Circular No. 2107 — Authorizes Multiple Banks with Credit, Financing and Investment Portfolio and Credit, Financing and Investment Companies to Establish and Manage Financial Application Funds and Investment Funds in Quotas of Financial Application Funds

CIRCULAR NO. 002107

FACULTA TO MULTIPLE BANKS WITH CREDIT, FINANCING AND INVESTMENT PORTFOLIO AND TO CREDIT, FINANCING AND INVESTMENT COMPANIES THE CONSTITUTION AND ADMINISTRATION OF FINANCIAL APPLICATION FUNDS AND INVESTMENT FUNDS IN QUOTAS OF FINANCIAL APPLICATION FUNDS.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 12/27/91, BASED ON ART. 1 OF RESOLUTION NO. 1,787, OF 02/01/91, WITH THE WORDING GIVEN TO IT BY ART. 3 OF RESOLUTION NO. 1,791, OF 02/26/91, DECIDED:

ART. 1. AUTHORIZE MULTIPLE BANKS WITH CREDIT, FINANCING AND INVESTMENT PORTFOLIO AND CREDIT, FINANCING AND INVESTMENT COMPANIES TO ESTABLISH AND MANAGE FINANCIAL APPLICATION FUNDS AND INVESTMENT FUNDS IN QUOTAS OF FINANCIAL APPLICATION FUNDS.

ART. 2. AMEND, AS A RESULT, ART. 4 OF THE REGULATION ANNEXED TO CIRCULAR NO. 1,903, OF 02/26/91, WHICH SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

"ART. 4. THE ADMINISTRATION OF FINANCIAL APPLICATION FUNDS MAY BE EXERCISED BY A MULTIPLE BANK WITH COMMERCIAL PORTFOLIO, INVESTMENT PORTFOLIO OR CREDIT, FINANCING AND INVESTMENT PORTFOLIO, COMMERCIAL BANK, INVESTMENT BANK, SAVINGS BANK, CREDIT, FINANCING AND INVESTMENT COMPANY, SECURITIES BROKERAGE COMPANY OR SECURITIES DISTRIBUTION COMPANY, UNDER THE DIRECT SUPERVISION AND RESPONSIBILITY OF A DIRECTOR OF THE INSTITUTION.

SINGLE PARAGRAPH. EACH FINANCIAL CONGLOMERATE OR INDEPENDENT INSTITUTION MAY ONLY CONSTITUTE AND MANAGE ONE FUND."

ART. 3. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), DECEMBER 30, 1991

GUSTAVO JORGE LABOISSIÈRE LOYOLA
DIRECTOR