CVM Instruction No. 497 of June 3, 2011, as amended by Instructions No. 515/11, 593/17, and 610/19: Regulation of Autonomous Investment Agent Activities

FULL TEXT OF CVM INSTRUCTION NO. 497, OF JUNE 3, 2011, WITH AMENDMENTS INTRODUCED BY CVM INSTRUCTIONS NO. 515/11, 593/17, AND 610/19

Provides for the activity of autonomous investment agent.

THE PRESIDENT OF THE SECURITIES COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on May 10, 2011, considering the provisions of art. 8, item I, and 16, items I and III, of Law No. 6,385, of December 7, 1976, APPROVED the following Instruction:

CHAPTER I - DEFINITION

Art. 1 An autonomous investment agent is a natural person, registered in the manner of this Instruction, to perform, under the responsibility and as an agent of an institution part of the securities distribution system, the activities of:

I - prospecting and client acquisition;

II - reception and registration of orders and transmission of these orders to the appropriate trading or registration systems, in accordance with current regulations; and

III - provision of information on the products offered and on the services provided by the institution part of the securities distribution system for which it has been contracted.

Sole paragraph. The provision of information referred to in item III includes support and guidance activities inherent to the commercial relationship with clients, observing the provisions of art. 10.

Art. 2 Autonomous investment agents may exercise their activities through a company or individual firm constituted exclusively for this purpose, observing the requirements of this Instruction.

§ 1 The constitution of a legal entity, as provided in the main text, does not elude the obligations and responsibilities established in this Instruction for the autonomous investment agents who integrate it nor for the members of the securities distribution system that have contracted it.

INSTRUCTION CVM NO. 497, OF JUNE 3, 2011

§ 2 The company constituted in the manner of the main text shall be registered with the CVM, in the manner of art. 4.

Art. 3 The activity of autonomous investment agent may only be exercised by the natural person registered in the manner of this Instruction who:

I - maintains a written contract with an institution part of the securities distribution system for the provision of services related to art. 1; or

II - is a partner of a legal entity, constituted in the manner of art. 2, that maintains a written contract with an institution part of the securities distribution system for the provision of services related to art. 1.

CHAPTER II - ACCREDITATION AND REGISTRATION

Art. 4 The registration for the exercise of the activity of autonomous investment agent will be automatically granted by the CVM to the natural and legal persons accredited in the manner of this Instruction.

Sole paragraph. The registration of the autonomous investment agent and the legal entity constituted in the manner of art. 2 is proven by the inscription of its name in the list of autonomous investment agents contained on the CVM page on the worldwide computer network.

Art. 5 Accreditation is mandatory:

I - of autonomous investment agents; and

II - of legal entities constituted in the manner of art. 2.

Art. 6 The accreditation of autonomous investment agents and legal entities constituted by them in the manner of art. 2 is done by entities authorized by the CVM, in the manner of arts. 7 and 8 of this Instruction.

Art. 6 The accreditation of autonomous investment agents and legal entities constituted by them in the manner of art. 2 is done by accrediting entities authorized by the CVM, in the manner of arts. 7 and 8 of this Instruction.

• Art. 6 with wording given by CVM Instruction No. 610, of August 5, 2019.

INSTRUCTION CVM NO. 497, OF JUNE 3, 2011

Art. 7 For the accreditation of an autonomous investment agent, accrediting entities must require the candidate to fill in the following minimum requirements:

Art. 7 Accreditation must be granted by the accrediting entity to the autonomous investment agent who meets the following minimum requirements:

• Art. 7 with wording given by CVM Instruction No. 610, of August 5, 2019.

I - have completed high school in the country or equivalent abroad;

II - have been approved in technical qualification exams applied by the accrediting entity;

II – have been approved in technical and ethical qualification exams defined by the CVM.

• Item II with wording given by CVM Instruction No. 610, of August 5, 2019.

III - have adhered to the professional code of conduct referred to in item I of art. 19;

III – REVOKED

• Item III revoked by CVM Instruction No. 610, of August 5, 2019.

IV - not be disqualified or suspended from holding a position in financial institutions and other entities authorized to operate by the CVM, by the Central Bank of Brazil, by the Private Insurance Superintendence – SUSEP or by the National Superintendence of Complementary Pension – PREVIC;

V - not have been convicted of bankruptcy crime, prevarication, bribery, extortion, embezzlement, money “laundering” or concealment of assets, rights and values, against the popular economy, the economic order, consumer relations, public faith or public property, the national financial system, or a criminal penalty that prohibits, even temporarily, access to public positions, by a final decision, except for the case of rehabilitation; and

VI - not be prevented from administering their assets or disposing of them due to a judicial decision.

Sole paragraph. The CVM is responsible for approving in advance the program of exams to be used for certification, as well as its periodicity, and any other criteria or procedures for the accreditation of autonomous investment agents.

INSTRUCTION CVM NO. 497, OF JUNE 3, 2011

• Sole paragraph included by CVM Instruction No. 610, of August 5, 2019.

Art. 8 For the accreditation of legal entities constituted under the terms of art. 2, the accrediting entity must require that these:

Art. 8 The accrediting entity must grant accreditation to legal entities constituted under the terms of art. 2 that:

• Art. 8 with wording given by CVM Instruction No. 610, of August 5, 2019.

I – have headquarters in the country;

II – be constituted as simple companies, adopting any of the forms permitted for such, in accordance with current legislation; and

III – have, as their exclusive social object, the exercise of the activity of autonomous investment agent, with participation in other companies prohibited.

§ 1 The name of the legal entity referred to in the main text, as well as any trade names eventually used, must contain the expression “Autonomous Investment Agent”, with the use of abbreviations and words or expressions that induce the investor to error regarding the object of the company prohibited.

§ 2 The legal entity must have as partners only natural persons who are autonomous agents, to whom the exercise of the activities referred to in items I to III of art. 1 will be attributed exclusively.

§ 3 Without prejudice to the responsibilities arising from their individual conduct, all partners are responsible, before the CVM, before the accrediting entity and before the competent self-regulatory entities, in the manner of art. 22, for the activities of the company.

§ 3 Without prejudice to the responsibilities arising from their individual conduct, all partners are responsible, before the CVM, before the accrediting entity and before the competent self-regulatory entities for the activities of the company.

• §3 with wording given by CVM Instruction No. 610, of August 5, 2019.

INSTRUCTION CVM NO. 497, OF JUNE 3, 2011

§ 4 The same autonomous investment agent cannot be a partner of more than one legal entity constituted in the manner of the main text.

Art. 8-A The decision to deny the accreditation request must be communicated to the applicant, clarifying the reasons why the accrediting entity believes that the requirements of arts. 7 and 8 were not met.

§ 1 From the decision to deny the accreditation request, an appeal to the CVM is possible, within a period of up to 10 (ten) business days, counted from its knowledge by the applicant.

§ 2 The appeal referred to in § 1 must be analyzed by the Superintendence of Market and Intermediary Relations – SMI within a period of up to 10 (ten) business days, counted from its receipt.

• Art. 8-A included by CVM Instruction No. 610, of August 5, 2019.

Art. 8-B The accrediting entity must suspend the accreditation, upon request of the autonomous investment agent, provided that the applicant proves not to be in activity, in the manner provided in the regulation mentioned in art. 19, II.

§ 1 The suspension of accreditation must be communicated to the CVM by the accrediting entity and implies the automatic suspension of the registration of the autonomous investment agent.

§ 2 The suspension will be valid for 1 (one) year from its approval, and may be reversed at any time upon request of the autonomous investment agent.

§ 3 The suspension will only be granted if at least 3 (three) years have elapsed from the date of granting the accreditation of the autonomous investment agent or from the end of its last suspension request.

• Art. 8-B included by CVM Instruction No. 610, of August 5, 2019.

Art. 9 The accrediting entity will suspend or cancel the accreditation of the autonomous investment agent in the cases of:

Art. 9 The accrediting entity must cancel the accreditation of the autonomous investment agent in the cases of:

INSTRUCTION CVM NO. 497, OF JUNE 3, 2011

• Art. 9 with wording given by CVM Instruction No. 610, of August 5, 2019.

I - request formulated by the autonomous investment agent itself;

II - identification of flaws or failures in the accreditation process;

III – loss of any of the conditions necessary for accreditation;

IV - application of suspension or cancellation penalty, observing the provisions of § 2 of this article; and

IV – non-compliance with the conditions established in the continuing education program provided for in item V of art. 19; and

• Item IV with wording given by CVM Instruction No. 610, of August 5, 2019.

V - application, by the CVM, of the penalties provided for in art. 11, items III to VIII, of Law No. 6,385, of 1976.

§ 1 The suspension or cancellation of accreditation, in the manner of items I to IV, will be communicated to the CVM and implies, respectively, the automatic suspension or cancellation of the registration of the autonomous investment agent.

