Resolution No. 1,280

RESOLUTION No. 001280 ------------------- THE CENTRAL BANK OF BRAZIL, in the form of art. 9 of Law No. 4,595, of 31.12.64, makes public that the NATIONAL MONETARY COUNCIL, in a session held on 19.03.87, having regard to the provisions of arts. 49 and 50 of Law No. 4,728, of 14.07.65, and in arts. 1, IV, 9, I, "c" and 23 of Law No. 6,385, of 07.12.76, R E S O L V E D: I - To approve the annexed Regulation, which governs the administration and operation of Mutual Equity Funds, in the form of an open-ended condominium. II - The Securities Commission may adopt the measures deemed necessary for the execution of this Resolution, except as provided in art. 49, Paragraph 1, items "a" and "b", of Law No. 4,728, of 14.07.65, as well as establish rules and practices concerning the administration of Mutual Equity Funds, and maximum remuneration limits, observing the provisions of art. 8, IV of Law No. 6,385, of 07.12.76. III - The proposals of the Securities Commission and the Central Bank of Brazil, relating to changes in the portfolio composition of the Mutual Equity Fund, shall be formulated through a joint vote. IV - The application of the following limits established in art. 17 of the annexed Regulation is temporarily suspended for a period of 180 (one hundred and eighty) days: a) maximum limit of investment in equities (item I); b) minimum limit of investment in federal public debt securities (item II). V - The Securities Commission and the Central Bank of Brazil, by joint decision, shall set the conditions for adapting equity funds to the provisions of the previous item. VI - This Resolution shall enter into force on the date of its publication, and Resolutions Nos. 1,022, of 05.06.85, 1,118, of 04.04.86, and 1,198, of 10.10.86, Circulars Nos. 1,023, of 15.04.86, and 1,056, of 11.08.86, item "d" of item 1 of Circular No. 1,077, of 13.10.86, and Circular Letters Nos. 1,241, of 04.07.85, 1,412, of 21.05.86, and 1,536, of 26.12.86 are revoked. Brasília-DF, 20 March 1987 Francisco Roberto André Gros President ANNEXED REGULATION TO RESOLUTION No. 1,280, OF 20.03.87, WHICH GOVERNS THE CONSTITUTION, ADMINISTRATION AND OPERATION OF MUTUAL EQUITY FUNDS. CHAPTER I ON THE CONSTITUTION AND CHARACTERISTICS Art. 1. The Mutual Equity Fund, constituted in the form of an open-ended condominium, is a community of resources destined for investment in a diversified portfolio of securities and marketable securities. Sole paragraph. The Fund shall have an indefinite duration and its name shall include the expression "Mutual Equity Fund". Art. 2. The operation of a Mutual Equity Fund depends on prior authorization from the Securities Commission, as well as the following acts relating to the Fund: I - amendment of the regulation; II - appointment and replacement of the person responsible for the technical department of the administering institution; III - replacement of the administering institution; IV - transformation; V - merger; VI - incorporation; VII - spin-off; VIII -
liquidation. Sole paragraph. The Central Bank of Brazil shall be consulted upon authorization for the operation of the Fund as well as in the cases provided for in items II and III of this article. Art. 3. The application for authorization shall be accompanied by the deliberation of the administering institution relating to the constitution of the Fund, which shall contain the full text of its regulation, which, after authorization, shall be registered with the Registry of Titles and Documents. Art. 4. The regulation of the Mutual Equity Fund must mandatorily provide for: I - qualification of the administering institution; II - investment policy to be adopted by the administering institution; III - entry fee or criteria for its establishment; IV - annual administration fee; V - establishment of a grace period in accordance with the provisions of art. 31; VI - availability of monthly information for the condominium owners, in the form of art. 12, Paragraph 1; VII - expenses and charges of the Fund. Sole paragraph. The fees, expenses and periods shall be identical for all condominium owners and shall be included in the information referred to in items VII and VIII of art. 12. CHAPTER II ON ADMINISTRATION Art. 5. The administration of the Mutual Equity Fund shall be exercised by an investment bank, brokerage firm or distribution company authorized by the Securities Commission to carry out the activity provided for in art. 23 of Law No. 6,385, of 07.12.76. Paragraph 1. The administering institution shall maintain a technical department specialized in the analysis of securities and marketable securities or contract this service with an entity accredited by the Securities Commission. Paragraph 2. The administration of the Fund shall be under the supervision and direct responsibility of the director of the administering institution. Art. 6. The net equity of the administering institution may not be less than that established by the Securities Commission. Art. 7. The administering institution has powers to exercise all rights inherent to the securities and marketable securities comprising the portfolio of the Mutual Equity Fund, including the right to vote and to attend and vote at general and special meetings. It may also open and operate bank accounts, acquire and freely dispose of securities and marketable securities, settle, and, finally, perform all acts necessary for the administration of the portfolio, observing the limitations of this Regulation. Art. 8. The administering institution shall set the remuneration to be received for the provision of management and administration services of the Mutual Equity Fund, and participation in the Fund's results is prohibited. Art. 9. The administering institution may, upon prior notice published in the newspaper(s) referred to in item VI-I, subitem "e", of art. 12 or by means of a letter, telex or telegram addressed to each quotaholder, resign from the administration, and must immediately communicate the
fact to the Securities Commission. Art. 10. The Securities Commission, in the exercise of its legal attributions, may disqualify the managing institution that fails to comply with the regulations in force. Paragraph 1. The disqualification process shall begin upon notification by the Securities Commission to the managing institution, indicating the facts on which it is based and the deadline, no less than 15 (fifteen) days, to present a defense. Paragraph 2. The decision of the Securities Commission that disqualifies the managing institution must be reasoned, and an appeal may be filed with the National Monetary Council without suspensive effect within 15 (fifteen) days counted from the date of receipt of the communication issued by the Commission. Art. 11. In the event of resignation and disqualification, the managing institution is obliged to immediately convene the general meeting to elect its replacement or resolve the liquidation of the Mutual Fund of Shares. Sole paragraph. The managing institution shall remain in the exercise of its functions until its effective replacement. Art. 12. The obligations of the managing institution include: I - to maintain, at its own expense, updated and in perfect order: a) the register of quotaholders; b) the book of minutes of general meetings; c) the attendance book of quotaholders; d) the file of the auditors' opinions; e) accounting records relating to the operations and the equity of the Fund; f) the documentation relating to the operations of the Fund. II - to receive dividends, bonuses or any other income or amounts of the Fund; III - to exercise or dispose of the subscription rights to shares, debentures and subscription bonuses; IV - to employ, in the defense of the rights of the quotaholders, the diligence required by the circumstances, as well as to promote the necessary judicial and extrajudicial measures; V - to bear the advertising expenses of the Fund; VI - to provide to the Stock Exchange of the locality of its headquarters for disclosure to the market the following information: a) daily, the value of the quota, the value and date of the last distribution of income and the value of the net equity of the Fund; b) monthly, the profitability obtained in the period. VII - to provide to the quotaholders, semi-annually, information on: a) number of quotas held and their value; b) nominal and real profitability obtained in the semester; c) value and composition of the portfolio, specifying quantity, type and quotation of the securities and values that comprise it, the value of each investment and its percentage over the total value of the portfolio; d) balance sheets and other financial statements, accompanied by the opinion of the independent auditor; e) indication of the newspaper(s) used for disclosure of information; f) list of the institutions responsible for providing the custody services of securities and values comprising the portfolio; VIII - to provide to the quotaholders, annually, the
