CVM INSTRUCTION NO. 498, OF JUNE 13, 2011

Amends CVM Instructions No. 153, of July 24, 1991; 209, of March 25, 1994; 356, of December 17, 2001; 391, of July 16, 2003; 398, of October 28, 2003; 399, of November 21, 2003; and 472, of October 31, 2008.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on June 7, 2011, in view of the provisions of Arts. 2, item IX, and 8, item I, of Law No. 6.385, of December 7, 1976, as amended by Law No. 10.303, of October 31, 2001, APPROVED the following Instruction:

Art. 1 Art. 20 of CVM Instruction No. 153, of July 24, 1991, shall be effective with the following wording:

“Art. 20 ...

§ 1 Closed-end shares of Incentivized Equity Mutual Funds may only be traded on regulated markets:

I - when publicly distributed through an offering registered with the CVM;

II - when distributed with restricted efforts, observing the restrictions of the specific norm;

or

III - when the shares are already admitted to trading on regulated markets.

§ 2 Shares issued by closed-end Incentivized Equity Mutual Funds that do not fall under the hypotheses of items I to III of § 1 may also be traded on regulated markets, provided they are previously submitted for trading registration, through the presentation of a prospectus, in accordance with the applicable regulation.

§ 3 The quality of shareholder shall be proven by the account deposit statement.” (NR)

Art. 2 Art. 21 of CVM Instruction No. 209, of March 25, 1994, shall be effective with the following wording:

“Art. 21 Shares of the Fund may only be traded on regulated markets:

I - when publicly distributed through an offering registered with the CVM;

II - when distributed with restricted efforts, observing the restrictions of the specific norm;

or

III - when the shares are already admitted to trading on regulated markets.

§ 1 Shares issued by the Fund that do not fall under the hypotheses of items I to III of the main text may also be traded on regulated markets, provided they are previously submitted for trading registration, through the presentation of a prospectus, in accordance with the applicable regulation.

§ 2 For the purposes of applying item III of the main text, in the case of the fund that obtained financial support from development organisms, only shares whose classes are already admitted to trading may be traded on regulated markets.” (NR)

Art. 3 Art. 17 of CVM Instruction No. 356, of December 17, 2001, shall be effective with the following wording:

“Art. 17 In the issuance of closed-end fund shares placed with the public, the subscription price may include a premium or discount on the value provided for amortization, provided it is uniformly applied to all subscribers and determined through a price discovery procedure in an organized market.

§ 1 Closed-end shares of FIDC may only be traded on regulated markets:

I - when publicly distributed through an offering registered with the CVM;

II - when distributed with restricted efforts, observing the restrictions of the specific norm;

or

III - when shares of the same class and series are already admitted to trading on regulated markets.

§ 2 Shares issued by closed-end FIDCs that do not fall under the hypotheses of items I to III of § 1 may also be traded on regulated markets, provided they are previously submitted for trading registration, through the presentation of a prospectus, in accordance with the applicable regulation.

§ 3 It is incumbent upon intermediaries to ensure that the acquisition of shares is made only by qualified investors.” (NR)

Art. 4 Art. 26 of CVM Instruction No. 391, of July 16, 2003, shall be effective with the following wording:

“Art. 26 FIP shares may only be traded on regulated markets:

I - when publicly distributed through an offering registered with the CVM;

II - when distributed with restricted efforts, observing the restrictions of the specific norm;

or

III - when the shares are already admitted to trading on regulated markets.

§ 1 Shares issued by FIPs that do not fall under the hypotheses of items I to III of the main text may also be traded on regulated markets, provided they are previously submitted for trading registration, through the presentation of a prospectus, in accordance with the applicable regulation.

§ 2 For the purposes of applying item III of the main text, only shares whose classes are already admitted to trading may be traded, in the case of the Fund:

I - that obtains financial support from development organisms;

II - whose bylaws attribute distinct special political rights; or

III - whose bylaws attribute distinct economic-financial rights, exclusively regarding the setting of administration and performance fees, and their respective calculation bases.

§ 3 It is incumbent upon intermediaries to ensure that the acquisition of shares is made only by qualified investors.” (NR)

Art. 5 Art. 16 of CVM Instruction No. 398, of October 28, 2003, shall be effective with the following wording:

“Art. 16. FUNCINE shares may only be traded on regulated markets:

I - when publicly distributed through an offering registered with the CVM;

II - when distributed with restricted efforts, observing the restrictions of the specific norm;

or

III - when the shares are already admitted to trading on regulated markets.

Sole Paragraph. Shares issued by FUNCINE that do not fall under the hypotheses of items I to III of the main text may also be traded on regulated markets, provided they are previously submitted for trading registration, through the presentation of a prospectus, in accordance with the applicable regulation.” (NR)

Art. 6 Art. 18 of CVM Instruction No. 399, of November 21, 2003, shall be effective with the following wording:

“Art. 18 ...

§ 1 Closed-end shares of FIDC-PIPS may only be traded on regulated markets:

I - when publicly distributed through an offering registered with the CVM;

II - when distributed with restricted efforts, observing the restrictions of the specific norm;

or

III - when the shares are already admitted to trading on regulated markets.

§ 2 Shares issued by closed-end FIDC-PIPS that do not fall under the hypotheses of items I to III of § 1 may also be traded on regulated markets, provided they are previously submitted for trading registration, through the presentation of a prospectus, in accordance with the applicable regulation.” (NR)

Art. 7 Art. 6 of CVM Instruction No. 472, of October 31, 2008, shall be effective with the following wording:

“Art. 6 ...

§ 1 REIT (FII) shares may only be traded on regulated markets:

I - when publicly distributed through an offering registered with the CVM;

II - when distributed with restricted efforts, observing the restrictions of the specific norm;

or

III - when shares of the same series are already admitted to trading on regulated markets.

§ 2 Shares issued by REITs (FII) that do not fall under the hypotheses of items I to III of § 1 may also be traded on regulated markets, provided they are previously submitted for trading registration, through the presentation of a prospectus, in accordance with the applicable regulation.” (NR)

Art. 8 §§ 1 and 2 of Art. 22 of CVM Instruction No. 209, of March 25, 1994; and item II of Art. 3 of CVM Instruction No. 399, of November 21, 2003, are repealed.

Art. 9 This Instruction enters into force on the date of its publication.

Signed original by

MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President