§ 2 From the decision to suspend or cancel the accreditation taken in the manner of item IV, an appeal to the CVM is possible, within a period of 15 (fifteen) days, with suspensive effect.

§ 1 The cancellation of accreditation, in the manner of item I of the main text, depends on proof that the autonomous investment agent is not in activity, in the manner provided in the regulation referred to in art. 19, II, and must be communicated to the CVM for the purpose of automatic cancellation of the registration of the autonomous investment agent.

§ 2 In the event that the situations described in items II and III of the main text are identified, the accrediting entity must request prior manifestation from the autonomous investment agent, within a period of 10 (ten) business days, before deciding on cancellation.

• §§1 and 2 with wording given by CVM Instruction No. 610, of August 5, 2019.

INSTRUCTION CVM NO. 497, OF JUNE 3, 2011

§ 3 The decision to cancel the accreditation, in the manner of items II and III of the main text, must be communicated immediately to the autonomous investment agent, and the accrediting entity must clarify the reasons that underpinned its decision.

§ 4 The autonomous investment agent with accreditation cancelled in the manner of § 3 may, within a period of 10 (ten) business days, submit a request for reconsideration to the accrediting entity.

§ 5 If there is no reconsideration of the decision, the accrediting entity must send the petition to the SMI as an appeal with suspensive effect, so that, within a period of 10 (ten) business days, the cancellation is confirmed or not.

• §§3 to 5 included by CVM Instruction No. 610, of August 5, 2019.

CHAPTER III - EXERCISE OF ACTIVITIES

Art. 10. The autonomous investment agent must act with probity, good faith and professional ethics, employing in the exercise of the activity all the care and diligence expected of a professional in their position, regarding clients and the institution part of the securities distribution system for which they have been contracted.

Sole paragraph. The autonomous investment agent must:

I - observe the provisions of this Instruction, the professional code of conduct referred to in art. 19, item I, other applicable norms and the rules and procedures established by the institution part of the securities distribution system for which they have been contracted; and

I – observe the provisions of this Instruction, other applicable norms and the rules and procedures established by the institution part of the securities distribution system for which they have been contracted; and

• Item I with wording given by CVM Instruction No. 610, of August 5, 2019.

II - ensure the confidentiality of confidential information to which they have access in the exercise of the function.

Art. 11. The materials used by the autonomous investment agent in the exercise of the activities provided for in this Instruction must:

INSTRUCTION CVM NO. 497, OF JUNE 3, 2011

I - be in accordance with the provisions of art. 10 of this Instruction;

II - be previously and expressly approved by the institution part of the distribution system for which the autonomous investment agent has been contracted;

III - make express reference to such institution, as contractor, identifying the agent as contracted, and present the contact data of the institution's ombudsman; and

IV - in the case of legal entities constituted under the terms of art. 2, identify each of the autonomous agents integrated into it.

§ 1 The following are prohibited:

I - the adoption of logos or distinctive signs of the autonomous investment agent itself or of the legal entity of which they are a partner, unaccompanied by the identification of the institution part of the securities distribution system for which they have been contracted, with at least equal prominence; and

II - the reference to the relationship with the institution part of the securities distribution system through expressions that make it difficult to understand the nature of the existing bond, such as “partner”, “associated” or “affiliated”.

§ 2 The provisions of this article also apply to:

I - booklets and any other material used in courses and lectures given by the autonomous investment agent or promoted by the legal entity of which they are a partner; and

II - pages on the worldwide computer network.

§ 3 The provisions of item II of the main text do not apply to autonomous agents who exclusively perform the distribution of investment fund shares to qualified investors, observing, in any case, the provisions of art. 21 of CVM Instruction No. 409, of August 18, 2004.

Art. 12. The activity of providing information by the autonomous investment agent must be subject to the same rules established for other professionals who work in the institution part of the securities distribution system for which they have been contracted.

INSTRUCTION CVM NO. 497, OF JUNE 3, 2011

CHAPTER IV - PROHIBITIONS

Art. 13. It is prohibited for the autonomous investment agent or the legal entity constituted in the manner of art. 2:

I - maintain a contract for the provision of services related to art. 1 with more than one institution part of the securities distribution system;

II - receive from clients or on behalf of clients, or deliver to them, for any reason and even as remuneration for the provision of any services, cash, securities or other assets;

III - be procurator or representative of clients before institutions part of the securities distribution system, for any purposes;

IV - contract with clients or perform, even free of charge, portfolio management services, consulting or analysis of securities;

V - act as an agent of an institution part of the securities distribution system with which they do not have a contract for the provision of services related to art. 1;

VI - delegate to third parties, totally or partially, the execution of services that constitute the object of the contract concluded with the institution part of the securities distribution system for which they have been contracted;

VII - use passwords or electronic signatures exclusively used by the client for the transmission of orders through an electronic system; and

VIII - prepare and send statements to clients containing information on operations performed or open positions.