following information: a) the nominal and real profitability in the last 6 (six) years, taken as full fiscal years; b) the nominal value of the quota, at the time of the balance sheets, in the last 6 (six) years, in addition to the value adjusted for reinvestments occurring each year; c) the charges debited to the Fund in each 1 (one) of the last 3 (three) years, as provided in art. 16, and their value and percentage in relation to the average monthly net equity of the Fund, in each year, must be specified; d) the brokerage expenses in each 1 (one) of the last 3 (three) years, as a percentage of the average monthly value of the share portfolio, in each year; e) proof for the purpose of income tax declaration; IX - to keep in custody in a commercial bank, investment bank, stock exchange or custody entity authorized by the Securities Commission, the securities and values comprising the Mutual Fund of Shares; X - to contract insurance coverage for all bearer and endorsable securities and values, when in transit outside the custodian's establishment. Paragraph 1. The managing institution shall, within a maximum period of 10 (ten) days after the end of each month, make available to the quotaholders, at its headquarters or premises, the information referred to in items "a", "b" and "c" of item VII of this article. Paragraph 2. The sending referred to in item VII of this article is not mandatory to quotaholders: I - holding quotas whose value is less than 10 (ten) National Treasury Obligations (OTN); or II - whose last sending of information was returned due to incorrectness in the declared address and who have not proceeded to update it. Paragraph 3. The communications provided for in items VII, subitem "d", and VIII, subitems "a" to "e", of this article shall be sent within a maximum period of 60 (sixty) days after the end of the semester or calendar year to which they refer, and those established in the other subitems of said items, within 10 (ten) days. Paragraph 4. In the case of the Mutual Fund of Shares with bearer quotas, the managing institution shall, within the periods established in the previous paragraph, make available to the quotaholders, at its headquarters and premises, the information referred to in this article. Paragraph 5. The custodian institutions of the securities and values of the Mutual Fund of Shares may only accept orders signed by the legal representative(s) or attorney(s) of the managing institution, duly accredited with it for this purpose. Paragraph 6. The Securities Commission shall specify the types of operations that may be carried out with the securities comprising the Fund's portfolio. Art. 13. The managing institution is prohibited, on behalf of the Fund, from: I - receiving demand deposits; II - contracting or making loans under any modality; III - providing surety, guarantee, acceptance or becoming jointly liable in any other form; IV - trading in duplicates, promissory notes or other securities not authorized by
the National Monetary Council; V - promising predetermined returns to quotaholders; VI - acquiring or selling outside the stock exchange trading session shares of publicly traded companies registered for exchange trading, except, as to acquisition, in the cases of subscription, bonus and conversion of debentures into shares; VII - investing resources: a) abroad; b) in the acquisition of real estate; c) in securities or marketable securities issued or jointly guaranteed by the managing institution or a company linked to it (art. 15); d) in the subscription or acquisition of shares of investment companies or quotas of other Mutual Equity Funds or of its own issue; e) in the acquisition of shares traded in an unorganized over-the-counter market segment or one organized by an entity not authorized by the Securities Commission. Art. 14. The managing institution is prohibited from: I - selling Fund quotas in installments; II - delegating powers to manage and administer the Fund, except with specific authorization from the Securities Commission. Art. 15. For the purposes of the provisions of this Regulation, a company is considered linked: I - in which the managing institution participates directly or indirectly, with more than 10% (ten percent) of the capital; II - in which administrators of the managing institution and their respective spouses, partners or relatives up to the 2nd degree participate, jointly or separately, with more than 10% (ten percent) of the capital, directly or indirectly; III - which participates with more than 10% (ten percent) of the capital of the managing institution, directly or indirectly; IV - whose administrators and their respective spouses, partners or relatives up to the 2nd degree participate, jointly or separately, with more than 10% (ten percent) of the capital of the managing institution, directly or indirectly; V - in which shareholder(s) with more than 10% (ten percent) of the capital of the managing institution participate, directly or indirectly, with 10% (ten percent) or more of the share capital; VI - whose administrators, in whole or in part, are the same as those of the managing institution, except for positions held in collegiate bodies provided for in the bylaws or internal rules of the managing institution, provided that their holders do not exercise executive functions, after prior consultation with the Securities Commission. Art. 16. The following expenses constitute charges of the Mutual Equity Fund, in addition to the remuneration referred to in art. 8, which may be debited to it by the managing institution: I - federal, state, municipal or autarchic taxes, fees or contributions that fall or may fall on the assets, rights and obligations of the Fund; II - expenses with printing, dispatch and publication of reports, forms and periodic information, provided for in the Fund's regulation or pertinent regulation; III - expenses with correspondence of interest to the Fund, including communications to
quotaholders; IV - fees and expenses of auditors in charge of reviewing the balance sheet and accounts of the Fund and analyzing its situation and the performance of the managing institution; V - fees and commissions related to purchase and sale operations of the Fund's securities and marketable securities; VI - attorneys' fees, costs and related expenses incurred in defense of the Fund's interests, in or out of court, including the amount of the judgment, if the Fund is unsuccessful; VII - eventual losses related to the portion in which such events are not covered by insurance policies and cannot be directly attributed to the fault or negligence of the managing institution; VIII - insurance premiums on securities, as well as any expenses related to the transfer of Fund resources between banks; IX - any expenses inherent to the constitution, transformation, merger, incorporation, spin-off, liquidation of the Fund and the holding of a general meeting of quotaholders; X - custody fee for the Fund's securities and marketable securities. Sole paragraph. Any expenses not provided for as charges of the Fund shall be borne by the managing institution. CHAPTER III OF THE COMPOSITION AND DIVERSIFICATION OF THE PORTFOLIO Art. 17. The