Circular No. 3.404

CIRCULAR N. 003404 ------------------ Amends the Regulation annexed to Circular No. 3.192, of 5 June 2003, which provides for the provision of independent audit services for consortium administrators and their respective groups. The Collegiate Board of the Central Bank of Brazil, at a meeting held on 17 September 2008, based on art. 33 of Law No. 8.177, of 1 March 1991, D E C I D E D : Art. 1 The art. 10 of the Regulation annexed to Circular No. 3.192, of 5 June 2003, is amended, which shall come into force with the following wording: "Art. 10. Consortium administrators must proceed with the replacement of the technical officer, director, manager, supervisor and any other member, with a management function, of the team involved in the audit work, after opinions have been issued relating to, at most, five complete fiscal years. ....................................................... § 2 The return of the technical officer, director, manager, supervisor or any other member, with a management function, of the team involved in the audit work may be carried out after three years have elapsed, counted from the date of their replacement." (NR) Art. 2 The counting of the period for the provision set out in art. 10 of the Regulation annexed to Circular No. 3.192, of 2003, with the wording given by this circular, begins from the last replacement of the technical officer, director, manager, supervisor and any other member, with a management function, of the team involved in the audit work. Sole paragraph. Consortium administrators are exempt from carrying out the replacement mentioned in the caput for the audit work of the 2008 fiscal year. Art. 3 Item IV of art. 7 of the Regulation annexed to Circular No. 3.192, of 2003, shall come into force with the following wording: "Art. 7 ............................................. IV - participation of the technical officer, director, manager, supervisor or any other member, with a management function, in the audit work of a successor firm, within a period shorter than that provided for in art. 10; ................................................." (NR) Art. 4 This circular enters into force on the date of its publication. Art. 5 Circular No. 3.373, of 20 December 2007, is revoked. Brasília, 18 September 2008. Alexandre Antonio Tombini Director