Circular No. 3.610

The Collegiate Board of the Central Bank of Brazil, in a session held on 26 September 2012, having regard to the provisions of art. 11, item VII, of Law No. 4.595, of 31 December 1964, and art. 10 of Law No. 10.214, of 27 March 2001,

R E S O L V E S :

Art. 1 The Regulation of the Special Settlement and Custody System (Selic), approved by Circular No. 3.587, of 26 March 2012, shall come into force with the following amendments:

“Art. 51 ............................................

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IV - at the time and in the manner provided for in the Regulation governing the operation of the complementary module Electronic Trading of Securities, the commands within the dealer's authority relating to forward transactions, arising from its trades closed in that complementary module.” (NR)

“Art. 57 ............................................

I - commands instructed with divergent data, observing the provisions of art. 55, except for the command transmitted:

• a) by the rightful party in the resale/repurchase arising from the commitment provided for in art. 25, items V, VI or VII; and

• b) automatically by Selic, relating to the transaction arising from a trade closed in the complementary module Electronic Trading of Securities, referred to in item IV of art. 51;

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Sole paragraph. ....................................

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III - automatically by Selic, relating to the transaction arising from a trade closed in the complementary module Electronic Trading of Securities, referred to in item IV of art. 51.” (NR)

“Art. 76 ............................................

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II - the rediscount granted by the Central Bank of Brazil to a settling participant holding a Banking Reserves account or to a participant holding a Settlement Account, with payment on the same day; or

................................................” (NR)

“Art. 117 ...........................................

Sole paragraph. The Central Bank of Brazil, administrator of Selic, the National Treasury, issuer of federal public securities, the Sovereign Fund of Brazil, created by Law No. 11.887, of 24 December 2008, and the regulatory bodies are exempt from the reimbursement referred to in the caput.” (NR)

Art. 2 This Circular shall come into force on the date of its publication.

Aldo Luiz Mendes Director of Monetary Policy