CVM INSTRUCTION NO. 273, OF MARCH 12, 1998.

Provides for coercive fines.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on this date, and based on item II of art. 9, of Law No. 6,385, of December 7, 1976, with the wording given by art. 2 of Provisional Measure No. 1,637-2, of January 8, 1998; on item IV, § 1 of the same article; on § 11 of art. 11, of the same law, with the wording given by art. 2 of Law No. 9,457, of May 5, 1997, RESOLVED to issue the following Instruction:

Art. 1. All natural persons, legal entities, and other entities regulated by the CVM are subject to the coercive fine imposed by the CVM, per day of delay in compliance with the deadlines and according to the values stated in the respective regulations.

§1. In addition to the situations referred to in the caput of this article, the following are also subject to the daily coercive fine:

I - natural persons or legal entities that, duly summoned, fail to provide information, present documents, or carry out publications, within the deadline set by the CVM in a specific order;

II - market participants who, in cases of abnormal situations, as defined by CMN Resolution No. 702, of August 26, 1981, practice acts prohibited by the CVM.

§2. The daily coercive fine will accrue from the day following the end of the deadline provided for compliance with the obligation, regardless of summons, without prejudice to other sanctions applicable under the terms of art. 11 of Law No. 6385/76.

§3. The value of the coercive fine, in the situations provided for in § 1, will be set by the Superintendent who issues the order, up to R$ 1,000.00 (one thousand reais) per day, or by the Superintendent-General up to R$ 2,000.00 (two thousand reais) per day, with the Collegiate Body responsible for setting a daily coercive fine up to the maximum value provided by law, upon proposal submitted by the Superintendent-General.

Art. 2. Upon verification of non-compliance with the obligation, the Superintendent of the competent area will decide on the application of the coercive fine.

§1. An appeal against the communication of the coercive fine collection act may be filed with the CVM Collegiate Body, without suspensive effect, within a period of ten days, counted from the date of its receipt.

§2. The communication will be made via postal registration with acknowledgment of receipt (AR).

§3. After the deadline for payment of the fine has elapsed, default interest provided by law will accrue.

Art. 3. The coercive fine will accrue for a maximum period of two months, in the situations referred to in the caput of art. 1.

Art. 4. The unpaid coercive fine will be registered in the Informative Register of Unpaid Credits of Federal Agencies and Entities - CADIN, as well as in the Active Debt of the CVM, and will be executed judicially.

Art. 5. This Instruction enters into force on the date of its publication in the Official Gazette of the Union, revoked art. 19 of CVM Instruction No. 31, of February 8, 1984, and other provisions to the contrary.

Signed original by

FRANCISCO DA COSTA E SILVA
President