Circular No. 3.380

CIRCULAR No. 003380 ------------------ Provides for the application of prerogatives and obligations to exchange banks, investment banks and multiple banks without a commercial portfolio. The Collegiate Board of the Central Bank of Brazil, in an ordinary session held on 19 March 2008, based on arts. 10, items III and IV, renumbered by virtue of arts. 19 and 20 of Law 7.730, of 31 January 1989, and 11, item VI, of Law 4.595, of 31 December 1964, and on art. 5 of Resolution 3.426, of 21 December 2006, D E C I D E D : Art. 1 The exchange banks established under the terms of Resolution 3.426, of 21 December 2006, are subject, as applicable, to the same conditions imposed on commercial banks and multiple banks with a commercial portfolio, with respect to the mandatory reserve requirements. Art. 2 Exchange banks are permitted to hold the Banking Reserves account referred to in Circular 3.101, of 28 March 2002. Art. 3 As holders of a Banking Reserves account, exchange banks, investment banks and multiple banks without a commercial portfolio may: I - issue administrative checks; II - issue, in their own name, acting as the sending financial institution, any interbank funds transfer order approved by the Central Bank of Brazil; and III - participate directly in any settlement system operated or authorized to operate by the Central Bank of Brazil. Sole paragraph. The institution that makes use of the prerogative referred to in item I shall mandatorily participate, directly, in the system that settles the respective payment instrument. Art. 4 This circular enters into force on the date of its publication. Brasília, 20 March 2008. Mario Gomes Torós Director