Circular No. 2496 — Suspends authorization to administer and form consortium groups referenced in appliances and electronics, sets maximum duration for vehicle consortium groups, and prohibits bidding contemplation

CIRCULAR NO. 002496

Suspends the granting of authorization to administer and form consortium groups referenced in household appliances and electronics, sets maximum duration for groups referenced in motor vehicles, specifies, and prohibits contemplation by bid.

The Board of Directors of the Central Bank of Brazil, in a session held on 10/18/94, based on Article 33 of Law No. 8,177, of 03/01/91,

D E C I D E D:

Art. 1. Suspend, for an indefinite period, the granting of authorization to administer consortium groups and the formation of consortium groups referenced in household appliances and electronics.

Art. 2. Set a maximum term of 12 (twelve) months for the duration of consortium groups for motor vehicles, referenced in automobiles, pickup trucks, and utility vehicles.

Art. 3. Prohibit, for an indefinite period, contemplation by bid in consortium groups.

Art. 4. Consortium administrators shall send, by October 28, 1994, to the Central Bank/Special Studies and Monitoring Department of the Financial System (DEASF) - Central Bank Headquarters Building - 17th floor - ZIP Code 70074-900 - Brasília (DF), or to the Document Reception Center of the Regional Agency that has jurisdiction over the administrator, the following information related to consortium groups already constituted, for goods referenced in the contract and considering the position as of 09/30/94:

I - quantity of quotas sold, not contemplated, separately informing the quantities of quotas related to popular and imported vehicles;

II - quantity of contemplated quotas, for which goods have not been acquired, observing the same distinction specified in the previous item.

Sole Paragraph. The administrator that fails to timely inform the requested data or that provides incorrect information shall be subject to the sanctions set forth in Article 14 of Law No. 5,768, of 12/20/71, as amended by Article 8 of Law No. 7,691, of 12/15/88.

Art. 5. This Circular enters into force on the date of its publication.

Brasília, October 19, 1994

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