The Securities Commission(Comissão de Valores Mobiliários) (CVM) hasissued an Instruction which introduces changes and adds newprovisions into a previous Instruction (296/98) on theregistration of public distributions of securities andparticipation certificates.

Source: CVM Instruction No. 350, publishedin the Official Gazette of the Federal Executive ­ Section Iof 5th April, 2001. Pinheiro Neto Advogados