"Article 1-Introducense the following amendments to the Decree Law No. 3,500 of 1980: 1." Amending article 45 as follows: to) replace the number 11 of the ninth paragraph, by the following: "11. ((The limit for the sum of investments in instruments mentioned in the letters h), i) and n) when instruments representative of capital real estate, is more the amount of contributions committed under the contracts referred to in the third paragraph of article 48, in the case of real estate investment funds, may not be less than ten per cent nor superior to 20% of the value of the Fund. "."
(b) replace the thirteenth paragraph by the following: "the sum of the instruments mentioned in the letter j) and the amount of the contributions committed under the contracts referred to in the third paragraph of article 48, in the case of enterprise development investment funds, will have a maximum limit of investment which may not be less than two percent or exceed five per cent of the value of the Fund.".
2 modified article 47 in the following aspects: to) subsection vigesimoprimero shall be replaced by the following: "investments funded by a pension fund in installments of a furniture investment fund or an investment fund of securitized loans, shall not exceed the least amount among twenty per cent of the subscribed shares of the respective Investment Fund and five percent of the value of the Pension Fund." Investments funded by a pension fund in shares of an investment fund of development of business or a real estate investment fund, plus any amount of contributions committed under the contracts referred to in the third paragraph of article 48, may not exceed the lowest value among the twenty per cent of the sums of the subscribed shares and quotas which have promised to sign and pay of the respective investment fund and the product of five per cent of the value of the Pension Fund by the factor of diversification. When shares of a new issue sign-up, the maximum subscription amount shall not exceed twenty per cent of the issue. "."
(b) insert between sub-paragraphs vigesimoprimero and twenty-second, the following new subsection: "diversification factor to that referred to in the preceding paragraph, it shall be determined according to the proportion of the total assets of an investment fund of development of business or a real estate investment fund, invested directly and indirectly in instruments issued or guaranteed by a same issuer." In this way, the diversification factor will be: 1 if the direct and indirect investments in instruments issued or guaranteed by a single entity does not exceed twenty percent of the total assets of the Fund.
0.8 if investment direct and indirect instruments issued or guaranteed by a single entity is superior to 20% and no more than twenty-five percent of the total of the Fund assets.
0.6 If direct and indirect investment in instruments issued or guaranteed by a single entity is superior to 25 percent and no more than one-third of the total assets of the Fund.
0.2 If the direct and indirect investments in instruments issued or guaranteed by a single entity is higher than one third and no more than forty percent of the total assets of the Fund. "."
(c) replace final paragraph the coordinating conjunction "and" which is next to the word "securitized" by a comma (,) and insert between the phrase "concentration factor", and the word "information", the following phrase: "diversification factor and the number of shares of each Fund's pledged investment subscribe and pay the contracts referred to in the third subparagraph of article 48 ,".
3 article 48, be modified in the following manner: to) in the second subparagraph, delete the second sentence that begins with the word "Also" and ending with the word "Superintendent".
(b) between the second and third subparagraphs the following subparagraphs, new Intercalanse: "administrators may be held directly with issuers, to its own name and for the Pension Fund, contracts of promises of subscription and payment of enterprise development investment funds and real estate, who referred to in law No. 18.815, committing the contribution of resources corresponding to the pension fund administering." Contributions carried out under these contracts should be made against the delivery of the respective fees.
For the purposes indicated in the preceding subparagraph, and without prejudice to the compliance of investment funds with respect to its contributors, the rules of exercise of preferential option for the subscription of shares, the managers may conclude contracts provided that the respective Investment Fund has informed all the administering the issuance of shares which may be acquired with the resources of the pension funds that manage. A rule of a general nature that dictate the Superintendent, will establish the rules that allow administrators to benefit from equal opportunities to make offers for the contract of promise of subscription and payment of such investment funds.
The referred contracts, may only have as object the purchase of shares of investment funds approved by the sorter Commission of risk and will be for a period which may not exceed three years from the registration of the respective emission in the Superintendency of securities and insurance.
Contributions committed through contracts for promise of subscription and payment of funds, may not exceed in its entirety, of two percent of the value of the respective pension fund.
Shall terminate the obligation to make contributions to a mutual fund at the time of subscription fees and learn the contributions, they are deprecated by the sorter Commission of risk or when the respective pension fund is liquidated. In such a case, it shall not be the return of the contributions that have been made or are without effect subscribed and paid dues.
The administrators may not assign contracts promise of subscription and payment of enterprise development investment funds and real estate. "."