Circular No. 3800 — Amends Circular No. 3,590 of April 26, 2012, Regarding the Analysis of Concentration Acts in the National Financial System by the Central Bank of Brazil

The Collegiate Board of the Central Bank of Brazil, in a session held on June 28, 2016, considering Articles 10, items X, letters “c” and “g”, and 18, § 2, of Law No. 4,595 of December 31, 1964,

R E S O L V E S:

Art. 1º The § 2 of Article 1, the caput and §§ 1 and 4 of Article 2, Article 4, and Article 5 of Circular No. 3,590 of April 26, 2012, shall henceforth have the following wording:

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

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§ 2º The provisions of the caput do not apply to:

I - operations involving only institutions of the same conglomerate;

II - credit cessions that do not involve the operations referred to in items I to V; and

III - operations involving only consortium administrators or payment institutions.” (NR)

“Art. 2º For the purpose of analyzing the operations referred to in Article 1, the involved institutions must provide the following information and documents to the Department of Financial System Organization (Deorf):

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§ 1º In the case of operations referred to in items I and II of Article 1, the following additional information must be provided to Deorf:

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II - analysis of the price paid, based, at a minimum, on the price-earnings and price-book-value indices.

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§ 4º The provisions of the caput apply even to documents and information regarding legal entities that do not require authorization from the Central Bank of Brazil to operate.” (NR)

“Art. 4º The analysis of concentration acts shall be carried out in accordance with the Guide for Analysis of Concentration Acts, issued by the Central Bank of Brazil.” (NR)

“Art. 5º ........................................................

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§ 2º The Agreement may provide for a penalty clause in the event of non-compliance with the assumed commitment or default by the obligor, or in special security of a specific clause.” (NR)

Art. 2º The summary of Circular No. 3,590 of 2012 shall henceforth have the following wording:

“Provides for the analysis of concentration acts in the National Financial System by the Central Bank of Brazil.” (NR)

Art. 3º This Circular enters into force on the date of its publication.

Sidnei Corrêa Marques Anthero de Moraes Meirelles Director of Financial System Organization Director of Supervision and Control of Rural Credit Operations

Otávio Ribeiro Damaso
Director of Regulation