Joint Decision ANCINE/CVM 01/04

1
JOINT DECISION No. 1, OF JULY 9, 2004
Regulates the trading in the secondary market of Investment Certificates for the production, distribution, and exhibition of Brazilian audiovisual works and for technical infrastructure projects in the audiovisual sector

The PRESIDENT-DIRECTOR OF THE NATIONAL CINEMA AGENCY and the BOARD OF THE SECURITIES AND EXCHANGE COMMISSION - CVM, in view of the provisions of Law No. 6,385, of December 7, 1976, and Law No. 8,685, of July 20, 1993, amended by Law No. 9,323, of December 5, 1996, by Provisional Measure No. 2,228-1, of September 6, 2001, and by Law No. 10,454, of May 12, 2002, in Decree No. 4,456/2002 and in Art. 2 of Decree No. 974, of November 8, 1993, decide:

Art. 1 Investment Certificates that characterize shares representing rights to the commercialization of specific projects in the Brazilian independent film production area, as well as those for exhibition, distribution, and technical infrastructure, may only be traded in the secondary market after:

I - the delivery of the first copy of the audiovisual work, in the case of film production projects, or the delivery of the first semi-annual report, relating to commercialization revenues, in the case of exhibition, distribution, and technical infrastructure projects;

II - submission to ANCINE of the final accounting statement, in accordance with Normative Instruction No. 21, of December 30, 2003;

III - authorization by ANCINE, published in the Official Gazette of the Union.

Art. 2 The acquisition of Investment Certificates in the secondary market, in any form, using the incentive resources provided for in Law No. 8,313, of December 23, 1991; in Law No. 8,685, of July 20, 1993, amended by Law No. 9,323, of December 5, 1996; and in Provisional Measure No. 2,228-1, of September 6, 2001, amended by Law No. 10,454, of May 13, 2002, is prohibited.

Art. 3 Failure to comply with the provisions of the preceding article subjects the offender to the penalties provided for in Article 40 of Law No. 8,313/91 and in Article 10 of Law No. 8,685/93.

Art. 4 Joint Decision No. 4, of May 20, 1999, of the Ministry of Culture and the Securities and Exchange Commission - CVM, is revoked.

Art. 5 This Joint Decision enters into force on the date of its publication in the Official Gazette of the Union.

GUSTAVO DAHL
President-Director of the National Cinema Agency

MARCELO FERNANDEZ TRINDADE
President of the Securities and Exchange Commission