Joint Decision MINC/CVM No. 01/96

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JOINT DECISION MC/CVM No. 01/96
CENTRAL BANK OF BRAZIL SECURITIES AND EXCHANGE COMMISSION

Provides for the extension of deadlines for the public distribution of investment certificates for the production, distribution, exhibition, and technical infrastructure of Brazilian audiovisual cinematic works, the release of captured resources, and the submission of information.

The MINISTER OF CULTURE and the SECURITIES AND EXCHANGE COMMISSION, based on the provisions of Law No. 6,385, of December 7, 1976, and on the basis of Article 1 of Law No. 8,685, of July 20, 1993, and Article 2 of Decree No. 974, of November 8, 1993,

DECIDE:

Art. 1 - The deadline for public distribution of investment certificates for the production, distribution, exhibition, and technical infrastructure of audiovisual cinematic works, provided for in item IV of Article 14 of CVM Instruction No. 208, of February 7, 1994, as amended by Article 2 of CVM Instruction No. 240, of November 17, 1995, is extended to 360 (three hundred and sixty) days, renewable for an equal period, upon duly justified request.

Art. 2 - The distribution deadline for certificates whose registrations were granted by the CVM up to the date of publication of this Joint Decision and whose placement has not been concluded is extended until April 30, 1997.

Art. 3 - In distribution contracts where there is no commitment of firm guarantee of placement of the total number of shares issued by the financial institution responsible for the distribution, and provided that 80% (eighty percent) of the registered amount of the distribution has been subscribed and fully paid, evidenced by the presentation of the statement of financial application accounts opened, in accordance with the provisions of Article 9 of Decree 974, of November 8, 1993, the release of captured resources may be authorized.

Art. 4 - Financial intermediaries part of the distribution system must send to the CVM and to the Secretariat for Audiovisual Development, monthly, until the 10th of the following month, report maps indicating the movement of distribution of investment certificates.

Art. 5 - Upon completion of the project, the issuing company must send, at least semi-annually, to the CVM and to the Secretariat for Audiovisual Development, a report containing information regarding the earnings resulting from the commercialization rights thereof.

Art. 6 - This Joint Decision enters into force on the date of its publication.

Brasília, August 15, 1996

Francisco Corrêa Weffort
MINISTER OF CULTURE

Francisco Augusto da Costa e Silva
President of
SECURITIES AND EXCHANGE COMMISSION