Circular No. 3864 — Amends Circular No. 2,905 of June 30, 1999, Regarding Minimum Terms and Remuneration of Active and Passive Operations in the Financial Market

The Collegiate Board of the Central Bank of Brazil, in a session held on December 7, 2017, based on Art. 9 of Law No. 8,660 of May 28, 1993,

R E S O L V E:

Art. 1 The Art. 4 of Circular No. 2,905 of June 30, 1999, shall be effective with the following wording:

“Art. 4 ........................................................

§ 1 The price index referred to in the main text must have a regularly calculated series and be publicly known.

§ 2 The following may be adjusted with a minimum periodicity of one month:

I - operations whose resources, at the source, are remunerated based on the Long-Term Interest Rate (TLP) by determination of Law No. 13,483 of September 21, 2017; and

II - operations contracted based on the TLP by determination of specific legislation or regulation.” (NR)

Art. 2 This Circular enters into force on January 1, 2018.

Otávio Ribeiro Damaso
Regulation Director