investments of the Mutual Equity Fund must observe the following composition requirements: I - 50% (fifty percent), at minimum, and 75% (seventy-five percent) at maximum, of the total value, must be represented by shares of publicly traded companies acquired on stock exchanges, in an over-the-counter market organized by an entity authorized by the Securities Commission, or by subscription; II - 75% (seventy-five percent), at minimum, of the remaining resources, must be invested in federal public debt securities and the remainder, individually or cumulatively, in debentures issued by publicly traded companies or other marketable securities, at the discretion of the Securities Commission. Sole paragraph. For the purpose of complying with the provisions of item I of this article, it will be admitted that daily positions in shares are at the minimum level of 20% (twenty percent) of the total value of investments, provided that the average, in each 360 (three hundred and sixty) days, is at the minimum level of 50% (fifty percent) of the total value of investments. Art. 18. The investments of the Mutual Equity Fund must observe the following diversification requirements: I - the total investments in shares of a single company shall not exceed 10% (ten percent) of the voting capital or 20% (twenty percent) of its total capital; II - the total investments in securities of a single company shall not exceed 10% (ten percent) of the total investments of the fund; III - the total investments in securities issued or guaranteed by a company, its parent company, companies directly or indirectly controlled by it, and its affiliates under common control shall not exceed 30% (thirty percent) of the total investments of the Fund. Sole paragraph.
Shares received as bonuses or resulting from the conversion of debentures and shares or convertible debentures arising from the exercise of preemptive rights shall not be considered in determining the diversification limits established herein, provided that the excess is eliminated within 6 (six) months, extendable when justified and approved by the Securities and Exchange Commission. Art. 19. Purchase and sale orders for securities shall always be issued with precise identification of the Mutual Equity Fund. Art. 20. Mutual Equity Funds must adapt to the portfolio composition and diversification requirements within a maximum period of 3 (three) months from the date on which authorization to operate is granted. Sole paragraph. Non-compliance with the composition and diversification limits set forth in this Regulation after the period provided for in this article must be justified before the Securities and Exchange Commission, which, without prejudice to applicable penalties, may order the managing institution to convene a general meeting of quotaholders to decide on one of the following alternatives: I - transfer of the Fund's management to another institution; II - liquidation of the Fund. CHAPTER IV ON THE ISSUANCE, PLACEMENT AND REDEMPTION OF QUOTAS Art. 21. The quotas of a Mutual Equity Fund shall correspond to ideal fractions of its assets and shall take the form of registered, endorsable, or bearer. Paragraph 1. The quotas may be represented by Investment Certificates or held in deposit accounts in the name of their holders, as established in the Fund's regulation. Paragraph 2. The issuance of bearer quotas is subject to compliance with the complementary rules to be issued by the Securities and Exchange Commission and the Federal Revenue Secretariat. Paragraph 3. The status of quotaholder is proven by the Investment Certificate or by the statement of the deposit accounts. Art. 22. The Investment Certificate, when adopted, shall contain: I - the denomination "INVESTMENT CERTIFICATE"; II - the name of the Mutual Equity Fund and its registration number in the General Taxpayers Registry of the Ministry of Finance; III - the following information about the managing institution: a) name and location of the head office; b) reference to authorization from the Securities and Exchange Commission (art. 5) and authorization to operate from the Central Bank of Brazil; c) registration number in the General Taxpayers Registry of the Ministry of Finance; IV - bearer, registered or endorsable form, as the case may be; V - name of the quotaholder or quotaholders, jointly or severally, when applicable; VI - serial number of the certificate; VII - number of quotas represented thereby; VIII - place and date of issuance; IX - at least two authorized signatures of directors of the managing institution, mechanical stamping being permitted. Art. 23. Reinvestments of earnings shall be made by issuing new quotas to be represented by new certificates or registration
in the deposit account, as the case may be. Art. 24. The Investment Certificate or the deposit account statement shall represent an integer and/or fractional number of quotas belonging to the quotaholder, according to the records of the Mutual Equity Fund. Sole paragraph. When the system of whole numbers of quotas is adopted, the residual value of investments or reinvestments shall be kept in a current account for future investments or, if requested, shall be paid to the quotaholder in cash. Art. 25. In issuing the quotas, the value determined at the close of the first business day following the effective availability of the resources entrusted by investors to the managing institution, at its head office or branches, shall be used, determining the value of the quota based on an asset valuation performed in accordance with the rules of the Chart of Accounts referred to in the sole paragraph of art. 41. Sole paragraph. For calculating the number of quotas to which the investor is entitled, the subscription commission or fee in force at the time of the investment, as well as other agreed expenses, shall be deducted from the amount delivered to the managing institution. Art. 26. The value of the quota shall be calculated daily. Art. 27. The quotas of a Mutual Equity Fund may only be placed by: I - investment bank; II - brokerage firm; III - distribution company. Art. 28. In the investment proposal, or in the receipt provided to the investor at the time of sale, the amount of resources delivered to the managing institution or its agent must be expressly stated, specifying whether they are represented by a registered check, payment order, bank check, deposit receipt in favor of the managing institution, or in cash. Art. 29. The following shall be provided to the investor, mandatorily and free of charge, upon his entry as a quotaholder of the Mutual Fund of Shares: I - a copy of the Fund's regulation, referred to in art. 4; II - a brief history of the administering institution; III - a document containing the latest information referred to in items VII and VIII of art. 12, except as provided in subitem "e" of item VIII; IV - a document clearly stating the expenses such as subscription, distribution commission or fee and others that the investor must bear. Art. 30. The quotas of the Mutual Fund of Shares may be assigned and transferred, subject to the formalities provided in the Fund's regulation. Art. 31. The quotas of the Mutual Fund of Shares may have a grace period of up to 180 (one hundred and eighty) days, counted from the date of issue, for the purpose of exercising the quotaholder's right of redemption. Art. 32. In the redemption of quotas, the value determined at the close of the first business day following the entry of the redemption request at the headquarters or branches of the administering institution shall be used. Art. 33. Redemption shall be made in cash, check or payment order without charging any fee or expense, subject to the term
