Circular Letter No. 3523 — Discloses Procedures Regarding Compulsory Collection on Sold Foreign Exchange Position

CARTA-CIRCULAR N. 003523

Discloses procedures regarding compulsory collection on sold foreign exchange position.

Considering the provisions of Circular No. 3.548, of July 8, 2011, we clarify that, for the purpose of controlling compliance with the exigibility regarding sold foreign exchange position, as well as for the movement of resources and verification of the existence of eventual financial costs due to deficiency, financial institutions that access the Reserve Transfer System (STR) via the National Financial System Network (RSFN) must use the RCO Service Group, from the Catalog of Messages and Files of the RSN, filling in the field "CodRCO" with the code "13 - Sold Foreign Exchange Position".

2. For the purposes listed in the previous item, the financial institutions referred to in Article 1 of Circular No. 3.548, of 2011, that do not access the STR via the RSN must use the PRCO500 transaction, from the Central Bank Information System (Sisbacen).

3. The financial institutions referred to in Article 1 of Circular No. 3.548, of 2011, must not send the message "RCO0002 - IF informs Statement" regarding the compulsory collection on sold foreign exchange position, since the calculation of the exigibility will be carried out based on information already made available by the institutions to the Central Bank of Brazil.

4. The foreign exchange position used for the calculation of the exigibility is that determined after the closing of the day's transactions, considering exclusively the values recorded up to said date.

5. The consultation of said foreign exchange position, by currency, can be carried out via the CAM0050 message, after the closing of the grid for recording foreign exchange events. The dollar equivalence of the United States must be determined as provided in item 4 of section 1 of chapter 5 of the title of the RMCCI (Regulation of the Foreign Exchange and International Capital Market).

6. For the calculation of the collection exigibility, the foreign exchange position for the reference date is converted into national currency by the closing rate of that day for the sale of the United States dollar (transaction PTAX800, option "5 - Quotations for accounting").

7. To determine the sum of the foreign exchange positions of financial institutions that are part of a financial conglomerate, for the reference date, the composition of the financial conglomerate that appears in the Information System on Entities of Interest of the Central Bank (Unicad) immediately after the closing of the day's foreign exchange transactions is considered.

8. The financial institution holder of a Bank Reserves account, or of a Settlement Account with access to the STR via the RSN, that presents collection exigibility will receive the information of the value to be collected on sold foreign exchange position on the business day following the date of determination of the daily position, through the message "RCO0014 - RCO informs repetition of position". The financial institution that does not access the STR via the RSN must consult its collection exigibility in the PRCO500 transaction.

9. This circular letter enters into force on the date of its publication.

10. Circular Letter No. 3.496, of March 30, 2011, is revoked.

Brasília, October 18, 2011.

Department of Banking Operations Executive Management and Payment Systems of Foreign Exchange and International Capital

Rodrigo Collares Arantes Augusto Ornelas Filho Deputy Unit Head Deputy Unit Head

Department of Monitoring of the Financial System and Information Management

Lúcio Rodrigues Capelletto
Unit Head