CVM Instruction No. 447 of January 11, 2007

CVM INSTRUCTION NO. 447, OF JANUARY 11, 2007.

Amends CVM Instruction No. 273, of March 12, 1998.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on January 10, 2007, and based on item II of Article 9 of Law No. 6,385, of December 7, 1976, as amended by Article 2 of Provisional Measure No. 1,637-2, of January 8, 1998; on item IV, paragraph 1 of the same article; and on paragraph 11 of Article 11 of the same law, as amended by Article 2 of Law No. 9,457, of May 5, 1997, HAS RESOLVED TO ISSUE THE FOLLOWING INSTRUCTION:

Article 1. Article 1 of Instruction No. 273, of March 12, 1998, shall be effective with the following wording:

“Article 1. ...
...
§2. The daily coercive fine shall apply, from the day following the expiration of the deadline for compliance with the obligation, regardless of summons, without prejudice to other sanctions applicable under Article 11 of Law No. 6,385/76:

I – in the cases of the main text, from the day following the communication referred to in Article 3-A; II – in the cases of paragraph 1, from the day following that established in the notification for the practice or abstention of the act. ... ” (NEW)

Article 2. The following Article 3-A is added to Instruction 273/98:

“Article 3-A. In the cases of the main text of Article 1, the Superintendent of the responsible area shall send, within 5 (five) days following the expiration of the deadline contained in the respective regulation, specific or automatic communication addressed to the responsible party indicated in the participant's registration with the CVM, alerting them that, from the date of the communication, the fine provided for in the regulation will apply.”

Article 3. This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Signed by
MARCELO FERNANDEZ TRINDADE
President