Joint Decision CVM/SPC No. 9 of September 24, 1999

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JOINT DECISION CVM/SPC No. 9, OF SEPTEMBER 24, 1999

Provides for the acquisition and alienation, by closed private pension entities, of securities registered on stock exchanges or in an organized over-the-counter market, through private negotiations, during the validity of the Provisional Contribution on Movements or Transmission of Values and of Credits and Rights of a Financial Nature - CPMF.

The Collegiate Board of the Securities and Exchange Commission of Brazil - CVM and the Secretary of the Supplementary Pension Secretariat – SPC, of the Ministry of Social Security and Assistance, having regard to the provisions of Article 11 of Resolution No. 2,324, of October 30, 1996, of the National Monetary Council - CMN,

DECIDE:

Article 1. It is established, exceptionally, that, during the validity of the Provisional Contribution on Movements or Transmission of Values and of Credits and Rights of a Financial Nature - CPMF, Closed Private Pension Entities – EFPP may carry out private operations with securities, registered on stock exchanges or in an organized over-the-counter market, provided they are associated with the applications and/or redemptions of shares of mutual investment funds in bonds and securities as provided for in CVM Instruction No. 314, of September 24, 1999.

Article 2. The criterion used for pricing the value of shares and/or subscription bonuses must comply with the provisions of the Joint Decisions CVM/SPC.

Article 3. Closed private pension entities that avail themselves of the facility provided for in this Joint Decision must respect the provisions contained in the other Joint Decisions CVM/SPC, as well as observe the application and/or diversification limits established in the regulation applicable to EFPPs.

Article 4. All provisions of this Joint Decision apply to Mutual Investment Funds in Shares - Free Portfolio, until they are adapted to CVM Instruction No. 302, of May 5, 1999.

Article 5. Non-compliance with the provisions of this Joint Decision will subject the EFPPs and their administrators, as well as the administrators of the mutual fund, within the scope of their respective spheres of competence, to the sanctions provided for in the legislation and regulation in force.

Article 6. 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 OF BRAZIL

Signed original by
PAULO KLIASS
Secretary of the SUPPLEMENTARY PENSION SECRETARIAT

Published in the DOU on 04.10.99 - p.8