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JOINT DECISION CVM/SPC NO. 08, OF MAY 7, 1999

Amends Items II and III of Article 1 of Joint Decision CVM/SPC No. 02, of February 26, 1998, published in the Official Gazette of the Union No. 44, of March 6, 1998, Section I, Page 68.

The Board of the Securities and Exchange Commission (CVM) and the Secretary of the Complementary Pension Secretariat of the Ministry of Social Security and Assistance, in view of the provisions of Resolution No. 2,467, of February 19, 1998, of the National Monetary Council, decide:

Art. 1. Amend the wording of Items II and III of Article 1 of Joint Decision CVM/SPC No. 02, of February 26, 1998, published in the Official Gazette of the Union No. 44, of March 6, 1998, Section I, Page 68, which shall henceforth read as follows:

"II - the price to be considered for the subscription of shares shall be the one corresponding to the average quotation of the stocks on the stock exchanges, on which these stocks have been most traded, on the effective day of their listing;

III - for the purposes of the provision in item II, if the stocks used in the subscription of shares have not been traded on the trading session of the day, it shall be permissible to adopt as reference their average quotations of the immediately preceding trading session, with the limit being the third trading session preceding the day of subscription;"

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

Signed original by

FRANCISCO DA COSTA E SILVA
President of
THE SECURITIES AND EXCHANGE COMMISSION

Signed original by

PAULO KLIASS
Secretary of
THE COMPLEMENTARY PENSION SECRETARIAT