Circular No. 3508 — Amends Circulars 3.354, 3.398, and 3.429 Regarding Trading Portfolio Classification, Information Submission, and Required Reference Equity Calculation Procedures

CIRCULAR NO. 003508

Amends Circulars Nos. 3.354, of June 27, 2007, 3.398, of July 23, 2008, and 3.429, of January 14, 2009, which provide for the classification of operations in the trading portfolio, submission of information, and procedures regarding the calculation of Required Reference Equity (PRE), as set forth in Resolution No. 3.490, of August 29, 2007.

The Collegiate Board of the Central Bank of Brazil, in a session held on October 15, 2010, based on the provisions of Articles 10, item IX, and 11, item VII, of Law No. 4.595, of December 31, 1964, and considering the provisions of Article 6 of Resolution No. 3.490, of August 29, 2007,

DECIDED:

Art. 1. Article 1 of Circular No. 3.354, of June 27, 2007, shall be effective with the following wording:

"Art. 1. .............................................

Sole Paragraph. The provisions in the caput do not apply to credit cooperatives that calculate the Required Reference Equity (PRE) in the manner established in Article 2, § 4, of Resolution No. 3.490, of August 29, 2007, as amended by Resolution No. 3.897, of August 25, 2010." (NR)

Art. 2. Articles 2 and 3 of Circular No. 3.398, of July 23, 2008, shall be effective with the following wording:

"Art. 2. .............................................

.......................................................

§ 4. Individual credit cooperatives that calculate the PRE in the manner established in Article 2, § 4, of Resolution No. 3.490, of 2007, as amended by Resolution No. 3.897, of August 25, 2010, and that have, as of the reference date of September 30 of the previous year, total assets less than R$10,000,000.00 (ten million reais) are exempt from sending the information, provided that the obligation to prepare it and keep it available to the Central Bank of Brazil for a period of five years is maintained." (NR)

"Art. 3. .............................................

.......................................................

Sole Paragraph. Credit cooperatives that calculate the PRE in the manner established in Article 2, § 4, of Resolution No. 3.490, of 2007, as amended by Resolution No. 3.897, of 2010, must keep available to central credit cooperatives or confederations, if applicable, for compliance with the special duties provided in Chapter V of Resolution No. 3.859, of May 27, 2010, for the same period established in the caput, the data, methodology, and information submitted to the Central Bank of Brazil." (NR)

Art. 3. Article 1 of Circular No. 3.429, of January 14, 2009, shall be effective with the following wording:

"Art. 1. .............................................

§ 1. .................................................

.......................................................

III - credit cooperatives that calculate the PRE in the manner established in Article 2, § 4, of Resolution No. 3.490, of 2007, as amended by Resolution No. 3.897, of August 25, 2010;

.......................................................

§ 4. The institutions mentioned in items I to III of § 1 are exempt from preparing the information referred to in the caput of this article." (NR)

Art. 4. The provisions of Circular No. 3.365, of September 12, 2007, do not apply to credit cooperatives that calculate the PRE in the manner established in Article 2, § 4, of Resolution No. 3.490, of 2007, as amended by Resolution No. 3.897, of August 25, 2010.

Art. 5. The value of total assets cited in item I of the caput of Article 2-A of Resolution No. 3.490, of August 29, 2007, as amended by Resolution No. 3.897, of 2010, which will be considered for the period from January to December, is the amount determined as of the reference date of September 30 of the previous year.

§ 1. For the purposes of the calculation mentioned in the caput, total assets are defined as the sum of current assets and long-term receivables with permanent assets.

§ 2. The Department of Supervision of Cooperatives and Non-Bank Institutions (Desuc) may request that the calculation of total assets use as the reference date the date of the last balance sheet or financial statement submitted by the credit cooperative to the Central Bank of Brazil.

§ 3. For credit cooperatives in the initial stage of operations, the reference date for the start of operations referred to in Article 2-A, sole paragraph, item I, of Resolution No. 3.490, of 2007, is the reference date of the submission to the Central Bank of Brazil by the institution of the first accounting statement.

§ 4. The provisions of Article 2-A, sole paragraph, item II, of Resolution No. 3.490, of 2007, apply only to new credit cooperatives resulting from a merger or spin-off process.

§ 5. For credit cooperatives in the initial stage of operations, or resulting from a merger or spin-off process, the calculation referred to in the caput shall be based on the balance sheet, if referring to the months of June or December, or on balance sheets, in other cases.

Art. 6. The communication referred to in Article 2-B of Resolution No. 3.490, of 2007, must be sent to the Department of Monitoring of the Financial System and Information Management (Desig), in the manner established by it, producing effects from the reference date of the month in which it is carried out.

Art. 7. The authorizations referred to in Articles 2-B, item III, letter "a", and 2-C of Resolution No. 3.490, of 2007, as amended by Resolution No. 3.897, of 2010, must be requested by the financial institution through a petition addressed to Desuc, in the manner established by it.

Art. 8. Credit cooperatives that adopt the option provided for in Article 2-A of Resolution No. 3.490, of 2007, until January 1, 2011, are exempt from sending the information referred to in Circular No. 3.429, of 2009, and Circular No. 3.398, of 2008, regarding periods prior to January 1, 2011, provided that the obligation to prepare them monthly and keep them available to the Central Bank of Brazil for a period of five years is maintained.

Art. 9. For the purposes of compliance with the provisions of Article 4 of Resolution No. 3.897, of 2010, credit cooperatives that meet the requirements of Article 2-A of Resolution No. 3.490, of 2007, but do not opt for the option provided therein, must communicate their decision to Desig, in the manner established by it, until January 1, 2011.

§ 1. Other credit cooperatives that meet the requirements of Article 2-A of Resolution No. 3.490, of 2007, but do not communicate to Desig until January 1, 2011, shall be considered as opting for the PRE calculation method provided for in Article 2, § 4, of that resolution.

§ 2. Credit cooperatives that meet the requirement provided for in item I of Article 2-A of Resolution No. 3.490, of 2007, but do not meet the requirements provided for in items II to VII, must communicate to Desig, in the manner established by it, until January 1, 2011, that they will continue to calculate the PRE based on the caput of Article 2 of that resolution.

Art. 10. This circular enters into force on the date of its publication, with Articles 1 to 8 and 11 producing effects from January 1, 2011.

Art. 11. Item IV of § 1 of Article 1 of Circular No. 3.429, of January 14, 2009, is hereby repealed.

Brasília, October 19, 2010.

Alexandre Antonio Tombini Alvir Alberto Hoffmann Director of Norms and Organization Director of Supervision of the Financial System