CVM INSTRUCTION NO. 377, OF OCTOBER 29, 2002

Amends CVM Instruction No. 302, of May 5, 1999, which provides for the constitution, administration, operation, and dissemination of information of investment funds in bonds and securities.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on this date, and considering the provisions of Art. 2, item V; Art. 8, item I; and Art. 19 of Law No. 6,385, of December 7, 1976, as amended by Law No. 10,303, of October 31, 2001, HAS RESOLVED to issue the following Instruction:

Art. 1. Articles 35 and 68 of CVM Instruction No. 302, of May 5, 1999, shall henceforth read as follows:

"Art. 35. ...

XII – policy regarding the exercise of voting rights by the fund, by the administrator or by its legally constituted representatives, at general assemblies of companies in which the fund holds participation. ......" (NR)

"Art. 68. ...

VI – the content of the votes cast by the administrator, or by its legally constituted representatives, at general assemblies held during the semester, of companies in which the fund holds participation; and

VII – justification for the vote cast by the administrator, or by its legally constituted representatives, or the reasons for abstention or non-attendance at the General Assembly;

Sole Paragraph. The provisions of items VI and VII do not apply when the fund adopts the policy of not exercising voting rights at general assemblies of companies in which it holds participation. ......" (NR)

Art. 2. Funds must deliberate on the policy regarding the exercise of voting rights by the administrator or by its legally constituted representatives at general assemblies of companies in which the fund holds participation, at the first general assembly of the fund subsequent to the publication of this Instruction.

Art. 3. Operating funds must adapt their prospectuses to the provisions of item XII of Art. 35 of CVM Instruction No. 302/99, as amended by this Instruction, immediately after the deliberation of the General Assembly referred to in the previous article.

CVM INSTRUCTION NO. 377, OF OCTOBER 29, 2002.
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Art. 4. 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