Circular No. 3115 — Establishes Scheduled Electronic Transfer - TEA and Available Electronic Transfer - TED

CIRCULAR NO. 003115

Establishes the Scheduled Electronic Transfer - TEA and the Available Electronic Transfer - TED.

The Collegiate Board of the Central Bank of Brazil, in a session held on April 17, 2002, having regard to the provisions of Articles 3, item VII, 4, and 11 of Resolution 2,882, of August 30, 2001,

DECIDED:

Art. 1st Establish the Available Electronic Transfer - TED, which is an interbank fund transfer order, including involving transfer on behalf of third parties or in favor of a client, settled through a fund transfer settlement system, with the corresponding funds available to the beneficiary.

Paragraph 1st The fund transfer settlement system in which the TED will be submitted for settlement is at the free choice of the financial institution holding a Bank Reserve account.

Paragraph 2nd For the purposes of this circular, a fund transfer order is the order by which, in a fund transfer settlement system, the transfer between settlement accounts of participants is commanded.

Paragraph 3rd The transfer of funds in favor of a client must be executed even in the case of a holiday in the location where the receiving participant's branch is located, in which the client maintains their account, in which case the funds will be available to the receiving client on the next business day following the local holiday.

Art. 2nd Establish the Scheduled Electronic Transfer - TEA, which is intended exclusively to register, on the maturity date of the asset or the redemption date of the investment, the funds that will be transferred, via TED on the next business day, from the bank sending the credit order to the client's current account at another financial institution holding a Bank Reserve account.

Paragraph 1st The TEA applies exclusively to transfers resulting from the redemption of investments, carried out until September 30, 2001, occurring from April 22, 2002, and provided that it has been previously agreed with the client.

Paragraph 2nd The TEA will be extinguished on April 1, 2004, therefore it may only be offered by payment chambers until March 31, 2004.

Art. 3rd Financial institutions holding a Bank Reserve account may offer TED as the sender of the funds.

Paragraph 1st In the situation referred to in the "caput", the investment bank may only execute a TED issued by a client when, for remittance, the other institution is transferring funds related to the redemption of an investment.

Paragraph 2nd As recipients of the TED, the institutions referred to in the "caput" are obliged to process the order, provided that:

I - the beneficiary is perfectly identified; and

II - the purpose is consistent with their activities.

Paragraph 3rd The obligation referred to in Paragraph 2 does not include the transfer of funds carried out with the purpose of depositing savings, in which case the receiving institution may, at its exclusive discretion, reverse the transfer of funds.

Paragraph 4th The reversal in accordance with Paragraph 3 must be carried out immediately after the receiving institution becomes aware of the transfer of funds.

Art. 4th In the issuance of a TED, the following data must be provided, mandatorily:

I - identification of the issuer in the fund transfer settlement system;

II - national registration number of the legal entity - CNPJ of the issuer;

III - identification of the recipient in the fund transfer settlement system;

IV - registration number of the recipient in the CNPJ;

V - value of the transfer, in national currency; and

VI - date of issuance.

Paragraph 1st In the issuance of a TED on behalf of third parties or in favor of a client, the following must be provided, additionally, whenever applicable:

I - registration number of the client issuer in the Individual Taxpayer Registry - CPF or in the CNPJ;

II - name of the issuer;

III - identification of the receiving client's branch;

IV - identification of the receiving client's current account, if the client is a customer of the receiving institution;

V - name of the receiving client; and

VI - registration number of the receiving client in the CPF or CNPJ.

Art. 5th The issuer, the recipient, and the fund transfer settlement system must ensure the security, integrity, and confidentiality of the information contained in the TEDs issued or received by them.

Art. 6th The fund transfer settlement system must provide for the possibility of cancellation of unsettled TEDs in accordance with its regulations.

Art. 7th This circular enters into force on April 22, 2002.

Brasília, April 18, 2002.

Luiz Fernando Figueiredo
Director
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