Circular No. 3281 — Establishes the Obligation to Designate a Responsible Person for Matters Related to the Brazilian Payments System - SPB

CIRCULAR NO. 003281

Establishes the obligation to designate a responsible person for matters related to the Brazilian Payments System - SPB

The Collegiate Board of the Central Bank of Brazil, in a session held on March 31, 2005, based on Article 10 of Law 10,214 of March 27, 2001, and Article 11 of Resolution 2,882 of August 30, 2001,

DECIDED:

Art. 1st Financial institutions holding Reserve Bank accounts must designate, before the Central Bank of Brazil, a statutory director responsible for matters related to the Brazilian Payments System - SPB.

Art. 2nd Clearing houses and settlement service providers holding a settlement account at the Central Bank of Brazil must designate an officeholder who, according to their corporate bylaws, can be held responsible for the administration of that account.

Art. 3rd The designation of the responsible persons referred to in Articles 1st and 2nd must be kept permanently updated.

Art. 4th The names of those designated will be subject to registration in the Information System on Entities of Interest of the Central Bank - Unicad, in the manner to be defined by the Department of Information Management of the Financial System - Defin.

Art. 5th Financial institutions must keep available to the Central Bank of Brazil, until April 22, 2007, the documentation referred to in Article 6 of Circular 3,060 of September 20, 2001, related to the process of elaboration, validation, and implementation of the necessary adaptations to comply with the implementation schedule of the new SPB.

Art. 6th This circular enters into force on the date of its publication.

Art. 7th Circular 3,060 of 2001 is hereby revoked.

São Paulo, April 4, 2005

Rodrigo Telles da Rocha Azevedo Paulo Sérgio Cavalheiro Director Director