§ 1 To exercise the activities of portfolio management, consulting or analysis of securities, the autonomous investment agent who is registered by the CVM for the exercise of those activities in the manner of current regulations must request from the accrediting entity the suspension of their accreditation as an autonomous investment agent.

INSTRUCTION CVM NO. 497, OF JUNE 3, 2011

§ 1 To exercise the activities of portfolio management, consulting or analysis of securities, the autonomous investment agent who is registered by the CVM for the exercise of those activities in the manner of current regulations must request the cancellation of their accreditation as an autonomous investment agent with the accrediting entity.

• §1 with wording given by CVM Instruction No. 593, of November 17, 2017.

§ 2 The provisions of item I do not apply to autonomous agents who exclusively perform the distribution of investment fund shares to qualified investors.

§ 3 The provisions of item I do not apply to the activity of distributing investment fund shares by autonomous agents.

§ 4 In the case of the previous paragraph, each of the institutions part of the distribution system that has contracted the autonomous agent must adopt the necessary measures to ensure compliance with the provisions of items I and II of art. 17.

§ 4 The autonomous investment agent who maintains a contract with an intermediary through a legal entity in the manner of art. 2 cannot be contracted directly by another intermediary.

• §§ 2 to 4 with wording given by CVM Instruction No. 515, of December 29, 2011.

CHAPTER V – OBLIGATIONS AND RESPONSIBILITIES OF INTERMEDIARIES

Art. 14. It is incumbent upon the institution part of the distribution system to verify the regularity of the registration of the autonomous investment agents contracted by it and to formalize, through a written contract, its relationship with such autonomous investment agents.

§ 1 The institution part of the distribution system must maintain, while the contract referred to in the main text is in force, for a minimum period of 5 (five) years counted from its termination, or for a longer period by express determination of the CVM or accrediting entity, in case of administrative process, all records, documents and communications, internal and external, including electronic, related to the contracting and provision of services of each autonomous agent contracted by it.

INSTRUCTION CVM NO. 497, OF JUNE 3, 2011

§ 2 Digitized images of the documents are admitted in substitution for the documents.

Art. 15. The institution part of the securities distribution system that contracts an autonomous investment agent is responsible, before clients and before any third parties, for acts performed by an autonomous investment agent contracted by it.

Art. 16. The institution part of the securities distribution system that contracts an autonomous investment agent must keep updated, on its own page and on the CVM page on the worldwide computer network, the list of autonomous investment agents contracted by it.

§ 1 The list referred to in the main text must be updated within a period of 5 (five) business days, counted from the corresponding contracting, contract alteration or termination.

§ 2 In the case of contracting a legal entity, all its partners must be inscribed in the list referred to in the main text.

Art. 17. The institution part of the distribution system must:

I - extend to the autonomous investment agents contracted by it, directly or through a legal entity, in the manner of art. 2, the application of the rules, procedures and internal controls adopted by it;

II - supervise the activities of autonomous investment agents acting in its name to ensure compliance with the provisions of this Instruction and the rules and procedures established in accordance with item I;

III - communicate to the CVM, to the accrediting entity and to the competent self-regulatory entities, in the manner of art. 22, as soon as it becomes aware, conduct of autonomous investment agents contracted by it that may constitute evidence of violation of norms issued by the CVM;

III – communicate to the CVM and to the competent self-regulatory entities as soon as it becomes aware, conduct of autonomous investment agents contracted by it that may constitute evidence of violation of norms issued by the CVM;

• Item III with wording given by CVM Instruction No. 610, of August 5, 2019.

IV - communicate to the accrediting entities and to the competent self-regulatory entities, in the

CVM INSTRUCTION NO. 497, OF JUNE 3, 2011

conducts of independent investment agents hired by it that may indicate a violation of the professional code of conduct or other norms or regulations issued by them; IV – communicate to the competent self-regulatory entities, as soon as it becomes aware, conducts of independent investment agents hired by it that may indicate a violation of norms or regulations issued by them;

• Item IV with wording given by CVM Instruction No. 610, of August 5, 2019.
  V - grant access to its facilities, files, and documents related to the rules, procedures, and internal controls related to compliance with the norms incumbent upon them to supervise, to accrediting entities, so that they can exercise the supervisory functions assigned by this Instruction; V – REVOKED
• Item V revoked by CVM Instruction No. 610, of August 5, 2019.
  VI - disclose the set of rules resulting from item I, as well as its updates, on its website; and VII - appoint a director responsible for the implementation and compliance of items I to VI, as well as identify him and provide his contact data on its website.

