Circular No. 3.099

CIRCULAR No. 003099 ------------------ Provides for swap transactions to be carried out by the Central Bank of Brazil. The Board of Directors of the Central Bank of Brazil, in a session held on 26 March 2002, having regard to the provisions of Resolution No. 2.939 of 26 March 2002, D E C I D E D: Art. 1 The swap transactions referenced in interest rates and exchange rate variation, carried out by the Central Bank of Brazil, shall comply with the provisions of this Circular. Sole paragraph. For the purposes of this Circular, swap transactions are defined as those carried out for settlement on a future date that imply the exchange of financial results arising from the application, on active and passive values, of the reference variables mentioned in the caput. Art. 2 The transactions referred to in the previous article shall be contracted by means of a public offering, to be determined by the Formal Electronic Public Offering System (Ofpub), provided for in the Regulation of the Special Settlement and Custody System (SELIC), approved by Circular No. 2.727 of 14 November 1996. Art. 3 The swap transactions dealt with in this Circular shall be: I - conducted by the Open Market Operations Department (Demab); II - registered in a system administered by commodity and futures exchanges or by entities duly authorized by the Central Bank of Brazil or by the Securities Commission, in their respective areas of competence, to practice such activity. Art. 4 Demab is authorized to issue the complementary rules and to adopt the measures deemed necessary for the execution of the provisions of this Circular. Art. 5 This Circular enters into force on the date of its publication. Brasília, 26 March 2002 Luiz Fernando Figueiredo Director