Circular No. 3.049

CIRCULAR N. 003049 ------------------ Provides for financial investment funds and funds for investment in quotas of investment funds. The Collegiate Board of the Central Bank of Brazil, in a session held on 18 July 2001, having regard to the provisions of art. 1 of Resolution No. 2.183, of 21 July 1995, D E C I D E D: Art. 1 Amend the provisions specified below of the Regulation annexed to Circular No. 2.616, of 18 September 1995, which shall henceforth have the following wording: I - art. 13, with the modifications introduced by art. 1, item I, of Circular No. 2.958, of 6 January 2000: "Art. 13. The fund's investments must be represented by financial assets and/or operational modalities available within the financial market, except Economic Development Securities (TDE) and quotas of the Social Development Fund (FDS). Paragraph 1 The financial assets and operational modalities comprising the fund's portfolio must be duly custodied, as well as registered and/or held in deposit accounts directly in the name of the fund, in specific accounts opened in the Special System for Settlement and Custody (SELIC), in systems for registration and financial settlement of assets authorized by the Central Bank of Brazil or in institutions or entities authorized to provide such services by the aforementioned Autarchy or by the Securities Commission. (NR) Paragraph 2 The fund's investments in quotas of investment funds are excepted from the provisions of paragraph 1. (NR) Paragraph 3 The fund's investments in shares and in gold are permitted only when they are, respectively, shares issued by publicly traded companies registered with the Securities Commission and gold acquired on commodity and futures exchanges. Paragraph 4 The making of the fund's investments in shares, as well as operations in derivative markets referenced in securities, is conditioned upon authorization from the Securities Commission for the managing institution or the legal entity to which the management powers referred to in art. 9, item II, are delegated to be able to exercise the activity dealt with in art. 23 of Law No. 6.385, of 7 December 1976. Paragraph 5 Investments in shares and in quotas of investment funds in the modalities regulated by the Securities Commission may not exceed 49% (forty-nine percent) of the fund's net equity. Paragraph 6 The fund's investments in "warrants" and in mercantile contracts for the purchase and sale of products, goods and/or services for future delivery or provision, as well as in securities or certificates representing such contracts, must, without prejudice to compliance with the provisions of Resolution No. 2.801, of 7 December 2000, and of paragraph 1, have a guarantee from a financial institution or an insurance company, observing, in the latter case, specific regulations of the Superintendence of Private Insurance (SUSEP). (NR) Paragraph 7 The fund's operations in derivative markets may be carried out both in those administered by stock exchanges or
commodity and futures exchanges, and in the over-the-counter market, in that case provided they are duly registered in systems for registration and financial settlement of assets authorized by the Central Bank of Brazil. (NR) Paragraph 8 With respect to the financial assets and/or operational modalities comprising the fund's portfolio: I - the total issuance and/or co-obligation of a single legal entity, its controller, companies directly or indirectly controlled by it, and affiliates or other companies under common control, as well as of a single state, municipality, investment fund or individual may not exceed 10% (ten percent) of the fund's net equity; (NR) II - the total issuance and/or co-obligation of a single financial institution, its controller, companies directly or indirectly controlled by it, and affiliates or other companies under common control may exceed the percentage referred to in the previous item, observing a maximum of 20% (twenty percent) of the fund's net equity. (NR) Paragraph 9 The percentages referred to in this article must be complied with daily, based on the fund's net equity of the immediately preceding business day."; II - art. 24: "Art. 24. In addition to the annual accountability meeting, the general meeting may meet upon convocation by the managing institution or by quota holders representing at least 5% (five percent) of the total." (NR); III - art. 28: "Art. 28. The fund is subject to the procedures for bookkeeping, preparation, submission and publication of financial statements provided for in COSIF, observing the provisions of art. 35. (NR) Paragraph 1 In the event of a null balance in all accounting accounts, the managing institution is exempted from the preparation, submission and publication of the fund's financial statements, and must communicate the fact to the Department of Registration and Information of the Financial System (DECAD), remaining so while in that condition. (NR) Paragraph 2 Failure to comply with the