CVM INSTRUCTION NO. 491, OF FEBRUARY 22, 2011

Provides for cases of serious infractions, under the terms of § 3 of art. 11 of Law No. 6,385, of December 7, 1976.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on February 15, 2011, and based on the provisions of art. 11, § 3, of Law No. 6,385, of December 7, 1976, APPROVED the following Instruction:

Art. 1. The following are considered serious infractions, warranting the application of the penalties provided for in items III to VIII of art. 11 of Law No. 6,385, of December 7, 1976:

I – non-compliance with the following commands of Law No. 6,404, of December 15, 1976:

a) art. 117; b) art. 153; c) art. 154, main text and §§ 1 and 2; d) art. 155, main text and §§ 1, 2 and 4; e) art. 156, main text and § 1; f) art. 165, main text and §§ 1 and 2; g) art. 201; h) art. 202, main text and §§ 5 and 6; i) art. 205, main text and § 3; j) art. 245; k) art. 254-A, main text; and

l) art. 273;

II – non-compliance with a determination by the CVM made under the terms of art. 9, item IV, of Law No. 6,385, of 1976; and

III – obstruction of CVM oversight.

Sole Paragraph. For the purposes of this Instruction, obstruction of oversight is understood as the cases in which any of the persons referred to in art. 9, item I, items "a" to "g", of Law No. 6,385, of 1976, fails to:

I – comply, within the established deadline, with a summons to provide information or clarifications that has been formulated by the CVM; or

II – make available to the CVM the books, accounting records, and documents necessary to support its supervisory action.

Art. 2. The following CVM Instructions are revoked:

I – No. 6, of February 19, 1979;
II – No. 18, of November 17, 1981; and
III – No. 131, of August 17, 1990.

Art. 3. This Instruction enters into force on the date of its publication.

Signed original by

MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President