CVM INSTRUCTION NO. 375, OF AUGUST 14, 2002

Establishes the criteria for the registration and accounting evaluation of securities by financial investment funds, funds applying in quotas of investment funds, and investment funds in foreign markets.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on this date, in view of the provisions of Articles 2, item IX, and 8, item I, of Law No. 6,385, of December 7, 1976, as amended 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,

RESOLVES to issue the following Instruction:

Art. 1 It is admitted to financial investment funds, funds applying in quotas of investment funds, and investment funds in foreign markets, not classified under the conditions established in Article 2 of CVM Instruction No. 365, of May 29, 2002, the registration of securities in the category of securities held until maturity, provided there is financial capacity of the fund to keep them in the portfolio until maturity, and they meet, cumulatively, the following conditions:

I - present a remaining maturity limited to 365 days;

II - have post-fixed remuneration contracted based on the SELIC rate or the interbank deposit rate (DI), with the fulfillment of this condition being admitted through the use of financial derivative instruments.

§1 For the purposes of registering securities in the category of securities held until maturity, it must be observed that:

I - for securities acquired until the entry into force of this Instruction, the adjusted value resulting from the application of the provisions of CVM Instruction No. 365, of 2002, shall constitute the new cost basis;

II - for securities acquired after the entry into force of this Instruction, the value effectively paid, including brokerage fees and emoluments, shall be considered, as provided in Article 1 of Circular 3,086, of February 15, 2002, of the Central Bank of Brazil.

§2 The financial capacity referred to in the caput must be proven based on a cash flow projection prepared in accordance with the needs:

I - of liquidity in relation to contracted obligations;

II - of the profile of the fund's investors; and

III - of the history of movements of applications and redemptions.

§3 The adoption of the procedures referred to in this article must produce immediate effects on the fund's share value, observing the other conditions provided for in its regulations.

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

Signed original by

LUIZ LEONARDO CANTIDIANO
President