CVM Instruction No. 386 of March 28, 2003 (Repealed)

CVM INSTRUCTION NO. 386, OF MARCH 28, 2003.

Provides for independent auditing in financial investment funds, funds applying in quotas of financial investment funds, and investment funds abroad.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on March 25, 2003, in view of the provisions of Articles 1, 2, item IX; 8, item I; and 26 of Law No. 6,385, of December 7, 1976, with the wording given by Law No. 10,303, of October 31, 2001; in Circulars No. 2,616, of September 18, 1995, and No. 2,714, of August 28, 1996, of the Central Bank of Brazil, and in Joint Decision No. 10, of May 2, 2002, of the Central Bank of Brazil and the CVM, RESOLVED to issue the following Instruction:

Art. 1 The provisions contained in CVM Instruction No. 308, of May 14, 1999, shall apply to the audit of financial investment funds, funds applying in quotas of financial investment funds, and foreign investment funds.

Sole Paragraph. The rotation period provided for in Article 31 of CVM Instruction No. 308, of 1999, shall be counted from the most recent date of hiring, by the fund administrator, of the independent auditor.

Art. 2 The administrators of the funds referred to in Article 1 of this Instruction shall disclose, in explanatory notes to the fund statements prepared from April 1, 2003, the information referred to in CVM Instruction No. 381, of January 14, 2003.

Art. 3 This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Original signed by
LUIZ LEONARDO CANTIDIANO
President