Circular No. 2889 — Provides for the submission to the Central Bank of Brazil of information relating to consortium operations

CIRCULAR NO. 002889

Provides for the submission to the Central Bank of Brazil of information relating to consortium operations.

The Collegiate Board of the Central Bank of Brazil, in a session held on May 19, 1999, based on Article 33 of Law No. 8,177 of March 1, 1991,

DECIDED:

Article 1. To establish that consortium administrators must submit monthly information to the Central Bank of Brazil regarding their operations, in the manner and conditions provided for in this Circular.

Sole Paragraph. The submission of information under this article must be provided even in cases where there are no outstanding operations or new adoptions during the month.

Article 2. For the purposes of this Circular, the information must be segregated into the following consortium segments:

I - real estate;

II - tractors, road equipment, agricultural machinery and equipment, vessels, aircraft, motor vehicles intended for cargo transport with a capacity greater than 1,500 kg, and motor vehicles intended for collective transport with a capacity for twenty passengers or more;

III - motor vehicles not included in segment II, except motorcycles and mopeds;

IV - motorcycles and mopeds;

V - other durable movable goods;

VI - tourist services.

Article 3. The information provided for in this Circular must be submitted by consortium administrators via the internet, using the PESPW10 (data entry) and PSTAW10 (information exchange) applications, as set forth in Circular Letter No. 2,847 of April 13, 1999, available for download on the Central Bank of Brazil homepage (http://www.bcb.gov.br).

Paragraph 1. To access the PSTAW10 application, it is indispensable that the administrator be previously registered in the Central Bank Information System (SISBACEN) and accredited for the PSTA300 transaction, the request for which must be directed, according to its respective jurisdiction, to the public service center located at the headquarters or at a Regional Agency of the Central Bank of Brazil.

Paragraph 2. Alternatively, submission of information by means of the Consortium Operations Position - Real Estate and Movable Goods document, according to the attached model, is admitted until August 10, 1999.

Article 4. The information must be forwarded to the Central Bank of Brazil by the 10th day of the month following the reference date.

Paragraph 1. Failure to observe the deadline set forth in this article or the submission of incorrect information subjects the administrator to a monetary fine and other penalties established in Article 12 of Circular No. 2,381 of November 18, 1993, and to restrictions on forming consortium groups under Article 7 of Circular No. 2,861 of February 10, 1999, without prejudice to other sanctions provided for in the legislation and regulations in force.

Paragraph 2. The monetary fine established in the preceding paragraph will be enforceable starting from the position of the month of August 1999.

Article 5. The Central Bank of Brazil/Department of Registration and Information (DECAD) is authorized to issue the measures necessary for the execution of the provisions of this Circular, including introducing modifications regarding the submission of information on consortium operations.

Article 6. This Circular enters into force on the date of its publication.

Article 7. Circulars No. 2,071 of October 31, 1991, and No. 2,166 of April 28, 1992, Circular Letters No. 2,229 of November 5, 1991, No. 2,649 of May 23, 1996, and No. 2,837 of February 22, 1999, and Communication No. 2,592 of November 8, 1991, are hereby repealed.

Brasília, May 20, 1999

Sérgio Darcy da Silva Alves Edison Bernardes dos Santos Director Director

Note: The attached model referred to in Paragraph 2 of Article 3 of this Circular is available at the Service Centers of the Headquarters and Regional Agencies of the Central Bank.