Circular No. 2268 — Establishes Criteria for the Formation of Consortium Groups Referenced in Electronics

CIRCULAR NO. 002268

ESTABLISHES CRITERIA FOR THE FORMATION OF CONSORTIUM GROUPS REFERENCED IN ELECTRONICS.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 20.01.93, BASED ON LAW NO. 8.177, OF 01.03.91, DECIDED:

ART. 1. TO ESTABLISH THAT, FOR THE PURPOSE OF FORMING CONSORTIUM GROUPS REFERENCED IN ELECTRONICS, OF NATIONAL OR FOREIGN PRODUCTION, THE ADMINISTRATOR:

I - MUST BE WITHIN THE MINIMUM LIMITS OF REALIZED CAPITAL AND NET EQUITY ESTABLISHED IN THE CURRENT REGULATION, AS WELL AS IN THE LIMIT SET BY ITEM 59 OF ORDER NO. 190, OF 27.10.89, OF THE MINISTRY OF FINANCE;

II - MUST NOT HAVE PENDING OBLIGATIONS:

A - OF DELIVERY OF GOODS, UNDER THE TERMS OF THE CURRENT REGULATION;

B - OF SUBMISSION, TO THE CENTRAL BANK, OF FINANCIAL STATEMENTS AND DATA REGARDING ITS OPERATIONS, AS REGULATED IN CIRCULARS NOS. 2,009, OF 08.08.91, 2,071, OF 31.10.91, AND 2,166, OF 28.04.92;

III - MUST FALL INTO ONE OF THE FOLLOWING LEVELS OF OPERATION, ACCORDING TO THE RELATIONSHIP FOUND BETWEEN THE RESPECTIVE ADJUSTED NET EQUITY (PLA) AND THE MINIMUM CAPITAL REQUIRED (CME) FOR ADMINISTRATOR OF MOBILE GOODS CONSORTIUM, BASED ON DATA FROM THE BALANCE SHEET AS OF 12.31.92:

• LEVEL 1: PLA EQUAL TO OR GREATER THAN ONE TIME AND LESS THAN THREE TIMES
  THE CME;

• LEVEL 2: PLA EQUAL TO OR GREATER THAN THREE TIMES AND LESS THAN SIX
  TIMES THE CME;

• LEVEL 3: PLA EQUAL TO OR GREATER THAN SIX TIMES AND LESS THAN TWELVE
  TIMES THE CME;

• LEVEL 4: PLA EQUAL TO OR GREATER THAN TWELVE TIMES THE CME.

SINGLE PARAGRAPH 1. IN THE CASE OF ADMINISTRATORS LINKED, UNDER THE TERMS OF ART. 6 OF THE REGULATION ANNEXED TO CIRCULAR NO. 2,163, OF 04.20.92, WITH THE AMENDMENT INTRODUCED BY CIRCULAR NO. 2,178, OF 05.20.92, ONLY ONE, THE ONE WITH THE HIGHEST NET EQUITY, MAY OPERATE IN ONE OF LEVELS 2, 3, OR 4 SET FORTH IN ITEM III OF THIS ARTICLE, WITH THE OTHERS OPERATING IN LEVEL 1.

SINGLE PARAGRAPH 2. THE ADMINISTRATOR MAY ONLY CHANGE to a higher level of operation based on the data from the LAST SEMESTRAL BALANCE SHEET SUBMITTED TO THE CENTRAL BANK.

SINGLE PARAGRAPH 3. NON-OBSERVANCE, AT ANY TIME, OF THE MINIMUM LIMIT OF ADJUSTED NET EQUITY PRESCRIBED FOR THE LEVEL IN WHICH THE ADMINISTRATOR IS OPERATING WILL RESULT IN ITS AUTOMATIC RECLASSIFICATION TO A LEVEL OF OPERATION COMPATIBLE WITH THE ADJUSTED NET EQUITY PRESENTED.

SINGLE PARAGRAPH 4. IN THE EVENT SET FORTH IN THE PREVIOUS PARAGRAPH, THE ADMINISTRATOR MAY RETURN TO OPERATE IN THE LEVEL OF OPERATION COMPATIBLE WITH THE ADJUSTED NET EQUITY PRESENTED IN THE LAST SEMESTRAL BALANCE SHEET, ONCE THE DEFICIENCY IS REMEDIED AND UPON PRIOR AUTHORIZATION FROM THE CENTRAL BANK.

