CMN Resolution No. 3261 on the Exercise of Investment Fund Administration and Management Activities

RESOLUTION NO. 003261

Dispenses with the exercise of activities of administration and management of investment funds, as well as distribution of quotas of these condominiums and of capture of aggregated orders for sale of securities.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law 4,595, of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on January 27, 2005, based on Articles 3, item V, and 4, item VIII, of the aforementioned law, in
Article 103 of Law 5,764, of December 16, 1971, and in Article 4,
item I, of Law 6,385, of December 7, 1976, and having in view the provisions of Article 15 of the latter law,

RESOLVES:

Article 1. Authorize commercial banks, multiple banks without an investment portfolio, and the Federal Savings Bank (Caixa Econômica Federal) to exercise the activities of administration and management of investment funds.

Article 2. The institutions referred to in Article 1 are also authorized to act, as members of the securities distribution system:

I - in the distribution of quotas of open-end investment funds;

II - in the capture of aggregated orders for the sale of securities.

Article 3. For the purpose of exercising the activities referred to in this resolution, the regulations of the Central Bank of Brazil and the Securities and Exchange Commission (Comissão de Valores Mobiliários) must be observed, in their respective areas of competence.

Article 4. This resolution enters into force on the date of its publication.

São Paulo, January 28, 2005.

Antonio Gustavo Matos do Vale
Substitute President