Circular Letter No. 3237 — Clarification on the Offering of Advantages in the Collection of Deposits Linked to Payment and Collection Services for Clients and the Scope of the Prohibition in Resolution 2,475 of 1998

CIRCULAR LETTER NO. 003237

Clarification regarding the offering of advantages in the collection of deposits linked to the provision of payment and collection services for clients, as well as the scope of the prohibition provided for in Resolution 2,475 of 1998.

In view of doubts raised by financial market institutions regarding the possibility of offering any type of advantage as compensation or preference for resources maintained in the institution, referring to payment and collection services for clients, through negotiation of a period in which the resources are unavailable for movement, we clarify that:

I - funds resulting from collections made for the institution's clients, as well as those deposited therein for the purpose of paying these clients' obligations, must be recorded in the accounting title LINKED DEPOSITS, code 4.1.1.85.00-1, of the Accounting Plan of the Institutions of the National Financial System - Cosif, as established in Article 1 of Circular 2,535 of January 19, 1995;

II - the prohibition provided for in Resolution 2,475 of March 26, 1998, which provides for the granting of advantages in the collection of public resources and prohibits the offering or distribution of bonuses, premiums, or other advantages, including the payment of interest, in the collection of sight deposits, is fully applicable to the aforementioned deposits, considering that, in the event of granting such advantages, the system is entirely similar to a financial investment operation by the client, even if indirect.

Brasília, June 12, 2006.

Department of Standards of the Financial System

Sergio Odilon dos Anjos
Acting Chief