CVM Instruction No. 332 of April 4, 2000 (Revoked)

FULL TEXT OF CVM INSTRUCTION NO. 332, OF APRIL 4, 2000, WITH THE CHANGES INTRODUCED BY CVM INSTRUCTIONS NOS. 431/06, 456/07, 480/09, 493/11, 551/14, 554/14, 585/17 AND CVM RESOLUTIONS NOS. 3/20 AND 162/22.

Provides for the issuance and trading of securities deposit certificates - BDRs backed by securities issued by open companies, or similar, with headquarters abroad, and revokes CVM Instructions nos. 255, of October 31, 1996, and 321, of December 10, 1999.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on March 24, 2000, and in accordance with the provisions of arts. 19 and 21 of Law no. 6.385, of December 7, 1976, and 3rd of Resolution of the National Monetary Council no. 2.318, of September 26, 1996, RESOLVED to issue the following Instruction:

OF THE DEFINITIONS

Art. 1st For the purposes of this Instruction, it is understood as:

I - securities deposit certificate - BDRs - the certificates representing securities issued by an open company, or similar, with headquarters abroad and issued by a depositary institution in Brazil;

I – securities deposit certificate (BDRs): the certificates issued by a depositary institution in Brazil and representing securities issued by an open company or similar whose headquarters is located:
a) abroad, in the case of deposit certificates for shares traded abroad; and b) in the Country or abroad, in the case of deposit certificates for securities representing debt instruments;

• Item I with wording given by CVM Resolution no. 3, of August 11, 2020.

II - custodian institution - the institution, in the country of origin of the securities, authorized by a body similar to the CVM to provide custody services;

• Items II with wording given by CVM Instruction no. 431, of May 29, 2006.

II – custodian institution: the institution, headquartered in the country where the securities are traded, authorized by a body similar to the CVM to provide custody services;

II – custodian institution: the institution headquartered abroad, authorized by a body similar to the CVM to provide custody services;

• Item II with wording given by CVM Resolution no. 3, of August 11, 2020.

III - depositary or issuing institution - the institution that issues, in Brazil, the corresponding deposit certificate, based on the securities custodied in the country of origin;

III – depositary institution: the institution that issues, in Brazil, the corresponding deposit certificate, based on the securities custodied abroad;

• Item III with wording given by CVM Instruction no. 431, of May 29, 2006.

IV - sponsoring company - the open company, or similar, with headquarters abroad, issuer of the securities object of the deposit certificate, and which is subject to supervision and inspection by an entity or body similar to the CVM; and

V - BDR Program - the classification of BDRs, according to their characteristics of information disclosure, distribution and trading and the existence, or not, of sponsorship by the issuing companies of the securities object of the deposit certificate.

Art. 2nd Only securities issued by open companies, or similar, with headquarters in countries whose regulatory bodies have entered into a cooperation agreement with the CVM on consultation, technical assistance and mutual assistance for the exchange of information will be accepted.

Art. 2nd Only securities issued by open companies, or similar, that are admitted to trading and custodied in countries whose regulatory bodies have entered into a cooperation agreement with the CVM on consultation, technical assistance and mutual assistance for the exchange of information, or are signatories of the multilateral memorandum of understanding of the International Organization of Securities Commissions - IOSCO, will be accepted.

• Caput with wording given by CVM Instruction no. 431, of May 29, 2006.

§1st It will be admitted that the securities are custodied and traded in different countries, provided that the regulatory bodies of both countries meet the requirement established in the caput.

§2nd If the securities that serve as the backing for the issuance of BDRs are traded in more than one country, the provisions of the caput shall apply to the country where those same securities have the highest trading volume.

§3rd In the event that the company has its headquarters in a country whose regulatory body does not maintain a cooperation agreement with the CVM or is not a signatory to the multilateral memorandum of understanding of the IOSCO, the legal representative referred to in §§1st and 2nd of art. 3rd of Instruction no. 331, of 2000, must be designated among the 2 (two) main executives of the company.

• § 3rd revoked by CVM Instruction no. 480, of December 7, 2009

§4th The CVM may, as appropriate, deny the registration or determine the adjustment or cancellation of Programs backed by securities admitted to trading and custodied in countries whose regulatory body is, or comes to be considered by the CVM as non-cooperative, for the purposes of mutual assistance for the exchange of information.

• §§ 1st to 4th included by CVM Instruction no. 431, of May 29, 2006.

OF THE PROGRAMS

Art. 3rd BDR programs may be instituted, sponsored or not by the open company, or similar, issuer of the securities object of the deposit certificate, which must be previously registered with the CVM.