and conditions established by the Securities Commission. Sole paragraph. In special cases, after prior consultation with the Securities Commission, redemption may be made in securities or marketable securities. CHAPTER V OF THE GENERAL MEETING Art. 34. The General Meeting of quotaholders shall have exclusive competence to: I - approve, by April 30 of each year, the accounts relating to the Mutual Fund of Shares, prepared by the administering institution, and decide on the financial statements presented; II - amend the Fund's regulation; III - decide on the replacement of the administering institution; IV - decide on the transformation, merger, incorporation, spin-off or liquidation of the fund. Sole paragraph. The Fund's regulation may be amended independently of a general meeting or consultation with quotaholders, whenever such amendment arises exclusively from the need to comply with requirements of the Securities Commission, as a consequence of legal or regulatory rules, and the necessary communication to quotaholders shall be arranged within 30 (thirty) days, when applicable, in the newspapers intended for the disclosure of Fund information. Art. 35. The convening of the general meeting shall be made by announcement published in the newspaper(s) intended for the disclosure of Fund information. Paragraph 1. The convening announcements shall mandatorily include the day, time and place at which the meeting will be held and, also, briefly, the matters to be addressed. Paragraph 2. The first convening of the general meeting shall be made at least 8 (eight) days in advance, counted from the publication of the first announcement. Paragraph 3. In the cases provided in items III and IV of art. 34, if a second convening is necessary, it shall be made 5 (five) days in advance. Paragraph 4. Regardless of the convening provided in this article, the general meeting attended by all quotaholders shall be considered regular. Paragraph 5. The general meeting may be convened by the administering institution or by quotaholders holding at least 5% (five percent) of the total quotas issued by the Mutual Fund of Shares. Art. 36. At the general meeting, which may be installed with any number, resolutions shall be taken by the criterion of majority of the quotaholders present, with each quota corresponding to one vote, except as provided in the sole paragraph of this article and in Paragraph 3 of art. 37. Sole paragraph. Resolutions relating to the matters provided in items III and IV of art. 34 shall be taken, on first convening, by majority of the quotas issued and, on second convening, by majority of the quotaholders present. Art. 37. The resolutions of the general meeting may be taken by means of a consultation formalized in a letter, telex or telegram sent by the administering institution to each quotaholder for response within 30 (thirty) days. Paragraph 1. The consultation shall include all informative elements necessary for the exercise of the right to vote.
Paragraph 2. The absence of a response shall be considered as consent on the part of the quotaholders, provided that such interpretation is expressly authorized by the regulation of the Mutual Fund of Shares and stated in the consultation itself. Paragraph 3. The deliberation quorum shall be that of the majority of the quotas issued, regardless of the matter. Art. 38. Only quotaholders listed in the "Register of Quotaholders" or in the deposit account, as the case may be, 3 (three) days before the date set for the meeting may vote at the general meeting. Art. 39. The legal representatives of the quotaholders or their duly constituted attorneys shall be qualified to attend the general meeting or to vote in the deliberation process by consultation. CHAPTER VI OF THE FINANCIAL STATEMENTS Art. 40. The Mutual Fund of Shares shall have accounting records separate from those of the administering institution. Art. 41. The financial statements of the Mutual Fund of Shares are subject to the accounting rules issued by the Securities Commission, and shall be audited semi-annually by an independent auditor registered with the Commission. Paragraph 1. The financial statements shall be published within 60 (sixty) days after the end of the semester or calendar year to which they refer, in the newspapers intended for the disclosure of information relating to the Fund. Paragraph 2. The Chart of Accounts issued by the Securities Commission shall contain all the rules for the valuation of the assets comprising the Fund, as well as for the recognition of revenues and expenses inherent to the securities and marketable securities, observing, as to the securities, the guidance of the Central Bank of Brazil. CHAPTER VII OF INFORMATION Art. 42. The institution administering the Mutual Fund of Shares is obliged to disclose, broadly and immediately, any relevant act or fact pertaining to it, in order to guarantee all quotaholders access to information that may, directly or indirectly, influence their decisions regarding remaining in the Fund. Paragraph 1. The disclosure of the information referred to in this article shall be made through publication in the newspaper(s) designated for the disclosure of the Fund's information. Paragraph 2. The administering institution shall make the publications provided for in this Regulation always in the same newspaper(s) and any change shall be preceded by notice to the quotaholders. Art. 43. Any advertising text for the offering of quotas, announcement or promotion of the Mutual Fund of Shares may not diverge from the content of the regulation. Sole paragraph. If the advertising text presents inaccuracies or improprieties that may induce the investor to errors of evaluation, the Securities Commission may require that the corrections and clarifications be conveyed, with equal prominence, through the same vehicle(s) used to disclose the original advertising text. Art. 44. The administering institution shall send to the Securities
Commission, within 10 (ten) days after the end of the period to which they refer, without prejudice to others that may be required, the following documents relating to the Mutual Fund of Shares: I - monthly: a) trial balance; b) statements of the composition and diversification of investments; c) statement of sources of funds; d) list of the institutions responsible for providing custody services for the securities and values comprising the portfolio; e) list of judicial or extrajudicial claims, whether in defense of the rights of the quotaholders, or of those against the administration of the Fund, indicating the date of their initiation and the final resolution. II - semiannually: a) balance sheets; b) copies of the information provided to the quotaholders; c) information regarding the general conditions of insurance coverage, in the case of transit of securities and values; d) list of the institutions responsible for providing custody services for the securities and values comprising the portfolio; e) list of judicial or extrajudicial claims, whether in defense of the rights of the quotaholders, or of those against the administration of the Fund, indicating the date of their initiation and the final resolution. Sole paragraph. The opinion of the independent auditor regarding the financial statements shall be sent to the Securities Commission, within 60 (sixty) days from the date of the end of the semester. CHAPTER VIII OF PENALTIES Art. 45. Non-compliance with the rules embodied in this Regulation shall subject the offending administering institution to the sanctions provided for in art. 11 of Law no. 6.385, of 7 December 1976. CHAPTER IX OF TRANSITIONAL PROVISIONS Art. 46. The adaptation to the provisions of item II of art. 17 by Mutual Funds of Shares constituted before 15 April 1986 shall be carried out through mandatory application of at least 30% (thirty percent) of the funds received in fixed-income securities, with at least 75% (seventy-five percent) of these in federal public securities. Art. 47. Until the Chart of Accounts referred to in Paragraph 2 of art. 41 is issued, the provisions contained in the Accounting Plan of Mutual Investment Funds (COMIND), issued by the Central Bank of Brazil, shall apply to the Mutual Fund of Shares. Art. 48. Until the services relating to Mutual Funds of Shares are transferred to the scope of competence of the Securities Commission, the Central Bank of Brazil shall continue to be responsible for their execution.

