INSTRUCTION CVM NO. 496, OF MAY 11, 2011

Amends and adds articles to CVM Instruction 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 May 3, 2011, based on arts. 2, item V; 8, item I, and 19 of Law No. 6.385, of December 7, 1976, APPROVED the following Instruction:

Art. 1° Arts. 6º and 41 of CVM Instruction No. 391, of July 16, 2003, shall be in effect with the following wording:

“Art. 6º ...
...
§1º It is prohibited for the fund to carry out operations with derivatives, except when such operations are carried out exclusively for asset protection purposes.

§2º For capital calls made from May 12, 2011, the maximum period referred to in item V of the caput must not exceed the last business day of the 2nd month subsequent to the initial date for the integration of quotas.” (NR)

“Art. 41. A serious offense, for the purpose of the provision of art. 11, § 3o, of Law no 6.385, of 1976, is the violation of the norms contained in arts. 2o, §§ 2o, 3o and 4o; 3º; 5º; 6º-A, §§ 2º and 3º; 7º, § 2o; 15, items I and VIII, 31 and 36.” (NR)

Art. 2º CVM Instruction No. 391, of 2003, shall be in effect supplemented by art. 6º-A, with the following wording:

“Art. 6º-A The fund must maintain, at minimum, 90% (ninety percent) of its assets invested in the assets provided for in art. 2º.

§1º The limit established in the caput is not applicable:
I – during the period for applying resources, established according to art. 6º, item V and §2º, of each of the quota integration events provided for in the investment commitment; and

II – for funds in operation before May 12, 2011 and which, from this date:
a) do not make new capital calls; or b) make new capital calls with the exclusive purpose of paying fund expenses.

§2º The administrator must communicate immediately to the CVM, after the period referred to in item I of §1º has expired, the occurrence of disqualification, with the appropriate justifications, also informing about the requalification of the portfolio, at the time it occurs.

§3º For the purpose of verifying the qualification provided for in the caput, the following values shall be added to the assets provided for in art. 2º:
I – intended for the payment of fund expenses, limited to 5% (five percent) of the subscribed capital; II – resulting from divestment operations:
a) in the period between the date of actual receipt of resources and the last business day of the 2nd month subsequent to such receipt, in cases where the resources are reinvested in assets provided for in art. 2º; b) in the period between the date of actual receipt of resources and the last business day of the month subsequent to such receipt, in cases where the resources are not reinvested in assets provided for in art. 2º; or c) while linked to guarantees given to the buyer of the divested asset; and III – applied in public bonds with the objective of constituting a guarantee for project financing contracts with official financial institutions.

§4º If the disqualification from the limit established in the caput persists for a period longer than the resource application period, established according to art. 6º, item V and §2º, the administrator must, within 10 (ten) business days counted from the end of the period for applying resources:

I – requalify the portfolio; or
II – return the values that exceed the established limit to the quota holders who have integrated the last capital call, without any yield, in proportion to their integration.” (NR)

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

Signed original by
MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President