§1st The sponsored BDR program is characterized by being instituted by a single depositary or issuing institution, contracted by the issuing company of the securities object of the deposit certificate, and may be classified in the following levels:

§1st The sponsored BDR program is characterized by being instituted by a single depositary institution, contracted by the issuing company of the securities object of the deposit certificate, and may be classified in the following levels:

I - Sponsored BDR Level I - characterized by:
a) exclusive trading in the over-the-counter unorganized market and only among the persons referred to in item “d” of this item; a) trading in an over-the-counter unorganized market or in specific segments for Level I BDRs of an organized over-the-counter market entity or stock exchange; b) waiver of the requirement for other information from the issuing company beyond what it is obliged to disclose in its country of origin; b) disclosure, in Brazil, of the information that the issuing company is obliged to disclose in its country of origin, plus those mentioned in §3rd; c) waiver of company registration with the CVM; and d) exclusive acquisition by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, by employees of the sponsoring company or its subsidiary, by insurance companies and capitalization societies, by legal entities with net equity greater than R$ 5,000,000.00 (five million reais), and by securities portfolios with a value greater than R$ 500,000.00 (five hundred thousand reais), managed discretely by an administrator authorized by the CVM and by employees of a sponsoring company or its subsidiary.

d) exclusive acquisition by:

1. financial institutions;
2. investment funds intended exclusively for qualified investors;
3. investment funds;

• Item with wording given by CVM Instruction no. 456, of June 22, 2007.

2. portfolio managers and securities consultants authorized by the CVM, regarding their own resources; and

3. employees of the sponsoring company or another company part of the same economic group.

4. portfolio managers and securities consultants authorized by the CVM, regarding their own resources;

5. employees of the sponsoring company or another company part of the same economic group;

• Items 3 and 4 with wording given by CVM Instruction no. 493, of March 24, 2011.

5. closed complementary pension entities; and
6. natural or legal persons with financial investments greater than R$ 1,000,000.00 (one million reais).

• Items 5 and 6 included by CVM Instruction no. 493, of March 24, 2011.

d) exclusive acquisition by:

1. qualified investors, as defined in specific regulation; and
2. employees of the sponsoring company or another company part of the same economic group.

• Item “d” with wording given by CVM Instruction no. 554, of December 17, 2014.

b) disclosure, in Brazil, by the depositary institution, of the information that the issuing company is obliged to disclose in its country of origin, plus the information mentioned in § 3rd, until the opening of the trading session of the day following its disclosure in the country of origin; c) waiver of company registration with the CVM; d) exclusive acquisition by:

1. qualified investors, as defined in specific regulation; and
2. employees of the sponsoring company or another company part of the same economic group; and

• Items “b”, “c” and “d” with wording given by CVM Instruction no. 585, of April 5, 2017.

b) disclosure, in Brazil, by the depositary institution, of the information that the issuing company is obliged to disclose in its country of origin and in the country where the security is admitted to trading, plus the information mentioned in § 3rd, until the opening of the trading session of the day following its original disclosure; c) waiver of company registration with the CVM, except in the case of BDRs backed by debt instruments issued by national issuers with registration with the CVM; d) acquisition permitted to:

1. qualified investors, as defined in specific rules, except for the provisions of item 3;
2. employees of the sponsor or another company part of the same economic group; and
3. any investors, if:
   3.1. the market with the highest trading volume of these assets, in the previous 12 (twelve) months, is a foreign market environment classified as a “recognized market” in the regulation of the entity administering an organized securities market approved by the CVM, considering, jointly, the securities object of the deposit certificates and the deposit certificates themselves representing them; and
   3.2. the issuer of the securities that serve as the backing for the BDRs is subject to supervision by the capital market regulatory entity of the market with the highest trading volume.

• Items “b”, “c” and “d” with wording given by CVM Resolution no. 3, of August 11, 2020.

e) possibility of distribution by public offering with restricted efforts, in accordance with specific regulation, in which case trading must necessarily occur in specific segments for Level I BDRs of an organized over-the-counter market entity or stock exchange.

• Item “e” included by CVM Instruction no. 585, of April 5, 2017.

e) possibility of public offering subject to the automatic distribution procedure, in accordance with specific regulation, in which case trading must necessarily occur in specific segments for Level I BDRs of an organized over-the-counter market entity or stock exchange.

• Item “e” with wording given by CVM Resolution no. 162 of July 13, 2022.

