CMN Resolution No. 2838 — Regulates the activity of autonomous investment agents

RESOLUTION NO. 002838

Dispenses on the activity of autonomous investment agent.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on May 30, 2001, based on Articles 3, items I and IV, and 4 of Law No. 6,385, of December 7, 1976, and considering the provisions of Articles 16, items I and III, and 18, item I, of the aforementioned Law No. 6,385, of 1976,

RESOLVED:

Article 1. Establish that an autonomous investment agent is a uniprofessional natural or legal person, whose activity is the distribution and mediation of securities, securities, investment fund quotas, and derivatives, always under the responsibility and as an agent of the institutions included in the securities distribution system referred to in Article 15 of Law No. 6,385, of December 7, 1976.

Article 2. To exercise its activity, the autonomous investment agent must:

I - be judged qualified in a certification exam organized by an entity authorized by the Securities and Exchange Commission, observing that the exercise of distribution and mediation activities in the derivatives markets depends, furthermore, on approval in a specific exam that assesses the respective knowledge about the functioning and risks inherent to these markets;

II - obtain authorization from the Securities and Exchange Commission;

III - maintain a contract for distribution and mediation with one or more of the institutions referred to in Article 1;

IV - carry out its distribution and mediation activity exclusively as an agent of the institutions referred to in Article 1;

V - refrain from receiving or delivering to investors, for any reason, cash, securities, securities, or any other values, which must only be moved through financial institutions and the securities distribution system.

Article 3. Autonomous investment agents, accredited in accordance with Resolution No. 238, of November 24, 1972, and subsequent regulation, remain authorized to perform the activity, being exempt from compliance with the formality provided for in Article 2, item I, observing the need to obtain the authorization referred to in item II of the same article within a maximum period of one year, counted from the date of entry into force of this Resolution.

Article 4. The formality provided for in Article 2, item I, applies only to employees of financial institutions and other institutions authorized to operate by the Central Bank of Brazil who perform, within their own institution, any of the activities referred to in Article 1.

Sole Paragraph. The Central Bank of Brazil is tasked with regulating the entry into force of the provisions of this article.

Article 5. The Securities and Exchange Commission is authorized to adopt the measures and issue the complementary norms necessary for the execution of the provisions of this Resolution.

Article 6. This Resolution enters into force on the date of its publication.

Article 7. Resolution No. 238, of November 24, 1972, item XV of Resolution No. 367, of April 9, 1976, Circulars No. 193, of November 24, 1972, and 229, of August 15, 1974, and Letter-Circular No. 665, of October 7, 1981, are repealed.

Brasília, May 30, 2001

Arminio Fraga Neto
President