Circular Letter No. 3.569

The Head of the Department of Banking Operations and Payment System, using the authority conferred upon him by art. 22, item I, subitem "a", of the Internal Rules of the Central Bank of Brazil, annexed to Administrative Rule No. 29.971, of 4 March 2005, based on arts. 3, item VII, 4 and 11 of Resolution No. 2.882, of 30 August 2001,

H E R E B Y R E S O L V E S:

Art. 1 Exclusively for the purposes of the provisions of art. 3 of Circular No. 3.115, of 18 April 2002, amended by Circular No. 3.439, of 2 March 2009, we clarify that the following transfers are classified as being of the same ownership:

• I - in which the client sending the order appears as at least one of the holders of the account receiving the credit;

• II - of funds for the purpose of financial investments in the name of the client sending the order; and

• III - of funds originating from the redemption of financial investments in the name of the client receiving the order.

Sole paragraph. The transfers of funds dealt with in this article must be instructed with a specific purpose according to the type of operation.

Art. 2 The execution of the transfers referred to in the previous article must be compatible with the businesses permitted by the operating authorization granted by the Central Bank of Brazil to the sending and receiving participant of the TED, also respecting the other restrictions inherent to their branch of activities.

Art. 3 The institutions not listed in art. 3, § 1, of Circular No. 3.115, of 2002, are responsible for complying with the provisions of this Circular Letter.

Art. 4 This Circular Letter enters into force on the date of its publication.

Art. 5 Circular Letter No. 3.493, of 21 March 2011, is revoked.

Daso Maranhão Coimbra