CMN Resolution No. 3441 — Dispenses CVM Requirements for Multilateral Financial Organizations

RESOLUTION NO. 003441

Dispenses with the analysis, by the Securities and Exchange Commission, of requests regarding issuances of securities in the Brazilian market by multilateral financial organizations authorized to raise funds in Brazil.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the NATIONAL MONETARY COUNCIL, in a session held on February 28, 2007, based on Article 3, items I and III, of Law No. 6,385, of December 7, 1976,

RESOLVED:

Article 1. The Securities and Exchange Commission, when evaluating requests for exemption from disclosure requirements regarding issuances of securities in the Brazilian market by multilateral financial organizations authorized to raise funds in Brazil, shall, without prejudice to compliance with current legislation, consider international practices adopted in similar issuances in other jurisdictions, the investor public to which the issuance is destined, and the issuer's risk classification by international credit rating agencies.

Article 2. The Securities and Exchange Commission is authorized to issue norms and adopt measures deemed necessary for the execution of the provisions of this Resolution.

Article 3. This Resolution enters into force on the date of its publication.

Brasília, February 28, 2007.

Henrique de Campos Meirelles
President