CVM Instruction No. 413 of December 30, 2004

CVM INSTRUCTION NO. 413, OF DECEMBER 30, 2004.

Amends CVM Instruction No. 409, of August 18, 2004.

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 Arts. 2 and 19 of Law No. 6,385, of December 7, 1976, resolved to issue the following Instruction:

Art. 1

Arts. 41, 68, 96, 99, 116, and 124 and the title of Chapter XIV of CVM Instruction No. 409, of August 18, 2004, shall enter into force with the following wording:

“Art. 41....................................................................................
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VIII – performance fee, entry fee, and exit fee, observing the provisions of Art. 62; ........................................................................................(NR)”

“Art. 68. ...................................................................................
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§3º If the administrator discloses information regarding the portfolio composition to third parties, the same information must be made available to unitholders with the same frequency, except for the cases of disclosure of information by the administrator to the fund's service providers, necessary for the execution of their activities, as well as to regulatory, self-regulatory bodies, and professional entities, regarding their members, in compliance with legal, regulatory, and statutory requests formulated by them.” (NR)

“Art. 96. .......................................................................................
.....................................................................................................
§5º For the purposes of the provision in paragraph 4, item II:
I – ..........................................................................; II – ..........................................................................;

CVM INSTRUCTION NO. 413, OF DECEMBER 30, 2004.
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III – The acquisition of federal public bonds for use as margin guarantee in operations in organized derivatives markets in the country is permitted.
......................................................................................................
§7º It is prohibited to maintain or apply in the Country resources raised by the fund, except in the cases of item II of § 4º and item III of § 5º of this article.” (NR)

“Art. 99. .........................................................................................
......................................................................................................
II – expenses with the registration of documents in notary offices, printing, dispatch, and publication of reports and periodic information provided for in this Instruction; ..............................................................................................” (NR)

“CHAPTER XIV

ON EXCLUSIVE AND PENSION FUNDS

“Art. 116. Funds classified as "Exclusive" are those constituted to receive applications exclusively from a single unitholder.
§1º Only qualified investors may be unitholders of exclusive funds.
§2º Funds classified as “Pension” are exclusive funds constituted to receive applications exclusively from Investment Funds and Individual Programmed Pension Funds – FAPI, open complementary pension plans, life insurance with survival coverage, and closed private pension entities.” (NR)

“Art. 124 .................................................................................
...............................................................................................
§6º

Commercial banks, multiple banks without an investment portfolio, and savings banks remain authorized, until January 31, 2005, to distribute shares of existing open investment funds as of the entry into force of this instruction.

CVM INSTRUCTION NO. 413, OF DECEMBER 30, 2004.
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§7º Administrative or management institutions of investment fund portfolios that are in operation on the date of the beginning of the validity of this Instruction, that are regulated by Circulars No. 2,616, of September 18, 1995, and No. 2,714, of August 28, 1996, of the Central Bank of Brazil, but that are not accredited by the CVM as administrators of securities portfolios, remain authorized, until January 31, 2005, to exercise the administration or management of the portfolios of the aforementioned investment funds.” (NR)

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

Rio de Janeiro, December 30, 2004.

Signed original by

MARCELO FERNANDEZ TRINDADE
President