CVM Instruction No. 381 of January 14, 2003 (Revoked)

CVM INSTRUCTION NO. 381, OF JANUARY 14, 2003.

Provides for the disclosure, by Audited Entities, of information regarding the provision, by the independent auditor, of other services that are not external audit.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on this date, based on arts. 1, item VII; 2, § 2, 8, item III and 22, § 1, items I and II, of Law No. 6,385 of December 7, 1976, and in arts. 4 and 15, of Law No. 8,668, of June 25, 1993, resolved to issue the following Instruction:

Art. 1 For the purposes of this Instruction, the following definitions are considered:

I - Audited Entities: open companies and other issuers of securities subject to CVM regulation; and

II - Related Parties with the Independent Auditor: natural and legal persons linked to the independent auditor according to the independence standards of the Federal Council of Accounting.

Art. 2 Audited Entities shall disclose the following information related to the provision, by the Independent Auditor or by Related Parties with the Independent Auditor, of any service that is not external audit:

I – the date of contracting, the duration period, if greater than one year, and the indication of the nature of each service provided;

II – the total value of contracted fees and their percentage in relation to fees for external audit services;

III – the policy or procedures adopted by the company to avoid the existence of conflict of interest, loss of independence or objectivity of its independent auditors; and

IV – a summary of the justified exposure referred to in art. 3;

§1 The information referred to in this article shall be:

I - disclosed in the Management Report; and

II - updated in the Quarterly Information when there is a change resulting from the signing, cancellation or modification of a service provision contract that is not audit.

CVM INSTRUCTION NO. 381, OF JANUARY 14, 2003.
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§2 Audited Entities may omit the disclosure of the information required in item II when the global remuneration referred to therein represents less than 5% (five percent) of the remuneration for external audit services.

Art. 3 The auditor shall declare to the management of the Audited Entities the reasons why, in their understanding, the provision of other services (art. 2) does not affect the independence and objectivity necessary for the performance of external audit services.

Art. 4 The provisions of arts. 2 and 3 of this Instruction also apply to cases of provision of services, including external audit, for controlled companies, holding companies or companies belonging to the same group as the Audited Entities.

Art. 5 Failure to comply with the provisions of this Instruction constitutes a serious offense.

Art. 6 This Instruction enters into force on the date of its publication in the Official Gazette of the Union, applying to social fiscal years ending on or after December 1, 2002.

Original signed by
LUIZ LEONARDO CANTIDIANO
President