§ 1º The monitoring mechanisms referred to in item II include, at a minimum:
I - monitoring client operations, including periodic contacts; II – monitoring operations owned by the independent investment agents themselves, to which the same rules and procedures applicable to affiliated persons must apply, in accordance with current regulation; and III - verification of system data that allows identifying the origin of orders issued electronically, signs of irregular use of access methods, and irregular administration of client portfolios.

CVM INSTRUCTION NO. 497, OF JUNE 3, 2011

§ 2º Without prejudice to the provisions of § 1º, when registering clients presented by independent investment agents, the participating institution must inform the clients of the mode of operation of the independent investment agents, their limits, and prohibitions. § 3º The communication referred to in § 2º must be made through a specific document, and the institution must take all necessary measures to certify its receipt by the client and the understanding of its content. § 4º The rules, procedures, and controls resulting from item I of the caput must provide for the forms of identification and administration of conflict of interest situations.

Art. 17-A It is incumbent upon the institution participating in the distribution system to pay periodic counter-prestations resulting from the accreditation of the independent investment agent, and the transfer of the burden to the independent investment agent hired by it is prohibited.

• Art. 17-A included by CVM Instruction No. 610, of August 5, 2019.

CHAPTER VI - ACCREDITING ENTITIES

Art. 18. The CVM may authorize the accreditation of independent investment agents by accrediting entities that prove to have:
I - adequate structure and technical capacity to comply with the obligations provided for in this Instruction; and II - a self-regulation structure that has technical capacity and independence.

Art. 18. The CVM may authorize the accreditation of independent investment agents by accrediting entities that prove to have adequate structure and technical capacity to comply with the obligations provided for in this Instruction.

• Art. 18 with wording given by CVM Instruction No. 610, of August 5, 2019.

Art. 19. The accrediting entities must:
I - adopt a professional code of conduct for the independent investment agents accredited by them;

CVM INSTRUCTION NO. 497, OF JUNE 3, 2011

I – REVOKED

• Item I revoked by CVM Instruction No. 610, of August 5, 2019.
  II - supervise compliance with the professional code of conduct by the independent investment agents accredited by them; II – draft a regulation containing the procedures to be observed in the request for granting, suspension, or cancellation of accreditation of independent investment agents;
• Item II with wording given by CVM Instruction No. 610, of August 5, 2019.
  III - punish violations of the professional code of conduct committed by the independent investment agents accredited by them; III – REVOKED
• Item III revoked by CVM Instruction No. 610, of August 5, 2019.
  IV - determine, through a technical qualification exam, whether candidates are qualified to exercise the activity of an independent investment agent; IV – REVOKED
• Item IV revoked by CVM Instruction No. 610, of August 5, 2019.
  V - establish a continuing education program, with the objective that the independent investment agents accredited by them update and improve their technical capacity periodically; VI - keep in a file all documents and records, including electronic ones, that prove compliance with the requirements contained in this Instruction for 5 (five) years, or for a longer period, in case of express determination by the CVM; VII - keep updated the registry of all independent investment agents accredited by them; and

CVM INSTRUCTION NO. 497, OF JUNE 3, 2011

VIII - disclose on its website and on the CVM website:
a) list of the independent investment agents accredited by them, identifying the legal entities constituted in the form of art. 2º of which they are partners, if applicable; b) list of legal entities constituted in the form of art. 2º, identifying each of the agents who are partners of them; and c) identify the participating institution in the distribution system with which the agents and legal entities maintain a contract for the provision of services related to art. 1º.

Sole paragraph. It is incumbent upon the CVM to approve in advance:
I - the professional code of conduct mentioned in item I of the caput, as well as any eventual alterations; I – the regulation mentioned in item II of the caput;

• Item I with wording given by CVM Instruction No. 610, of August 5, 2019.
  II - the program content and periodicity of the exams applied by the accrediting entities under the terms of item IV of the caput, as well as any other criteria or procedures for the accreditation of independent investment agents; and II – REVOKED
• Item II revoked by CVM Instruction No. 610, of August 5, 2019.
  III - the continuing education program.

