAX

3 - FINANCIAL INFORMATION
3.1 - GROSS REVENUE IN THE PERIOD R$
3.1.1 - TAXES AND LEVIES R$
3.1.2 - COMMERCIALIZATION EXPENSES R$
3.1.3 - DISTRIBUTION COMMISSION R$
3.1.4 - EXHIBITOR PARTICIPATION R$
3.1.5 - OTHER COSTS / EXPENSES R$
3.2 - NET REVENUE (BASE VALUE FOR DISTRIBUTION)
R$
3.3 - INVESTOR PARTICIPATION PERCENTAGE %
3.4 - QUANTITY OF PROJECT QUOTAS
3.5 - AMOUNT ATTRIBUTED TO QUOTA HOLDERS R$
3.6 - UNIT NET VALUE ATTRIBUTED TO EACH QUOTA
R$
A) CALCULATION: 3.2 = 3.1 - (3.1.1 + 3.1.2 +3.1.3+3.1.4+31.5) ; 3.5 = 3.2 X 3.3;
3.6 = 3.5 / 3.4.

4 - QUALIFIED ACCOUNTANT
4.1 - FULL NAME 4.2 - REGISTRATION NUMBER
CRC
4.3 - DATE 4.4 - SIGNATURE
4.5 - FULL ADDRESS (STREET AND COMPLEMENT) 4.6 - NEIGHBORHOOD
4.7- ZIP CODE 4.8 - CITY 4.9-
STATE
4.10-
PHONE
4.11-
FAX

5 - RESPONSIBLE FOR THE PROJECT WITH THE CVM
5.1 - FULL NAME 5.2 - ID NUMBER/ISSUING BODY
5.3 - DATE
5.4 - SIGNATURE
ISA270397

3 - FILLING INSTRUCTIONS: SEMI-ANNUAL AUDIOVISUAL INFORMATION - ISA

FIELD FILLING
1- PROJECT IDENTIFICATION
1.1 - PROJECT NAME The name of the project registered with the CVM, according to the document that granted the registration
1.2-Nº CVM PROJECT Project number, according to the document that granted the registration
1.3 - REFERENCE SEMESTER The day, month and year of start and end of the semester to which the information refers

2- PRODUCER IDENTIFICATION
2.1 - NAME/BUSINESS NAME OF ISSUER The name or business name of the film producer, according to the document that granted the registration
2.2 - CGC/CPF Self-explanatory
2.3 - FULL ADDRESS (STREET AND COMPLEMENT) Self-explanatory
2.4 - NEIGHBORHOOD Self-explanatory
2.5 - ZIP CODE Postal address code.
2.6 - CITY Self-explanatory
2.7- STATE Federation unit, where the city is located.
2.8 -PHONE Phone number, including the long-distance dialing code (DDD).
2.9 -FAX Fax number, including the long-distance dialing code (DDD).

3 - FINANCIAL INFORMATION
3.1 - GROSS REVENUE IN THE PERIOD Sum of all revenues earned, during the period, with the project..
3.1.1 - TAXES AND LEVIES Self-explanatory
3.1.2 - COMMERCIALIZATION EXPENSES Expenses inherent to the commercialization of the project.
3.1.3 - DISTRIBUTION COMMISSION Commissions paid to film distributors.
3.1.4 - EXHIBITOR PARTICIPATION Values paid to film exhibitors.
3.1.5 - OTHER COSTS / EXPENSES Other costs or expenses, not covered by the items above.
3.2 - NET REVENUE (BASE VALUE FOR DISTRIBUTION)
Gross revenue, during the period, minus the sum of items “3.1.1” to “3.1.5”.
3.3 - INVESTOR PARTICIPATION PERCENTAGE As stated in the contract.
3.4 - QUANTITY OF PROJECT QUOTAS According to registration at the CVM.

3.5 - AMOUNT ATTRIBUTED TO QUOTA HOLDERS Result of applying the percentage of item “3.3” on the value of item “3.2”.
3.6 - UNIT NET VALUE ATTRIBUTED TO EACH QUOTA Result of dividing item “3.5” by item “3.4”.

