CMN Resolution No. 4722 — Amending the Statute and Regulations of the Credit Guarantee Fund (FGC)

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 May 30, 2019, based on Articles 3, item VI, and 4, item VIII, of the aforementioned Law, and considering the provisions of § 1 of Article 28 of Complementary Law No. 101 of May 4, 2000, and § 1, item XIII, of Article 1 of Complementary Law No. 105 of January 10, 2001,

R E S O L V E S:

Article 1. Annex I to Resolution No. 4,222 of May 23, 2013, shall be amended as follows:

“Article 24. .......................................................

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§ 3. ............................................................

I - having held, for at least two years, a position of management, direction, or senior advisory role in associated institutions or in regulatory bodies of the National Financial System, the Brazilian Payments System, the Securities Distribution System, the National System of Insurance, Capitalization, Reinsurance, and Open Complementary Pension, or the Closed Complementary Pension System; or

............................................................” (NR)

“Article 30. .......................................................

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§ 3. Candidates for membership on the Executive Board shall have their names evaluated and presented to the Board of Directors by an institution or company with notable specialization, experience, and reputation in the recruitment and selection of occupants for positions of this nature in the country or abroad, contracted at the expense of the FGC.” (NR)

Article 2. Annex II to Resolution No. 4,222 of 2013, shall be amended as follows:

“Article 6. ........................................................

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§ 3. Whenever the liquidity of the FGC reaches the maximum limit established in Article 4 and the FR has not reached the target established in the caput, the percentage referred to in item I of § 1 shall be 100% (one hundred percent).

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§ 5. The resources of the FR consist of revenues of any nature resulting from the application of its assets.” (NR)

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

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil