CVM Instruction No. 365 of May 29, 2002

CVM INSTRUCTION NO. 365, OF MAY 29, 2002

Establishes the criteria for the registration and accounting evaluation of securities and financial derivative instruments by financial investment funds, funds applying in quotas of investment funds, and investment funds abroad.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on this date, having in view the provisions of Art. 2, item IX, and Art. 8, item I, of Law No. 6,385, of December 7, 1976, with the wording given by Law No. 10,303, of October 31, 2001, and in Joint Decision No. 10, of May 2, 2002, of the Central Bank of Brazil and the CVM,

HAS DECIDED to issue the following Instruction:

Art. 1 The procedures for the registration and evaluation of securities and financial derivative instruments, part of the portfolios of financial investment funds, funds applying in quotas of investment funds, and foreign investment funds, established in Circular No. 3,086, of February 15, 2002, with the alterations introduced by Circular 3,096, of March 6, 2002, both from the Central Bank of Brazil, must be observed from May 31, 2002, inclusive.

Sole Paragraph. The adoption of the procedures referred to in this article must produce immediate effects on the value of the fund's quota, calculated in the manner of the current regulation and observing the other conditions provided in its bylaws.

Art. 2 The classification of securities and financial instruments part of a fund's portfolio into the category of securities held until maturity, provided for in item II, of Art. 1 of the aforementioned Circular No. 3,086/02, may be carried out when there is the intention of the quota holders to preserve a volume of applications compatible with the maintenance of such assets in the fund's portfolio until maturity, provided that the following conditions are observed cumulatively, in substitution for those established in § 2 of that article:

I - the investment fund is destined exclusively to a single investor, to investors belonging to the same conglomerate or economic-financial group, or to qualified investors, the latter defined as such by the regulation issued by the CVM regarding investment funds in securities and financial instruments;

II - all quota holders, including those who join the fund from the date of entry into force of this Instruction, formally declare, through the adherence term to the fund's bylaws, their consent to the classification of securities and financial instruments part of the fund's portfolio into the category mentioned in this article.

CVM INSTRUCTION NO. 365, OF MAY 29, 2002.
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Sole Paragraph. For an investment fund to invest in quotas of another investment fund, which classifies securities and financial instruments of its portfolio in the category of securities held until maturity, it is necessary that the same conditions established in this article are met by the quota holders of the investing fund.

Art. 3 It is prohibited the adoption, by the investment funds referred to in Art. 1, of the procedure provided for in Art. 5 of the aforementioned Circular No. 3,086/02.

Art. 4 The adjustments resulting from the application of the criteria established in this Instruction must be immediately registered in counterpart to the appropriate expense or revenue account in the result of the period.

Sole Paragraph. The adjustments resulting from the application of the criteria established in this Instruction comparatively to those required in the regulation then in force must be the object of disclosure in explanatory notes to the financial statements, evidenced, in a comparative manner, their amount and the effects on the result.

Art. 5 This Instruction enters into force on the date of its publication in the Official Gazette of the Union, maintained the non-conflicting rules issued by the Central Bank of Brazil, through Circular No. 3,086, of February 15, 2002, with the alterations introduced by Circular No. 3,096, of March 6, 2002.

Original signed by
JOSÉ LUIZ OSORIO DE ALMEIDA FILHO
President