4 - QUALIFIED ACCOUNTANT
4.1 - FULL NAME Full name of the accountant responsible for the bookkeeping of commercialization
4.2 - REGISTRATION NUMBER CRC Number of the accountant's registration at the Regional Council of Accounting .
4.3 - DATE Date of preparation of this form.
4.4 - SIGNATURE Self-explanatory.
4.5 - FULL ADDRESS (STREET AND COMPLEMENT) Self-explanatory.
4.6 - NEIGHBORHOOD Self-explanatory
4.7- ZIP CODE Postal address code,
4.8 - CITY Self-explanatory
4.9- State Federation unit, where the city is located
4.10 -PHONE Phone number, including the long-distance dialing code (DDD)
4.11 -FAX Fax number, including the long-distance dialing code (DDD).

5 - RESPONSIBLE FOR THE PROJECT WITH THE CVM
5.1 - FULL NAME Full name of the project responsible, of the financial intermediary, with the CVM
5.2 - ID NUMBER/ ISSUING BODY Self-explanatory
5.3 - DATE The date of preparation of this form
5.4 - SIGNATURE Self-explanatory

What changed in the obligations

Against CVM Instruction No. 256 of November 8, 1996 (1996-11-08)

108 new obligations

2 obligations are the same in both texts.

New in this text (108)

