CVM Instruction No. 264 of July 4, 1997

CVM INSTRUCTION NO. 264, OF JULY 4, 1997.

Amends the wording of CVM Instruction No. 215, of June 8, 1994, allowing Mutual Funds for Investment in Stocks and Mutual Funds for Investment in Stocks - Free Portfolio to apply their resources in "depositary receipts".

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a session held on this date, and in view of the provisions of Article 19 of Law No. 6,385, of December 7, 1976, and of the Resolutions of the National Monetary Council - CMN No. 1,787, of February 1, 1991, and No. 2,356, of February 27, 1997, resolved to issue the following Instruction:

Art. 1. Article 37, item VII, subsection "a" of CVM Instruction No. 215/94 is amended, which shall now read as follows:

"Art. 37. ...
...
VII - ... a) abroad, except when the assets subject to the investment are "depositary receipts", negotiable in the international market, backed by securities issued by Brazilian companies, referred to in the Regulation Annex V to CMN Resolution No. 1,289, of March 20, 1987."

Art. 2. Item IV is included in Article 44 of CVM Instruction No. 215/94 with the following wording:

"Art. 44 - ...
...
IV - "Depositary receipts", negotiable in the international market, backed by securities issued by Brazilian companies, referred to in the Regulation Annex V to CMN Resolution No. 1,289/87."

Art. 3. Article 49, item I, of CVM Instruction No. 215/94 is amended, which shall now read as follows:

"Art. 49 - ...

CVM INSTRUCTION NO. 264, OF JULY 4, 1997.
2
I - Stocks and subscription warrants, issued by open companies, or "depositary receipts", negotiable in the international market, backed by securities issued by Brazilian companies, referred to in the Regulation Annex V to CMN Resolution No. 1,289/87."

Art. 4. This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Signed original by
FRANCISCO COSTA E SILVA
President