Circular No. 2809 — Dispenses with the Provision to the Central Bank of Brazil of Information Regarding Individual Programmed Retirement Funds - FAPI

CIRCULAR NO. 002809

Dispenses with the Provision to the Central Bank of Brazil of Information Regarding Individual Programmed Retirement Funds - FAPI.

The Collegiate Board of the Central Bank of Brazil, in a session held on 11.03.98, having regard to the provisions of Article 37 of Law No. 4.595, of 31.12.64, and based on Articles 31 and 32 of the regulation annexed to Resolution No. 2.424, of 01.10.97,

DECIDED:

Article 1. The institution administering an Individual Programmed Retirement Fund - FAPI must provide the Regional Office of the Central Bank of Brazil under whose jurisdiction it falls, via the PMSG750 transaction of the Central Bank Information System - SISBACEN, by the first business day following the start of the Fund's activities, the information provided for in Article 31 of the Regulation annexed to Resolution No. 2.424, of 01.10.97.

Sole Paragraph. In the case of FAPIs whose activities began prior to the effective date of this Circular, the reporting of information referred to in this article must be provided by 31.03.98.

Article 2. The institution administering an FAPI must provide the Central Bank of Brazil, via the PESP520 transaction of SISBACEN, the following information regarding the Fund:

I - monthly (Monthly Information - Individual Programmed Retirement Funds - FAPI, code CADOC 71.8.3.010-6), by each business day of the month to which they refer:

a) net asset value;

b) quota value;

c) total value of subscriptions made on that day;

d) total value of redemptions made on that day;

e) number of quota holders;

II - semi-annually (Semi-Annual Information - Individual Programmed Retirement Funds - FAPI, code CADOC 71.8.6.010-7):

a) the values resulting from the simple arithmetic mean, calculated by the business days of each month of the semester to which they refer, even in the event of a zero balance, as well as the balances and values of the last day of each month, by application or group of applications and positions held in derivatives markets, observing the following distribution:

1. bonds issued by the National Treasury;

2. bonds issued by the Central Bank of Brazil;

3. securitized credits of the National Treasury;

4. state bonds;

5. municipal bonds;

6. time deposits, with or without issuance of certificates;

7. public distribution debentures other than those referred to in item 16 of this subsection;

8. exchange letters accepted by financial institutions;

9. debenture receipts;

10. mortgage receipts;

11. real estate letters;

12. mortgage letters;

13. promissory notes issued by joint-stock companies, intended for public offering;

14. quotas of financial investment funds and quotas of funds applied in quotas of investment funds focused predominantly on investments in financial assets and/or fixed income operational modalities and quotas of investment funds abroad;

15. shares issued by open companies registered for trading on stock exchanges or organized over-the-counter markets;

16. subscription warrants for shares issued by open companies, public distribution debentures with profit participation that are not predominantly derived from financial applications, and deposit certificates for shares whose distribution has been authorized by the Securities and Exchange Commission;

17. quotas of mutual investment funds in the modalities regulated by the Securities and Exchange Commission and quotas of financial investment funds and funds applied in quotas of investment funds focused predominantly on investments in financial assets and/or variable income operational modalities;

18. positions in derivatives markets:

18.1. sum of the values corresponding to the guarantee margins effectively required in operations carried out in organized derivatives markets, deducted from the sum of the values corresponding to those referred to in item 18.2 of this subsection;

18.2. sum of the values corresponding to the guarantee margins effectively required in operations for the sale of uncovered call options and the sale of put options;

18.3. sum of the values paid as premiums in option purchase operations;

b) the values corresponding to the sums of subscriptions and redemptions made in each month of the semester to which they refer, calculated separately for quotas acquired with worker resources and quotas acquired with employer resources, observing the following distribution:

1. subscriptions made in the month, except by portability;

2. subscriptions by portability made in the month;

3. redemptions made in the month, except by portability;

4. redemptions by portability made in the month.

Paragraph 1. In addition to those referred to in item I of this article, the administering institution must provide information on the effective administration rate, as an annual percentage of the FAPI's net asset value, observing the need to provide it only with reference to the dates of the start of the Fund's activities and changes in the rate charged (Information - Individual Programmed Retirement Funds - FAPI - Administration Rate, code CADOC 71.8.9.010-8).

Paragraph 2. The information referred to in this article must be provided:

I - even in the event that all values are zero;

II - with a lag of up to 3 (three) business days from the base date to which they refer, thus including, even, possible state or municipal holidays.

Paragraph 3. The reporting of the information provided for in this article, or its alteration, outside the established deadlines subjects the administering institution to the provisions of Article 33 of the Regulation annexed to Resolution No. 2.424, of 01.10.97.

Article 3. The release of the PESP520 transaction of SISBACEN will be duly published, and administering institutions of FAPI, from the effective date of this Circular, must keep updated the information referred to in Article 2, for reporting to the Central Bank of Brazil.

Article 4. This Circular enters into force on the date of its publication.

Brasília, March 11, 1998

Sérgio Darcy da Silva Alves
Director

Obs.: Re-transmitted due to errors in the CADOC codes in Article 2, items I and II, and in Article 2, item II, subsection "b", item 4, paragraph 1.