Circular No. 2463 — Prohibits price-index adjustment clauses in active and passive financial market operations, sets minimum deposit terms, and amends TDE redemption periods

CIRCULAR NO. 002463

Dispenses on active and passive operations carried out in the financial market with a clause for revaluation by price index, as well as on forms of remuneration and minimum periods for interbank deposits, and alters the redemption period of Economic Development Bonds - TDE.

The Board of Directors of the Central Bank of Brazil, in a session held on 10.08.94, based on the provisions of Articles 10, 11, and 31, paragraph 2, of Law No. 8.177, of 01.03.91, Articles 8 and 9 of Law No. 8.660, of 28.05.93, and Articles 27 and 28 of Provisional Measure No. 566, of 29.07.94,

DECIDED:

Art. 1. It is prohibited to carry out in the financial market active and passive operations contracted with a clause for revaluation of value by price index.

Art. 2. The following are altered:

I - Article 5 of Circular No. 2.436, of 30.06.94, which shall enter into force with the following wording:

"Art. 5. The following are prohibited regarding the operations referred to in this Circular:

I - contractual provision of more than one remuneration base, except in the event of its extinction;

II - the placement, by the issuer or by a company linked to it, of titles:

a) with a clause for revaluation of value by price index;

b) with a term to run less than the respective minimum periods established in this Circular.";

II - Article 5 of Circular No. 2.190, of 26.06.92, which shall enter into force with the following wording:

"Art. 5. The minimum period for deposits shall be:

I - 1 (one) day, when received by a financial institution and remunerated at fixed market rates;

II - 30 (thirty) days, when received by a leasing company and remunerated at fixed market rates;

III - 4 (four) months, when remunerated based on the Reference Rate - TR.

Sole paragraph. It is prohibited, regarding the operations referred to in this Circular, the use of a remuneration base that does not meet the conditions provided for in this article.";

III - Article 1, item "e", of Circular No. 1.944, of 18.04.91, which shall enter into force with the following wording:

"Art. 1. ......

e - redemption period: compatible with the financial schedule of the projects, observing the minimum of 4 (four) months.

......".

Art. 3. This Circular enters into force on the date of its publication.

Brasília, August 12, 1994

Cláudio Ness Mauch
Director of Standards and Organization of the Financial System