CVM INSTRUCTION NO. 271, OF JANUARY 28, 1998.

Authorizes the inclusion of shares of Financial Investment Funds as collateral for operations on Stock Exchanges and Futures Exchanges.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a session held on this date, and based on the provisions of Articles 8, 17, and 18, item II, letter "a", of Law No. 6,385, of December 7, 1976, HAS DECIDED to issue the following Instruction:

Article 1. Shares of financial investment funds may also be used as collateral for the purposes set forth in paragraph 1 of Article 1 of CVM Instruction No. 120, of June 6, 1990.

Article 2. This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Signed original by

FRANCISCO DA COSTA E SILVA
President