CVM INSTRUCTION NO. 315, OF SEPTEMBER 27, 1999.

Establishes the procedure for confidential preliminary analysis of requests for registration of issuance and public distribution of securities and of open companies under the conditions specified.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION – CVM makes public that the Collegiate Body, in a meeting held on September 24, 1999, based on Article 19, § 5, item II, of Law No. 6,385, of December 7, 1976, HAS RESOLVED to issue the following Instruction:

Art. 1 A confidential preliminary analysis procedure is established for requests for registration of public distribution of securities and for registration of open companies, which aim at the simultaneous offering of titles in the Brazilian and foreign markets, and which require a request for registration to the capital market regulatory authority abroad.

Art. 2 The confidential preliminary analysis procedure may only be used in cases where the registration abroad must be approved by a regulatory authority with which the CVM has signed a Memorandum of Understanding.

Art. 3 To obtain the treatment provided for in Art. 1, the applicant must request confidential treatment for the request and commit to submitting to the CVM the definitive registration request immediately after the preliminary analysis is concluded.

§1 The definitive registration request may not innovate with respect to the confidential preliminary analysis request, and must be presented in strict conformity with the terms of the opinion issued by the CVM in the preliminary stage.

§2 The applicant must attach to the request for confidential preliminary analysis the proof of payment of the supervision fee referred to in Law No. 7,940, of December 20, 1989, in the amount due for the definitive registration request, in cases where it is due.

Art. 4 To support the procedure governed by this Instruction, the documents and information referred to in CVM Instruction No. 202, of December 6, 1993, and the other Instructions that regulate the granting of registrations for the distribution of securities may be submitted in draft form.

Art. 5 In compliance with the requirements formulated by the CVM, the documents must be presented in two versions, namely:

I - the first version must contain the document originally submitted, with the revision marks made, fixing the CVM's requirements;

II - the second version must be presented without any revision marks.

Art. 6 In the confidential preliminary analysis procedure, the CVM may make requirements on more than one occasion.

Art. 7 The requests must be analyzed by the CVM within the timeframes provided for in the Instructions dealing with the registrations of distribution of securities and of open companies.

Art. 8 In addition to the cases provided for in Art. 1, the confidential preliminary analysis procedure may be used in cases where it is necessary to harmonize the CVM's procedures with related procedures, in a confidential manner, pending before foreign regulatory authorities, observed the provisions of Art. 2.

Art. 9 This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Signed original by
LEONARDO BRUNET MENDES DE MORAES
Acting President