Joint Decision MINC/CVM No. 4 of May 20, 1999

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JOINT DECISION MINC/CVM NO. 4, OF MAY 20, 1999 Regulates the trading in the secondary market of Investment Certificates for the production, distribution, exhibition, and technical infrastructure of Brazilian audiovisual cinematic works.

The MINISTER OF CULTURE and the COLLEGIATE BODY OF THE SECURITIES AND COMMISSIONS COMMISSION - CVM, considering the provisions of Laws No. 6.385, of December 7, 1976, and No. 8.685, of July 20, 1993, amended by Law No. 9.323, of December 5, 1996, and Article 2 of Decree No. 974, of November 8, 1993, D E C I D E:

Article 1. Investment Certificates that characterize shares representing rights to the commercialization of specific projects in the Brazilian independent cinematic audiovisual 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 cinematic production projects, or the delivery of the first semi-annual report, relating to the revenues from commercialization, in the case of projects for exhibition, distribution, and technical infrastructure; and II – the authorization of the Ministry of Culture, published in the Official Gazette of the Union.

Article 2. The use of the incentivized resources, referred to in Law No. 8.313, of December 23, 1991, and Law No. 8.685, of July 20, 1993, amended by Law No. 9.323, of December 5, 1996, is prohibited for the acquisition, in any form, of Investment Certificates in the secondary market.

Article 3. Non-compliance with the provisions of the preceding article subjects the offender to the penalties established in Article 10 of Law No. 8.685/93.

Article 4. This Joint Decision enters into force on the date of its publication in the Official Gazette of the Union.

FRANCISCO CORRÊA WEFFORT
Minister of Culture
LEONARDO BRUNET MENDES DE MORAES
Acting President,
Securities and Commodities Commission