II - Sponsored BDR Level II - characterized by:
a) admission to trading on a stock exchange, in an organized over-the-counter market or in an electronic trading system; and a) admission to trading on a stock exchange or in an organized over-the-counter market; and b) company registration with the CVM. a) admission to trading on a stock exchange or in an organized over-the-counter market; b) company registration with the CVM; and

• Items “a” and “b” with wording given by CVM Instruction no. 585, of April 5, 2017.

c) possibility of distribution by public offering with restricted efforts, in accordance with specific regulation.

• Item “c” included by CVM Instruction no. 585, of April 5, 2017.

c) possibility of public offering subject to the automatic distribution procedure, in accordance with specific regulation.

• Item “c” with wording given by CVM Resolution no. 162 of July 13, 2022.

III - Sponsored BDR Level III - characterized by:
a) public distribution in the market; a) possibility of distribution by public offering registered with the CVM or by public offering with restricted efforts, in accordance with specific regulation;

• Item “a” with wording given by CVM Instruction no. 585, of April 5, 2017.

a) possibility of distribution by public offering registered with the CVM, in accordance with specific regulation;

• Item “a” with wording given by CVM Resolution no. 162, of July 13, 2022.

b) admission to trading on a stock exchange, in an organized over-the-counter market or in an electronic trading system; and b) admission to trading on a stock exchange or in an organized over-the-counter market; and c) company registration with the CVM.

§2nd An unsponsored BDR program is characterized by being instituted by one or more depositary or issuing institutions of the certificate, without an agreement with the issuing company of the securities object of the deposit certificate, only admitting trading in the manner of Sponsored BDR Level I.

§2nd An unsponsored BDR program is characterized by being instituted by one or more depositary issuing institutions of the certificate, without an agreement with the issuing company of the securities object of the deposit certificate, only admitting trading in the manner of Sponsored BDR Level I.

• §§ 1st and 2nd with wording given by CVM Instruction no. 431, of May 29, 2006.

§3rd In unsponsored programs, the depositary institution issuing the Level I BDR must disclose, as soon as it is made available in the country of origin, the following information:

§ 3rd In unsponsored programs, the depositary institution issuing the Level I BDR must disclose the following information, until the opening of the trading session of the day following its disclosure in the country of origin:

• § 3rd with wording given by CVM Instruction no. 585, of April 5, 2017.

§ 3rd In unsponsored programs, the depositary institution issuing the Level I BDR must disclose the following information, until the opening of the trading session of the day following its first disclosure, whether in the country of origin or in the country where the securities are admitted to trading:

• § 3rd with wording given by CVM Resolution no. 3, of August 11, 2020.

I – material facts and communications to the market; II – notice of availability of financial statements in the country of origin; III – notices convening assemblies; IV – notices to shareholders; V – resolutions of shareholders' assemblies and board of directors meetings, or corporate bodies with equivalent functions, in accordance with the legislation in force in the country of origin; and

III – notices convening assemblies of holders of the securities backing the BDR; IV – notices to holders of the securities backing the BDR; V – resolutions of assemblies and board of directors meetings, or corporate bodies with equivalent functions, in accordance with the legislation in force in the country of origin of the issuer of the securities backing the BDR; and

• Items III, IV and V with wording given by CVM Resolution no. 3, of August 11, 2020.

VI – financial statements of the company, without the need for conversion into reais or reconciliation with accounting standards in force in Brazil.

§4th Stock exchanges and organized over-the-counter market entities that maintain trading segments for Level I BDRs must establish warning mechanisms regarding the risks inherent to the assets traded therein, especially regarding the fact that it is a company not registered with the CVM and subject to accounting standards and legislation different from those in force in Brazil.

§ 4th Stock exchanges and organized over-the-counter market entities that maintain trading segments for Level I BDRs must establish alert mechanisms regarding:

I – the risks inherent to the assets traded therein, especially, when applicable, regarding the fact that it is a company not registered with the CVM and subject to accounting standards different from those in force in Brazil; and II – the possibility of program discontinuation and the procedures to be followed by the depositary institution in this case, in accordance with § 3rd of art. 5th.

• § 4th with wording given by CVM Resolution no. 3, of August 11, 2020.

§ 4th-A. For the purposes of § 1st, I, d, 3, 3.1 of this article, if, after the initial 12 (twelve) month period mentioned, the trading volume of the assets in the “recognized market” is surpassed by the trading volume in another market, the acquisition of BDRs by any investors will continue to be permitted, provided that the issuer's securities remain admitted to trading in the “recognized market” where it originally obtained its listing.