ART. 2. THE TOTAL CORRESPONDING TO THE SUM OF THE NUMBER OF SUBSCRIBED QUOTAS NOT YET AWARDED PLUS THE NUMBER OF QUOTAS AWARDED BUT WHOSE RELEVANT GOODS HAVE NOT YET BEEN DELIVERED, REFERENCED IN ELECTRONICS, WILL BE ALLOCATED BY THE CENTRAL BANK TO THE COLLECTIVE OF CONSORTIUM ADMINISTRATORS, ACCORDING TO THE EVOLUTION OF THE ELECTRONICS SEGMENT IN THE DOMESTIC MARKET.

SINGLE PARAGRAPH. BY REASON OF THE PROVISIONS IN THIS ARTICLE, EACH ADMINISTRATOR, ACCORDING TO THE LEVEL OF OPERATION IN WHICH CLASSIFIED, MAY NOT, AT ANY TIME, PRESENT THE TOTAL CORRESPONDING to the sum of the number of subscribed quotas not yet awarded plus the number of quotas awarded but whose relevant goods have not yet been delivered, referenced in the aforementioned goods, EXCEEDING:

• LEVEL 1: TWENTY THOUSAND QUOTAS;

• LEVEL 2: SIXTY THOUSAND QUOTAS;

• LEVEL 3: ONE HUNDRED AND EIGHTY THOUSAND QUOTAS;

• LEVEL 4: FIVE HUNDRED AND FORTY THOUSAND QUOTAS.

ART. 3. THE CENTRAL BANK MAY DETERMINE THE PROHIBITION OF THE ADMINISTRATOR FROM CONSTITUTING CONSORTIUM GROUPS REFERENCED IN ELECTRONICS WHenever IRREGULARITIES ARE FOUND AGAINST THE ADMINISTRATOR OR ITS ADMINISTRATORS, CHARACTERIZED BY NON-OBSERVANCE OF THE LEGISLATION AND CURRENT REGULATORY NORMS, OR WHEN PENDING ISSUES ARE IDENTIFIED WITH CONSUMER PROTECTION AGENCIES.

ART. 4. ALL QUOTAS RELATED to electronics, of national or foreign manufacture, PREVIOUSLY AUTHORIZED, ARE CANCELLED, EXCEPT THOSE SUBSCRIBED AS ACTIVE.

ART. 5. FROM THE DATE OF PUBLICATION OF THIS CIRCULAR, AUTHORIZATION TO ADMINISTER CONSORTIUM GROUPS REFERENCED IN ELECTRONICS WILL ONLY BE GRANTED TO COMPANIES THAT HAVE AS THEIR EXCLUSIVE CORPORATE OBJECT THE ADMINISTRATION OF CONSORTIUMS.

SINGLE PARAGRAPH 1. ADMINISTRATORS ALREADY AUTHORIZED to administer consortium groups that do not have this as their exclusive corporate object will be automatically reclassified to LEVEL 1 AS OF 12.31.93.

SINGLE PARAGRAPH 2. COMPANIES AUTHORIZED TO ADMINISTER CONSORTIUM GROUPS AFTER THE PUBLICATION OF THIS CIRCULAR WILL BE CLASSIFIED IN LEVEL 1 OF OPERATION, WITH THE OPTION TO OPERATE IN OTHER LEVELS ONLY AFTER SUBMISSION TO THE CENTRAL BANK OF A SEMESTRAL BALANCE SHEET.

SINGLE PARAGRAPH 3. THE PROVISIONS IN THIS ARTICLE DO NOT APPLY TO NON-PROFIT CIVIL ASSOCIATIONS THAT ADMINISTER OR REQUEST AUTHORIZATION TO ADMINISTER CONSORTIUM GROUPS.

ART. 6. NON-PROFIT CIVIL ASSOCIATIONS AUTHORIZED TO ADMINISTER CONSORTIUM GROUPS OR THAT MAY BE AUTHORIZED MAY OPERATE, IN THE CONSTITUTION OF CONSORTIUM GROUPS REFERENCED IN ELECTRONICS, EXCLUSIVELY IN LEVEL 2 OF OPERATION.

ART. 7. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), 20 OF JANUARY OF 1993

GUSTAVO JORGE LABOISSIÈRE LOYOLA
PRESIDENT