Provisional Measure No. 1,987-31, Of 8 June 2000

Original Language Title: Medida Provisória nº 1.987-31, de 8 de Junho de 2000

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PROVISIONAL MEASURE # 1.987-31, OF June 8, 2000.

Provides on the regulation, supervision and supervision of securities markets or collective investment contracts, and gives other arrangements.

THE PRESIDENT OF THE REPUBLIC, in the use of the attribution that confers you the art. 62 of the Constitution, adopts the following Interim Measure, with force of law:

Art. 1º Constitute securities, subject to the rule of Law No. 6,385 of December 7, 1976, when publicly offered, the securities or collective investment contracts, which are governed by the right of participation, of partnership or remuneration, including resulting in the provision of services, whose incomes arise from the effort of the entrepreneur or third parties.

§ 1º Applies to the securities to which this article refers to the provision in art. 2º, single paragraph, of Law No. 6,385, 1976.

§ 2º The issuers of the securities referred to in this article, as well as their trustees and controllers, shall subject themselves to the discipline provided for in Law No. 6,385 of 1976 for open companies.

§ 3º Compete to the Securities Commission to expedite standards for the implementation of the provisions of this article, and may:

I-require the issuers to constitute themselves in the form of an anonymous society ;

II-require that the financial statements of the issuers, or that the information on the venture or project, be audited by independent auditor on it registered ;

III-dispension, in the public distribution of the securities referred to in this article, the participation of an integral society of the system provided 15 of Law No. 6,385, 1976 ;

IV-lay out specific conditions for the exercise, within that market, of the activities provided for in art. 16 of Law No. 6,385, 1976, inclusive of the requirements of suitability, technical habilitation and financial capacity to which they are expected to satisfy the administrators of companies and other persons acting in that market ;

V-establish standards of clauses and conditions that should be adopted in the securities or investment contracts, intended for trading on scholarship or counter and refuse admission to the market of the issue that does not satisfy those patterns.

Art. 2º The points ?b? and ?g? of the inciso I and the inciso II of the art. 9º of Law No. 6,385, 1976, passes vigorously with the following essay:

?Art. 9º .....................................................................................................................................

I-............................................................................................................................................

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b) of the open companies and other securities broadcasters and, when there is suspicion founded of illegal acts, of their respective controlling, controlled, coalition and corporate societies under common control ;

...........................................................................................................................................................

g) of any other persons any, natural or legal, when of the occurrence of any irregularity to be ascertained under the terms of the inciso V of this article, provided that, directly or indirectly, they have had any participation in these irregularities ;

II-subpoena the persons referred to in the previous incision to provide information, or clarification, under a fine of fine, without prejudice to the application of the penalties provided for in art. 11 ;

.................................................................................................................................................? (NR)

Art. 3º It gets included the inciso VI to art. 15 of Law No. 6,385, 1976, with the following essay:

?Art. 15. ..................................................................................................................................

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VI-the entities for clearing and settlement of securities transactions.? (NR)

Art. 4º Stay convalidated the acts practiced on the basis of the Provisional Measure No. 1.987-30 of May 11, 2000.

Art. 5º This Provisional Measure shall come into force on the date of its publication.

Brasilia, June 8, 2000 ; 179º of Independence and 112º of the Republic.

Fernando henrique cardoso

Pedro Malan