Circular No. 3709 — Amends Circular No. 3,282 of April 28, 2005, regarding the deadline for the registration of securities and the transmission of information by registration and financial settlement systems

The Collegiate Board of the Central Bank of Brazil, in a session held on July 17, 2014, based on arts. 9 and 37 of Law No. 4,595 of December 31, 1964, and art. 4 of Resolution No. 3,272 of March 24, 2005,

R E S O L V E:

Art. 1 The arts. 1 and 2 of Circular No. 3,282 of April 28, 2005, shall enter into force with the following wording:

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

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

§ 2 The requirement for registration is exempted for securities issued by the same institution, on the same date, in favor of the same holder, whose sum is less than R$5,000.00 (five thousand reais).

§ 3 The exemption provided for in § 2 of this article does not apply to securities or financial instruments subject to purchase, sale, or loan.

§ 4 The purchase, sale, and loan operations of securities and financial instruments must be registered on the same day of the contract of the operation, except in the case of a committed operation carried out between institutions authorized to operate by the Central Bank of Brazil and their clients who are holders of deposit accounts.” (NR)

“Art. 2 ........................................................

I - relating to issuance, acceptance, guarantee, or commitments for early redemption: registration code, identification of the security or financial instrument, national registry number of legal entities (CNPJ) of the issuing or contracting institution, nature of the holder, registry number on the CNPJ or Individual Taxpayer Registry (CPF) of the holder, type of operation, date of issuance or contracting, date of registration, maturity, value, form and conditions of remuneration, commitment for early redemption, and parameters and conditions for early redemption; and

II - relating to early redemptions and other negotiations: identification of the security or financial instrument, registry number on the CNPJ of the issuing or contracting institution, nature of the seller and buyer, registry number on the CNPJ or CPF of the seller and buyer, type, date and value of the operation, and, in the case of a committed operation, additional information regarding its characteristics.

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

§ 2 The layout of the reports containing the information provided for in this article shall be defined by the Department of Monitoring of the Financial System (Desig), in conjunction with the entities administering the registration and financial settlement systems.

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

§ 4 The code generated upon registration referred to in the caput, item I, must be unique in each registration and financial settlement system, capable of identifying the security or financial instrument in each event subject to registration.

§ 5 The registration of the negotiations referred to in the caput, item II, must contain its historical sequence, including, at a minimum, the identification of the holders and the values and conditions of the negotiation.” (NR)

Art. 2 Circular No. 3,282 of 2005 is supplemented with art. 2-A, with the following wording:

“Art. 2-A Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must inform monthly to the entity administering the registration and financial settlement system referred to in Resolution No. 3,272 of 2005, by the third business day of each month, the updated nominal value, referring to the last business day of the previous month, of the securities and financial instruments registered therein.

Sole Paragraph. The transmission of information is waived when the value referred to in the caput is calculated automatically by the entity administering the registration and financial settlement system, provided that authorized by the respective issuing or contracting institutions.” (NR)

Art. 3 The registration of the operations, referred to in art. 1 of Resolution No. 3,272 of 2005, contracted and not redeemed or settled until December 31, 2014, must be complemented with the new information required through this Circular until April 30, 2015.

Art. 4 This Circular enters into force on December 31, 2014.

Art. 5 § 1 of art. 2 of Circular No. 3,282 of April 28, 2005, is repealed, effective December 31, 2014.

         Luiz Awazu Pereira da Silva          Anthero de Moraes Meirelles Director of Regulation                 Director of Supervision