Circular No. 3.558

CIRCULAR N. 003558 ------------------ Provides for risk prevention in the contracting of operations and in the provision of services by consortium administrators and makes other provisions. The Collegiate Board of the Central Bank of Brazil, in a session held on 14 September 2011, based on arts. 6 and 7 of Law No. 11.795, of 8 October 2008, R E S O L V E S : Art. 1 Consortium administrators must include, in their internal control systems, in the contracting of operations and in the provision of services, the adoption and verification of procedures that ensure: I - the provision of the information necessary for the free choice and decision-making by the consortium members, explaining, including, the contractual clauses or practices that imply duties, responsibilities and penalties, providing in a timely manner a copy of contracts, receipts, statements, proofs and other documents relating to operations and services provided; and II - the use in the contract for participation in a consortium group, as well as in informative materials and other documents, of clear, objective and adequate wording, in order to allow understanding of the content and the identification of terms, amounts, charges, fines, dates, places and other conditions. Sole paragraph. In the provision of the information referred to in item I, it must be observed that: I - the costs of participation in a consortium group must include, at a minimum, the items listed below, mandatorily expressed in the form of a percentage of the credit amount, considering the total of the payments provided for, without prejudice to the use of other forms: a) the administration fee; b) the reserve fund fee, if any; and c) the percentage corresponding to insurance, if any; II - the requirement of disclosure in the form defined in item I of this paragraph does not apply in the case where the charging of insurance occurs only after the consortium member is contemplated, and in this case it is mandatory to inform only of its existence and its form of charging; and III - the fees and amounts charged in consortium operations must not be compared with the fees and amounts charged in credit operations or financial leasing. Art. 2 It is prohibited to charge for the issuance of bank slips, payment booklets and similar documents for the payment of financial obligations arising from consortium operations. Art. 3 Art. 35 of Circular No. 3.432, of 3 February 2009, shall come into force with the following wording: "Art. 35. ............................................. ........................................................ Sole paragraph. The administrator must convene an extraordinary general meeting, within a maximum period of five business days after becoming aware of the discontinuation of production of the good referenced in the contract, for the deliberation referred to in item V." (NR) Art. 4 This Circular shall come into force on the date of its publication, producing effects in relation to art. 1 as of 1
December 2011. Art. 5 Art. 7 and item III of art. 8 of Circular No. 2.332, of 7 July 1993, are revoked, and, as of 1 December 2011, Circulars nos. 3.085, of 7 February 2002, and 3.285, of 11 May 2005. Brasília, 16 September 2011. Luiz Awazu Pereira da Silva Director of Regulation of the Financial System