CVM Instruction No. 412 of December 7, 2004

CVM INSTRUCTION NO. 412, OF DECEMBER 7, 2004.

Amends CVM Instruction No. 388, of April 30, 2003, which provides for the activity of securities analysts and establishes conditions for its exercise.

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 Art. 1, item VIII; Art. 8, items I and III; Art. 18, item I, letter "b", and Art. 27 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 The Articles 18 and 19 of CVM Instruction No. 388/03 shall enter into force with the following wording:

"Art. 18. The securities analyst shall have until March 31, 2005, to obtain accreditation from the accrediting entity referred to in Art. 3 of this Instruction and registration with the CVM." (NR)

"Art. 19. The accrediting entity may, until March 31, 2005, exceptionally, waive compliance with the requirement set forth in items I and IV of § 2 of Art. 3, provided that the professional exercise of the analyst in the securities market for a minimum period of 2 (two) years, during the 5 (five) years immediately preceding the effective date of this Instruction, is demonstrated." (NR)

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

Original signed by
MARCELO FERNANDEZ TRINDADE
President