CVM Instruction No. 276 of May 8, 1998 (Revoked)

CVM INSTRUCTION NO. 276, OF MAY 8, 1998.

Provides for the procedures to be adopted for the adaptation of electronic systems aimed at the correct processing of dates subsequent to the year 1999.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on this date, having in view the provisions of art. 8, items I and III, of Law No. 6,385, of December 7, 1976, HAS DECIDED to issue the following Instruction:

Art. 1. Stock exchanges and futures exchanges, clearing and settlement houses, providers of services for the issuance of certificates, bookkeeping and custody of securities, administrators of investment funds under CVM jurisdiction, open companies, and incentivized companies must adapt their automated electronic systems by December 31, 1998, aiming at the correct processing of dates subsequent to the year 1999.

Art. 2. The institutions and societies referred to in the previous article must disclose information regarding the process of transformation or adaptation of their electronic data systems.

§1. Open and incentivized companies must disclose the information in an explanatory note attached to the Financial Statements and Quarterly Information - ITRs, if applicable, which must contain, at a minimum:

I - the nature and amounts of expenses and investments made during the period and those that still need to be made;

II - the measures adopted for the adjustment of their systems and the progress of the corresponding work;

III - the possible effects on business and the risks involved.

§2. In the case of investment fund administrators whose constitution and operation are authorized by the CVM, the Financial Statements or the administrators' report must contain an explanatory note regarding the procedures carried out, in progress, or regarding the non-adoption of any measures, related to the adaptation referred to in Art. 1.

Art. 3. The agents covered by this Instruction must estimate the expenses and investments necessary for the adaptation or transformation of their electronic systems and consider, in view of the provisions of art. 184, item I, of Law No. 6,404, of December 15, 1976, the need to establish a provision to cover the aforementioned expenses and investments.

CVM INSTRUCTION NO. 276, OF MAY 8, 1998.
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Art. 4. It is the responsibility of the independent auditor to verify the correct compliance with the provisions of Arts. 2 and 3 of this Instruction, stating in their report any omission of information or lack of necessary provisioning.

Art. 5. It is also the responsibility of the independent auditor to issue audit reports addressing, among others, the following aspects:

I - degree of commitment and involvement of management in the process;

II - degree of formalization;

III - existence and adequacy of the planned schedule;

IV - existence of an inventory of information regarding "hardware" and "software";

V - existence of impact assessment, risk analysis, and prioritization of systems;

VI - degree of commitment and involvement of third parties;

VII - existence of a test plan and implementation schedule;

VIII - existence of a contingency procedures plan.

Sole Paragraph. The report referred to in Art. 8 of CVM Instruction No. 89, of November 8, 1988, must cover the procedures carried out or in progress regarding the items referred to in this article, as well as the non-adoption of any measures related to the adaptation covered by this Instruction.

Art. 6. It is the responsibility of the General Superintendent of stock exchanges and futures exchanges for the compliance with the obligations established by this Instruction within those institutions.

Art. 7. Clearing and settlement houses, providers of services for the issuance of certificates, bookkeeping and custody of securities, investment fund administrators supervised by the CVM, and open and incentivized companies must designate a statutory director or managing partner responsible for compliance with the provisions of this Instruction within these entities, informing the CVM of the respective name by June 30, 1998.

Art. 8. Non-compliance with the obligation within the deadline stipulated in Art. 1 of this Instruction will result in the application of a daily coercive fine, which will apply from the first business day following the end of the deadline for compliance with the regulatory obligation, regardless of notification, in the following amounts:

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• R$ 500.00 (five hundred reais) for stock exchanges and futures exchanges, clearing and settlement houses, providers of services for the issuance of certificates, bookkeeping, custody of securities, and administrators of funds supervised by the CVM, and open companies;

II - R$ 200.00 (two hundred reais) for incentivized companies.

Art. 9. 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