CVM Instruction No. 330 of March 17, 2000 (Revoked)

CVM INSTRUCTION NO. 330, OF MARCH 17, 2000.

Provides for the trading, on stock exchanges, of Subscription Receipts for shares issued by open companies when there is a simultaneous distribution in Brazil and abroad.

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. 18, II, “a”, of Law No. 6,385, of December 7, 1976, and of art. 1, item II, of the Resolution of the National Monetary Council No. 1,907, of February 26, 1992, HAS DECIDED to issue the following Instruction:

Art. 1 Trading on a stock exchange of subscription receipts for shares to be fully paid, named Subscription Receipts to be Fully Paid, is admitted, when the distribution is carried out simultaneously in Brazil and abroad.

Sole Paragraph. The trading will only be carried out within the period between the date of registration with the CVM and the date of approval of the capital increase, this period being limited to a maximum of seven business days counted from the date of granting of the respective registration by the CVM, with the leader of the distribution being responsible for previously informing the exchanges of the start date of the trading.

Art. 2 The leader of the distribution, provider of the firm guarantee, is responsible for the legitimacy of the receipts delivered to investors.

Art. 3 Brokerage companies must alert interested parties to the fact that, in the event that the issuing company of the subscribed shares decides, for any reason, to revoke the corporate resolution from which the subscription arose, the assignee of the respective receipt is entitled only to recover from the leader providing the firm guarantee the amount paid by the original subscriber, with no responsibility on the part of the intermediary or the assignor in good faith.

Art. 4 The provisions of arts. 23, 25, and 26, item II, of CVM Instruction No. 13, of September 30, 1980, do not apply to the operations regulated by this Instruction.

Art. 5 The operation with receipts to be fully paid dealt with by this Instruction may only be carried out with shares of companies with authorized capital that have decided to exclude the right of preference and to hire a distribution leader under the firm guarantee modality.

Sole Paragraph. The practice of the operation now regulated is prohibited in the event of the constitution of a company by public subscription.

Art. 6 The provisions of this Instruction are applicable to cases of secondary distribution of shares.

CVM INSTRUCTION NO. 330, OF MARCH 17, 2000.
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Art. 7 The operation now regulated may only be carried out when preceded by the publication of a relevant fact, in the manner of CVM Instruction No. 31, of March 26, 1984, from which the following must necessarily appear:

I – Notice, preceding the start of the launch dissemination, containing:

a) information on the date of protocol of the request for registration of public distribution of shares with the CVM;

b) indication of the location to obtain the preliminary prospectus;

c) indication of the dates and locations for the launch dissemination;

d) conditions to make reservations for subscription of shares; and

e) other information that may be necessary regarding the public distribution of the shares.

II – Announcement containing:

a) information on the public distribution registration granted by the CVM;

b) summary of the deliberative act of the issuance of the shares;

c) indication of the location to obtain the prospectus;

d) expected date for the approval of the capital increase and the period for trading on the stock exchange of the receipts to be fully paid; and

e) other information necessary for the proper transparency of the public distribution of the shares.

Art. 8 The provisions of this Instruction apply, insofar as applicable, to the issuance of other securities.

Art. 9 Non-compliance with the provisions of this Instruction constitutes a serious offense for the purposes of the provisions of art. 11, § 3, of Law No. 6,385, of December 7, 1976.

Art. 10 This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Original signed by

JOSÉ LUIZ OSORIO DE ALMEIDA FILHO

President