Resolution CMN No. 1806 — Authorizes the Establishment of Investment Funds Under Regulations to Be Issued by the Securities and Exchange Commission

RESOLUTION NO. 001806

AUTHORIZES THE ESTABLISHMENT OF INVESTMENT FUNDS UNDER REGULATIONS TO BE ISSUED BY THE SECURITIES AND EXCHANGE COMMISSION.

THE CENTRAL BANK OF BRAZIL, IN ACCORDANCE WITH ART. 9 OF LAW NO. 4,595, OF 12/31/64, MAKES PUBLIC THAT THE MONETARY COUNCIL NATIONAL, IN A SESSION ON 03/27/91, HAVING REGARD TO THE PROVISIONS OF LAW NO. 4,728, OF 07/14/65, AND OF ART. 3, PARAGRAPH I, OF LAW NO. 6,385, OF 12/07/76,

RESOLVES:

ART. 1. AUTHORIZE THE ESTABLISHMENT AND OPERATION OF INVESTMENT FUNDS DESTINED FOR THE APPLICATION OF RESOURCES EXCLUSIVELY IN THE ACQUISITION OR SUBSCRIPTION OF SECURITIES OR QUOTAS ISSUED BY COMPANIES THAT ARE TO BE PRIVATIZED IN ACCORDANCE WITH LAW NO. 8,031, OF 04/12/90.

ART. 2. THE SECURITIES AND EXCHANGE COMMISSION IS AUTHORIZED TO ISSUE THE NORMS AND ADOPT THE MEASURES IT DEEMS NECESSARY REGARDING THE ESTABLISHMENT AND OPERATION OF INVESTMENT FUNDS TO WHICH THIS RESOLUTION REFERS.

SINGLE PARAGRAPH. WHEN DEALING WITH INVESTMENT FUNDS WHOSE QUOTAS ARE CAPITALIZED THROUGH THE USE OF FINANCIAL ASSETS THAT ARE NOT SECURITIES, THE RESPECTIVE REGULATION MUST BE ISSUED JOINTLY WITH THE CENTRAL BANK OF BRAZIL.

ART. 3. THIS RESOLUTION ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), MARCH 27, 1991

IBRAHIM ERIS
PRESIDENT