Circular Nº 3.548

CIRCULAR N. 003548 ------------------ Redefines and consolidates the rules for the compulsory reserve requirement on the short foreign exchange position. The Board of Directors of the Central Bank of Brazil, in an extraordinary session held on 8 July 2011, in view of the provisions of Articles 10, items III and IV, and 11 of Law No. 4,595 of 31 December 1964, 66 and 67 of Law No. 9,069 of 29 June 1995, and 38 of Resolution No. 3,568 of 29 May 2008, R E S O L V E S: Article 1 The rules for the compulsory reserve requirement on the short foreign exchange position of commercial banks, multiple banks, development banks, investment banks and exchange banks, authorized to operate in the foreign exchange market, and of Caixa Econômica Federal are hereby redefined and consolidated. Article 2 The Amount Subject to Reserve Requirement for independent financial institutions (VSRi) is calculated based on the daily short foreign exchange positions, determined in accordance with Title 1, Chapter 5, of the Foreign Exchange and International Capital Market Regulation (RMCCI), converted into the national currency at the exchange rate of the position reference day published in the "Fechamento Ptax" bulletin. Article 3 The calculation base for the enforceability of the compulsory reserve requirement on the short foreign exchange position for independent financial institutions corresponds to the arithmetic average of the VSRi determined on the days of the calculation period, less the lesser of the following values: I - US$1,000,000,000.00 (one billion United States dollars), converted into the national currency at the exchange rate of the position reference day published in the "Fechamento Ptax" bulletin; II - the value corresponding to Level I of the Reference Capital (PR), determined in the manner of Article 8. Sole paragraph. The calculation period is rolling and comprises five consecutive business days, with the first business day of the previous period being dropped each day. Article 4 The enforceability of the compulsory reserve requirement on the short foreign exchange position for independent financial institutions is determined by applying the rate of 60% to the calculation base referred to in Article 3 of this Circular. Article 5 The Amount Subject to Reserve Requirement for financial conglomerates (VSRc) is calculated based on the sum of the daily short foreign exchange positions less the daily long foreign exchange positions of the financial institutions comprising the conglomerate, determined in accordance with Title 1, Chapter 5, of the Foreign Exchange and International Capital Market Regulation (RMCCI), converted into the national currency at the exchange rate of the position reference day published in the "Fechamento Ptax" bulletin. Article 6 The calculation base for the enforceability of the compulsory reserve requirement on the short foreign exchange position for financial conglomerates corresponds to the arithmetic average of the VSRc determined
on the days of the calculation period, less the lesser of the following values: I - US$1,000,000,000.00 (one billion United States dollars), converted into the national currency at the exchange rate of the position reference day published in the "Fechamento Ptax" bulletin; II - the value corresponding to Level I of the Reference Capital (PR), determined in the manner of Article 8. Sole paragraph. The calculation period is rolling and comprises five consecutive business days, with the first business day of the previous period being dropped each day. Article 7 The enforceability of the compulsory reserve requirement on the short foreign exchange position for financial conglomerates is determined by applying the rate of 60% to the calculation base referred to in Article 6 of this Circular, and shall be paid only by the lead institution of the conglomerate. Article 8 For the purposes of the deduction referred to in Articles 3 and 6, the last available position of the value corresponding to Level I of the PR, whose regulatory submission deadline has expired, shall be considered, determined in the manner established by Resolution No. 3,444 of 28 February 2007, and reported to the Central Bank of Brazil through the Operational Limits Statement (DLO) - Document 2041. Sole paragraph. For financial institutions commencing operations, the value corresponding to Level I of the PR shall be considered zero until a position is available in accordance with the main body of this Article. Article 9 Independent financial institutions or lead institutions of financial conglomerates whose determined enforceability value is equal to or less than R$100,000,00 (one hundred thousand reais) are exempt from the reserve requirement referred to in this Circular. Article 10 The reserve requirement shall be paid in cash on the second business day following the last day of the corresponding calculation period and shall not earn any remuneration or exchange rate adjustment. Article 11 A financial institution that fails to comply with the rules relating to the maintenance of balances for the purposes of the compulsory reserve requirement on the short foreign exchange position shall incur the payment of a daily financial charge, identical to that established by the regulations in force for the daily shortfall relating to the compulsory reserve requirement on demand deposits. Article 12 A financial institution subject to the compulsory reserve requirement referred to in this Circular, which does not hold a Bank Reserves Account or a Settlement Account, shall designate a financial institution holding a Bank Reserves Account to which the charges relating to financial costs shall be sent and any refunds credited. Article 13 The Department of Banking Operations and Payment Systems (Deban), the Executive Management of Foreign Exchange and Foreign Capital Regulation (Gence), the Department of Financial System Monitoring and Information Management (Desig), and the Department of Financial
System Standards (Denor) are authorized to adopt the measures necessary to implement the provisions of this Circular. Art. 14. This Circular shall enter into force on the date of its publication, producing effects from the calculation period beginning on 11 July 2011. Art. 15. Circular No. 3,520, of 6 January 2011, and Articles 3 and 4 of Circular No. 3,528, of 23 March 2011 are hereby repealed as of 19 July 2011. Brasília, 8 July 2011. Carlos Hamilton Vasconcelos Araújo Altamir Lopes Director of Monetary Policy, Director of Regulation of the Financial System, substitute substitute