What changed in the obligations

Against Circular No. 1.023: Maximum 75% of Mutual Investment Fund Resources in Shares and Minimum 75% of Remaining Resources in Federal Public Debt Securities (1986-04-15)

71 new obligations · 2 amounts or limits changed

1 obligation is the same in both texts.

Changed (2)

Amount or limit
Before
CIRCULAR N. 001023 ------------------ We inform that the Board of the Central Bank, in a session held on this date, based on the provisions of item II of Resolution No. 1.118, of 04.04.86, decided that: a) Mutual Investment Funds, constituted in the form of item I, of art. 6, of the Regulation annexed to Resolution No. 1.022, of 05.06.85, may not maintain more than 75% (seventy-five percent) of t…
Now
The investments of the Mutual Equity Fund must observe the following composition requirements: I - 50% (fifty percent), at minimum, and 75% (seventy-five percent) at maximum, of the total value, must be represented by shares of publicly traded companies acquired on stock exchanges, in an over-the-counter market organized by an entity authorized by the Securities Commission, or by subscription; II…
Amount or limit
Before
2. The adaptation to the provisions of this Circular must be carried out with the mandatory application of, at minimum, 75% (seventy-five percent) of the net resources received as of this date in fixed-income securities, with, at minimum, 75% (seventy-five percent) of these in federal public securities.
Now
The adaptation to the provisions of item II of art. 17 by Mutual Funds of Shares constituted before 15 April 1986 shall be carried out through mandatory application of at least 30% (thirty percent) of the funds received in fixed-income securities, with at least 75% (seventy-five percent) of these in federal public securities.

New in this text (71)