§ 4th-A included by CVM Resolution no. 3, of August 11, 2020.

§5th The acceptance of orders for trading Level I BDRs by intermediaries is conditioned on proof that the investor fits into at least one of the conditions established in item “d” of item I of § 1st of this article.

• §§ 3rd to 5th included by CVM Instruction no. 431, of May 29, 2006.

§ 5th The acceptance of orders for trading Level I BDRs by intermediaries is conditioned:

I – on proof of at least one of the conditions established in item “d” of item I of § 1st of this article; and II – on the verification of the compatibility of the investment in BDRs with the investor's profile, in accordance with specific regulation that provides for the duty to verify the adequacy of products, services and operations to the client's profile.

• § 5th with wording given by CVM Resolution no. 3, of August 11, 2020.

§ 6th The disclosure of the information referred to in item “b” of item I of § 1st, and in § 3rd of this article may be carried out in Portuguese or in the language of the country of origin.

• § 6th included by CVM Instruction no. 585, of April 5, 2017.

§ 6th The disclosure of the information referred to in item “b” of item I of § 1st and in § 3rd of this article must be carried out in Portuguese, in the language of the original country or in the language of the country where the securities are admitted to trading.

• § 6th with wording given by CVM Resolution no. 3, of August 11, 2020.

§ 7th The rights that accrue to the depositary institution as the holder of the securities that serve as the backing for the BDRs must always be exercised with regard to the interests of the BDR holders.

• § 7th included by CVM Resolution no. 3, of August 11, 2020.

OF THE REGISTRATION OF THE PROGRAM

Art. 4th The depositary or issuing institution of BDRs must request the CVM for the registration of the program, specifying its characteristics.

Art. 4th The depositary issuing institution of BDRs must request the CVM for the registration of the program, specifying its characteristics.

• Caput with wording given by CVM Instruction no. 431, of May 29, 2006.

Sole paragraph. Only the Level I BDR program will be registered when the distribution of securities in Brazil and abroad is simultaneous.

• Sole paragraph included by CVM Instruction no. 585, of April 5, 2017.

§ 1st Only the Level I BDR program will be registered when the registration of the public distribution offering of BDRs is concomitant and the distribution of securities in Brazil and abroad is simultaneous.

• § 1st with wording given by CVM Resolution no. 3, of August 11, 2020.

§ 2nd When the issuer of the securities represented by BDRs is a national issuer, the respective BDR program will only be registered if, cumulatively:

I – the BDRs have as backing securities representing debt; and II – the issuer is an open company with registration with the CVM.

• § 2nd included by CVM Resolution no. 3, of August 11, 2020.

Art. 5th The registration request must be accompanied by the following documents and information:

Art. 5th The registration request for the BDR Program must be accompanied by the following documents and information:

Art. 5th The registration request for the BDR program must be sent to the Superintendence of Securities Registration – SRE, accompanied by the following documents and information:

• Caput with wording given by CVM Instruction no. 585, of April 5, 2017.

I - contracts entered into between the depositary institution, the custodian institution and the sponsoring company, when applicable; II - indication of the director responsible for the program at the depositary institution; III - declaration from the stock exchange, the organized over-the-counter market administrator body or the electronic trading system administrator body, of the approval of the request for admission to trading of the BDRs, conditioned only on obtaining registration with the CVM; III – declaration from the stock exchange or the organized over-the-counter market entity regarding the approval of the request for admission to trading of the BDRs, conditioned only on obtaining registration with the CVM; IV - copy of the payment slip for the Inspection Tax related to the distribution of the BDRs;

V - term of assumption of responsibility by the depositary institution or issuer of BDRs for the simultaneous disclosure to the market of the information provided by the sponsoring company in its country of origin; V – term of assumption of responsibility by the depositary institution or issuer of BDRs for the simultaneous disclosure to the market of the information provided by the sponsoring company in its country of origin and in the country where the securities are traded; VI - information disclosed in the country of origin of the securities, when it concerns Level I BDRs, in Portuguese; VI – list of information disclosed in the country of origin of the securities, when it concerns Level I BDRs, in Portuguese; VII - request for registration of the company, or its waiver, which shall be granted when it concerns Level I BDRs; VIII - documents and information contained in CVM Instruction No. 331, of April 4, 2000, when it concerns Level II and III BDRs; VIII – declaration by the legal representative that the sponsoring company meets the condition of foreign issuer, in accordance with specific regulation, accompanied by the calculation memorandum made by the issuer to verify this condition, when it concerns a sponsored Level I BDR program; and IX - only the Level III BDR program shall be registered when there is simultaneous distribution of securities in Brazil and abroad; and IX – documents and information that prove compliance with the provisions of the sole paragraph of Article 4 of this Instruction.

