Circular Letter No. 3459 — Discloses guidance regarding the regulatory framework for foreign exchange advance contracts (ACC) and advance export receipts

CIRCULAR LETTER NO. 003459

Discloses guidance regarding the regulatory framework for foreign exchange advance contracts (ACC) and advance export receipts, in view of the provisions of Article 34 of Law No. 4.595 of December 31, 1964, and Article 17 of Law No. 7.492 of June 16, 1986.

The Heads of the Bank and Banking Conglomerate Supervision Department (Desup) and the Financial System Standards Department (Denor), exercising the authority provided for in Article 22, item I, letter "a", of the Internal Regulations, disclose to financial institutions and other institutions authorized to operate by the Central Bank of Brazil the guidance established by its General Counsel's Office, through a legal ruling dated April 24, 2010, stating that, for the purposes of their legal duties, starting from the publication of this circular letter, operations of foreign exchange advance contracts (ACC) and advance export receipts (advance payment for export) are prohibited between the persons mentioned in Article 34 of Law No. 4.595 of December 31, 1964, and Article 17 of Law No. 7.492 of June 16, 1986.

Brasília, July 12, 2010.

Financial System Standards Department Bank and Banking Conglomerate Supervision Department

Sergio Odilon dos Anjos Carlos Donizeti Macedo Maia Head Head