CVM/SRE Circular Letter 1285/2005

CVM/SRE Circular Letter No. 1285/2005
Rio de Janeiro, July 18, 2005

To the Responsible Director for
Credit Rights Investment Funds

Subject: Submission of occasional and periodic documents of FIDC

Dear Sir,

We are pleased to communicate the implementation of an electronic system for receiving and disseminating information of a periodic or occasional nature presented by credit rights investment funds, such as financial statements, quarterly reports, monthly reports, minutes of assemblies, bylaws, prospectuses, among others.

Consequently, we clarify that such information must henceforth be forwarded through the CVM's internet page (http://www.cvm.gov.br), and it will no longer be accepted that they be delivered to our protocols or sent by mail. To do so, upon entering the CVM page, under "Document Submission", enter your "CPF and Password" and select "FIDC".

The electronic submission of monthly reports is optional for the data closing the month of July and mandatory starting from the closing of the month of August.

The annual financial statements relating to 12/31/2004, as well as the monthly ones calculated at the closing of the months of January to June 2005, must be sent together with the financial statements of July 2005 by 8/20/2005, as provided in art. 48, item I, of CVM Instruction No. 356/01.

We take this opportunity to remind you that the quarterly reports, provided for in art. 8, §§ 3 and 4, of Instruction 356, should not contain only declarations by the responsible directors or represent merely a summary of the monthly report. The provision requires a demonstration that shows that the operations carried out are in line with the predictions of the bylaws and that the negotiations were carried out at market rates.

Furthermore, we recommend sending such a report within 45 days after the end of the fiscal quarter, by analogy with the provisions of CVM Instruction No. 202/93, for open companies, aiming to ensure the public timely availability of such information.

In case of doubt, we request contact with: (i) the CVM IT Support, regarding the electronic submission of the aforementioned information, by phone (21) 3554-8504 or (21) 3554-8261 or by e-mail to suporte@cvm.gov.br; and (ii)

the Records Management – 3, regarding the fund's operating registration, by phone (21) 3554-8578 or by e-mail to ger-3@cvm.gov.br.

Sincerely,

Carlos Alberto Rebello Sobrinho
Superintendent of Securities Registration