Circular No. 3504 — Designation of Director Responsible for Information Provision by Financial Institutions and Other Entities Authorized by the Central Bank of Brazil

CIRCULAR NO. 003504

Dispenses on the designation of a director responsible for the provision of information by financial institutions and by other entities authorized to operate by the Central Bank of Brazil and provides other measures.

The Collegiate Board of the Central Bank of Brazil, in a session held on August 6, 2010, taking into account Resolution No. 3,883, of July 22, 2010,

DECIDED:

Art. 1. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must designate a director responsible for the provision of information provided for in legal and regulatory norms.

Sole Paragraph. The designation referred to in the caput:

I - does not eliminate the responsibility of the directors to whom the areas in which the information is produced are subordinate;

II - does not prevent the responsible director from performing other functions in the institution, except those related to the administration of third-party funds.

Art. 2. Without prejudice to specific legal or regulatory provision, the documentation that gave rise to the information referred to in this circular must be kept available to the Central Bank of Brazil, for supervisory purposes, for a period of five years, counted from the date established for its provision.

Art. 3. The provisions of this circular do not apply to consortium administrators.

Art. 4. This circular enters into force on the date of its publication.

Art. 5. The following are revoked:

I - Art. 6 of Circular No. 2,132, of February 6, 1992;

II - Art. 2 of Circular No. 2,286, of March 10, 1993;

III - Art. 5 of Circular No. 2,367, of September 23, 1993;

IV - § 4 of Art. 1 of Circular No. 2,649, of December 27, 1995;

V - § 3 of Art. 1 of Circular No. 2,912, of July 21, 1999;

VI - Art. 14 of Circular No. 2,981, of April 28, 2000;

VII - Art. 5 of Circular No. 2,990, of June 28, 2000;

VIII - Art. 2 of Circular No. 3,047, of July 13, 2001;

IX - Art. 3 of Circular No. 3,165, of December 4, 2002;

X - the sole paragraph of Art. 2 of Circular No. 3,239, of May 27, 2004;

XI - Art. 3 of Circular No. 3,240, of June 9, 2004; and

XII - Art. 8 of Circular No. 3,347, of April 11, 2007.

Brasília, August 6, 2010.

Alvir Alberto Hoffmann Carlos Hamilton Vasconcelos Araújo Director of Supervision Director of Economic Policy

Antonio Gustavo Matos do Vale
Director of Liquidations and Control of Rural Credit Operations