Regulatory Alerts2020-04-30 | Resolução CMN 4808CMN Resolution No. 4808 - Disposes on the Sale of Foreign Currency under Article 60-A, Paragraph 1 of Law No. 11,343 of August 23, 2006
The National Monetary Council, through the Central Bank of Brazil, mandates that the sale of seized foreign currency must be conducted via authorized foreign exchange institutions. This resolution exempts such transactions from the value limits established in Resolution No. 3,568 of May 29, 2008. The regulation entered into force on June 1, 2020, with the Central Bank tasked to issue complementary instructions for compliance.
The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on April 30, 2020, based on Article 4, items V and XXXI, of the aforementioned Law, and on Article 60-A, Paragraph 1, of Law No. 11,343 of August 23, 2006,
RESOLVES:
Article 1. The sale of foreign currency in cash seized, as referred to in Paragraph 1 of Article 60-A of Law No. 11,343 of August 23, 2006, must be carried out through a foreign currency purchase operation by an institution authorized to operate in the foreign exchange market by the Central Bank of Brazil.
Sole Paragraph. The foreign exchange operation referred to in the caput must observe the foreign exchange market regulations issued by the National Monetary Council and the Central Bank of Brazil.
Article 2. The foreign exchange operation referred to in Article 1 is not subject to the value limit provided in item "c" of item III of Article 3 of Resolution No. 3,568 of May 29, 2008.
Article 3. The Central Bank of Brazil shall establish the complementary instructions necessary for the compliance with this Resolution.
Article 4. This Resolution enters into force on June 1, 2020.
Roberto de Oliveira Campos Neto President of the Central Bank of Brazil