CMN Resolution No. 5088 — Amends CMN Resolution No. 5,051 of November 25, 2022, regarding the organization and functioning of credit cooperatives to allow simultaneous holding of positions by members of statutory bodies

CMN RESOLUTION NO. 5,088, OF JUNE 29, 2023

Amends CMN Resolution No. 5,051, of November 25, 2022, which provides for the organization and functioning of credit cooperatives, to allow the simultaneous holding of positions by members of statutory bodies.

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 June 29, 2023, based on Article 4, items VIII, XI, and XIII, of the aforementioned Law, and on Complementary Law No. 130, of April 17, 2009,

RESOLVES:

Article 1. CMN Resolution No. 5,051, of November 25, 2022, shall enter into force with the following alterations:

"Article 38. It is prohibited for members of statutory bodies of a credit cooperative:

I - to participate in the administration of other institutions authorized to operate by the Central Bank of Brazil, except:

a) credit cooperatives or service confederations that are part of the same system, observing the provisions of Article 5, paragraph 3, of Complementary Law No. 130, of 2009; and

b) other institutions authorized to operate by the Central Bank of Brazil controlled, directly or indirectly, by the entities mentioned in item 'a';

................................................................................................................" (NR)

Article 2. The sole paragraph of Article 38 of CMN Resolution No. 5,051, of 2022, is revoked.

Article 3. This Resolution enters into force on August 1, 2023.

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