The Fund shall have an indefinite duration and its name shall include the expression "Mutual Equity Fund".
Art. 2. The operation of a Mutual Equity Fund depends on prior authorization from the Securities Commission, as well as the following acts relating to the Fund: I - amendment of the regulation; II - appointment and replacement of the person responsible for the technical department of the administering institution; III - replacement of the administering institution; IV - transformation; V - merger…
Art. 3. The application for authorization shall be accompanied by the deliberation of the administering institution relating to the constitution of the Fund, which shall contain the full text of its regulation, which, after authorization, shall be registered with the Registry of Titles and Documents.
Art. 4. The regulation of the Mutual Equity Fund must mandatorily provide for: I - qualification of the administering institution; II - investment policy to be adopted by the administering institution; III - entry fee or criteria for its establishment; IV - annual administration fee; V - establishment of a grace period in accordance with the provisions of art. 31; VI - availability of monthly inf…
The fees, expenses and periods shall be identical for all condominium owners and shall be included in the information referred to in items VII and VIII of art. 12.
Paragraph 1. The administering institution shall maintain a technical department specialized in the analysis of securities and marketable securities or contract this service with an entity accredited by the Securities Commission.
Paragraph 2. The administration of the Fund shall be under the supervision and direct responsibility of the director of the administering institution.
Art. 6. The net equity of the administering institution may not be less than that established by the Securities Commission.
Art. 7. The administering institution has powers to exercise all rights inherent to the securities and marketable securities comprising the portfolio of the Mutual Equity Fund, including the right to vote and to attend and vote at general and special meetings.
It may also open and operate bank accounts, acquire and freely dispose of securities and marketable securities, settle, and, finally, perform all acts necessary for the administration of the portfolio, observing the limitations of this Regulation.
Art. 8. The administering institution shall set the remuneration to be received for the provision of management and administration services of the Mutual Equity Fund, and participation in the Fund's results is prohibited.
Art. 9. The administering institution may, upon prior notice published in the newspaper(s) referred to in item VI-I, subitem "e", of art. 12 or by means of a letter, telex or telegram addressed to each quotaholder, resign from the administration, and must immediately communicate the fact to the Securities Commission.
Art. 11. In the event of resignation and disqualification, the managing institution is obliged to immediately convene the general meeting to elect its replacement or resolve the liquidation of the Mutual Fund of Shares.
The managing institution shall remain in the exercise of its functions until its effective replacement.
Art. 12. The obligations of the managing institution include: I - to maintain, at its own expense, updated and in perfect order: a) the register of quotaholders; b) the book of minutes of general meetings; c) the attendance book of quotaholders; d) the file of the auditors' opinions; e) accounting records relating to the operations and the equity of the Fund; f) the documentation relating to the …
II - to receive dividends, bonuses or any other income or amounts of the Fund; III - to exercise or dispose of the subscription rights to shares, debentures and subscription bonuses; IV - to employ, in the defense of the rights of the quotaholders, the diligence required by the circumstances, as well as to promote the necessary judicial and extrajudicial measures; V - to bear the advertising expe…
VII - to provide to the quotaholders, semi-annually, information on: a) number of quotas held and their value; b) nominal and real profitability obtained in the semester; c) value and composition of the portfolio, specifying quantity, type and quotation of the securities and values that comprise it, the value of each investment and its percentage over the total value of the portfolio; d) balance …
Paragraph 1. The managing institution shall, within a maximum period of 10 (ten) days after the end of each month, make available to the quotaholders, at its headquarters or premises, the information referred to in items "a", "b" and "c" of item VII of this article.
Paragraph 2. The sending referred to in item VII of this article is not mandatory to quotaholders: I - holding quotas whose value is less than 10 (ten) National Treasury Obligations (OTN); or II - whose last sending of information was returned due to incorrectness in the declared address and who have not proceeded to update it.
Paragraph 3. The communications provided for in items VII, subitem "d", and VIII, subitems "a" to "e", of this article shall be sent within a maximum period of 60 (sixty) days after the end of the semester or calendar year to which they refer, and those established in the other subitems of said items, within 10 (ten) days.
Paragraph 4. In the case of the Mutual Fund of Shares with bearer quotas, the managing institution shall, within the periods established in the previous paragraph, make available to the quotaholders, at its headquarters and premises, the information referred to in this article.
Paragraph 5. The custodian institutions of the securities and values of the Mutual Fund of Shares may only accept orders signed by the legal representative(s) or attorney(s) of the managing institution, duly accredited with it for this purpose.
Art. 13. The managing institution is prohibited, on behalf of the Fund, from: I - receiving demand deposits; II - contracting or making loans under any modality; III - providing surety, guarantee, acceptance or becoming jointly liable in any other form; IV - trading in duplicates, promissory notes or other securities not authorized by the National Monetary Council; V - promising predetermined ret…
Art. 14. The managing institution is prohibited from: I - selling Fund quotas in installments; II - delegating powers to manage and administer the Fund, except with specific authorization from the Securities Commission.
Art. 15. For the purposes of the provisions of this Regulation, a company is considered linked: I - in which the managing institution participates directly or indirectly, with more than 10% (ten percent) of the capital; II - in which administrators of the managing institution and their respective spouses, partners or relatives up to the 2nd degree participate, jointly or separately, with more tha…
Art. 16. The following expenses constitute charges of the Mutual Equity Fund, in addition to the remuneration referred to in art. 8, which may be debited to it by the managing institution: I - federal, state, municipal or autarchic taxes, fees or contributions that fall or may fall on the assets, rights and obligations of the Fund; II - expenses with printing, dispatch and publication of reports,…
Any expenses not provided for as charges of the Fund shall be borne by the managing institution.
For the purpose of complying with the provisions of item I of this article, it will be admitted that daily positions in shares are at the minimum level of 20% (twenty percent) of the total value of investments, provided that the average, in each 360 (three hundred and sixty) days, is at the minimum level of 50% (fifty percent) of the total value of investments.
Art. 18. The investments of the Mutual Equity Fund must observe the following diversification requirements: I - the total investments in shares of a single company shall not exceed 10% (ten percent) of the voting capital or 20% (twenty percent) of its total capital; II - the total investments in securities of a single company shall not exceed 10% (ten percent) of the total investments of the fund…
Shares received as bonuses or resulting from the conversion of debentures and shares or convertible debentures arising from the exercise of preemptive rights shall not be considered in determining the diversification limits established herein, provided that the excess is eliminated within 6 (six) months, extendable when justified and approved by the Securities and Exchange Commission.
Art. 19. Purchase and sale orders for securities shall always be issued with precise identification of the Mutual Equity Fund.
Paragraph 1. The quotas may be represented by Investment Certificates or held in deposit accounts in the name of their holders, as established in the Fund's regulation.
Paragraph 2. The issuance of bearer quotas is subject to compliance with the complementary rules to be issued by the Securities and Exchange Commission and the Federal Revenue Secretariat.
Art. 22. The Investment Certificate, when adopted, shall contain: I - the denomination "INVESTMENT CERTIFICATE"; II - the name of the Mutual Equity Fund and its registration number in the General Taxpayers Registry of the Ministry of Finance; III - the following information about the managing institution: a) name and location of the head office; b) reference to authorization from the Securities a…
Art. 23. Reinvestments of earnings shall be made by issuing new quotas to be represented by new certificates or registration in the deposit account, as the case may be.
When the system of whole numbers of quotas is adopted, the residual value of investments or reinvestments shall be kept in a current account for future investments or, if requested, shall be paid to the quotaholder in cash.
Art. 26. The value of the quota shall be calculated daily.
Art. 27. The quotas of a Mutual Equity Fund may only be placed by: I - investment bank; II - brokerage firm; III - distribution company.
Art. 28. In the investment proposal, or in the receipt provided to the investor at the time of sale, the amount of resources delivered to the managing institution or its agent must be expressly stated, specifying whether they are represented by a registered check, payment order, bank check, deposit receipt in favor of the managing institution, or in cash.
Art. 29. The following shall be provided to the investor, mandatorily and free of charge, upon his entry as a quotaholder of the Mutual Fund of Shares: I - a copy of the Fund's regulation, referred to in art. 4; II - a brief history of the administering institution; III - a document containing the latest information referred to in items VII and VIII of art. 12, except as provided in subitem "e" o…
Art. 30. The quotas of the Mutual Fund of Shares may be assigned and transferred, subject to the formalities provided in the Fund's regulation.
Art. 31. The quotas of the Mutual Fund of Shares may have a grace period of up to 180 (one hundred and eighty) days, counted from the date of issue, for the purpose of exercising the quotaholder's right of redemption.
Art. 33. Redemption shall be made in cash, check or payment order without charging any fee or expense, subject to the term and conditions established by the Securities Commission.
In special cases, after prior consultation with the Securities Commission, redemption may be made in securities or marketable securities.
The General Meeting of quotaholders shall have exclusive competence to: I - approve, by April 30 of each year, the accounts relating to the Mutual Fund of Shares, prepared by the administering institution, and decide on the financial statements presented; II - amend the Fund's regulation; III - decide on the replacement of the administering institution; IV - decide on the transformation, merger, …
The Fund's regulation may be amended independently of a general meeting or consultation with quotaholders, whenever such amendment arises exclusively from the need to comply with requirements of the Securities Commission, as a consequence of legal or regulatory rules, and the necessary communication to quotaholders shall be arranged within 30 (thirty) days, when applicable, in the newspapers inte…
Art. 35. The convening of the general meeting shall be made by announcement published in the newspaper(s) intended for the disclosure of Fund information.
Paragraph 1. The convening announcements shall mandatorily include the day, time and place at which the meeting will be held and, also, briefly, the matters to be addressed.
Paragraph 2. The first convening of the general meeting shall be made at least 8 (eight) days in advance, counted from the publication of the first announcement.
Paragraph 3. In the cases provided in items III and IV of art. 34, if a second convening is necessary, it shall be made 5 (five) days in advance.
Paragraph 4. Regardless of the convening provided in this article, the general meeting attended by all quotaholders shall be considered regular.
Paragraph 5. The general meeting may be convened by the administering institution or by quotaholders holding at least 5% (five percent) of the total quotas issued by the Mutual Fund of Shares.
Art. 36. At the general meeting, which may be installed with any number, resolutions shall be taken by the criterion of majority of the quotaholders present, with each quota corresponding to one vote, except as provided in the sole paragraph of this article and in Paragraph 3 of art. 37.
Resolutions relating to the matters provided in items III and IV of art. 34 shall be taken, on first convening, by majority of the quotas issued and, on second convening, by majority of the quotaholders present.
Art. 37. The resolutions of the general meeting may be taken by means of a consultation formalized in a letter, telex or telegram sent by the administering institution to each quotaholder for response within 30 (thirty) days.
Paragraph 1. The consultation shall include all informative elements necessary for the exercise of the right to vote.
Paragraph 2. The absence of a response shall be considered as consent on the part of the quotaholders, provided that such interpretation is expressly authorized by the regulation of the Mutual Fund of Shares and stated in the consultation itself.
Paragraph 3. The deliberation quorum shall be that of the majority of the quotas issued, regardless of the matter.
Art. 38. Only quotaholders listed in the "Register of Quotaholders" or in the deposit account, as the case may be, 3 (three) days before the date set for the meeting may vote at the general meeting.
Art. 39. The legal representatives of the quotaholders or their duly constituted attorneys shall be qualified to attend the general meeting or to vote in the deliberation process by consultation.

