Brazil's Securities and Exchange Commission Extends Deadline for Investment Funds to Adapt to New Regulations

Brazil’s Securities and Exchange Commission (Comissão de Valores Mobiliários, or CVM) issued CVM Instruction No. 456/07 extending the deadline for investment funds to adapt themselves to investments regulations created by CVM Instruction No. 450/07, among of which are the limits for investment allocation particularly with respect to securities and bonds issued by the private sector. The new deadline expires on August 31, 2007.