Instruction CVM 520 (Revoked)

Amends and adds provisions to Instruction CVM No. 480, of December 7, 2009.

The PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Board, in a meeting held on April 10, 2012, based on the provisions of Art. 8, items I, 21 and 22, of Law No. 6,385, of December 7, 1976, APPROVED the following Instruction:

Art. 1 The Art. 25 of Instruction CVM No. 480, of December 7, 2009, shall be in effect with the following wording:

“Art. 25 ...
...
§ 1 ...
VI – declaration by the directors that they have reviewed, discussed, and agreed with the financial statements; VII – summarized annual report of the audit committee, if any; and VIII – in the case of a securitizer, financial statements relating to each of the separate estates, for the issuance of receivable certificates under fiduciary regime. ...” (NR)

Art. 2 Annex 32-II of Instruction CVM No. 480, of 2009, shall be in effect with the wording proposed in the Annex to this Instruction.

Art. 3 This Instruction enters into force on July 1, 2012, applying to the quarter starting on this date.

Signed original by
MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President

ANNEX
Annex 32-II

Art. 1 Issuers whose object is the securitization of credits must send to the CVM via an electronic system available on the CVM's page on the worldwide web the following quarterly report, complying with the deadline for delivery of quarterly information forms – ITR and standardized financial statements – DFP:

Competence: MM/YYYY

SPECIFICATIONS 1
Securities / issuance / series

BALANCE (R$) /
INFORMATION

1. General characteristics
   1.1. Operation data
   a. fiduciary regime institution b. fiduciary agent
   c. custodian institution(s) of the credits, if any
   d. segment of the linked credits
   i. agribusiness
   ii. financial
   iii. real estate - residential
   iv. real estate - commercial
   v. others (specify)
   e. acquisition value of the credits f. average rates and indexers of the linked credits g. duration 2 of the credit portfolio h. formula for calculating duration
   i. existence of guarantees or co-obligation of the securitizing company? (If affirmative, inform which and the value or coverage level)
   j. existence of guarantees or co-obligation of third parties? (If affirmative, inform which and the value or coverage level) k. average loan to value (LTV) of the portfolio, when applicable
   l. reference date for LTV update
   m. indication of debtors or co-obligors representing more than 20% of the credit portfolio linked to the issuance of securities
   i. debtor or co-obligor
   ii. value

1 The information must be presented in table form, encompassing the set of information associated with the respective issuance and series. In the event that two or more series of an issuance of securities are linked to a single underlying asset, the information must be presented in an aggregated manner. 2 Duration is the representation, in units of time, of the average duration of a payment stream weighted by its present value, which allows checking the sensitivity of the portfolio to variations in the interest rate.

1.2. Classes of securities 3
a. class b. quantity
c. value
d. average rates and indexers of the securities e. maturity date f. risk classification, if any g. identification of the risk rating agency, if any h. level of subordination
i. amortization periodicity of the securities

2. Selected financial information by separate estate 4
   2.1. Assets (R$ or R$ thousand)
   a. current
   i. cash and cash equivalents
   ii. financial applications/STI
   iii. linked credits
   iv. other assets
   b. non-current
   i. financial applications/STI
   ii. linked credits
   iii. other assets

2.2. Liabilities (R$ or R$ thousand)
a. current
i. issued securities
ii. other liabilities

Identify the existence of senior and subordinated securities.
4 Accumulated data throughout the current fiscal year must be presented.

b. non-current
i. issued securities
ii. other liabilities

2.3. Financial flow (R$ or R$ thousand)
a. total receipts b. payments of expenses and commissions of the securitization
c. payments made to the senior class
i. principal amortization
ii. interest
d. payments made to the subordinated class
i. principal amortization
ii. interest
e. other payments and receipts f. sufficiency/insufficiency of cash g. value allocated to subordinated securities (subordination premium) h. value allocated to the securitizer
i. value allocated or reversed from the expense fund of the separate estate
j. value allocated or reversed from funds constituted for credit enhancement or liquidity k. others (specify)
l. values of contractual payments stipulated
i. values of contractual payments stipulated (principal plus interest)
ii. senior class
iii. subordinated class

3. Behavior of the credit portfolio linked to the securitization
   3.1. Linked credits
   a. by maturity term
   i. up to 30 days
   ii. from 31 to 60 days
   iii. from 61 to 90 days
   iv. from 91 to 120 days
   v. from 121 to 150 days
   vi. from 151 to 180 days
   vii. above 180 days
   b. delinquent (value of delinquent installments)
   i. due and unpaid up to 30 days
   ii. due and unpaid from 31 to 60 days
   iii. due and unpaid from 61 to 90 days
   iv. due and unpaid from 91 to 120 days
   v. due and unpaid from 121 to 150 days
   vi. due and unpaid from 151 to 180 days
   vii. due and unpaid above 180 days
   c. paid in advance
   i. paid in advance up to 30 days before maturity
   ii. paid in advance between 31 and 60 days before maturity
   iii. paid in advance between 61 and 90 days before maturity
   iv. paid in advance between 91 and 120 days before maturity
   v. paid in advance between 121 and 150 days before maturity
   vi. paid in advance between 151 and 180 days before maturity
   vii. paid in advance before 180 days before maturity

3.2. Modification of the linked credit portfolio during the quarter
a. event
i. acquisitions
ii. disposals
iii. retrocessions
iv. substitutions
v. buybacks
vi. others (specify)
b. value
c. justification

3.3. Information on credits in liquidation process during the quarter

4. Events that generated early amortization or affected the payment flow during the quarter
   4.1. Impact of prepayment events on the cash flow of the credit portfolio (duration and internal rate of return)
   4.2. Analysis of the impact of prepayment events on holders of securities
   4.3. Analysis of the impact of other events provided for in the credit securitization term that resulted in early amortization of the securities
   4.4. Analysis of the impact of other events that affected the regularity of the expected payment flows

5. Declaration by the person responsible for the content of the report

Art. 2 Regarding item 1.1.j., the LTV must be updated whenever there are indications:
I – of extraordinary real estate devaluation, in the region, in the segment, or generalized; or II – that its value tends to exceed the quotient of 1 (one).

Sole Paragraph. When assessing whether there is any indication that an asset may have suffered devaluation, the issuer must consider, at a minimum, the following indications:
I – if the market value of an asset has decreased significantly, more than would be expected as a result of the passage of time or normal use; and II – if significant changes with adverse effects on the asset (collateral) have occurred during the period, or will occur in the near future, in the technological, market, economic or legal environment, in the market for which the asset is used.

Art. 3 The quarterly report referred to in Art. 1 of this Annex must be sent by issuers of securities of securitization operations, such as:
I – real estate receivable certificates;
II – agribusiness receivable certificates; and III – debentures whose payment of principal and interest arises from the financial flow resulting from the assignment of credit rights.

Art. 4 The quarterly report referred to in Art. 1 of this Annex must be examined during the performance of the reasonable assurance work by the independent auditor.