Circular No. 2.708

CIRCULAR N. 002708 ------------------ Amends and consolidates the rules regarding access to clearing houses, the participation of banks and associations of banks and the representations in the Cheque and Other Paper Clearing Service (SCCOP). The Board of Directors of the Central Bank of Brazil, in a session held on 07.08.96, based on article 11, item VI, of Law No. 4.595, of 31.12.64, D E C I D E D: Art. 1 The cheque and other paper clearing houses must operate in a location of easy access, so as to allow participants in the Cheque and Other Paper Clearing Service (SCCOP) to comply with the schedules established for their operation. Sole paragraph. The clearing houses must be sized with a view to achieving greater speed and safety in the execution of services. Art. 2 The quantity and dimensions of the counters in each clearing house are defined by the operator of the SCCOP, taking into account the volume of documents handled and the working conditions of the clearing staff. Paragraph 1 Banco do Brasil S.A., operator of the SCCOP, and the associations of banks with a seat on the Consultative Group for Clearing Matters have permanent counters. Paragraph 2 The remaining counters are allocated to the other participating banks, in accordance with the classification referred to in art. 3 below. Paragraph 3 In the event of the creation of a new association of banks entitled to a seat on the Consultative Group for Clearing Matters, the number of banks participating directly in the clearing houses must be reduced, in order to allow the maintenance of the same quantity of counters and vice-versa. Art. 3 The classification of banks entitled to a counter in each clearing house is determined by the operator, annually, in the month of January, based on the monthly average volume of documents received in the previous year, per institution, from statistics provided by the participants, in descending order of volume. Paragraph 1 The classification referred to in the "caput" of this article: I - must be informed by the operator to the Central Bank of Brazil/Banking Operations Department (DEBAN) by the 10th business day of the month of February; II - must be disclosed by the operator to the system by the last business day of the month of February; III - enters into force as of the first business day of the following month of April. Paragraph 2 The bank entitled to a counter that chooses to be represented and the association of banks that waives the right to occupy a counter in the clearing house cede their place to another bank, in descending order of classification. Paragraph 3 The operator may transfer the right to occupy a counter in the clearing houses to a bank not classified by the criterion mentioned in the "caput" of this article that, by any process, comes to incorporate the clearing movement of an institution already classified under the terms of this Circular. Art. 4 The attendance of all participants at the beginning of the exchange and return sessions
is mandatory, with the presence of at least 1 (one) duly accredited clearing agent per participant, who may not leave the clearing house before the end of the work related to each session. Art. 5 The establishment that has a branch in a location covered by a clearing system and that is not entitled to a counter in the respective clearing house must be represented for the purpose of forwarding and receiving documents and/or magnetic or electronic media. Art. 6 All participants in the SCCOP must be present or represented at the clearing house of the location of São Paulo (SP), with a view to forwarding and receiving documents and/or magnetic or electronic media, for the purpose of the National Clearing System. Art. 7 The representations referred to in this Circular may be exercised by banks or associations of banks entitled to a counter in the clearing houses, regardless of associative link. Art. 8 The represented bank is obliged, before its respective representative, to deliver and collect the documents and/or magnetic or electronic media under the conditions, locations and schedules previously agreed in an agreement, also observing the provisions established for the SCCOP. Art. 9 It is the responsibility of the representative, before its represented party, to receive and deliver the documents and/or magnetic or electronic media under the conditions, locations and schedules previously agreed in an agreement, also observing the provisions established for the SCCOP. Art. 10 The authorizations for participation of a bank branch in the SCCOP and for representation in the clearing houses are granted by the operator, which must keep individualized records, per clearing house, for its control and supervision by the Central Bank of Brazil. Sole paragraph. It is incumbent upon the operator to disclose the procedures and routines necessary for compliance with the provisions of the "caput" of this article. Art. 11 This Circular enters into force on the date of its publication. Art. 12 Circulars Nos. 1.880 and 2.481 and Letter-Circular No. 2.346, of 11.01.91, 14.09.94 and 27.01.93, respectively, are revoked. Brasília, 7 August 1996 Francisco Lafaiete de Pádua Lopes Director