Circular No. 3.777

The Collegiate Board of the Central Bank of Brazil, in a session held on 30 December 2015, 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 The art. 5 of Circular No. 3.501, of 16 July 2010, shall take effect with the following wording:

“Art. 5 The administrator or the director responsible for the ombudsman's office must prepare a semiannual report referring to the activities carried out by the ombudsman's office, on the base dates of 30 June and 31 December.

§ 1 The report referred to in the caput must be:

• I - forwarded to the internal audit, when existing, and to the board of directors or, in its absence, to the board of officers of the administrator; and

• II - kept at the disposal of the Central Bank of Brazil at the headquarters of the administrator for a minimum period of five years.” (NR)

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

Art. 3 §§ 2 and 3 of art. 5 of Circular No. 3.501, of 16 July 2010, are revoked.

Otávio Ribeiro Damaso Director of Regulation