CVM INSTRUCTION NO. 397, OF OCTOBER 16, 2003.

Amends CVM Instruction No. 279, of May 14, 1998, which regulates the constitution, administration, and operation of Mutual Funds for Privatization - FGTS intended for the acquisition of securities, with available resources from the linked account of the Employment Guarantee Fund - FGTS.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on October 14, 2003, and based on the provisions of item I of Art. 8 of Law No. 6,385, of December 7, 1976, Law No. 9,491, of September 9, 1997, Law No. 9,635, of May 15, 1998, and Decree No. 2,430, of December 17, 1997, HAS DECIDED TO ISSUE THE FOLLOWING INSTRUCTION:

Art. 1 Arts. 3 and 12 of CVM Instruction No. 279, of May 14, 1998, shall be effective with the following wording:

"Art. 3 ...

§3 The procedures provided for in Chapters XIII and XIV of CVM Instruction No. 302, of May 5, 1999, shall apply to the events mentioned in items III and IV." (NR)

"Art. 12. The convening of the General Assembly shall be made by correspondence, sent to each of the unitholders registered in the "Unitholder Register" up to 15 (fifteen) days before the date set for its holding, including, in the calculation of the period, the day of dispatch of the summons and excluding the day of the holding of the Assembly. ......" (NR)

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

Signed original by
LUIZ ANTONIO DE SAMPAIO CAMPOS
Acting President