CVM Instruction No. 508 of October 19, 2011

CVM INSTRUCTION NO. 508, OF OCTOBER 19, 2011
Amends and adds an article to CVM Instruction No. 461, of October 23, 2007.

The ACTING PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on October 11, 2011, in view of the provisions of arts. 8, item I, and 18, item I, letter "f" of Law No. 6.385, of December 7, 1976, with the wording given by Law No. 10.303, of October 31, 2001, APPROVED the following Instruction:

Art. 1. Article 38 of CVM Instruction No. 461, of October 23, 2007, shall be in effect with the following wording:

“Art. 38 ...
§ 2. The Director of the Self-Regulation Department must be elected by the Board of Directors among the independent members of the Self-Regulation Council, as defined in art. 26, and can only be removed, by the Board of Directors, in the cases of art. 39, observing § 2 of art. 24. § 3. In the event of removal of the Director of the Self-Regulation Department, the Board of Directors must, immediately, decide on the continuation or not of the Director of the Self-Regulation Department as a member of the Self-Regulation Council. ...” (NR)

Art. 2. CVM Instruction No. 461, of 2007, shall be in effect added with art. 38-A, with the following wording:

Art. 38-A The temporary replacement of the Director of the Self-Regulation Department, in cases of removal or vacancy, must comply with the provisions of the organizational and operational rules of the entity administering organized securities markets.

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

Signed original
OTAVIO YAZBEK
Acting President