CVM INSTRUCTION NO. 283, OF JULY 10, 1998

Provides for future settlement markets.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on this date, in accordance with 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:

SCOPE AND PURPOSE

Art. 1. The future settlement markets are regulated by the provisions of this Instruction.

Sole Paragraph. For the purposes of this Instruction, a future settlement market is a forward, futures, options, or any other market that maintains a trading floor or electronic system for the trading of securities with settlement in a period longer than that established for transactions in the spot market, under the supervision and inspection of a self-regulatory entity.

PROVISIONS ON FUTURE MARKETS

Art. 2. The self-regulatory entity must provide, in its regulations for operations in the future settlement market, the methods it uses to prevent and correct situations that put at risk the regular and orderly functioning of the market under its management, as well as internal controls that allow for the immediate verification of compliance with its determinations.

Sole Paragraph. For the purposes of this Instruction, a self-regulatory entity is a stock exchange, a futures exchange, the entity responsible for an organized over-the-counter market, and the clearing and settlement company.

Art. 3. It is the responsibility of the self-regulatory entity:

I – to establish, for each future settlement market:

a) position limits and open contract limits, considering the total number of underlying securities in circulation;

b) participation limits, per investor, for each series of options, contract, or market, with the objective of preventing the achievement of a concentration level that puts at risk the regular and orderly functioning of the market;

c) operational limits per intermediary.

II – to disclose to the market the participation limits referred to in item I, communicating them, together with the position and open contract limits, to the CVM;

III – to verify daily the degree of concentration in the future settlement market administered by it;

IV – to apply the deconcentration measures provided for in the regulations to the participant who fails to comply with the established limits, communicating them immediately to the CVM.

Sole Paragraph. The participation limits provided for in this article and the inspection criteria must be adjusted among the interested self-regulatory entities when there are simultaneous operations with the same security in two or more trading systems, without prejudice to the individual responsibility of each entity for risk management.

Art. 4. In the event of an emergency situation, the self-regulatory entity may adopt measures not provided for in its regulations, communicating in advance to the CVM the content of the decision and its justification.

Art. 5. For the purposes of this Instruction, an investor is considered, in addition to natural and legal persons who operate in the future settlement markets:

I – the group of people acting in concert formed by:

a) spouses, partners, and blood or civil relatives up to the second degree;

b) people directly or indirectly related by:

1. control or affiliation link;

2. employee or administrator link;

3. habitual service provision link.

II – holders and administrators of managed portfolios, with or without exclusivity, by the same natural or legal person;

III – any people who, at the discretion of the self-regulatory entities or the CVM, represent the same interest.

Art. 6. For the purpose of enabling effective control of the degree of concentration of investors' positions in future settlement markets, multiple banks with investment portfolios, investment banks, distribution companies, and brokers from other markets are obliged to ensure that the self-regulatory entity has access to records and documents related to transactions carried out in a market under its supervision, as well as the registration forms of the respective principals.

GUARANTEES

Art. 7. The guarantee of the operation in the future settlement market must be provided in cash or in assets freely chosen by the investor from those determined by the responsible self-regulatory entity.

Sole Paragraph. The list of assets that can be given as guarantee must be disclosed to the market and communicated to the CVM prior to its implementation.

Art. 8. The self-regulatory entity, responsible for the supervision of guarantees in future settlement markets, must define the required guarantees based on technical criteria appropriate to the market's dynamics, considering, among other factors, the volatility and liquidity of the security, as well as the interest rate practiced in the market.

Sole Paragraph. The alteration in the guarantee calculation methodology must be communicated to the CVM, prior to its implementation, together with a justified exposition of the criterion used.

Art. 9. The clearing and settlement company, or another self-regulatory entity that carries out the clearing and settlement activities of operations carried out in a market under its supervision, may sign an agreement with a similar entity, providing that opposite positions held by the same investor, through the same clearing agent, maintained in the affiliated entities, may be used for guarantee purposes.

Sole Paragraph. The agreement referred to in the caput of this article must be previously submitted to the approval of the CVM, which will have thirty days to manifest itself.

OPENING OF NEW CONTRACTS AND SERIES

Art. 10. The specifications of new contracts of the future settlement markets and the criteria for the opening of options series must be, prior to their implementation, submitted for appreciation by the CVM, which will manifest itself within thirty days.

• Article revoked by CVM Instruction No. 467, of April 10, 2008.

GENERAL AND TRANSITORY PROVISIONS

Art. 11. The non-compliance with the provisions provided for in this Instruction constitutes a serious offense, for the purposes of § 3 of Art. 11 of Law No. 6,385/76.

Art. 12. The self-regulatory entity must submit to the approval of the CVM the adaptation of its regulations to the provisions provided for in this Instruction within a period of ninety days, counted from its effectiveness.

Sole Paragraph. The alteration will be presumed approved if the CVM does not manifest itself within a period of ninety days, counted from the presentation of the request to the CVM.

Art. 13. The self-regulatory entity must immediately communicate to the CVM any subsequent alteration made in the regulations of the future settlement markets.

Sole Paragraph. The alteration will be presumed approved if the CVM does not manifest itself within a period of fifteen days, counted from the presentation of the request to the CVM.

Art. 14. Articles 4, 5, 6, 7, 8, and 9 of CVM Instruction No. 14, of October 17, 1980; CVM Instructions Nos. 19, of December 11, 1981; 21, of April 6, 1982; 23, of April 20, 1982; 24, of May 10, 1982; 25, of October 11, 1982; 36, of October 8, 1984; 44, of August 21, 1985; 77, of May 11, 1988; 120, of June 6, 1990; 139, of March 8, 1991; 152, of July 11, 1991; 154, of July 24, 1991; 180, of February 13, 1992; 193, of July 23, 1992; 214, of May 31, 1994; 221, of September 22, 1994; 262, of May 7, 1997; and 271, of January 28, 1998; as well as CVM Deliberations Nos. 39, of December 11, 1986; 84, of April 6, 1990; and 100, of November 27, 1990, are revoked.

Art. 15. 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