Circular No. 3432 — Provisions on the Constitution and Operation of Consortium Groups

This circular establishes the regulatory framework for the constitution and operation of consortium groups, mandating that resources be deposited in specific financial institutions and invested exclusively in federal public securities or short-term funds. It defines the mandatory content of consortium participation contracts, including rights, obligations, and fee structures, while setting limits on credit value differentiation and participant share caps. The rules further govern the contemplation process, credit utilization, payment procedures, and the handling of fund reserves and differences in installments.

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CIRCULAR NO. 003432

Dispõe sobre a constituição e o funcionamento de grupos de consórcio.

The Collegiate Board of the Central Bank of Brazil, in an extraordinary session held on February 3, 2009, based on Articles 6 and 7 of Law No. 11,795, of October 8, 2008,

DECIDED:

Article 1. The constitution and operation of consortium groups are governed by the provisions of this circular.

Article 2. A consortium participant is considered excluded if they:

I - express, in writing, the intention not to remain in the group;

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Lineage: Superseded

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Timeline

Amended 3 times · last 2024-05-15

Source: Banco Central do Brasil — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works