Circular No. 2456 — Updates Operations in the Financial Market

CIRCULAR NO. 002456

DISPOSES ON THE UPDATE OF OPERATIONS CARRIED OUT WITHIN THE FINANCIAL MARKET.

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 07/27/94, BASED ON ART. 9 OF LAW NO. 8,660, OF 05/28/93, AND TAKING INTO ACCOUNT THE PROVISIONS OF ART. 5, SOLE PARAGRAPH, OF THE SAME LAW,

DECIDED,

REGARDING ACTIVE AND PASSIVE OPERATIONS CARRIED OUT WITHIN THE FINANCIAL MARKET WITH REMUNERATION CALCULATED BASED ON THE REFERENCE RATE - TR, CONTRACTED FROM 08/01/94:

ART. 1 THE UPDATE OF OPERATIONS SHALL BE CARRIED OUT MONTHLY, ON THE CORRESPONDING BASE DATE, USING THE REFERENCE RATE - TR RELATIVE TO THE BASE DATE IN THE PREVIOUS MONTH.

SINGLE PARAGRAPH 1 FOR THE PURPOSES OF THIS CIRCULAR, THE BASE DATE IN EACH MONTH IS CONSIDERED TO BE THE DAY CORRESPONDING TO THE MATURITY DATE OF THE OPERATION.

SINGLE PARAGRAPH 2 WHENEVER ONE OR MORE BASE DATE(S) DO NOT EXIST AT THE END OF THE MONTH:

I - THE UPDATE OF OPERATIONS TO BE CARRIED OUT ON THE NON-EXISTENT BASE DATE(S) USING THE TR RELATIVE TO THE BASE DATE(S) IN THE PREVIOUS MONTH SHALL BE CARRIED OUT ON THE FIRST DAY OF THE FOLLOWING MONTH, REGARDLESS OF WHETHER IT IS A BUSINESS DAY OR NOT;

II - THE CENTRAL BANK SHALL PUBLISH:

A) THE TR(S) RELATIVE TO THE FIRST DAY OF THE FOLLOWING MONTH, FOR USE IN UPDATING OPERATIONS WHOSE BASE DATE(S) DO NOT EXIST IN THE MONTH;

B) THE TR RELATIVE TO THE FIRST DAY OF THE FOLLOWING MONTH, FOR USE IN UPDATING OPERATIONS WHOSE BASE DATE IS THE FIRST DAY ITSELF.

ART. 2 IN SITUATIONS OF RELEASE OF FUNDS, ISSUANCE OF SECURITIES, OR ASSUMPTION OF OBLIGATIONS ON A DAY NOT COINCIDENT WITH THE CORRESPONDING BASE DATE, THE FIRST UPDATE SHALL BE CARRIED OUT ON THE FIRST OCCURRING BASE DATE AFTER THE EVENT, BASED ON THE "PRO-RATA" BUSINESS DAY CRITERION, USING THE TR RELATIVE TO THE DATE OF THE EVENT.

ART. 3 IN SITUATIONS OF AMORTIZATION OR SETTLEMENT OF A SECURITY OR OBLIGATION ON A DAY NOT COINCIDENT WITH THE CORRESPONDING BASE DATE, THE UPDATE SHALL BE CARRIED OUT BASED ON THE "PRO-RATA" BUSINESS DAY CRITERION, USING THE TR RELATIVE TO THE LAST BASE DATE.

SINGLE PARAGRAPH. IN THE SITUATIONS REFERRED TO IN THIS ARTICLE, IF THE TR RELATIVE TO THE LAST BASE DATE HAS NOT YET BEEN PUBLISHED, THE UPDATE SHALL BE CARRIED OUT USING THE LAST PUBLISHED TR.

ART. 4 FOR THE PURPOSE OF APPLYING THE "PRO-RATA" BUSINESS DAY CRITERION PROVIDED FOR IN ARTS. 2 AND 3, THE COUNT OF THE NUMBER OF BUSINESS DAYS BETWEEN TWO DATES WILL INCLUDE THE FIRST AND EXCLUDE THE LAST.

ART. 5 FOR THE PURPOSE OF UPDATING SECURITIES OR OBLIGATIONS FOR WHICH THERE IS NO DETERMINATION OF A BASE DATE, THE FIRST DAY SHALL BE CONSIDERED AS SUCH.

ART. 6 THE PROCEDURES ESTABLISHED IN THIS CIRCULAR APPLY TO OPERATIONS OF THE KIND CONTRACTED PRIOR TO 08/01/94, FROM THE FIRST BASE DATE THAT OCCURS AFTER THAT DATE.

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

BRASILIA, JULY 28, 1994

CLAUDIO NESS MAUCH
DIRECTOR OF NORMS AND ORGANIZATION
OF THE FINANCIAL SYSTEM