• Items VI, VIII and IX with wording given by CVM Instruction No. 585 of April 5, 2017.
  X - specifically for the case of Level III BDRs, compliance with CVM Instruction No. 400, of December 29, 2003, and other CVM norms applicable to the distribution of the securities object of the program, shall also be required. X – Level III BDRs may be distributed through a public offering registered with the CVM or a public offering with restricted efforts.
• Item X with wording given by CVM Instruction No. 551, of September 25, 2014.
  X - REPEALED
• Item X repealed by CVM Instruction No. 585, of April 5, 2017.
  §1 The request for registration of the BDR programs referred to in this Instruction may be denied by the CVM due to the unviability or recklessness of the undertaking to be carried out by the issuing company, or due to the unfitness of the founders, controlling shareholders, or administrators of the company. §2 For each BDR Program, a single species or class of securities shall be considered. §3 Only the BDR program that contains provision for the scenario of program discontinuation shall be registered. §3 The registration of the BDR program shall also depend on the commitment, by the depositary institution or issuer of BDRs, to observe the procedures for program discontinuation established by the stock exchange or over-the-counter market entity where it is traded. §4 The contracts referred to in this article shall stipulate that the depositary institution or issuer of BDRs is obliged to provide the CVM, at any time and within the period to be determined, under penalty of a daily coercive fine of R$ 500.00 (five hundred reais), any information and documents related to the approved programs and the issued securities. §4 In the event of subjective or objective restrictions on the trading of securities in the country where they will be traded, the registration of the distribution of BDRs in Brazil shall be granted with the same restrictions. §5 The contracts referred to in this article shall stipulate that the depositary institution is obliged to provide the CVM, at any time and within the period to be determined by it, any information and documents related to the approved programs and the issued securities. §6 Without prejudice to the provisions applicable to public distributions in general, the legal representative is responsible for the veracity of the information provided by the depositary in the registration of the company and in the registration of the BDR distribution, which relate to the limitations on the exercise of rights by BDR holders, including those resulting from the diversity between the company's headquarters and the country where the securities are traded, and with the requirements and limitations of trading, scenarios of registration cancellation, and subjective or objective restrictions on the trading of securities in the country where traded.
• Wording given by CVM Instruction No. 431, of May 29, 2006.
• §§ 5 and 6 included by CVM Instruction No. 431, of May 29, 2006.
  § 7 The depositary institution of a BDR program may submit a request for the transfer of one or more programs under its responsibility to another depositary institution, provided that:
  I – the BDR holders are notified at least 60 (sixty) days in advance; and II – the characteristics of the transferred BDR program are not altered, except for the possibility of modifying the custodian institution.

§ 8 The request for transfer of the depositary institution referred to in § 1 must be sent to the SRE, accompanied by the documents and information provided for in items I, II and V of the caput, observing the provisions of §§ 5 and 6 of this article.

• §§ 7 and 8 included by CVM Instruction No. 585, of April 5, 2017.
  Art. 6 The registration shall become automatically effective if the request is not denied within thirty days after its presentation to the CVM, via protocol, with the required documents and information.
  §1 The failure to present all pertinent documents shall imply the disregard of the request and consequent cancellation of the protocol at the CVM.
  §2 The thirty-day period may be interrupted only once, if the CVM requests additional documents and information from the depositary institution, with the period starting to run for fifteen days, from the fulfillment of the requirements, for the analysis of the registration request. §3 To meet any requirements, a period not exceeding sixty days shall be granted, counted from the receipt of the respective correspondence, under penalty of the registration request being denied. §4 In compliance with the requirements formulated by the CVM, the documents shall be presented in two versions:
  I - the first version shall contain the document originally submitted, with the revision marks made, fixing the CVM's requirements; II - the second version shall be presented without any revision marks.
  Art. 6 The BDR program registration request must be reviewed by the SRE according to the timeframes and analysis procedures applicable to the registration request for public offerings of distribution of securities, in accordance with specific regulation.
• Article 6 with wording given by CVM Instruction No. 585, of April 5, 2017.
  Art. 6-A Prior to the denial of the BDR program registration request, the SRE shall send a letter to the depositary institution, granting it the opportunity to cure curable defects, if any, within 10 (ten) business days from receipt of the letter or the remainder of the period remaining for the end of the analysis period, whichever is longer. Sole paragraph. The period for the SRE's manifestation regarding the fulfillment of the requirements in response to the letter mentioned in the caput is 3 (three) business days, counted from the date of the protocol.
• Article 6-A included by CVM Instruction No. 585, of April 5, 2017.
  Art. 7 After thirty days from the denial of the registration request, all documents that supported it shall be available to the depositary institution for a period of ninety days, after which they may be destroyed by the CVM.

