CVM Instruction No. 363 of April 2, 2002 (Revoked)

CVM INSTRUCTION NO. 363, OF APRIL 2, 2002.

AMENDS CVM Instruction No. 209, of March 25, 1994, which provides for the constitution, operation, and administration of Investment Funds in Emerging Companies.

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

Art. 1. Articles 1, §§ 1 and 3; 3, § 2, and 22, § 1, item I, of CVM Instruction No. 209, of March 25, 1994, shall enter into force with the following wording:

“Art. 1. ...

§1. An emerging company is understood to be a corporation that presents annual net revenue, or consolidated annual net revenue, lower than R$ 100,000,000.00 (one hundred million Reais), calculated in the balance sheet closing the fiscal year prior to the acquisition of the securities issued by it.

...

§3. It is prohibited for the Fund to invest in a company that is part of a group of companies, de facto or de jure, whose consolidated net equity is higher than R$ 200,000,000.00 (two hundred million Reais).

...”. (NR)

“Art. 3. ...

...

§2. The total subscription of the quotas constituting the initial equity must be completed within a maximum period of 360 (three hundred and sixty) days, counting from the date of the registration of the distribution of quotas by the Securities and Exchange Commission, if applicable, or from the date of the deliberation of their issuance if intended for private placement.

§3. Only the issuance of quotas with a value equal to or greater than R$ 20,000.00 (twenty thousand Reais) will be permitted”. (NR)

“Art. 22. ...

CVM INSTRUCTION NO. 363, OF APRIL 2, 2002.
2

§1. At the discretion of the Securities and Exchange Commission, prior registration may be waived when the public distribution:

I - restricts subscription to values higher than R$ 400,000.00 (four hundred thousand Reais) per investor; or

...”. (NR)

Art. 2. This Instruction shall enter into force on the date of its publication in the Official Gazette of the Union.

Signed original by

JOSÉ LUIZ OSORIO DE ALMEIDA FILHO
President