CVM Resolution No. 504 of May 12, 2006

CVM RESOLUTION NO. 504, OF MAY 12, 2006.

Amends and adds provisions to CVM Resolution No. 457, of December 23, 2002.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION – CVM makes public that the Collegiate Board, in a meeting held on April 27, 2006, in view of the provisions of Art. 9, § 2, of Law No. 6,385, of December 7, 1976, and Resolution No. 454, of November 16, 1977, as amended by Resolution No. 2,785, of October 18, 2000, both of the National Monetary Council,

DELIBERATED:

Art. 1. Arts. 1, 3, 6, 7, 19, and 33 of CVM Resolution No. 457, of December 23, 2002, shall enter into force with the following wording:

“Art. 1........................................................................
....................................................................................
§ 1. Competence is also delegated to the General Superintendence to make pertinent communications:
I – to other bodies and entities of the public administration, when the occurrence of an offense in an area subject to their supervision is verified; and II – to the Public Prosecutor’s Office, when evidence of a crime subject to public criminal action is confirmed. § 2. The Legal Advisory Office (PFE) shall issue an opinion on the communication to the Public Prosecutor’s Office of possible evidence of a crime subject to public criminal action and on any other proposals for communication.” (NR)

“Art. 3. Excluding the case provided for in Art. 7, the Inquiry Commission shall prepare a report, which must include:
I – name and qualification of the accused;
II – narrative of the investigated facts demonstrating the materiality of the infractions being investigated; III – analysis of the authorship of the infractions being investigated, containing the individualization of the conduct of the accused, with express reference to the evidence demonstrating their participation in the infractions being investigated; and

CVM RESOLUTION NO. 504, OF MAY 12, 2006.
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IV – the legal or regulatory provisions infringed.” (NR)

“Art. 6. The term of accusation must include the elements referred to in Art. 3.” (NR)

“Art. 7........................................................................
Sole Paragraph. The Superintendent may, based on the opinion of the PFE referred to in Art. 6-A, archive the process.” (NR)

“Art. 19. The Rapporteur, if deemed necessary, may request the PFE to issue an opinion on the grounds of defense.” (NR)

“Art. 33. Except for the cases provided for in Arts. 5 and 14 of the Regulation annexed to CMN Resolution No. 454, of 1977, and Art. 30-C of this Resolution, the communication of acts and procedural documents shall be made through publication in the Official Gazette of the Union, which shall contain the indispensable elements for the knowledge of the interested party and their attorney.” (NR)

Art. 2. The following Arts. 6-A, 6-B, 11-A, 30-A, 30-B, and 30-C are added to CVM Resolution No. 457, of 2002:

“Art. 6-A. Before the notification of the accused to present their defense, the PFE shall issue an opinion on the term of accusation, within a period of 30 (thirty) days, objectively analyzing compliance with the requirements of Art. 3. Sole Paragraph. At the same time referred to in the ‘caput’, the PFE, if applicable, shall issue a statement regarding the communications provided for in § 2 of Art. 1.” (NR)

“Art. 6-B. To formulate the accusation, the Inquiry Commission and the Superintendent, in the case referred to in Art. 4, must have made efforts to obtain explanations from the accused regarding the facts described in the report or in the term of accusation, as applicable. Sole Paragraph. The provision of the ‘caput’ shall be considered met whenever the accused:
I – has given personal testimony or voluntarily manifested regarding the acts imputed to them; or II – has been notified to provide explanations regarding the acts imputed to them, even if they do not do so.” (NR)

“Art. 11-A. If the report of the Inquiry Commission or the term of accusation has been prepared without compliance with the provisions of Arts. 3 and 6-B, the Rapporteur shall return the records to the Inquiry Commission or to the Superintendent who formulated the term of accusation, to remedy the irregularity pointed out. § 1. After the irregularity has been remedied, the Inquiry Commission or the Superintendent shall complement the report or the term of accusation, as applicable, if they consider that the measures adopted influence the description referred to in items II and III of Art. 3. § 2. The Inquiry Commission or the Superintendent may propose to the Collegiate Board the archiving of the process if, after adopting the measures referred to in § 1, they conclude that there is no infraction. § 3. In any case, the accused shall be notified to present a new defense, proceeding in accordance with the provisions of Art. 9.” (NR)

“Art. 30-A. The Collegiate Board may, at any time, give the fact a different legal definition than that contained in the report of the Inquiry Commission or in the term of accusation, and in this case, must determine the notification of the accused to amend their defenses, within a common period of 30 (thirty) days.” (NR)

“Art. 30-B. If the Collegiate Board recognizes, at any time, the possibility of a new legal definition of the fact, as a result of evidence in the records of an elemental circumstance not contained, explicitly or implicitly, in the report of the Inquiry Commission or in the term of accusation, it shall determine the notification of the accused to present a new defense, within a period of 30 (thirty) days, allowing the production of new evidence, observing the provisions of Art. 12.” (NR)

“Art. 30-C. In the cases of Arts. 30-A and 30-B, all accused persons indicated by the Collegiate Board shall be notified, and the notification must be accompanied exclusively by the minutes containing the decision of the Collegiate Board.” (NR)

Art. 3. The provisions of Arts. 3, 6, 6-A, 6-B, 7, and 11-A of CVM Resolution No. 457, of 2002, as amended by this Resolution, apply to pending processes, except those that have already been forwarded to the Coordination of Administrative Process Control – CCP, for notification of the accused. Sole Paragraph. The provisions of Arts. 30-A, 30-B, and 30-C apply to pending processes, not yet judged by the Collegiate Board.

Art. 4. This Resolution enters into force on the date of its publication in the Official Gazette of the Union.

Original signed by
MARCELO FERNANDEZ TRINDADE
President