Art. 7 The request for cancellation of the BDR program registration must be sent to the SRE, accompanied by a declaration from the entity administering the over-the-counter market or stock exchange where the certificates are traded, attesting to the compliance with the procedures established by it for program discontinuation, in accordance with § 3 of Art. 5 of this Instruction. § 1 The request for cancellation of the program referred to in the caput must be reviewed by the SRE according to the analysis timeframes applicable to the registration request for public offerings of distribution of securities, in accordance with specific regulation. § 2 The SRE may request other documents and additional information to support the analysis of the cancellation request.

• Article 7 with wording given by CVM Instruction No. 585, of April 5, 2017.
  OF THE RESPONSIBILITIES
  Art. 8 The depositary institution or issuer of BDRs and its responsible director are liable to the CVM for any irregularity in the conduct of the program, respecting the competencies of the Central Bank of Brazil and the Federal Revenue Secretariat. Art. 8 The depositary institution and its responsible director are liable to the CVM for any irregularity in the conduct of the program, respecting the competencies of the Central Bank of Brazil and the Federal Revenue Secretariat.
• Wording given by CVM Instruction No. 431, of May 29, 2006.
  Art. 9 It shall be the responsibility of the depositary institution or issuer of the BDRs to keep updated and available to the CVM the statements that reflect the daily movement of BDRs issued and cancelled.
  Art. 9 It shall be the responsibility of the depositary institution to keep updated and available to the CVM the statements that reflect the daily movement of BDRs issued and cancelled.
• Wording given by CVM Instruction No. 431, of May 29, 2006.
  Art. 10 When the depositary institution or issuer of the BDRs is granted the voting right corresponding to the deposited securities, it shall exercise it in the interest of the community of BDR holders.
  Art. 10 When the depositary institution is granted the voting right corresponding to the deposited securities, it shall exercise it in the interest of the community of BDR holders.
• Wording given by CVM Instruction No. 431, of May 29, 2006.
  Art. 10 The voting right of the shares that serve as collateral for a BDR program must be exercised by the depositary institution in the manner instructed by the BDR holders whenever the contracts related to the program allow, or in the best interest of the BDR holders, when such contracts prevent the vote instructed by them.
• Article 10 with wording given by CVM Instruction No. 585, of April 5, 2017.
  Art. 10. In cases where it comes to exercise the voting right of the securities that serve as collateral for a BDR program, the depositary institution must do so in the manner instructed by the BDR holders whenever the contracts related to the program allow, or in the best interest of the BDR holders, when such contracts prevent the vote instructed by them.
• Art. 10 with wording given by CVM Resolution No. 3, of August 11, 2020.
  OF THE PENALTIES
  Art. 11. It constitutes a serious offense, for the purposes of the provisions of § 3 of Art. 11 of Law No. 6.385, of December 7, 1976, the transgression of Arts. 4, 5, 9 and 10 of this Instruction.
  Art. 11. It constitutes a serious offense, for the purposes of the provisions of §3 of Art. 11 of Law No. 6.385, of December 7, 1976, the non-compliance with the provisions of item “b” of item I of § 1 and of §§ 3 and 5 of Art. 3, and of Arts. 4, 5, 9 and 10 of this Instruction.
• Wording given by CVM Instruction No. 431, of May 29, 2006.
  Art. 12. It constitutes a hypothesis of objective nature offense the non-compliance with the obligations provided for in § 4 of Art. 5 of this Instruction, in addition to the hypotheses already provided for in the items of item I of Art. 1 of CVM Instruction No. 251, of June 14, 1996, cases in which a summary administrative process procedure may be adopted, in accordance with the Regulation annexed to Resolution of the National Monetary Council No. 1.657, of October 26, 1989. Art. 12. REPEALED
• Article 12 repealed by CVM Instruction No. 585, of April 5, 2017.
  FINAL PROVISIONS
  Art. 13. CVM Instructions No. 255, of October 31, 1996, and 321, of December 10, 1999, are repealed.
  Art. 14. 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