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Against Circular Letter No. 1241: Clarifies rules applicable to Mutual Investment Funds under Resolution CMN 1022/85 (1985-07-04)

72 new obligations

2 obligations are the same in both texts.

New in this text (72)

The Fund shall have an indefinite duration and its name shall include the expression "Mutual Equity Fund".
Art. 2. The operation of a Mutual Equity Fund depends on prior authorization from the Securities Commission, as well as the following acts relating to the Fund: I - amendment of the regulation; II - appointment and replacement of the person responsible for the technical department of the administering institution; III - replacement of the administering institution; IV - transformation; V - merger…
Art. 3. The application for authorization shall be accompanied by the deliberation of the administering institution relating to the constitution of the Fund, which shall contain the full text of its regulation, which, after authorization, shall be registered with the Registry of Titles and Documents.
Art. 4. The regulation of the Mutual Equity Fund must mandatorily provide for: I - qualification of the administering institution; II - investment policy to be adopted by the administering institution; III - entry fee or criteria for its establishment; IV - annual administration fee; V - establishment of a grace period in accordance with the provisions of art. 31; VI - availability of monthly inf…
The fees, expenses and periods shall be identical for all condominium owners and shall be included in the information referred to in items VII and VIII of art. 12.
Paragraph 1. The administering institution shall maintain a technical department specialized in the analysis of securities and marketable securities or contract this service with an entity accredited by the Securities Commission.
Paragraph 2. The administration of the Fund shall be under the supervision and direct responsibility of the director of the administering institution.
Art. 6. The net equity of the administering institution may not be less than that established by the Securities Commission.
Art. 7. The administering institution has powers to exercise all rights inherent to the securities and marketable securities comprising the portfolio of the Mutual Equity Fund, including the right to vote and to attend and vote at general and special meetings.
It may also open and operate bank accounts, acquire and freely dispose of securities and marketable securities, settle, and, finally, perform all acts necessary for the administration of the portfolio, observing the limitations of this Regulation.
Art. 8. The administering institution shall set the remuneration to be received for the provision of management and administration services of the Mutual Equity Fund, and participation in the Fund's results is prohibited.
Art. 9. The administering institution may, upon prior notice published in the newspaper(s) referred to in item VI-I, subitem "e", of art. 12 or by means of a letter, telex or telegram addressed to each quotaholder, resign from the administration, and must immediately communicate the fact to the Securities Commission.
Art. 11. In the event of resignation and disqualification, the managing institution is obliged to immediately convene the general meeting to elect its replacement or resolve the liquidation of the Mutual Fund of Shares.
The managing institution shall remain in the exercise of its functions until its effective replacement.
Art. 12. The obligations of the managing institution include: I - to maintain, at its own expense, updated and in perfect order: a) the register of quotaholders; b) the book of minutes of general meetings; c) the attendance book of quotaholders; d) the file of the auditors' opinions; e) accounting records relating to the operations and the equity of the Fund; f) the documentation relating to the …
II - to receive dividends, bonuses or any other income or amounts of the Fund; III - to exercise or dispose of the subscription rights to shares, debentures and subscription bonuses; IV - to employ, in the defense of the rights of the quotaholders, the diligence required by the circumstances, as well as to promote the necessary judicial and extrajudicial measures; V - to bear the advertising expe…
VII - to provide to the quotaholders, semi-annually, information on: a) number of quotas held and their value; b) nominal and real profitability obtained in the semester; c) value and composition of the portfolio, specifying quantity, type and quotation of the securities and values that comprise it, the value of each investment and its percentage over the total value of the portfolio; d) balance …
Paragraph 1. The managing institution shall, within a maximum period of 10 (ten) days after the end of each month, make available to the quotaholders, at its headquarters or premises, the information referred to in items "a", "b" and "c" of item VII of this article.
Paragraph 2. The sending referred to in item VII of this article is not mandatory to quotaholders: I - holding quotas whose value is less than 10 (ten) National Treasury Obligations (OTN); or II - whose last sending of information was returned due to incorrectness in the declared address and who have not proceeded to update it.
Paragraph 3. The communications provided for in items VII, subitem "d", and VIII, subitems "a" to "e", of this article shall be sent within a maximum period of 60 (sixty) days after the end of the semester or calendar year to which they refer, and those established in the other subitems of said items, within 10 (ten) days.
Paragraph 4. In the case of the Mutual Fund of Shares with bearer quotas, the managing institution shall, within the periods established in the previous paragraph, make available to the quotaholders, at its headquarters and premises, the information referred to in this article.
Paragraph 5. The custodian institutions of the securities and values of the Mutual Fund of Shares may only accept orders signed by the legal representative(s) or attorney(s) of the managing institution, duly accredited with it for this purpose.
Art. 13. The managing institution is prohibited, on behalf of the Fund, from: I - receiving demand deposits; II - contracting or making loans under any modality; III - providing surety, guarantee, acceptance or becoming jointly liable in any other form; IV - trading in duplicates, promissory notes or other securities not authorized by the National Monetary Council; V - promising predetermined ret…
Art. 14. The managing institution is prohibited from: I - selling Fund quotas in installments; II - delegating powers to manage and administer the Fund, except with specific authorization from the Securities Commission.
Art. 15. For the purposes of the provisions of this Regulation, a company is considered linked: I - in which the managing institution participates directly or indirectly, with more than 10% (ten percent) of the capital; II - in which administrators of the managing institution and their respective spouses, partners or relatives up to the 2nd degree participate, jointly or separately, with more tha…
Art. 16. The following expenses constitute charges of the Mutual Equity Fund, in addition to the remuneration referred to in art. 8, which may be debited to it by the managing institution: I - federal, state, municipal or autarchic taxes, fees or contributions that fall or may fall on the assets, rights and obligations of the Fund; II - expenses with printing, dispatch and publication of reports,…
Any expenses not provided for as charges of the Fund shall be borne by the managing institution.
