Circular No. 3167 — Operational Limits for Consortium Administrators

CIRCULAR NO. 003167

Dispõe sobre limites operacionais para administradoras de consórcio.

The Collegiate Board of the Central Bank of Brazil, in a session held on December 4, 2002, based on Article 33 of Law 8,177 of March 1, 1991,

DECIDED:

Art. 1º Amend Article 3 of Circular 2,861 of February 10, 1999, which shall now read as follows:

"Art. 3º The value of the balance of passive operations of consortium administrators (Cosif - item 4.0.0.00.00-8), plus the value of the balance of available funds contained in the Statement of Changes in Available Funds of consolidated Groups (Cosif - document 7 - code 09.0.0.0.0-7 - Cadoc 4350), is limited to:

I - in the case of administrators falling under Article 1, item I:

a) four times the value of the PLA, when holding a PLA equal to or greater than R$180,000.00 (one hundred and eighty thousand reais) and less than R$300,000.00 (three hundred thousand reais);

b) five times the value of the PLA, when holding a PLA equal to or greater than R$300,000.00 (three hundred thousand reais) and less than R$400,000.00 (four hundred thousand reais);

c) six times the value of the PLA, when holding a PLA equal to or greater than R$400,000.00 (four hundred thousand reais);

II - in the case of administrators falling under Article 1, item II:

a) four times the value of the PLA, when holding a PLA equal to or greater than R$470,000.00 (four hundred and seventy thousand reais) and less than R$700,000.00 (seven hundred thousand reais);

b) five times the value of the PLA, when holding a PLA equal to or greater than R$700,000.00 (seven hundred thousand reais) and less than R$1,000,000.00 (one million reais);

c) six times the value of the PLA, when holding a PLA equal to or greater than R$1,000,000.00 (one million reais).

Sole Paragraph 1º In the case of associations or non-profit civil entities authorized to administer consortium groups, the respective operational limit must correspond to half of that established in this article, according to the nature of the assets subject to the groups under their administration and the value of their social equity.

Sole Paragraph 2º The operational limit established in this article must be complied with daily.

Sole Paragraph 3º For the purpose of the operational limit established in this article, the following must be deducted:

I - from the balance of passive operations of consortium administrators (Cosif - item 4.0.0.00.00-8) the value recorded in sub-item 4.9.8.93.20-9 - Pending Receipt Resources - Judicial Collection;

II - from the PLA of the administrators the amount corresponding to any participations held in the social capital of companies that exercise the same activity." (NR)

Art. 2º This circular enters into force on the date of its publication.

Brasília, December 4, 2002.

Sérgio Darcy da Silva Alves
Director