Joint Decision SPC/CVM 12/08

JOINT DECISION NO. 12, OF MAY 7, 2008.

Establishes conditions for the subscription and redemption of shares of investment funds holding securities owned by closed complementary pension entities.

Revokes Joint Decisions CVM/SPC No. 01, of December 19, 1996, No. 02, of February 26, 1998, No. 03, of April 7, 1998, No. 04, of June 9, 1998, No. 05, of June 9, 1998, No. 06, of June 20, 1998, No. 07, of July 23, 1998, No. 08, of May 7, 1999, and No. 10, of September 22, 2005.

The Board of the SECURITIES AND EXCHANGE COMMISSION – CVM and the Secretary of Complementary Pension of the MINISTRY OF SOCIAL SECURITY, having regard to the provisions of Article 5 of Resolution CMN No. 3,456, of June 1, 2007, resolve:

Article 1. Closed complementary pension entities – EFPCs, in the subscription and redemption of shares of investment funds holding securities owned by them, in accordance with Article 5 of Resolution CMN No. 3,456, of June 1, 2007, must observe the provisions of this Joint Decision.

Article 2. The subscription and redemption of shares of investment funds holding securities by closed complementary pension entities must observe the regulations issued by the Securities and Exchange Commission, also meeting, where they exist, the corresponding tax obligations.

Sole Paragraph. In addition to the provisions of the caput, the subscription and redemption of shares of investment funds holding securities must follow the procedures established in the bylaws of the respective investment fund.

Article 3. This Joint Decision enters into force on the date of its publication.

Article 4. Joint Decisions CVM/SPC No. 01, of December 19, 1996, No. 02, of February 26, 1998, No. 03, of April 7, 1998, No. 04, of June 9, 1998, No. 05, of June 9, 1998, No. 06, of June 20, 1998, No. 07, of July 23, 1998, No. 08, of May 7, 1999, and No. 10, of September 22, 2005, are hereby revoked.

Original signed by

MARIA HELENA DOS SANTOS FERNANDES DE SANTANA
President of the Securities and Exchange Commission

Original signed by

RICARDO PENA PINHEIRO
Secretary of Complementary Pension