CVM Instruction No. 477 of January 28, 2009 (Revoked)

CVM INSTRUCTION NO. 477, OF JANUARY 28, 2009

Amends CVM Instruction No. 209, of March 25, 1994, which provides for the constitution, operation, and administration of Mutual 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 December 16, 2008, and in view of the provisions of Art. 8, item I, of Law No. 6,385, of December 7, 1976, APPROVED the following Instruction:

Art. 1. Arts. 2, 5, 9, 10, 12, 14, 26, 29, and 43-B of CVM Instruction No. 209, of March 25, 1994, shall enter into force with the following wording:

“Art. 2
The Fund shall have a maximum duration of 10 (ten) years, counted from the date of authorization for operation by the Securities and Exchange Commission.” (NR)

“Art. 5. The following acts relating to the Fund shall be communicated to the Securities and Exchange Commission, within a period of up to 8 (eight) days counted from their deliberation in a general assembly:
......
VII – liquidation; and
VIII – distribution of new quotas.
§1. The deliberation on the matters indicated in items I to VII shall only produce effects from the date of protocol at the Securities and Exchange Commission of a copy of the minutes of the general assembly, with the full text of the deliberations, and of the consolidated fund regulations, if applicable. §2. The distribution of new quotas of the fund depends on prior registration at the Securities and Exchange Commission.” (NR)

“Art. 9. The Securities and Exchange Commission may disqualify the fund administrator, in accordance with the regulations governing the exercise of the activity of portfolio administrator.” (NR)

CVM INSTRUCTION NO. 477, OF JANUARY 28, 2009
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“Art. 10. In the event of resignation or disqualification, the administrator shall be obliged to immediately convene a general assembly of quota holders to elect its successor, to be held within a period of up to 10 (ten) days, and it shall also be permissible for quota holders who hold at least 5% (five percent) of the issued quotas, in any case, or for the Securities and Exchange Commission, in cases of disqualification, to convene the general assembly. §1. In the event of resignation, the administrator must remain in the exercise of its functions until its effective replacement. §2. In the event of disqualification, the Securities and Exchange Commission may indicate a temporary administrator until the election of a new administration.” (NR)

“Art. 12. ......
......
VI – deliberate on the increase in the administrator’s remuneration rate, including with respect to participation in the fund’s results; VII – deliberate on the alteration of the quorum for installation and deliberation of the general assembly; and VIII – deliberate on the extension of the fund’s duration period. ......”(NR)

“Art. 14. ......
Sole Paragraph. The deliberations relating to the matters provided for in items III, IV, and VI to VIII of Art. 12, and, unless already provided for in the Regulations, the issuance of new quotas (item V of Art. 12), shall be approved by a majority of the issued quotas.” (NR)

“Art. 26. ......
......

CVM INSTRUCTION NO. 477, OF JANUARY 28, 2009
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“§ 4. The fund is prohibited from carrying out operations with derivatives, except when such operations are carried out exclusively for asset protection purposes.” (NR)

“Art. 29 ......
......
X - custody fee for securities and financial assets of the Fund; and XI – expenses with the hiring of third parties to provide fiscal, accounting, and specialized consulting services, within limits established in the regulations. ......” (NR)

“Art. 43-B. ......
Sole Paragraph. Observed the provisions of §§ 2 to 4 of Art. 26, the portion of the fund’s assets that is not invested in securities of innovative emerging companies shall, obligatorily, be invested in:
...... ” (NR)

Art. 2. This Instruction enters into force on the date of its publication.

Signed original by
MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President