CVM Instruction No. 423 of September 28, 2005, as amended by CVM Instruction No. 609/19

CVM INSTRUCTION NO. 423, OF SEPTEMBER 28, 2005, WITH AMENDMENTS INTRODUCED BY CVM INSTRUCTION NO. 609/19.

Provides for the sending of information and registration with the CVM of Individual Programmed Retirement Funds - FAPI.

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. 2, item IX, and Art. 8, item I, of Law No. 6,385, of December 7, 1976, as amended by Law No. 10,303, of October 31, 2001, HAS DECIDED to issue the following Instruction:

Art. 1 This Instruction provides for the registration and sending of information by Individual Programmed Retirement Funds - FAPI.

Art. 2 The start of activities, closure, transformation, spin-off, incorporation, merger, and registration changes of Individual Programmed Retirement Funds - FAPI must, as of October 1, 2005, be communicated to the CVM.

§1 The start of activities of Individual Programmed Retirement Funds - FAPI depends on prior registration with the CVM.

§2 The administrator must communicate to the CVM the date of the first issuance of fund shares, within 5 (five) days counted from its occurrence.

§3 The deadline for communication to the CVM of events of closure, transformation, spin-off, incorporation, merger, or registration changes is 15 (fifteen) days, counted from their occurrence.

§4 When communicating the start of activities, the administrator must send the updated regulations and prospectus, if any, through the CVM's information reception system on its website.

Art. 3 Individual Programmed Retirement Funds - FAPI must, as of November 1, 2005, send through the CVM's information reception system, the following documents, according to models available on this Commission's website:

I - Daily Report, within 2 (two) business days after the day to which the information refers;

II - Monthly and within 10 (ten) days after the end of the month to which they refer:

a) Trial Balance, b) Statement of Composition and Diversification of Applications - CDA; and c) Monthly Profile

III - Updated regulations of funds in operation as of October 1, 2005, within 60 (sixty) days counted from the publication of this Instruction, and whenever there is an amendment to them, within 15 (fifteen) days counted from the assembly that deliberated on the amendment; and

IV - Updated prospectus of funds in operation as of October 1, 2005, if any, within 60 (sixty) days counted from the publication of this Instruction, and whenever there is an amendment to it, within 10 (ten) days counted from its amendment.

Art. 4 The "Daily Report" document will replace the daily information previously required.

Sole Paragraph. From the communication of the start of activities of the fund, the "Daily Report" must be sent to the CVM, even in the case where all values are null.

Art. 5 The Statement of Composition and Diversification of Applications - CDA will replace the weekly information previously required.

Sole Paragraph. The weekly information referred to in the caput of this article will be due only until the position of October 28, 2005, and until this date must be sent directly through the systems currently made available by the Central Bank of Brazil.

Art. 6 Administrators must verify the information related to Individual Programmed Retirement Funds - FAPI, made available in the General Register of the CVM on its website, communicating any inaccuracies within 15 (fifteen) days, counted from the date of entry into force of this Instruction.

Art. 7 Provided there is no conflict with the provisions of this Instruction, the rules of the National Monetary Council and the Central Bank of Brazil regarding Individual Programmed Retirement Funds - FAPI remain in force.

Art. 8 Without prejudice to the provisions of Art. 11 of Law No. 6,385/76, the fund administrator will pay a daily fine, in the amount of R$ 200.00 (two hundred reais), incident from the first business day subsequent to the end of the deadline, due to non-compliance with the deadlines provided for in this Instruction.

Art. 8 Without prejudice to the provisions of Art. 11 of Law No. 6,385, of 1976, the fund administrator is subject to the daily fine provided for in the specific norm that deals with penalty fines due to non-compliance with the deadlines provided for in this Instruction.

Sole Paragraph. The daily fine referred to in the caput does not apply to the daily report, but the CVM may determine the administrator's responsibility under Art. 11 of Law No. 6,385, of 1976, if the information is not sent within the deadline provided for in item I of Art. 3.

• Art. 8 with wording given by CVM Instruction No. 609, of June 25, 2019.

Art. 9 This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Original signed by
WLADIMIR CASTELO BRANCO CASTRO
Acting President