CVM Instruction No. 535 of June 28, 2013

CVM INSTRUCTION NO. 535, OF JUNE 28, 2013
Amends provisions of CVM Instruction No. 391, of July 16, 2003.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on June 19, 2013, based on the provisions of Articles 2, item IX, 4, item VI, 8, item I, 18, item II, of Law No. 6,385, of December 7, 1976, APPROVED the following Instruction:

Art. 1. Articles 6, 15, 32, and 35 of CVM Instruction No. 391, of July 16, 2003, shall enter into force with the following wording:

“Art. 6. ...
XXI – possibility of using assets and rights, including securities, in the amortization of quotas, as well as in the liquidation of the fund, with the establishment of detailed and specific criteria for the adoption of these procedures; XXII – date of closure of the fiscal year; and XXIII – possibility for the general meeting of quota holders to deliberate on the provision of surety, guarantee, acceptance, or any other form of co-obligation, on behalf of the fund. ......”(NEW)

“Art. 15. ...
I – take, annually, the accounts related to the fund and deliberate, within 150 (one hundred and fifty) days after the end of the fiscal year, on the financial statements presented by the administrator; ...
IX – deliberate on the installation, composition, organization, and functioning of the fund’s committees and councils;

CVM INSTRUCTION NO. 535, OF JUNE 28, 2013
X – deliberate, when applicable, on requests for information from quota holders, observing the provisions of the sole paragraph of Article 14 of this Instruction; and XI – deliberate on the provision of surety, guarantee, acceptance, or any other form of co-obligation, on behalf of the fund. ... §2. The decisions of the general meeting of quota holders must be adopted by votes representing the majority of those present, except for those referred to in items II, III, IV, VI, VII, VIII, IX, and XI of this article, and in item V of this same article, in case there is no provision for the issuance of new quotas, which can only be adopted by a qualified majority previously established in the fund’s regulations. §3. The qualified majority established in the fund’s regulations for the deliberation referred to in item XI of this article must represent quota holders corresponding to, at minimum, two-thirds of the quotas issued by the fund. ...\”(NEW)

“Art. 32. ...
...
III – annually, within 120 (one hundred and twenty) days after the closure of the fiscal year, the following information:
...
Sole paragraph. The information referred to in item “a” of item II of the main text must be sent to the CVM based on the calendar year, and the information referred to in items “b”, “c”, “d”, and “e” of item II of the main text must be sent to the CVM based on the fund’s fiscal year.”(NEW)

“Art. 35. ...

CVM INSTRUCTION NO. 535, OF JUNE 28, 2013
...
III – provide surety, guarantee, acceptance, or co-obligate under any other form, except with the approval of the qualified majority of quota holders assembled in a general meeting, provided that the fund’s regulations foresee this possibility; ... Sole paragraph. If there are guarantees provided by the fund, as provided in item III, the fund administrator must ensure the broad dissemination of information on all existing guarantees, through, at minimum, the disclosure of a relevant fact and permanent availability, prominently, of the information on the fund administrator’s page on the worldwide computer network.”(NEW)

Art. 2. The decision of the general meeting of quota holders that amends the existing fund regulations at the time of entry into force of this Instruction to provide for the possibility of providing guarantees on behalf of the fund must be adopted by the unanimity of the quota holders present.

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

Signed by
LEONARDO P. GOMES PEREIRA
President