CVM Instruction No. 590 of September 11, 2017

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL
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CVM INSTRUCTION NO. 590, OF SEPTEMBER 11, 2017

Amends provisions of CVM Instruction No. 358, of January 3, 2002, and CVM Instruction No. 461, of October 23, 2007.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes it known that the Collegiate Board, in a meeting held on August 16, 2017, based on the provisions of Articles 4 and its subsections, 8, subsections I and III, 18, subsection II, item “a”, and 22, § 1º, subsections I, V and VI, of Law No. 6.385, of December 7, 1976, and Article 157 of Law No. 6.404, of December 15, 1976, APPROVED the following Instruction:

Art. 1º Articles 2, 4, 5, and 11 of CVM Instruction No. 358, of January 3, 2002, shall enter into force with the following wording:

“Art. 2º ...
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Sole Paragraph. ...
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XXII – request for judicial or extrajudicial recovery, petition for bankruptcy, or filing of a judicial action, administrative proceeding, or arbitration that may affect the economic-financial situation of the company.” (NR)

“Art. 4º The CVM, the stock exchange, or the over-the-counter market entity in which the securities issued by the company are admitted to trading may, at any time, require the Investor Relations Director to provide clarifications regarding the disclosure of a relevant act or fact. ... ...” (NR)

“Art. 5º ...
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CVM INSTRUCTION NO. 590, OF SEPTEMBER 11, 2017 2

§ 2º If it is imperative that the disclosure of a relevant act or fact occur during trading hours, the Investor Relations Director may request, always simultaneously with the national and foreign stock exchanges and over-the-counter market entities in which the securities issued by the company are admitted to trading, the suspension of trading of the company’s publicly traded securities, or those referenced by them, for the time necessary for the adequate dissemination of the relevant information, observing the procedures set forth in the regulations issued by the stock exchanges and over-the-counter market entities on the subject.

§ 3º REVOKED” (NR)

“Art. 11. ...
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§ 2º The natural persons mentioned in this article shall also indicate the securities that are the property of a spouse from whom they are not judicially or extrajudicially separated, a partner, any dependent included in their annual income tax adjustment declaration, and companies directly or indirectly controlled by them.

§ 3º ...
I – name and qualification of the communicator, and, if applicable, of the persons mentioned in § 2º, indicating the registration number in the National Registry of Legal Entities or the National Registry of Natural Persons; ...

§ 6º The information must be sent within 10 (ten) days after the end of the month in which changes in the positions held occurred, the month in which the persons cited in the caput assumed their positions, or the month in which the communication provided for in § 11 occurs.

CVM INSTRUCTION NO. 590, OF SEPTEMBER 11, 2017 3 ...

§ 9º For the purposes of this article, the application, redemption, and trading of shares of investment funds whose regulations provide that their stock portfolio be composed exclusively of shares issued by the company, its controlled subsidiary, or its controlling company are equated to trading in securities issued by the company, in the latter two cases, provided they are publicly traded companies.

§ 10. The persons mentioned in the caput of this article must present, together with the communication provided for in items II and III of § 4º, a list containing the name and registration number in the National Registry of Legal Entities or the National Registry of Natural Persons of the persons mentioned in § 2º.

§ 11. The persons mentioned in the caput of this article must inform the company of any changes in the information provided for in § 10 within up to 15 (fifteen) days counted from the date of the change.” (NR)

Art. 2º Article 60 of CVM Instruction No. 461, of October 23, 2007, shall enter into force with the following wording:

“Art. 60. ...
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§ 2º ...
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II – if there is approval of a recovery request, judicial or extrajudicial, or declaration of bankruptcy of the issuer;

III – if there is a declaration by the Central Bank of Brazil or the Private Insurance Superintendence of intervention, extrajudicial liquidation, or temporary special administration of the issuer, with the trustee, liquidator, or board of directors, as the case may be, communicating the measure to the entity responsible for the administration of the organized market in which their securities are most traded; and

IV – if there is a need to disclose a relevant act or fact during trading hours, establishing deadlines and prior measures that must be observed by issuers to enable the organized market administrator entity to assess the need for the suspension of trading for the dissemination of relevant information. ...

§ 7º Organized market administrator entities must make best efforts to enter into agreements or conventions with administrator entities located in other jurisdictions that ensure the simultaneous suspension of trading of securities admitted to trading in national and foreign organized markets.” (NR)

Art. 3º § 3º of Article 5 of CVM Instruction No. 358, of January 3, 2002, is revoked.

Art. 4º The alteration of the wording of § 2º of Article 5 of CVM Instruction No. 358, of 2002, provided for in this Instruction, enters into force on April 1, 2018.

Art. 5º This Instruction enters into force on the date of its publication.

Signed Original

MARCELO BARBOSA
President