Art. 20. The professional code of conduct referred to in item I of art. 19 must provide, at a minimum, on:
I - rights and duties of the accredited independent investment agent; II – prohibitions, without prejudice to those provided for in this Instruction;

CVM INSTRUCTION NO. 497, OF JUNE 3, 2011

III - potential situations of conflicts of interest in the exercise of the activity of an independent investment agent; IV - duty to comply with this Instruction and other norms issued by the CVM and the accrediting entity; and V - penalties applicable in the event of violations of the professional code of conduct, criteria for the application of penalties, and publicity mechanisms.

Sole paragraph. In judging infractions of legal norms under its competence, the CVM may reduce, from the penalties it applies, those that have been imposed by the accrediting entity.

Art. 20. REVOKED

• Art. 20 revoked by CVM Instruction No. 610, of August 5, 2019.

Art. 21. The accrediting entities, through their responsible director, must send to the CVM:
I - within 5 (five) business days, the registration data of the independent investment agents and the legal entities constituted in the form of art. 2º that:
a) obtained their accreditation; b) are suspended; or c) have their accreditation cancelled. b) have their accreditation suspended or cancelled at their request, in the form of art. 8º-B and § 1º of art. 9º; and c) have their accreditation cancelled in the cases of items II and III of art. 9º, without the filing of a request for reconsideration by the independent investment agent;

CVM INSTRUCTION NO. 497, OF JUNE 3, 2011

• letters “b” and “c” with wording given by CVM Instruction No. 610, of August 5, 2019.
  II - immediately after becoming aware, information about signs of occurrence of serious infractions to the norms of this Instruction, in the form of art. 23; III - until the 15th (fifteenth) day of the month following the end of each quarter:
  a) report on the possible non-observance of legal and regulatory norms, mentioning:

1. the efforts made to investigate the regularity of conduct;
2. the name and number of the Individual Taxpayer Registry of the Ministry of Finance – CPF/MF and the National Registry of Legal Entities – CNPJ of those involved; and
3. other measures adopted to curb the practice;
   b) report on the non-observance of the norms of the professional code of conduct referred to in item I of art. 19, mentioning:
4. the name and number of the Individual Taxpayer Registry of the Ministry of Finance – CPF/MF and the National Registry of Legal Entities – CNPJ of those involved;
5. the irregularities identified;
6. the penalties applied; and
7. other measures adopted;
   III – REVOKED

• Item III revoked by CVM Instruction No. 610, of August 5, 2019.
  IV - until January 31 of each year:
  a) an accountability report of the activities carried out by the accrediting entity to comply with the obligations established in this Instruction, indicating the main responsible persons for each of them; and

CVM INSTRUCTION NO. 497, OF JUNE 3, 2011

b) a report containing the proposal for operation for the exercise; b) REVOKED

• Letter “b” revoked by CVM Instruction No. 610, of August 5, 2019.
  V - whenever requested, any documents and information related to its activities.

Sole paragraph. The resources of the decisions of suspension or cancellation of accreditation must be sent to the CVM, for the purposes of paragraph 2º of art. 9º, within a period of 5 (five) business days counted from their filing.

Sole paragraph. REVOKED

• Sole paragraph revoked by CVM Instruction No. 610, of August 5, 2019.

Art. 22. The development of self-regulation activities by the accrediting entity does not exclude the competence of other self-regulatory entities to which the independent investment agent, by virtue of the activities developed, is subject.

Art. 22. REVOKED

• Art. 22 revoked by CVM Instruction No. 610, of August 5, 2019.

CHAPTER VII - PENALTIES

Art. 23. It constitutes a serious infraction, for the purposes of the provisions of § 3º of art. 11 of Law No. 6.385, of 1976:
I - the exercise of the activity of an independent investment agent in disagreement with the provisions of arts. 3º, 10 and 11 of this Instruction; II - the obtaining of accreditation of an independent investment agent or of the legal entity constituted in the form of art. 2º based on false declarations or documents; and III - the non-observance of the prohibitions established in art. 13 of this Instruction.

CVM INSTRUCTION NO. 497, OF JUNE 3, 2011

CHAPTER VIII - FINAL PROVISIONS

Art. 24. CVM Instruction No. 434, of June 22, 2006, and CVM Deliberation No. 524, of August 3, 2007, are revoked, from the entry into force of this Instruction.

Art. 25. This Instruction enters into force on January 1, 2012.

Signed original by
MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President