CVM Instruction No. 287 of August 7, 1998 (Repealed)

FULL TEXT OF CVM INSTRUCTION NO. 287, OF AUGUST 7, 1998, WITH THE CHANGES INTRODUCED BY CVM INSTRUCTION NO. 294/98.
CVM INSTRUCTION NO. 287, OF AUGUST 7, 1998.
Provides for the suspension and ex officio cancellation of the registration of an open company.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on this date, based on art. 21, § 6º, item I, of LAW NO. 6.385, of December 7, 1976, RESOLVED to issue the following Instruction:

Art. 1º The ex officio cancellation and suspension of the registration of an open company are regulated by this Instruction.

Art. 2º The ex officio cancellation will be carried out by the CVM in the following cases:
I - Extinction of the company, verified by the deregistration in the commercial registry.
II - Cancellation of the commercial registration, due to the company being considered inactive by the competent Commercial Board.
III - Deregistration, by the Federal Revenue Secretariat, of the registration in the General Register of Taxpayers - CGC.
IV - Failure to effectively place with the public the entirety of the securities whose registration of issuance is the cause for the granting of the open company registration.
V - Proof of the suspension of the company's activities for a period exceeding three years, with its open company registration suspended for more than one fiscal year.

Art. 3º The registration of an open company will be suspended if it has been more than three years behind in the obligation to provide information to the CVM.
Sole Paragraph. Concurrently with the suspension of the registration, the initiation of an administrative inquiry will be proposed to determine the responsibility of the administrators for the repeated non-compliance with the provisions contained in arts. 16 and 17 of CVM INSTRUCTION NO. 202, of December 6, 1993.

CVM INSTRUCTION NO. 287, OF AUGUST 7, 1998
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Art. 4º Upon finding any of the situations provided for in arts. 2º and 3º of this Instruction, the CVM will notify the company that a process for cancellation or suspension of its open company registration is underway, granting it a period of thirty days to present its views. §1º The notification referred to in this article will be made:
a) by notification, via registered mail with acknowledgment of receipt sent to the last address of the company, as recorded in the CVM's records; b) by notice published in the Official Gazette of the Union. (NR)* §2º The CVM will inform the stock exchanges and organized over-the-counter entities of the notification referred to in this article, when the company has its securities admitted to trading in them.

Art. 5º The act of cancellation or suspension will be effected by the Collegiate Body, upon proposal from the technical area, and published in the Official Gazette of the Union, being communicated to the company, in the manner provided for in § 1º of art. 4º of this Instruction.

Art. 6º The CVM will inform the Federal Revenue Secretariat, the Central Bank of Brazil, the National Department of Commercial Registration, and, as applicable, the stock exchanges or organized over-the-counter entities of the ex officio cancellations and suspensions.

Art. 7º The cancellation and suspension of the registration do not exempt the company, its controlling shareholders, and administrators from administrative, civil, and criminal responsibility arising from any eventual infringement of the legislation applicable to them, while the company was open.

Art. 8º This Instruction enters into force on the date of its publication in the Official Gazette of the Union, revoking CVM Instruction No. 29, of January 13, 1984.

Signed original by
FRANCISCO DA COSTA E SILVA
President

(NR)* = New Wording given by CVM Instruction No. 294, of October 30, 1998.

We emphasize that this text does not represent a formal consolidation of the normative instrument in question, having a merely informative character.