CVM Instruction No. 470 of May 6, 2008

CVM INSTRUCTION NO. 470, OF MAY 6, 2008

Amends CVM Instruction No. 209, of March 25, 1994, which provides for the constitution, functioning, and administration of Investment Funds in Emerging Companies.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes public that the Collegiate Board, in a meeting held on April 30, 2008, and in view of the provisions of Article 2 of Law No. 6,385, of December 7, 1976, APPROVED the following Instruction:

Article 1

Article 1 of CVM Instruction No. 209, of March 25, 1994, shall be effective with the following wording:

“Article 1

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§1

An emerging company is understood to be a corporation that presents annual net revenue, or consolidated annual net revenue, lower than R$ 150,000,000.00 (one hundred and fifty million Reais), calculated in the balance sheet closing the fiscal year prior to the acquisition of the securities issued by it.

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§ 3

It is prohibited for the Fund to invest in a company whose shareholding control is held by a group of companies, de facto or de jure, whose consolidated net equity is higher than R$ 300,000,000.00 (three hundred million Reais).” (NR)

Article 2

This Instruction shall enter into force on the date of its publication in the Official Gazette of the Union.

Signed original by

MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President