CVM Instruction No. 309 of June 10, 1999

CVM INSTRUCTION NO. 309, OF JUNE 10, 1999.

Amends Arts. 5, 6, 7, items I and II, of CVM Instruction No. 202, of December 6, 1993, and Art. 18 of the same Instruction, with the wording given to it by Art. 1 of CVM Instruction No. 274, of March 12, 1998.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on this date, based on the provisions of Art. 9 of Law No. 6.385, of December 7, 1976, with the wording given to it by Art. 2 of Provisional Measure No. 1.742-18, of June 2, 1999; in Arts. 21 and 22, sole paragraph, of Law No. 6.385, of December 7, 1976, with the wording given to them by Art. 2 of Law No. 9.457, of May 5, 1997; in Vote No. 426 of the National Monetary Council, of December 21, 1978, and in Resolution No. 1.657 of the National Monetary Council, of October 26, 1989, item II, RESOLVED to issue the following Instruction:

Art. 1 The articles of CVM Instruction No. 202, of December 6, 1993, listed below, shall have the following wording:

"DIRECTOR OF INVESTOR RELATIONS"

"Art. 5 For the company to be registered with the CVM, the corporate bylaws or the Board of Directors must assign to a director the function of investor relations, which may or may not be exercised cumulatively with other executive duties.

Art. 6 The director of investor relations is responsible for providing information to the public investors, to the CVM and, if the company has registration in a stock exchange or organized over-the-counter market, to these entities, as well as keeping the company registration updated (Arts. 13, 16 and 17).

Art. 7 ------------------------------------------------------------------------------------------ I - minutes of the meeting of the Board of Directors or the General Assembly that appointed the director of investor relations (Art. 5); II - request signed by the director of investor relations, containing information on:

Art. 18. Without prejudice to the responsibility of the administrators under the terms of Arts. 9, item V, and 11 of Law No. 6.385, of December 7, 1976, with the wording given to them by Law No. 9.457, of May 5, 1997, and by Art. 2 of Provisional Measure No. 1.742-18, of June 2, 1999, the publicly held company that does not keep its registration updated, in accordance with Arts. 13, 16 and 17 of this Instruction, shall be subject to a daily coercive fine according to the tables below:

CVM INSTRUCTION NO. 309, OF JUNE 10, 1999. 2

I - FINANCIAL STATEMENTS Net Equity in R$ Value in R$ Up to 8,287,000.00 30.00 From 8,287,000.01 to 41,435,000.00 80.00 Above 41,435,000.00 100.00

II - STANDARDIZED FINANCIAL STATEMENTS Net Equity in R$ Value in R$ Up to 8,287,000.00 50.00 From 8,287,000.01 to 41,435,000.00 100.00 Above 41,435,000.00 200.00

III - DOCUMENTS AND INFORMATION PROVIDED FOR IN ART. 16, ITEMS III AND V TO VII Net Equity in R$ Value in R$ Up to 8,287,000.00 30.00 From 8,287,000.01 to 41,435,000.00 80.00 Above 41,435,000.00 100.00

IV - ANNUAL INFORMATION - IAN - ART. 16, ITEM IV, AND QUARTERLY INFORMATION - ITR - ART. 16, ITEM VIII Net Equity in R$ Value in R$

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Up to 8,287,000.00 50.00 From 8,287,000.01 to 41,435,000.00 100.00 Above 41,435,000.00 200.00

V - DOCUMENTS AND INFORMATION PROVIDED FOR IN ART. 17, ITEMS I TO X Net Equity in R$ Value in R$ Up to 8,287,000.00 30.00 From 8,287,000.01 to 41,435,000.00 80.00 Above 41,435,000.00 100.00

§1 The net equity shall be that determined on December 31 of the year prior to the application of the coercive fine.

§2 If there is no net equity on the date indicated in the previous paragraph, or if the net equity is negative, the coercive fine shall be charged at the lowest value of the respective table."

Art. 2 This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Original signed by FRANCISCO DA COSTA E SILVA President