CVM Instruction No. 610, of August 5, 2019, Amending CVM Instruction No. 497

BRAZILIAN SECURITIES AND EXCHANGE COMMISSION
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Centro, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 CVM INSTRUCTION NO. 610, OF AUGUST 5, 2019 Amends provisions of CVM Instruction No. 497, of June 3, 2011. THE PRESIDENT OF THE BRAZILIAN SECURITIES AND EXCHANGE COMMISSION - CVM hereby makes public that the Board, at a meeting held on June 6, 2018, in view of the provisions of arts. 8, item I, and 16, items I and III, of Law No. 6,385, of December 7, 1976, APPROVED the following Instruction:

Art. 1 The arts. 6, 7, 8, 9, 10, 17, 18, 19, 20, 21 and 22 of CVM Instruction No. 497, of June 3, 2011, shall come into force with the following wording:
“Art. 6 The credentialing of autonomous investment agents and the legal entities constituted by them in the form of art. 2 is carried out by credentialing entities authorized by the CVM, in the form of arts. 7 and 8 of this Instruction.” “Art. 7 The credentialing must be granted by the credentialing entity to the autonomous investment agent who meets the following minimum requirements:
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II – have been approved in technical and ethical qualification exams defined by the CVM.
III – REVOKED
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Sole Paragraph. It is up to the CVM to previously approve the program of exams to be used for certification, as well as their periodicity, and any other criteria or procedures for the credentialing of autonomous investment agents.” “Art. 8 The credentialing entity must grant credentialing to legal entities constituted under the terms of art. 2 that:
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BRAZILIAN SECURITIES AND EXCHANGE COMMISSION
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Centro, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 Paragraph 3 Without prejudice to the responsibilities arising from their individual conduct, all partners are responsible, before the CVM, before the credentialing entity and before the competent self-regulatory entities for the activities of the company. ......” “Art. 9 The credentialing entity must cancel the credentialing of the autonomous investment agent in cases of:
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IV – non-compliance with the conditions established in the continuing education program provided for in item V of art. 19; and
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Paragraph 1 The cancellation of credentialing, in the form of item I of the caput, depends on proof that the autonomous investment agent is not active, in the manner provided for in the regulation referred to in art. 19, II, and must be communicated to the CVM for the automatic cancellation of the autonomous investment agent's registration. Paragraph 2 If the situations described in items II and III of the caput are found, the credentialing entity must request prior manifestation from the autonomous investment agent, within 10 (ten) business days, before deciding on the cancellation. Paragraph 3 The decision to cancel credentialing, in the form of items II and III of the caput, must be immediately communicated to the autonomous investment agent, and the credentialing entity must clarify the reasons that supported its decision. Paragraph 4 The autonomous investment agent with credentialing canceled in the form of Paragraph 3 may, within 10 (ten) business days, submit a request for reconsideration to the credentialing entity.

BRAZILIAN SECURITIES AND EXCHANGE COMMISSION
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Centro, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 Paragraph 5 If there is no reconsideration of the decision, the credentialing entity must send the petition to the SMI as an appeal with suspensive effect, so that, within 10 (ten) business days, the cancellation is confirmed or not.”
“Art. 10. ......
Sole Paragraph. ......
I – observe the provisions of this Instruction, other applicable rules and the rules and procedures established by the institution integrating the securities distribution system by which it has been contracted; and ......”
“Art. 17. ......
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III – communicate to the CVM and the competent self-regulatory entities as soon as it becomes aware of conduct by the autonomous investment agents contracted by it that may constitute an indication of infringement of the rules issued by the CVM; IV – communicate to the competent self-regulatory entities as soon as it becomes aware of conduct by the autonomous investment agents contracted by it that may constitute an indication of infringement of rules or regulations issued by them; V – REVOKED ......” “Art. 18. The CVM may authorize the credentialing of autonomous investment agents by credentialing entities that prove to have adequate structure and technical capacity to fulfill the obligations provided for in this Instruction.”
“Art. 19. ......

BRAZILIAN SECURITIES AND EXCHANGE COMMISSION
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Centro, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – ZIP: 01333-010 – Brasil - Tel.: (11) 2146-2000 I – REVOKED II – elaborate a regulation containing the procedures to be observed in the request for granting, suspension or cancellation of credentialing of autonomous investment agents; III – REVOKED IV – REVOKED
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Sole Paragraph. ......
I – the regulation mentioned in item II of the caput; II – REVOKED ......”
“Art. 20. REVOKED”
“Art. 21. ......
I – ......
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b) have their credentialing suspended or canceled upon request, in the form of art. 8-B and Paragraph 1 of art. 9; and c) have their credentialing canceled in the hypotheses of items II and III of art. 9, without the autonomous investment agent filing a request for reconsideration;

BRAZILIAN SECURITIES AND EXCHANGE COMMISSION
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Centro, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – ZIP: 01333-010 – Brasil - Tel.: (11) 2146-2000
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III – REVOKED
IV – ......
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b) REVOKED
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Sole Paragraph. REVOKED”
“Art. 22. REVOKED”
Art. 2 CVM Instruction No. 497, of 2011, shall come into force with the addition of the following articles 8-A, 8-B and 17-A:
“Art. 8-A The decision to deny a credentialing request must be communicated to the applicant, clarifying the reasons why the credentialing entity understands that the requirements of arts. 7 and 8 have not been met. Paragraph 1 An appeal against the decision to deny the credentialing request may be filed with the CVM, within a period of up to 10 (ten) business days, counted from the applicant's awareness of it. Paragraph 2 The appeal referred to in Paragraph 1 must be analyzed by the Superintendence of Market Relations and Intermediaries – SMI within a period of up to 10 (ten) business days, counted from its receipt.” “Art. 8-B The credentialing entity must suspend credentialing, upon request of the autonomous investment agent, provided that the applicant proves not to be active, in the manner provided for in the regulation mentioned in art. 19, II.

BRAZILIAN SECURITIES AND EXCHANGE COMMISSION
Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Centro, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/ SP – ZIP: 01333-010 – Brasil - Tel.: (11) 2146-2000 Paragraph 1 The suspension of credentialing must be communicated to the CVM by the credentialing entity and implies the automatic suspension of the autonomous investment agent's registration. Paragraph 2 The suspension will be valid for 1 (one) year from its deferral, and may be reversed at any time at the request of the autonomous investment agent. Paragraph 3 The suspension will only be granted if at least 3 (three) years have passed from the date of granting the autonomous investment agent's credentialing or the end of their last suspension request.” “Art. 17-A It is incumbent upon the institution integrating the distribution system to pay periodic fees resulting from the credentialing of the autonomous investment agent, and the transfer of this charge to the autonomous investment agent contracted by it is prohibited.” Art. 3 The following provisions of CVM Instruction No. 497, of June 3, 2011, are hereby revoked:
I – item III of art. 7;
II – item V of art. 17;
III – items I, III and IV of the caput and item II of the sole paragraph of art. 19; IV – art. 20; V – item III, sub-item “b” of item IV and the sole paragraph of art. 21; and VI – art. 22. Art. 4 This Instruction shall come into force on the date of its publication. Original signed by MARCELO BARBOSA President