CVM Instruction No. 564 of June 11, 2015

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP Code: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br

CVM INSTRUCTION NO. 564, OF JUNE 11, 2015

Amends CVM Instructions No. 554 and 555, both dated December 17, 2014.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL - CVM makes it known that the Collegiate Board, in a meeting held on June 9, 2015, in view of the provisions of Articles 2, item V, 8, item I, and 23, § 2 of Law No. 6,385, of December 7, 1976, APPROVED the following Instruction:

Art. 1 The Articles 150 and 157 of CVM Instruction No. 555, of December 17, 2014, shall enter into force with the following wording:

“Art. 150. Investment funds that are in operation on the date of commencement of the validity of this Instruction must adapt to its provisions by June 30, 2016.” (NR)

“Art. 157. This Instruction enters into force on October 1, 2015.” (NR)

Art. 2 Article 18 of CVM Instruction No. 554, of December 17, 2014, shall enter into force with the following wording:

“Art. 18. Articles 1 to 16 of this Instruction enter into force on October 1, 2015, and Article 17 of this Instruction enters into force on the date of its publication.” (NR)

Art. 3 Between the dates of July 1, 2015, and September 30, 2015, the obligation to verify the adequacy of products, services, or operations to the client's profile, in accordance with CVM Instruction No. 539, of November 13, 2013, does not apply when the client:

I – is a financial institution or an institution authorized to operate by the Central Bank of Brazil;

II – is a legal entity of public law;

III – is an investment club, provided that its portfolio is managed by:

a) a securities portfolio administrator authorized by the CVM; or

b) one or more shareholders who are qualified investors;

IV – is an autonomous investment agent, regarding its own resources;

V – has its securities portfolio managed discretely by a securities portfolio administrator authorized by the CVM; or

VI – is a self-managed social security regime established by the Union, by the States, by the Federal District, or by Municipalities, provided that it is recognized as a qualified investor in accordance with specific regulation of the Ministry of Social Security.

Art. 4 This Instruction enters into force on the date of its publication.

Original signed by

LEONARDO P. GOMES PEREIRA
President