CVM Instruction No. 540 of November 26, 2013

CVM INSTRUCTION NO. 540, OF NOVEMBER 26, 2013

Adds provisions to 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 November 19, 2013, having regard to the provisions of Articles 2, item IX; 8, item I, and 19 of Law No. 6,385, of December 7, 1976, APPROVED the following Instruction:

Art. 1. Article 2 of CVM Instruction No. 391, of July 16, 2003, shall be effective with the following wording:

“Art. 2. ...
...
§ 7. The requirement of effective influence in defining the strategic policy and in the management of the invested companies referred to in the caput does not apply to invested companies listed in a special trading segment of securities, established by a stock exchange or by an organized over-the-counter market entity, aimed at the access market, which ensures, through a contractual link, corporate governance standards stricter than those required by law:
I – which correspond to up to 35% (thirty-five percent) of the fund's net equity; or II – during the fund's divestment period in each invested company.

§ 8. The limit referred to in item I of § 7 shall be 100% (one hundred percent) during the period for the application of resources, established at up to 6 (six) months from each of the quota subscription events provided for in the investment commitment.

§ 9. If the fund exceeds the limit established in § 7, item I, for reasons unrelated to the manager's will, at the end of the respective month and such non-compliance persists at the end of the following month, the administrator must:

CVM INSTRUCTION NO. 540, OF NOVEMBER 26, 2013
I – communicate to the CVM immediately the occurrence of passive non-compliance, with the appropriate justifications, as well as a forecast for re-compliance; and II – communicate to the CVM the re-compliance of the portfolio, at the moment it occurs.” (NR)

Art. 2. This Instruction enters into force on the date of its publication.

Original signed by
LEONARDO P. GOMES PEREIRA
President