Circular No. 2.865

CIRCULAR No. 002865 ------------------ Establishes procedures for obtaining authorization for the representation, in the Country, of financial institutions or similar entities headquartered abroad. The Board of Directors of the Central Bank of Brazil, based on art. 2 of Resolution No. 2.592, of 25.02.99, D E C I D E D: Art. 1 Establish that the authorization for the representation, in the Country, of a financial institution or similar entity headquartered abroad, as referred to in Resolution No. 2.592, of 25.02.99, is conditioned upon the presentation of the following documents to the Regional Office of the Central Bank of Brazil with jurisdiction over the domicile(s) of the appointed representative(s): I - application, signed by the institution, declaring that it knows and accepts the terms of the specific regulations in force in Brazil, containing the following information: a) corporate name of the institution and complete address of its headquarters; b) full name, domicile in the Country and other qualification data of the appointed representative(s); c) designation of the functions to be performed by the appointed representative(s), observing the provisions of paragraph 2 of this article; d) full name and position of the signatory; II - declaration, from the central bank or equivalent body of the country of origin, attesting that the institution is legally constituted and operating regularly, that it is subject to its supervision and that it is authorized to establish a representative in Brazil; III - power of attorney, or equivalent instrument, granted by the institution to the representative(s), with indication of the powers and attributions conferred upon them and the term of mandate, with sub-delegation expressly prohibited; IV - document "CAPEF - Registration Form - Personal Data", model CADOC No. 38027-0, filled out by the appointed representative(s), when a natural person(s); V - articles of association or social contract and latest amendment, of the appointed representative(s), duly registered with the competent body, when a legal entity(ies). Paragraph 1 Documents originating from abroad must be legalized at the Brazilian Consulate of the country of origin of the represented institution, translated by a sworn public translator and registered, originals and respective translations, at the competent registry office of titles and documents. Paragraph 2 The institution may appoint up to 6 (six) representatives, including deputies. Paragraph 3 In the event that the representative, at the time of their accreditation, does not have registration in the Individual Taxpayer Registry (CPF) or in the National Registry of Legal Entities (CNPJ), they must inform the corresponding number to the Central Bank of Brazil as soon as obtained. Paragraph 4 In the cases of accreditation of a new representative and replacement of an already accredited representative, the institution is exempt from presenting the document provided for in item II of this
article. Art. 2 The cancellation of the authorization referred to in this Circular will occur: I - upon expiration of the term of mandate, when determined in the instrument of appointment of the representative(s), with no other having a mandate in force; II - upon request of the represented institution; III - at the discretion of the Central Bank of Brazil, if any irregularities involving the representative(s) or the represented institution are found. Art. 3 It is incumbent upon the representative(s) to keep permanently updated, before the Central Bank of Brazil, their registration data, those of the represented institution and those of the representation. Sole paragraph. The information referred to in this article must be provided in writing until a specific transaction is made available in the Central Bank Information System - SISBACEN. Art. 4 Representatives of institutions headquartered abroad accredited prior to the date of entry into force of this Circular will have until 30.06.99 to present to the Central Bank of Brazil the documents listed in art. 1, items I and II, and the information provided for in art. 3. Paragraph 1 Failure to comply with the provisions of this article implies automatic cancellation of the authorization for representation. Paragraph 2 Upon compliance with the provisions of this article, the institution is assured the maintenance of representatives in a number greater than that fixed in art. 1, paragraph 2. Art. 5 This Circular enters into force on the date of its publication. Brasília, 25 February 1999 Sérgio Darcy da Silva Alves Director