The investments of the Mutual Equity Fund must observe the following composition requirements: I - 50% (fifty percent), at minimum, and 75% (seventy-five percent) at maximum, of the total value, must be represented by shares of publicly traded companies acquired on stock exchanges, in an over-the-counter market organized by an entity authorized by the Securities Commission, or by subscription; II…
For the purpose of complying with the provisions of item I of this article, it will be admitted that daily positions in shares are at the minimum level of 20% (twenty percent) of the total value of investments, provided that the average, in each 360 (three hundred and sixty) days, is at the minimum level of 50% (fifty percent) of the total value of investments.
Art. 18. The investments of the Mutual Equity Fund must observe the following diversification requirements: I - the total investments in shares of a single company shall not exceed 10% (ten percent) of the voting capital or 20% (twenty percent) of its total capital; II - the total investments in securities of a single company shall not exceed 10% (ten percent) of the total investments of the fund…
Shares received as bonuses or resulting from the conversion of debentures and shares or convertible debentures arising from the exercise of preemptive rights shall not be considered in determining the diversification limits established herein, provided that the excess is eliminated within 6 (six) months, extendable when justified and approved by the Securities and Exchange Commission.
Art. 19. Purchase and sale orders for securities shall always be issued with precise identification of the Mutual Equity Fund.
Art. 20. Mutual Equity Funds must adapt to the portfolio composition and diversification requirements within a maximum period of 3 (three) months from the date on which authorization to operate is granted.
Paragraph 1. The quotas may be represented by Investment Certificates or held in deposit accounts in the name of their holders, as established in the Fund's regulation.
Paragraph 2. The issuance of bearer quotas is subject to compliance with the complementary rules to be issued by the Securities and Exchange Commission and the Federal Revenue Secretariat.
Art. 22. The Investment Certificate, when adopted, shall contain: I - the denomination "INVESTMENT CERTIFICATE"; II - the name of the Mutual Equity Fund and its registration number in the General Taxpayers Registry of the Ministry of Finance; III - the following information about the managing institution: a) name and location of the head office; b) reference to authorization from the Securities a…
Art. 23. Reinvestments of earnings shall be made by issuing new quotas to be represented by new certificates or registration in the deposit account, as the case may be.
When the system of whole numbers of quotas is adopted, the residual value of investments or reinvestments shall be kept in a current account for future investments or, if requested, shall be paid to the quotaholder in cash.
Art. 27. The quotas of a Mutual Equity Fund may only be placed by: I - investment bank; II - brokerage firm; III - distribution company.
Art. 28. In the investment proposal, or in the receipt provided to the investor at the time of sale, the amount of resources delivered to the managing institution or its agent must be expressly stated, specifying whether they are represented by a registered check, payment order, bank check, deposit receipt in favor of the managing institution, or in cash.
Art. 30. The quotas of the Mutual Fund of Shares may be assigned and transferred, subject to the formalities provided in the Fund's regulation.
Art. 31. The quotas of the Mutual Fund of Shares may have a grace period of up to 180 (one hundred and eighty) days, counted from the date of issue, for the purpose of exercising the quotaholder's right of redemption.
Art. 33. Redemption shall be made in cash, check or payment order without charging any fee or expense, subject to the term and conditions established by the Securities Commission.
In special cases, after prior consultation with the Securities Commission, redemption may be made in securities or marketable securities.
The General Meeting of quotaholders shall have exclusive competence to: I - approve, by April 30 of each year, the accounts relating to the Mutual Fund of Shares, prepared by the administering institution, and decide on the financial statements presented; II - amend the Fund's regulation; III - decide on the replacement of the administering institution; IV - decide on the transformation, merger, …
The Fund's regulation may be amended independently of a general meeting or consultation with quotaholders, whenever such amendment arises exclusively from the need to comply with requirements of the Securities Commission, as a consequence of legal or regulatory rules, and the necessary communication to quotaholders shall be arranged within 30 (thirty) days, when applicable, in the newspapers inte…
Art. 35. The convening of the general meeting shall be made by announcement published in the newspaper(s) intended for the disclosure of Fund information.
Paragraph 1. The convening announcements shall mandatorily include the day, time and place at which the meeting will be held and, also, briefly, the matters to be addressed.
Paragraph 2. The first convening of the general meeting shall be made at least 8 (eight) days in advance, counted from the publication of the first announcement.
Paragraph 3. In the cases provided in items III and IV of art. 34, if a second convening is necessary, it shall be made 5 (five) days in advance.
Paragraph 4. Regardless of the convening provided in this article, the general meeting attended by all quotaholders shall be considered regular.
Paragraph 5. The general meeting may be convened by the administering institution or by quotaholders holding at least 5% (five percent) of the total quotas issued by the Mutual Fund of Shares.
Art. 36. At the general meeting, which may be installed with any number, resolutions shall be taken by the criterion of majority of the quotaholders present, with each quota corresponding to one vote, except as provided in the sole paragraph of this article and in Paragraph 3 of art. 37.
Resolutions relating to the matters provided in items III and IV of art. 34 shall be taken, on first convening, by majority of the quotas issued and, on second convening, by majority of the quotaholders present.
Art. 37. The resolutions of the general meeting may be taken by means of a consultation formalized in a letter, telex or telegram sent by the administering institution to each quotaholder for response within 30 (thirty) days.
Paragraph 1. The consultation shall include all informative elements necessary for the exercise of the right to vote.
Paragraph 2. The absence of a response shall be considered as consent on the part of the quotaholders, provided that such interpretation is expressly authorized by the regulation of the Mutual Fund of Shares and stated in the consultation itself.
Paragraph 3. The deliberation quorum shall be that of the majority of the quotas issued, regardless of the matter.
Art. 38. Only quotaholders listed in the "Register of Quotaholders" or in the deposit account, as the case may be, 3 (three) days before the date set for the meeting may vote at the general meeting.
Art. 39. The legal representatives of the quotaholders or their duly constituted attorneys shall be qualified to attend the general meeting or to vote in the deliberation process by consultation.

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“Not carried over” means the sentence has no counterpart in this text; the rule can still be in force in another text.

Resolution No. 1,280: Regulation Governing the Administration and Operation of Mutual Equity Funds as Open-Ended Condominiums

Resolution No. 1,280

Lineage: Amended

Timeline

What changed in the obligations

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