CVM Instruction No. 338 of June 21, 2000

CVM INSTRUCTION NO. 338, OF JUNE 21, 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 this date, 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. 1

Articles 13, 35, 100, 102, and 103 of Instruction No. 302, of May 5, 1999, shall enter into force with the following wording:

“Art. 13 ...
...
VII – declaration by the administrator provided for in Annex I to this instruction.
...” (NR)

“Art. 35...
...
Sole paragraph. The prospectus must contain, in a prominent manner, the following statement: “The authorization for the sale of shares of this fund does not imply, on the part of the CVM, guarantee of the truthfulness of the information provided or of the adequacy of the fund’s regulations or its prospectus to current legislation or judgment on the quality of the fund or its administrator”” (NR)

“Art. 100 ...
...
Sole paragraph. The use of the option provided for in item I must observe the specific legislation applicable to each type of investor” (NR)

“Art. 102. Authorizations for the operation of funds constituted in the form of an open condominium are presumed granted after twenty days have elapsed from the date of filing the request with the CVM, provided it is accompanied by the documentation provided for in Art. 13.

CVM INSTRUCTION NO. 338, OF JUNE 21, 2000.
2

§1º The CVM, at any time, may request documents, additional information, or modifications to the documentation presented, as well as request the correction of procedures that are out of compliance with current legislation.

§2º If requirements are made before the authorization for the fund’s operation is granted, the period provided for in the caput of this article shall be suspended and the provisions of §§ 2º, 3º, and 4º of Art. 102-A shall be observed.

§3º The administering institution that fails to meet the requirements provided for in this article within 30 (thirty) days, counted from the receipt of the respective correspondence, shall be subject to the daily fine provided for in Art. 105, without prejudice to the cancellation of the authorization for the fund’s operation and the liability of the administrators.

§4º In the event of cancellation of the authorization for the fund’s operation, the administrator must immediately convene the general meeting of shareholders to deliberate on the liquidation of the fund.”(NR)

“Art. 103. A serious infraction, for the purposes of the provisions of Art. 11, § 3º, of Law No. 6,385/76, is the violation of the norms contained in Arts. 11; 13; 27; 28; 30; sole paragraph of Art. 50; 51, caput; items III; IV; VII; XIII and XIV of Art. 57; 62; 77; 78; 81 and 93.”(NR)

Art. 2º Art. 102-A is included with the following wording:

“Art. 102-A. The other authorizations provided for in this Instruction are presumed granted after thirty days have elapsed from the date of filing the request with the CVM, provided it is accompanied by the pertinent documentation.

§1º The thirty-day period may be suspended only once, if the CVM requests documents or additional information necessary for the examination of the authorization request, or conditions it to modifications in the pertinent documentation.

§2º A period not exceeding sixty days, counted from the receipt by the applicant of the respective correspondence, is granted to meet any requirements, under penalty of the request being denied.

§3º The CVM is assured, for final manifestation, a period corresponding to ten business days in the event that the remainder of the original period is less.

§4º The denial of the authorization request must be communicated to the interested party in writing.”

Art. 3º. Annex I is included with the following wording:

CVM INSTRUCTION NO. 338, OF JUNE 21, 2000.
3

“ANNEX I
DECLARATION

We declare, under penalty of committing the crime of ideological falsity, for the purposes of obtaining authorization for the operation of (include the name of the fund), that the regulations of the aforementioned fund are in compliance with current legislation.

We also declare that we assume the commitment to take the necessary measures to meet the requirements that may be formulated by the CVM, in accordance with the terms and deadline of § 3º, of Art. 102, of CVM Instruction No. 302/99.

---

Administering Institution”

Art. 4º 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