deadlines set for submission of financial statements to the Central Bank of Brazil subjects the managing institution and the administrator designated under the terms of art. 2, item II, to the sanctions provided for in the legislation and regulations in force. Paragraph 3. The annual financial statements of the fund must be audited by an independent auditor registered with the Securities Commission."; IV - art. 35: "Art. 35. The administering institution must make the fund's financial statements available to any interested party who requests them, observing the following maximum periods: (NR) I - twenty days after the end of the period to which they refer, in the case of monthly financial statements; (NR) II - sixty days after the end of each fiscal year, in the case of annual financial statements."; (NR) V - art. 41, with the modifications introduced by art. 1, item II, of Circular No. 2,973, of 23 March 2000: "Art. 41. The institutions referred to in art. 6 may establish and administer an
investment fund whose resources must be destined for the acquisition of shares of financial investment funds, of foreign investment funds and of investment funds in the modalities regulated by the Securities Commission, observing the minimum proportion of 95% (ninety-five percent) of the respective net equity. (NR) Paragraph 1. The establishment and operation of the fund referred to in this article, designated as a fund for investment in shares of investment funds, are subject, insofar as applicable, to the rules established in this Regulation, observing the following: I - its name must include the expression 'Investment in Shares of Investment Funds', and it may add word(s) identifying the profile of its investments, in the event that a preponderant portion of its resources is directed to specific fund(s); II - its investments in shares of a single fund may not exceed 25% (twenty-five percent) of its net equity, and exceeding said limit is permitted, provided that it is foreseen in the respective regulation, in the part pertaining to the description of the investment policy; III - the shares held by it through financial investment funds and investment funds in the modalities regulated by the Securities Commission may not exceed 49% (forty-nine percent) of its net equity; IV - the information provided for in art. 30, relating to it, is restricted to the values of net equity and of the share, based on the last day of the month to which they refer, in addition to the total values of subscriptions and redemptions accumulated in the month, and must be provided to the Central Bank of Brazil, via SISBACEN transaction PFIF500, by the third business day after the end of each month. Paragraph 2. In the event of delay or inaccuracy in providing the information provided for in item IV, the fine referred to in art. 31, item II, applies to the administering institution.". Art. 2. In the event of a null balance in all the accounting accounts of a financial investment fund or of a fund for investment in shares of investment funds, the administering institution is exempt from providing the information provided for in art. 8, item IV, of the Regulation annexed to Circular No. 2,616, of 1995, and must communicate the fact to the Department of Registration and Information of the Financial System (DECAD), and shall remain so while in that condition. Art. 3. In the deliberations of the general meeting of condominium owners of financial investment funds and of funds for investment in shares of investment funds, the administering institution and its employees are not entitled to vote, except in the case of a fund destined exclusively for them and provided that the provisions of art. 1 of Circular No. 2,893, of 27 May 1999, are observed. Art. 4. For the purposes of the provisions of arts. 8, items III and VI, 15, paragraph 2, 18, 22, sole paragraph, 23, 33, paragraph 1, 34 and 35 of the Regulation annexed to Circular No. 2,616, of 1995, and of art. 3, paragraph 1, of
Circular No. 2,958, of 2000, the use of electronic means is permitted as a valid form of correspondence in communications between the administering institution and the condominium owners of financial investment funds and of funds for investment in shares of investment funds, provided that the corresponding systems are duly evaluated and certified by means of an audit promoted by an entity of recognized technical capacity. Sole paragraph. In the case of a fund destined exclusively for one condominium owner, the option provided for in this article may also be used for the purposes of the provisions of art. 8, item IV, of the Regulation annexed to Circular No. 2,616, of 1995. Art. 5. This Circular enters into force on the date of its publication. Art. 6. Art. 7 of Circular No. 2,893, of 27 May 1999, item I of art. 1 of Circular No. 2,958, of 6 January 2000, and item II of art. 1 and art. 2 of Circular No. 2,973, of 23 March 2000, are revoked. Brasília, 19 July 2001 Sérgio Darcy da Silva Alves Director