Circular No. 2715 — Provisions on credit operations with companies whose corporate purpose is the practice of factoring

CIRCULAR NO. 002715

Dispenses with operations of credit with companies whose corporate purpose is the practice of purchasing billing.

The Collegiate Board of the Central Bank of Brazil, in a session held on 28.08.96, based on the provisions of Article 3, item I, of Resolution No. 2,118, of 19.10.94,

DECIDED:

Art. 1st To permit financial institutions:

I - to carry out credit operations with companies whose corporate purpose, exclusive or not, is the practice of factoring operations ("factoring");

II - to inject resources into factoring and sales promotion companies.

Art. 2nd This Circular enters into force on the date of its publication.

Art. 3rd Article 3 of Circular No. 2,511, of 02.12.94, is hereby revoked.

Brasília, August 28, 1996

Alkimar Ribeiro Moura
Director