Art. 1 Investment Certificates that characterize quotas representing rights to the commercialization of specific works and projects in the Brazilian independent cinematographic audiovisual area, as well as those for exhibition, distribution, and technical infrastructure, presented by a Brazilian national-capital company, provided for in Decree No. 974/93, which regulated Law No. 8,685/93, shall h… in this text
Art. 3 Investment Certificates, which may be named or book-entry, shall contain: I - the denomination "INVESTMENT CERTIFICATE Decree No. 974/93"; in this text
Art. 3 Investment Certificates, which may be named or book-entry, shall contain: II - the serial number of the Certificate; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: I - contract or bylaws of the issuing company; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: II - deliberative act of the issuance of Investment Certificates; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: III - indication of the director or managing partner of the issuing company responsible for the project; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: IV - contract identifying the rights and obligations of the issuing company and the subscribers of the Certificates; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: V - copy of the payment slip for the inspection fee related to the issuance registration of the Investment Certificates; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: VI - copy of the distribution contract for the Investment Certificates and, if applicable, the subscription guarantee contract; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: VII - liquidity guarantee contract, if applicable; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: X - draft of the prospectus, which shall be prepared in the form of Article 11 of this Instruction; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: XI - copies of the documents submitted for review by the Ministry of Culture, in accordance with Article 7 of Decree No. 974/93; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: XII - copy of the project approval document by the Ministry of Culture containing the respective registration number; and in this text
XI – copies of the documents submitted for review by ANCINE, in accordance with Art. 7 of Decree No. 974, of 1993; in this text
XII – copy of the project approval document by ANCINE containing the respective registration number; and in this text
XIII - indication of the number of financial application accounts linked to the project and the agency of Banco do Brasil S/A where they were opened, as well as the names of the account holders. in this text
The documents described in items IV, VIII, IX, and X above must contain an item explicitly stating that the placement may or may not reach the total number of registered quotas, given the possibility of reallocating resource sources to carry out the project, with a decrease in resources from the incentive established by Law No. 8,685, of 1993, and the corresponding increase in resources from the … in this text
After approval, any and all communications regarding the project must, obligatorily, mention the name of the project and the number of the registration granted by the CVM. in this text
Art. 7 The registration shall be denied when: I - the issuing company fails to meet any CVM requirements within the period fixed in Article 5, § 2 of this Instruction; and in this text
Art. 7 The registration shall be denied when: II - the issuing company or its director or the managing partner responsible for the project is in default with the CVM. in this text
Art. 8 The administrators of the issuing company are responsible for the veracity of the information sent to the CVM. in this text
It is the duty of the distribution leader to make efforts to verify the sufficiency and quality of the information provided to the market throughout the distribution period, necessary for investors to make a decision. in this text
Art. 9. Members of the distribution system may form a consortium for the specific purpose of distributing Investment Certificates in the market and/or guaranteeing the subscription of the issuance. in this text
§1 The consortium shall be regulated by a contract and sub-contract from which the conditions and limits of co-obligation of each participating institution and the grant of powers of representation of the consortium societies to the distribution leader shall necessarily appear. in this text
§2 The responsibility of each of the institutions participating in the consortium formed under the terms of this article corresponds to the amount of risk assumed in the contract instrument referred to in the preceding paragraph, observing the provisions of Article 10 of this Instruction. in this text
§3 The total costs related to the intermediation of the public distribution, such as placement fee, leadership fee, costs of preparing the prospectus, advertising expenses, and transportation expenses for intermediaries, shall not exceed 10% (ten percent) of the amount of the registered distribution. in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: I - evaluate, together with the issuing company, the viability of the distribution, its conditions, and the type of contract to be entered into; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: II - formulate, together with the issuing company, the registration request referred to in Article 4 of this Instruction, advising it in all stages of the issuance; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: III - form the launch consortium, if applicable; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: IV - inform the CVM of the participants in the consortium, as well as those who join it subsequently, discriminating the quantity of Investment Certificates initially attributed to each one; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: V - immediately communicate to the CVM any eventual alteration in the distribution contract, or its termination; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: VI - during the quota distribution period, be responsible for sending to the CVM the monthly reports referred to in Article 24 of this Instruction, which shall be prepared by each of the consortium participants, according to the type of contra… in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: VII - prepare the prospectus referred to in Article 11 of this Instruction; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: IX - control the issuance capture limit, respecting the maximum limit provided in Article 4, § 2, "b", of Law No. 8,685/93; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: X - control the subscription forms, returning to the company those that are not used, within a maximum period of 30 (thirty) days after the closing of the distribution; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: XI - subscribe and fully pay for quotas that may not have been placed during the distribution period, provided for in item IV of Article 11 of this Instruction, within 30 (thirty) days after the end of this period, if there is a contractual co… in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: §1 The institutions participating in the consortium are obliged to keep the prospectus available to the public. in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: §2 Quotas of projects may only be traded in the secondary market after the release, by the Ministry of Culture, of the captured resources and the registered distribution has been fully placed. in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: §2 Quotas of projects may only be traded in the secondary market after the release, by ANCINE, of the captured resources and the registered distribution has been fully placed. in this text
Art. 11. The prospectus shall contain the following information: I - qualification of the issuing company; in this text
Art. 11. The prospectus shall contain the following information: II - deliberative act of the issuance of Investment Certificates; in this text
Art. 11. The prospectus shall contain the following information: III - information regarding the project that constitutes the object of the issuance of Investment Certificates; in this text
a) total value of the issuance; in this text
b) quantity of quotas into which the issuance is divided; in this text
c) distribution period to the public, which shall not exceed 360 (three hundred and sixty) days counted from the granting of the registration, extendable, with the prior consent of the CVM, through a duly justified request approved by the Ministry of Culture; and in this text
d) deadline for delivery of Certificates not exceeding 30 (thirty) days after proof, to the CVM and the Ministry of Culture, of the capture of the total resources planned in the global budget, except in the case of a firm guarantee; in this text
d) deadline for delivery of Certificates not exceeding 30 (thirty) days after proof, to the CVM and to ANCINE, of the capture of the total resources planned in the global budget, except in the case of a firm guarantee; in this text
V - value of the quota in current currency; in this text
VI - number and date of registration with the CVM; in this text
VIII - distribution conditions regarding the placement of Certificates with the public and any subscription guarantee provided by the leader and consortium members; in this text
IX - statement of the costs of distribution of the Certificates; in this text
X - guarantees offered by the issuing company, if any; and in this text
XI - indication of the means that will be used to disseminate the information provided for in this Instruction. in this text
After these indications, the prospectus shall contain the following text: in this text
§1 The prospectus shall contain, on its cover, the following wording: “The registration of this issuance does not imply, on the part of the CVM, a guarantee of the veracity of the information provided or a judgment on the quality of the project, the issuing company, or the profitability and risk of the investment represented by the Investment Certificate”. in this text
Art. 12. The definitive prospectus shall be available to the public, for delivery, during the distribution period, in a sufficient number of copies, at the distribution locations of the issuance. in this text
Art. 13. The use of a preliminary prospectus is permitted in the phase preceding the issuance registration, provided that the information contained therein is that referred to in Article 11 of this Instruction. in this text
Art. 14. In the prospectus mentioned in the previous article, the characterization “Preliminary Prospectus” shall appear on its cover, in addition to expressly mentioning the following: in this text
Art. 15. The use of any advertising text for the offer, advertisement, or promotion of the distribution of Investment Certificates may only be adopted after the granting of registration and will depend on examination and prior approval by the CVM. in this text
Art. 16. The advertising text shall not diverge from the information in the prospectus. in this text

