CVM Instruction No. 484 of July 21, 2010

CVM INSTRUCTION NO. 484, OF JULY 21, 2010
Adds and alters provisions of CVM Instruction No. 356, of December 17, 2001.

The INTERIM PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL - CVM makes public that the Collegiate Board, in a meeting held on June 2, 2010, based on the provisions of
Article 8, item I, of Law No. 6,385, of December 7, 1976, and of the Resolution of the National Monetary
Council No. 2,907, of November 29, 2001, APPROVED the following Instruction:

Art. 1 Article 8 of CVM Instruction No. 356, of December 17, 2001, shall be in effect with the following wording:

“Art. 8 ......
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§ 3 The director or managing partner must prepare a quarterly statement that evidences, in relation to the quarter to which it refers:
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III – the collateral verification procedures by sampling adopted by the custodian, including the methodology for selecting the sample verified in the period, if applicable; IV – the results of the collateral verification by sampling or not, carried out by the custodian, explaining, among the analyzed universe, the quantity and relevance of non-existent credits possibly found; V – the information requested in Article 24, item X, clauses “a”, and “c”, if such information:
a) were not known by the administrator at the time of the fund's registration; or b) have undergone changes or amendments; VI – possible effects of the changes pointed out in item V on the portfolio's yield;

VII – regarding originators that individually represent 10% (ten percent) or more of the fund's portfolio in the quarter:
a) any changes in the criteria for granting credit adopted by such originators, if the criteria adopted have already been described in the bylaws or in other quarterly statements; and b) criteria for granting credit adopted by the originators, if such criteria have not been described in the bylaws or in other quarterly statements; VIII – any changes in the existing guarantees for the set of assets; IX – how the assignment of credit rights to the fund was carried out, including:
a) description of relevant contracts signed for this purpose, if any; and b) indication of whether the assignment is definitive or not; X – impact on the fund's net asset value and on the portfolio's yield of prepayment events; XI – analysis of the impact of the prepayment events described in item X; XII – conditions for alienation, by any means, including sale or swap, of credit rights, including:
a) timing of the alienation (before or after maturity); and b) motivation for the alienation; XIII – impact on the fund's net asset value and on the portfolio's yield of a possible discontinuation in the operations of alienation of credit rights carried out:
a) by the assignor;

b) by institutions that, directly or indirectly, provide services to the fund; or c) by persons linked to them; XIV – analysis of the impact of the discontinuation of alienations described in item XIII; XV – any events provided for in the contracts signed to structure the operation that resulted in the early amortization of the credit rights assigned to the fund; and XVI – information on events that affected the regularity of the payment flows foreseen.
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§ 9 The provisions of items V, a VII, X and XI of § 3 do not apply to funds:
I – whose credit rights are representative of commercial contracts for the purchase and sale of products, goods and services for future delivery or provision; or II – that invest in overdue and pending payment credit rights at the time of their assignment to the fund.” (NR)

Art. 2 Article 53-A of CVM Instruction No. 356, of 2001, shall be in effect with the following wording:

“Art. 53-A The administrator must disclose, on its website on the worldwide computer network, any information relating to the fund disclosed to unitholders or third parties. Sole Paragraph. The provisions of the caput do not apply to information disclosed to:
I – fund service providers, provided that such information is necessary for the execution of their activities; and II – regulatory and self-regulatory bodies, when such information aims to meet requests legal, regulatory or statutory.”(NR)

Art. 3 Article 61 of CVM Instruction No. 356, of 2001, shall be in effect with the following wording:

“Art. 61 A serious infraction, for the purposes of the provisions of Article 11, § 3, of Law No. 6,385, of 1976, is considered the infraction of the norms contained in Articles 8, items V and VI, 13, 34 to 36, 38, 49 and 56, § 1 of this Instruction.”

Art. 4 This Instruction enters into force on January 1, 2011, applying to the quarter started on that date.

Original signed by
MARCOS BARBOSA PINTO
Interim President