Circular No. 2258 — Establishes Complementary Criteria and Procedures to Resolution No. 1,974 of December 4, 1992, Regarding the Opening and Maintenance of Branches and Corporate Participations Abroad by Institutions Authorized by the Central Bank

CIRCULAR NO. 002258

ESTABLISHES COMPLEMENTARY CRITERIA AND PROCEDURES TO RESOLUTION NO. 1,974, OF 04.12.92, RELATING TO THE OPENING AND MAINTENANCE OF BRANCHES AND CORPORATE PARTICIPATIONS ABROAD BY INSTITUTIONS AUTHORIZED TO OPERATE BY THE CENTRAL BANK.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 22.12.92, BASED ON ART. 14 OF RESOLUTION NO. 1,974, OF 04.12.92, DECIDED:

ART. 1. ESTABLISH THAT, FOR THE REVIEW OF REQUESTS TO OPEN BRANCHES AND CORPORATE PARTICIPATIONS ABROAD, THE INSTITUTION MUST PRESENT TO THE DEPARTMENT OF ORGANIZATION OF THE FINANCIAL SYSTEM - DEORF:

I - A COPY OF THE MINUTES OF THE BOARD OF DIRECTORS OR BOARD OF DIRECTORS MEETING IN WHICH THE MATTER WAS APPROVED;

II - DOCUMENTATION PRESCRIBED IN ITEMS III AND IV OF ART. 3 OF RESOLUTION NO. 1,974/92;

III - THE VALUE OF RESOURCES DESTINED TO THE CAPITALIZATION OF THE BRANCH;

IV - A COPY OF THE BYLAWS OR SOCIAL CONTRACT, OR A DRAFT OF THESE DOCUMENTS, IF APPLICABLE, OF THE PARTICIPATING COMPANY, DULY TRANSLATED, AS WELL AS INFORMATION REGARDING:

A - THE GLOBAL VALUE OF THE INTENDED PARTICIPATION, SPECIFYING THE QUANTITY OF TITLES AND THEIR RESPECTIVE NOMINAL VALUE;

B - THE CAPITAL OF THE PARTICIPATING COMPANY;

C - THE PERCENTAGE OF PARTICIPATION IN THE CAPITAL OF THE SOCIETY;

D - SPECIFICATION, WHEN DEALING WITH SHARES, OF THE RESPECTIVE SPECIES AND FORMS.

SINGLE PARAGRAPH. IN THE CASE OF AN INCREASE IN THE CAPITAL OF THE PARTICIPATING COMPANY, THE RESPECTIVE VALUE AND PERCENTAGE OF PARTICIPATION, BEFORE AND AFTER THE INCREASE, MUST BE INFORMED.

ART. 2. THE INFORMATION PRESCRIBED IN ART. 4 OF RESOLUTION NO. 1,974/92 MUST BE PROVIDED TO DEORF.

ART. 3. IT SHALL BE THE RESPONSIBILITY OF THE DEPARTMENT OF FOREIGN CAPITAL - FIRCE AND THE EXCHANGE DEPARTMENT - DECAM, WITHIN THEIR RESPECTIVE AREAS OF COMPETENCE, TO ESTABLISH THE FOREIGN EXCHANGE PROCEDURES TO BE OBSERVED FOR THE TRANSFER OF RESOURCES ABROAD, AS WELL AS FOR THEIR MOVEMENTS OUTSIDE THE COUNTRY.

ART. 4. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

ART. 5. CIRCULAR NO. 2,007, OF 08.08.91, AND ART. 2 OF CIRCULAR NO. 2,194, OF 30.06.92, ARE HEREBY REVOKED.

BRASÍLIA (DF), DECEMBER 22, 1992

GUSTAVO JORGE LABOISSIÈRE LOYOLA EMÍLIO GARÓFALO FILHO PRESIDENT DIRECTOR