Circular No. 3.651

The Collegiate Board of the Central Bank of Brazil, in a session held on 20 March 2013, based on art. 10, items V and XII, of Law No. 4.595, of 31 December 1964, on art. 28, § 2, of Complementary Law No. 101, of 4 May 2000, on art. 10 of Law No. 10.214, of 27 March 2001, and on Resolutions nos. 2.949, of 4 April 2002, and 4.191, of 28 February 2013,

R E S O L V E S :

Art. 1 The arts. 1, 2 and 11-A of the regulation annexed to Circular No. 3.105, of 5 April 2002, shall come into force with the following amendments:

“Art. 1 .................................................................

Sole paragraph. The access of financial institutions holding a Settlement Account to the Central Bank's Rediscount is restricted to operations in the modality of purchase with resale commitment, intraday and one business day, of federal public securities registered in the Special System for Settlement and Custody (Selic).” (NR)

“Art. 2 The Central Bank's Rediscount operations are granted, at the exclusive discretion of the Central Bank of Brazil, upon request of the interested financial institution, except for the automatic granting of a one business day operation referred to in art. 11-A of this regulation.” (NR)

“Art. 11-A. The operation in the modality of intraday purchase with resale commitment not settled at the end of the operating hours of the Reserve Transfer System (STR) shall be settled automatically by the Central Bank of Brazil, on the same day, associated with the simultaneous granting of a new operation of the same nature and with a term of one business day, observing the rules relating to the Banking Reserve account and the Settlement Account.” (NR)

Art. 2 This Circular shall come into force 30 (thirty) days after the date of its publication.

Art. 3 The sole paragraphs of arts. 7 and 11-A of the Regulation annexed to Circular No. 3.105, of 5 April 2002, are revoked.

Aldo Luiz Mendes Director of Monetary Policy