The first 60 of 108 are shown.

Against CVM Instruction No. 240 of November 17, 1995 (1995-11-17)

103 new obligations · 1 not carried over

6 obligations are the same in both texts.

New in this text (103)

Art. 1 Investment Certificates that characterize quotas representing rights to the commercialization of specific works and projects in the Brazilian independent cinematographic audiovisual area, as well as those for exhibition, distribution, and technical infrastructure, presented by a Brazilian national-capital company, provided for in Decree No. 974/93, which regulated Law No. 8,685/93, shall h… in this text
Art. 3 Investment Certificates, which may be named or book-entry, shall contain: I - the denomination "INVESTMENT CERTIFICATE Decree No. 974/93"; in this text
Art. 3 Investment Certificates, which may be named or book-entry, shall contain: II - the serial number of the Certificate; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: I - contract or bylaws of the issuing company; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: II - deliberative act of the issuance of Investment Certificates; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: III - indication of the director or managing partner of the issuing company responsible for the project; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: IV - contract identifying the rights and obligations of the issuing company and the subscribers of the Certificates; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: V - copy of the payment slip for the inspection fee related to the issuance registration of the Investment Certificates; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: VI - copy of the distribution contract for the Investment Certificates and, if applicable, the subscription guarantee contract; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: VII - liquidity guarantee contract, if applicable; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: X - draft of the prospectus, which shall be prepared in the form of Article 11 of this Instruction; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: XI - copies of the documents submitted for review by the Ministry of Culture, in accordance with Article 7 of Decree No. 974/93; in this text
Art. 4 The request for registration of issuance and distribution of Investment Certificates with the CVM shall be filed by the issuing company together with the distribution leader, accompanied by the following documents: XII - copy of the project approval document by the Ministry of Culture containing the respective registration number; and in this text
XI – copies of the documents submitted for review by ANCINE, in accordance with Art. 7 of Decree No. 974, of 1993; in this text
XII – copy of the project approval document by ANCINE containing the respective registration number; and in this text
XIII - indication of the number of financial application accounts linked to the project and the agency of Banco do Brasil S/A where they were opened, as well as the names of the account holders. in this text
The documents described in items IV, VIII, IX, and X above must contain an item explicitly stating that the placement may or may not reach the total number of registered quotas, given the possibility of reallocating resource sources to carry out the project, with a decrease in resources from the incentive established by Law No. 8,685, of 1993, and the corresponding increase in resources from the … in this text
After approval, any and all communications regarding the project must, obligatorily, mention the name of the project and the number of the registration granted by the CVM. in this text
Art. 7 The registration shall be denied when: I - the issuing company fails to meet any CVM requirements within the period fixed in Article 5, § 2 of this Instruction; and in this text
Art. 7 The registration shall be denied when: II - the issuing company or its director or the managing partner responsible for the project is in default with the CVM. in this text
Art. 8 The administrators of the issuing company are responsible for the veracity of the information sent to the CVM. in this text
It is the duty of the distribution leader to make efforts to verify the sufficiency and quality of the information provided to the market throughout the distribution period, necessary for investors to make a decision. in this text
Art. 9. Members of the distribution system may form a consortium for the specific purpose of distributing Investment Certificates in the market and/or guaranteeing the subscription of the issuance. in this text
§1 The consortium shall be regulated by a contract and sub-contract from which the conditions and limits of co-obligation of each participating institution and the grant of powers of representation of the consortium societies to the distribution leader shall necessarily appear. in this text
§2 The responsibility of each of the institutions participating in the consortium formed under the terms of this article corresponds to the amount of risk assumed in the contract instrument referred to in the preceding paragraph, observing the provisions of Article 10 of this Instruction. in this text
