CVM Instruction No. 557 of January 27, 2015

Headquarters: Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil – Tel.: (21) 3554-8686 – http://www.cvm.gov.br. Regional Office of São Paulo: Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors – Bela Vista – São Paulo – SP – ZIP: 01333-010 – Brazil – Tel.: (11) 2146-2000 Regional Office of Brasília: SCN Q.02 – Bl. A – Ed. Corporate Financial Center – S.404/4th Floor – Brasília – DF – ZIP: 70712-900 – Brazil – Tel.: (61) 3327-2030/2031 CVM INSTRUCTION NO. 557, OF JANUARY 27, 2015 Amends provisions of CVM Instruction No. 426, of December 28, 2005.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on January 21, 2015, based on the provisions of Articles 8 and 23 of Law No. 6,385, of December 7, 1976, and Articles 1 and 2 of Resolution No. 3,289, of June 3, 2005, of the National Monetary Council, APPROVED the following Instruction:

Art. 1. Articles 3 and 9 of CVM Instruction No. 426, of December 28, 2005, shall enter into force with the following wording:

“Art. 3. ......
......
I – publish on the FGP administrator's page on the worldwide computer network, within a period of up to 60 (sixty) days after the closing of the fiscal year:
......
II – REVOKED
III – REVOKED
IV – publish on the FGP administrator's page on the worldwide computer network any relevant act or fact relating to the FGP portfolio.” (NR)

“Art. 9. The legal entity responsible for the administration of a securities portfolio of the FGP that fails to disclose the information provided for in this Instruction or that does not keep its registration updated, in accordance with the regulation governing the professional practice of securities portfolio administration, shall be subject to the penalty fine provided for therein, applicable from the day following the end of the deadline established for compliance with the obligation, without prejudice to the provisions of Article 11 of Law No. 6,385/76.” (NR)

Art. 2. Sub-items II and III of Article 3 of CVM Instruction No. 426, of 2005, are revoked.

CVM INSTRUCTION NO. 557, OF JANUARY 27, 2015 2 Headquarters: Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil – Tel.: (21) 3554-8686 – http://www.cvm.gov.br. Regional Office of São Paulo: Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors – Bela Vista – São Paulo – SP – ZIP: 01333-010 – Brazil – Tel.: (11) 2146-2000 Regional Office of Brasília: SCN Q.02 – Bl. A – Ed. Corporate Financial Center – S.404/4th Floor – Brasília – DF – ZIP: 70712-900 – Brazil – Tel.: (61) 3327-2030/2031 Art. 3. This Instruction enters into force on the date of its publication.

Original signed by
LEONARDO P. GOMES PEREIRA
President