CVM Instruction No. 453 of April 30, 2007

CVM INSTRUCTION NO. 453, OF APRIL 30, 2007.

Amends CVM Instructions No. 406, of April 27, 2004, No. 209, of March 25, 1994, and No. 391, of July 16, 2003.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on April 25, 2007, in view of the provisions of Articles 1, item VIII; 8, items I and III; 18, item I, letter "b", and 27 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. Article 2-A is added to CVM Instruction No. 406, of April 27, 2004, with the following wording:

“Art. 2-A The provisions of Article 2 apply also to Emerging Company Investment Mutual Funds – FMIEE governed by CVM Instruction No. 209, of March 25, 1994, that obtain direct financial support from development organizations.” (NR)

Art. 2. Article 4 of CVM Instruction No. 209, of March 25, 1994, shall be in effect with the following wording:

“Art. 4. ......
......
X - indication of possible conflicts of interest.
......” (NR)

Art. 3. Article 6 of CVM Instruction No. 391, of July 16, 2003, shall be in effect with the following wording:

“Art. 6. ......
......
Sole Paragraph. The fund is prohibited from carrying out derivative operations, except when such operations are carried out exclusively for asset protection purposes.” (NR)

Art. 4. Paragraph 4 of Article 1 of CVM Instruction No. 209, of March 25, 1994, is repealed.

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

Signed original by
MARCELO FERNANDEZ TRINDADE
President