§3 The total costs related to the intermediation of the public distribution, such as placement fee, leadership fee, costs of preparing the prospectus, advertising expenses, and transportation expenses for intermediaries, shall not exceed 10% (ten percent) of the amount of the registered distribution. in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: I - evaluate, together with the issuing company, the viability of the distribution, its conditions, and the type of contract to be entered into; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: II - formulate, together with the issuing company, the registration request referred to in Article 4 of this Instruction, advising it in all stages of the issuance; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: III - form the launch consortium, if applicable; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: IV - inform the CVM of the participants in the consortium, as well as those who join it subsequently, discriminating the quantity of Investment Certificates initially attributed to each one; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: V - immediately communicate to the CVM any eventual alteration in the distribution contract, or its termination; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: VI - during the quota distribution period, be responsible for sending to the CVM the monthly reports referred to in Article 24 of this Instruction, which shall be prepared by each of the consortium participants, according to the type of contra… in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: VII - prepare the prospectus referred to in Article 11 of this Instruction; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: VIII - deposit, within 48 hours after receipt, the captured resources, in accordance with Article 4 of Law No. 8,685/93, being able to deduct the amounts intended for the payment of financial intermediation, under the terms and limits establis… in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: IX - control the issuance capture limit, respecting the maximum limit provided in Article 4, § 2, "b", of Law No. 8,685/93; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: X - control the subscription forms, returning to the company those that are not used, within a maximum period of 30 (thirty) days after the closing of the distribution; in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: §1 The institutions participating in the consortium are obliged to keep the prospectus available to the public. in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: §2 Quotas of projects may only be traded in the secondary market after the release, by the Ministry of Culture, of the captured resources and the registered distribution has been fully placed. in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: §2 Quotas of projects may only be traded in the secondary market after the release, by ANCINE, of the captured resources and the registered distribution has been fully placed. in this text
Art. 11. The prospectus shall contain the following information: I - qualification of the issuing company; in this text
Art. 11. The prospectus shall contain the following information: II - deliberative act of the issuance of Investment Certificates; in this text
Art. 11. The prospectus shall contain the following information: III - information regarding the project that constitutes the object of the issuance of Investment Certificates; in this text
V - value of the quota in current currency; in this text
VI - number and date of registration with the CVM; in this text
VIII - distribution conditions regarding the placement of Certificates with the public and any subscription guarantee provided by the leader and consortium members; in this text
IX - statement of the costs of distribution of the Certificates; in this text
X - guarantees offered by the issuing company, if any; and in this text
XI - indication of the means that will be used to disseminate the information provided for in this Instruction. in this text
After these indications, the prospectus shall contain the following text: in this text
§1 The prospectus shall contain, on its cover, the following wording: “The registration of this issuance does not imply, on the part of the CVM, a guarantee of the veracity of the information provided or a judgment on the quality of the project, the issuing company, or the profitability and risk of the investment represented by the Investment Certificate”. in this text
Art. 12. The definitive prospectus shall be available to the public, for delivery, during the distribution period, in a sufficient number of copies, at the distribution locations of the issuance. in this text
Art. 13. The use of a preliminary prospectus is permitted in the phase preceding the issuance registration, provided that the information contained therein is that referred to in Article 11 of this Instruction. in this text
Art. 14. In the prospectus mentioned in the previous article, the characterization “Preliminary Prospectus” shall appear on its cover, in addition to expressly mentioning the following: in this text
Art. 15. The use of any advertising text for the offer, advertisement, or promotion of the distribution of Investment Certificates may only be adopted after the granting of registration and will depend on examination and prior approval by the CVM. in this text
Art. 16. The advertising text shall not diverge from the information in the prospectus. in this text
Art. 17. The distribution of Investment Certificates may only begin after: I - the granting of registration by the CVM; and in this text
Art. 17. The distribution of Investment Certificates may only begin after: II - the prospectus is available for delivery to investors. in this text
§2 In the case referred to in the caput, the leading distribution institution: in this text
II – shall arrange, at the option of each subscriber, the transfer of these values to the financing of another work or project approved by ANCINE, in accordance with Law No. 8,685, of 1993, or Law No. 8,313, of 1991. in this text
Art. 20-A. In the event of reallocation of resource sources for the realization of the project, with a decrease in the value from the incentive established by Law No. 8,685, of 1993, and the corresponding increase in resources from the incentive established by Law No. 8,313, of 1991, the issuing company and the leading distribution institution shall communicate such fact to the CVM within a perio… in this text

