CVM Instruction No. 587 of June 29, 2017

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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CVM INSTRUCTION NO. 587, OF JUNE 29, 2017

Amends provisions of CVM Instruction No. 459, of September 17, 2007, and CVM Instruction No. 555, of December 17, 2014.

The ACTING PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL - CVM makes public that the Collegiate Board, in a meeting held on June 26, 2017, based on the provisions of Articles 2, item V, 8, item I, 19, 21, and 23, § 2 of Law No. 6,385, of December 7, 1976, and considering the provisions of Articles 76 and following of Law No. 11,196, of November 21, 2005,

APPROVED the following Instruction:

Art. 1 Articles 1, 2, 3, 5, 6, 8, 10, and 13 of CVM Instruction No. 459, of September 17, 2007, shall enter into force with the following wording:

“Art. 1 This Instruction provides for investment funds constituted by open complementary pension entities and insurance companies, linked exclusively to complementary pension plans or life insurance policies, in accordance with the regulations issued by the National Council of Private Insurance.

Sole Paragraph. The assets of the investment funds referred to in this Instruction shall not be commingled with those of the entities or insurance companies that constitute them, nor shall they be liable, even subsidiarily, for the debts of these entities.” (NR)

“Art. 2 ......
I – entities or insurance companies, respectively: open complementary pension entities and insurance companies that have instituted complementary pension plans, and insurance companies responsible for life insurance; and II – ......” (NR)

“Art. 3. Except for the provisions of this Instruction, the investment funds referred to in this Instruction shall be governed by the provisions of the regulation that provides for the constitution, administration, operation, and disclosure of information of investment funds.” (NR)

“Art. 5 ......
......
§ 2 The subscription of quotas of the funds referred to in this Instruction shall be made with the fund administrator, in accordance with the regulation that provides for the constitution, administration, operation, and disclosure of information of investment funds.” (NR)

“Art. 6 ......
......
§ 2 It is the exclusive responsibility of the administering institution to administer the portfolio of the funds referred to in this Instruction, with the option to hire a manager, in accordance with the regulation that provides for the constitution, administration, operation, and disclosure of information of investment funds.” (NR)

“Art. 8. Without prejudice to the duties and obligations provided in the regulation that provides for the constitution, administration, operation, and disclosure of information of investment funds, it is incumbent upon the fund administrator, by written instruction from the entity or insurance company that constituted the fund:
I – promote the transfer of title of the fund quotas, without applying the prohibition set forth in the regulation that provides for the constitution, administration, operation, and disclosure of information of investment funds:
......” (NR)

“Art. 10. In addition to the provisions provided in the regulation that provides for the constitution, administration, operation, and disclosure of information of investment funds, the fund’s bylaws shall:

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
Rua Sete de Setembro, 111/2-5th and 23-34th Floors – Center – Rio de Janeiro - RJ – ZIP: 20050-901 – Brazil Tel.: (21) 3554-8686 - www.cvm.gov.br CVM INSTRUCTION NO. 587, OF JUNE 29, 2017 2

......” (NR)

“Art. 13. If the quotas of funds constituted based on this Instruction are offered as collateral for real estate financing contracts, the contractual instrument provided for in Art. 86 of Law No. 11,196, of 2005, shall be endorsed by the fund administrator in the quota holder registry.” (NR)

Art. 2 Article 131 of CVM Instruction No. 555, of December 17, 2014, shall enter into force with the following wording:

“Art. 131 ......
......
III – open complementary pension plans and life insurance, in accordance with the regulation issued by the National Council of Private Insurance; and
......
§ 2 In funds linked to pension plans administered by open complementary pension entities and life insurance, in accordance with the regulations issued by the National Council of Private Insurance, in the issuance and redemption of fund quotas, the quota value calculated in accordance with Art. 16, § 1, may be used, as provided in the bylaws.” (NR)

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

Original signed by
PABLO WALDEMAR RENTERIA
Acting President