CVM Instruction No. 336 of May 15, 2000

CVM INSTRUCTION NO. 336, OF MAY 15, 2000.

Amends CVM Instruction No. 302, of May 5, 1999.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on May 11, 2000, and in accordance with the provisions of Article 19 of Law No. 6,385, of December 7, 1976, and Resolution of the National Monetary Council No. 1,787, of February 1, 1991, HAS DECIDED to issue the following Instruction:

Art. 1o

Articles 54, 57, and 99 of Instruction No. 302, of May 5, 1999, shall enter into force with the following wording:

“Art. 54......

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§9o

The funds referred to in § 2o may admit as investors their employees and/or partners, expressly indicated by the responsible director to the CVM, exempting them from the requirements regarding minimum initial investment values, holding periods, and transactions.” (NR)

“Art. 57......

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VII – transfer to the fund any benefit or advantage that may be achieved as a result of its condition as fund administrator, with the exception that the administrator of the equity fund may be remunerated by the administrator of the fund in which it applies the resources of its fund;

VIII – keep the financial assets and/or operational modalities included in the portfolios of the custodied funds, registered and/or in deposit accounts directly in the name of the fund, segregated from the administrator's account, centralized in a single custodian entity authorized to exercise the activity by the CVM;

......” (NR)

“Art. 99......

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V – individual investors who possess portfolios of securities and/or investment fund shares with a value greater than R$ 250,000.00 (two hundred and fifty thousand reais);

CVM INSTRUCTION NO. 336, OF MAY 15, 2000.
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§1o

For the purposes of items V and VII, the sum of the investments or assets of the spouse, ascendants, and descendants of the first degree of the investor is admitted.

§2o

Employees and/or partners of the institution administering this fund may be admitted, as investors in a fund for qualified investors, expressly authorized by the responsible director of the institution to the CVM.

§3o

It is permitted the holding, in funds for qualified investors, of investors who do not fit into the items of this article, provided that such investors entered the fund by March 31, 2000, and sign a term of knowledge and agreement with the regulations.” (NR)

Art. 2o

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

Original signed by

WLADIMIR CASTELO BRANCO CASTRO
Acting President