The first 60 of 103 are shown.

Not carried over (1)

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 b… in the old text

Against CVM Instruction 208 (Revoked) - Issuance and Distribution of Investment Certificates for Brazilian Audiovisual Works (1994-02-07)

33 new obligations · 4 changed obligations · 2 deadlines changed · 1 change of who is bound · 9 not carried over

70 obligations are the same in both texts.

Changed (7)

What must be done
Before
Dispenses with the issuance and distribution of Investment Certificates for the production, distribution, exhibition, and technical infrastructure of Brazilian cinematic audiovisual works. in the old text
Now
Provides for the issuance and distribution of Investment Certificates for the production, distribution, exhibition, and technical infrastructure of Brazilian cinematographic audiovisual works. in this text
Deadline
Before
Art. 13. In addition to those provided in article 11, sole paragraph, the following obligations fall to the distribution leader: VI - be responsible for sending to the CVM, monthly, until the 10th day of the following month, in addition to its own, if applicable, report maps indicating the distribution movement of the Investment Certificates, which shall be prepared by each of the consortium part… in the old text
Now
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: VI - during the quota distribution period, be responsible for sending to the CVM the monthly reports referred to in Article 24 of this Instruction, which shall be prepared by each of the consortium participants, according to the type of contra… in this text
What must be done
Before
Art. 13. In addition to those provided in article 11, sole paragraph, the following obligations fall to the distribution leader: VIII - deposit the captured resources, in accordance with article 4 of Law No. 8,685/93, within a maximum period of 48 hours after receipt of the amount; in the old text
Now
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: VIII - deposit, within 48 hours after receipt, the captured resources, in accordance with Article 4 of Law No. 8,685/93, being able to deduct the amounts intended for the payment of financial intermediation, under the terms and limits establis… in this text
What must be done
Before
Art. 14. The prospectus shall contain the following information: V - value of the quota in current currency updated monetarily by the same index used for purposes of income tax payment; in the old text
Now
V - value of the quota in current currency; in this text
Who is bound
Before
Art. 27. The accounting of commercialization rights shall be carried out in specific books and separately. in the old text
Now
Art. 23. The accounting of commercialization rights shall be carried out in specific books and separately and shall be the responsibility of an accountant accredited by the respective Regional Council of Accounting - CRC. in this text
What must be done
Before
Art. 28. The issuing company shall prepare, monthly, until the 10th day of the following month, a report on the evolution of the project. in the old text
Now
Art. 24. The issuing company shall prepare, by the 10th (tenth) day of the month following the reference month, a monthly report on the full payment of quotas and the evolution of the project, according to the forms contained in Annexes I and II to this Instruction, except during the distribution period, in accordance with item VI of Article 10 of this Instruction. in this text
Deadline
Before
Sole Paragraph - The reports shall be placed, at the headquarters of the issuing company, available to the holders of the investment certificates and a copy shall be sent to the CVM within the period stipulated in the caput of this article. in the old text
Now
§1º The semi-annual report must be made available to the holders of Investment Certificates, at the headquarters of the issuing company, and copies sent to the CVM and to ANCINE, on the same date of its dissemination, which may not exceed 30 (thirty) days elapsed since the end of the semester. in this text

