Circular No. 2943 — Establishes Procedures for Granting Authorization for the Representation in the Country of Financial Institutions or Similar Entities Based Abroad

CIRCULAR NO. 002943

Estabelece procedimentos para a concessão de autorização para a representação, no País, de ins- tituições financeiras ou asse- melhadas sediadas no exterior.

The Collegiate Board of the Central Bank of Brazil, in a session held on October 20, 1999, based on the provisions of Article 2 of Resolution No. 2,592, of February 25, 1999,

DECIDED:

Article 1. It is established that the granting of authorization for the
representation, in the Country, of a financial institution or similar entity based abroad, as provided for in Resolution No. 2,592, of 1999, is conditioned upon the presentation of the following documents to the Component of the Department of Organization of the Financial System (DEORF) that has jurisdiction over the domicile of the appointed representative:

I - a request, signed by the institution to be represented, declaring knowledge and acceptance of the terms of the specific regulation in force in Brazil, containing the following information:

a) corporate name and complete address of its headquarters;

b) composition of the organizational structure of the institution and the economic group to which it belongs;

c) full name, domicile in the Country, and other qualification data of the appointed representative, including administrators, in the case of a legal entity;

d) designation of the functions to be performed by the appointed representative;

e) full name and position of the signatory;

II - a deliberative act, or equivalent document, from the institution to be represented authorizing the establishment of representation in the Country;

III - a power of attorney, or equivalent instrument, granted by the institution to the representative, indicating the powers and duties conferred upon them and the term of office, with sub-delegation expressly prohibited;

IV - the "CAPEF - Registration Form - Personal Data" document, model CADOC No. 38027-0, completed by the appointed representative, when a natural person;

V. articles of incorporation or bylaws and the last contractual
amendment of the appointed representative, duly registered with the competent authority, when a legal entity.

Paragraph 1. Documents originating from abroad must be legalized at the Brazilian Consulate of the country of origin of the institution to be represented, translated by a sworn public translator, and registered, originals and respective translations, at the competent office for the registration of titles and documents.

Paragraph 2. In the event that the representative, at the time of their accreditation, does not have a registration in the Register of Natural Persons (CPF) or the National Register of Legal Entities (CNPJ), they must inform the corresponding number to the Central Bank of Brazil as soon as it is obtained.

Paragraph 3. The representative must clearly demonstrate to the public which institutions they represent and the functions they are authorized to perform, in accordance with item II of the sole paragraph of
Article 1 of Resolution No. 2,592, of 1999.

Article 2. The cancellation of the authorization provided for in this
Circular will occur:

I - upon the expiration of the term of office, when specified in the appointment instrument of the representative, with no other mandate in force;

II - upon request by the represented institution;

III - at the discretion of the Central Bank of Brazil, in case any irregularities involving the representative or the represented institution are identified.

Article 3. It is the responsibility of the representative to keep
permanently updated, with the Central Bank of Brazil, their registration data, the data of the represented institution, and those contained in the representation instrument provided for in item III of Article 1.

Paragraph 1. In the event that there are no changes to the registration data provided for in this article, the representative must ratify them annually.

Paragraph 2. The information provided for in this article must be provided in writing until a specific transaction is made available in the Central Bank Information System - SISBACEN.

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

Article 5. Circular No. 2,865, of February 25, 1999, is hereby revoked.

Brasília, October 20, 1999

Sérgio Darcy da Silva Alves
Director