Circular No. 3343 — Procedures for Requesting Authorization for Fundraising Instruments to Integrate Level I and Level II of the Reference Equity

CIRCULAR NO. 003343

Dispenses with the procedures to be adopted in the request for instruments of fundraising to integrate into Level I and Level II of the Reference Equity (PR), as provided for in Resolution No. 3,444, of 2007, and other authorizations established in that norm.

The Collegiate Board of the Central Bank of Brazil, in its 2,434th session, based on the provisions of Articles 10, item IX, with the renumbering given by Law No. 7,730, of January 31, 1989, and 11, item VII, of Law No. 4,595, of December 31, 1964, and taking into account the provisions of Article 16 of Resolution No. 3,444, of February 28, 2007,

DECIDED:

Art. 1. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil interested in obtaining authorization for the values related to the fundraising instruments referred to in Resolution No. 3,444, of February 28, 2007, to integrate into Level I and Level II of the Reference Equity (PR) must file a request directed to the Department of Financial System Organization (Deorf) of the Central Bank of Brazil.

§ 1. The request must be signed by a member of the board of directors of the interested institution or by a qualified attorney-in-fact, who will be responsible for the accuracy and completeness of the information provided.

§ 2. In the case of fundraising through subordinated debt instruments or hybrid capital and debt instruments, the request must be accompanied by a copy of the Subordination Core, as provided for in Article 7 of Resolution No. 3,444, of 2007.

§ 3. In the case of fundraising through preferred shares issued with a redemption clause or preferred shares with a cumulative dividend clause, the request must be accompanied by a copy of the documents that accompanied the request for registration of the issuance of these shares with the Securities and Exchange Commission (CVM) under the terms of Law No. 6,404, of December 15, 1976.

§ 4. In the event of a fundraising operation carried out abroad, the request must be accompanied by a translation into Portuguese of the Subordination Core, as provided for in Article 7 of Resolution No. 3,444, of 2007, performed by a sworn public translator.

§ 5. Deorf may request from the interested institution any documents or additional clarifications deemed necessary for the authorization process.

Art. 2. In the case of a fundraising operation abroad, the interested institution must forward a legal opinion attesting that the contractual clauses of the fundraising instrument do not conflict with the regulatory structure of the country where the operation is carried out.

Art. 3. Institutions interested in obtaining authorization for the redemption or repurchase of instruments authorized to integrate into Level I and Level II of the PR, or for the amendment, alteration, or revocation of the Subordination Core, as provided for in Article 7 of Resolution No. 3,444, of 2007, must file a request directed to Deorf.

§ 1. The request must be signed by a member of the board of directors of the interested institution or by a qualified attorney-in-fact, who will be responsible for the accuracy and completeness of the information provided.

§ 2. The request referred to in the main text must be accompanied by a statement of reasons, describing the business conditions that justify the institution's claim.

§ 3. The provisions of this article also apply to the case of indirect redemption or repurchase of instruments authorized to integrate into Level I and Level II of the PR, by a legal entity affiliated with the issuing institution with which it forms a financial conglomerate or economic-financial consolidated group.

Art. 4. The institutions referred to in Article 1 must communicate to the Department of Indirect Supervision and Information Management (Desig) of the Central Bank of Brazil the reinvestment of instruments authorized to integrate into Level I and Level II of the PR and repurchased, even indirectly, by a legal entity affiliated with the issuing institution with which it forms a financial conglomerate or economic-financial consolidated group.

Art. 5. The contracts and other documents related to the fundraising operation subject to the requests referred to in this circular must be kept available to the Central Bank of Brazil, at the headquarters of the requesting institution.

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

Brasília, March 1, 2007.

Alexandre Antonio Tombini
Director