New in this text (33)

The documents described in items IV, VIII, IX, and X above must contain an item explicitly stating that the placement may or may not reach the total number of registered quotas, given the possibility of reallocating resource sources to carry out the project, with a decrease in resources from the incentive established by Law No. 8,685, of 1993, and the corresponding increase in resources from the … in this text
After approval, any and all communications regarding the project must, obligatorily, mention the name of the project and the number of the registration granted by the CVM. in this text
§3 The total costs related to the intermediation of the public distribution, such as placement fee, leadership fee, costs of preparing the prospectus, advertising expenses, and transportation expenses for intermediaries, shall not exceed 10% (ten percent) of the amount of the registered distribution. in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: XI - subscribe and fully pay for quotas that may not have been placed during the distribution period, provided for in item IV of Article 11 of this Instruction, within 30 (thirty) days after the end of this period, if there is a contractual co… in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: §2 Quotas of projects may only be traded in the secondary market after the release, by the Ministry of Culture, of the captured resources and the registered distribution has been fully placed. in this text
Art. 10 The distribution leader shall have the following obligations, in addition to those provided in the sole paragraph of Article 8 of this Instruction: §2 Quotas of projects may only be traded in the secondary market after the release, by ANCINE, of the captured resources and the registered distribution has been fully placed. in this text
§2 In the case referred to in the caput, the leading distribution institution: in this text
I – shall take all necessary measures to reimburse subscribers for the invested values; or in this text
II – shall arrange, at the option of each subscriber, the transfer of these values to the financing of another work or project approved by ANCINE, in accordance with Law No. 8,685, of 1993, or Law No. 8,313, of 1991. in this text
Art. 20-A. In the event of reallocation of resource sources for the realization of the project, with a decrease in the value from the incentive established by Law No. 8,685, of 1993, and the corresponding increase in resources from the incentive established by Law No. 8,313, of 1991, the issuing company and the leading distribution institution shall communicate such fact to the CVM within a perio… in this text
Art. 20-B. In the event of partial cancellation of quotas, resulting from a reduction in the global budget of the project or substitution by another resource source not provided for in Law No. 8,313, of 1991, the issuing company and the leading distribution institution shall update the documents referred to in items IV, VIII, IX, and X of Art. 4, with all pertinent information, as well as send a … in this text
The distribution must be suspended while the documents containing the aforementioned updates are not made available to the public. in this text
Art. 21. It is incumbent upon the issuing company, directly or indirectly, to provide: c) the purchase or rental of equipment and materials; in this text
Art. 21. It is incumbent upon the issuing company, directly or indirectly, to provide: d) the hiring of financial and administrative advisory services; and in this text
Art. 21. It is incumbent upon the issuing company, directly or indirectly, to provide: e) all other activities necessary for the execution of the enterprise. in this text
Expenses resulting from the hiring of financial intermediation are included in the budgetary costs and may be deducted from the captured resources, in accordance with item VIII of Article 10 of this Instruction. in this text
§ 2 The monthly report shall contain, at a minimum, the following data: c) identification of the issuer and the financial intermediary; in this text
§ 2 The monthly report shall contain, at a minimum, the following data: d) value of the issuance; in this text
§ 2 The monthly report shall contain, at a minimum, the following data: e) quantity of quotas fully paid in the month; in this text
§ 2 The monthly report shall contain, at a minimum, the following data: f) balance of unplaced quotas, reported in the previous report, as well as the current balance of quotas to be placed; and in this text
§ 2 The monthly report shall contain, at a minimum, the following data: g) date of quota subscription, names of subscribers and respective quantities subscribed. in this text
§3º The report on the physical evolution of the project must contain, at a minimum, in addition to the information contained in items “a” to “c” of the previous paragraph, the following: a) the scheduled dates for the start and end of each phase of the project, as approved by the Ministry of Culture; in this text
§3º The report on the physical evolution of the project must contain, at a minimum, in addition to the information contained in items “a” to “c” of the previous paragraph, the following: a) the scheduled dates for the start and end of each phase of the project, as approved by ANCINE; in this text
§3º The report on the physical evolution of the project must contain, at a minimum, in addition to the information contained in items “a” to “c” of the previous paragraph, the following: b) the actual dates of the start and end of each phase of the project, according to its respective evolution; and in this text
§3º The report on the physical evolution of the project must contain, at a minimum, in addition to the information contained in items “a” to “c” of the previous paragraph, the following: c) information on relevant events that occurred during the period. in this text
§2º The semi-annual report must contain, at a minimum, in addition to the information contained in items "b" and "c" of § 2º of the previous article, the following data: a) semester and year of reference; in this text
§2º The semi-annual report must contain, at a minimum, in addition to the information contained in items "b" and "c" of § 2º of the previous article, the following data: b) gross revenue earned during the period, with identification of its sources, taxes and levies applicable, commercialization expenses, distribution commissions, participation of exhibitors, as well as any other costs or expenses… in this text
§2º The semi-annual report must contain, at a minimum, in addition to the information contained in items "b" and "c" of § 2º of the previous article, the following data: c) net income of the period, base value for the calculation of participations to be attributed to holders of Investment Certificates; in this text
§2º The semi-annual report must contain, at a minimum, in addition to the information contained in items "b" and "c" of § 2º of the previous article, the following data: d) percentage of participation contractually attributed to holders of Investment Certificates; in this text
§2º The semi-annual report must contain, at a minimum, in addition to the information contained in items "b" and "c" of § 2º of the previous article, the following data: e) quantity of quotas issued; in this text
§2º The semi-annual report must contain, at a minimum, in addition to the information contained in items "b" and "c" of § 2º of the previous article, the following data: f) global amount attributed to quota holders; and in this text
§2º The semi-annual report must contain, at a minimum, in addition to the information contained in items "b" and "c" of § 2º of the previous article, the following data: g) net value, in current currency, of the unitary participation of each quota of the project. in this text
§3º the semi-annual report must be signed by the director or managing partner of the production company, responsible for the project with the CVM, and by an accountant accredited by the respective Regional Council of Accounting - CRC. in this text

