Circular No. 3977 — Recognizes Foreign Participation in the Capital of Domestic Financial Institutions as Being in the Interest of the Brazilian Government — BCB — BR

The Collegiate Board of Directors of the Central Bank of Brazil, in a session held on January 22, 2020, based on Decree No. 10,029 of September 26, 2019, and in view of the provisions of the sole paragraph of Article 52 of the Transitional Constitutional Provisions Act,

R E S O L V E :

Art. 1º The Central Bank of Brazil recognizes as being in the interest of the Brazilian Government the participation, in the capital of financial institutions headquartered in the country, of natural or legal persons residing or domiciled abroad.

Sole paragraph. The participation referred to in the caput shall observe the requirements and procedures for constitution, authorization to operate, cancellation of authorization, changes in control, and corporate reorganizations of financial institutions, as provided for in the current regulations.

Art. 2º Circular No. 3,317 of March 29, 2006, is hereby revoked.

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

Otávio Ribeiro Damaso
Regulation Director

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Supersedes

Circular No. 3317 dated 2006-03-29Not in RegAlert
“Circular No. 3,317 of March 29, 2006, is hereby revoked.”

Issued under

Decree No. 10029 dated 2019-09-26Not in RegAlert
“based on Decree No. 10,029 of September 26, 2019”