CMN Resolution No. 4438 — Amends the Regulation annexed to Resolution No. 2,424 of October 1, 1997, governing Individual Programmed Retirement Funds (FAPI) and Individual Programmed Retirement Incentive Plans

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on September 24, 2015, based on Articles 4, item VIII, of the aforementioned Law, Article 1, paragraph 1, and Article 3, paragraphs 1 and 2, of Law No. 9,477 of July 24, 1997,

R E S O L V E S:

Article 1. Article 18 of the Regulation annexed to Resolution No. 2,424 of October 1, 1997, shall henceforth read as follows:

"Article 18. The application and redemption of quotas of the FAPI may be effected by means of a check, debit and credit in a deposit account, credit transfer document, or electronic transfer.

Sole paragraph. The resources arising from the redemption of FAPI quotas may be used for the acquisition of linked income from a pension plan, as provided for in Article 12 of Law No. 9,477 of July 24, 1997, offered by complementary pension entities or insurance companies." (NR)

Article 2. This Resolution enters into force on the date of its publication.

Alexandre Antonio Tombini
President of the Central Bank of Brazil