CVM INSTRUCTION NO. 439, OF AUGUST 22, 2006.

Amends the adaptation deadline for investment funds referred to in Art. 1 of CVM Instruction No. 438, of July 12, 2006, to the provisions of the Investment Funds Accounting Plan – COFI.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on August 15, 2006, in view of the provisions of Arts. 2º, §§ 2º and 3º, item II, 8º, items I and III, and 22, § 1º, items II and IV, all of Law No. 6.385, of December 7, 1976,

resolved to issue the following Instruction:

Art. 1º The investment funds referred to in Art. 1 of CVM Instruction No. 438, of July 12, 2006, shall observe the provisions of the Investment Funds Accounting Plan – COFI, approved by said Instruction, starting from January 1, 2007.

Art. 2º Without prejudice to the provisions of Art. 1, early adoption of the COFI provisions shall be permitted for the investment funds referred to in Art. 1 of CVM Instruction No. 438, of 2006.

Art. 3º While the investment funds referred to in Art. 1 of CVM Instruction No. 438, of 2006, do not adopt the norms referred to in the caput, the provisions provided for investment funds in the Accounting Plan of the Institutions of the National Financial System – COSIF shall apply, as well as the Instructions referred to in Art. 4 of CVM Instruction No. 438, of 2006.

Art. 4º Any effects of the change of accounting plan during the current fiscal year shall be disclosed in the explanatory notes of the financial statements, upon closing the period.

Art. 5º This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Signed originally by

MARCELO FERNANDEZ TRINDADE
President