Not carried over (9)

Art. 6. The simplified registration request shall be exempt from presenting the documents listed in items VI, VII, VIII, IX, "b", X, and XI of art. 4 of this Instruction. in the old text
Art. 7. Investment certificates subject to simplified registration may only be traded privately. in the old text
Art. 13. In addition to those provided in article 11, sole paragraph, the following obligations fall to the distribution leader: In any case, said maps shall be sent 15 (fifteen) days after the closure of the distribution; in the old text
Art. 23. Projects linked to the issuance of Investment Certificates shall observe the following conditions:¹ in the old text
I - proof of the contribution of own or third-party resources, not incentivized, corresponding to at least 40% of the global budget; in the old text
II - proof of the subscription of the total number of quotas with incentivized resources. in the old text
§1. The resources mentioned in this article shall be deposited in separate accounts, depending on whether they originate from tax incentives or not. in the old text
§2. If the resources necessary for the viability of the project are not obtained, the deposited values, related to item II of the caput, shall be transferred to the Brazilian Institute of Art and Culture, in accordance with article 10 of Decree 974/93, in the form defined by the competent bodies, proceeding with the return of the values deposited based on item I, in the form provided in the prosp… in the old text
Art. 24. The non-compliance of projects with resources already available arising from the incentives created by Law No. 8,685/93, in its article 1, and the non-effectuation of the investment or its realization in disagreement with what is stipulated, imply the return, by the issuing company responsible for the project, of the resources received, plus monetary correction, interest, and other charg… 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. 260 of April 9, 1997 (Revoked)

Lineage: Superseded

Timeline

What changed in the obligations