Joint Decision BACEN/CVM 13/03 (Revoked)

JOINT DECISION 013
BANK OF BRAZIL SECURITIES AND EXCHANGE COMMISSION

Regulates the remuneration conditions for publicly distributed debentures and Real Estate Receivable Certificates - CRI.

The Collegiate Board of the Bank of Brazil and the Collegiate Board of the Securities and Exchange Commission,

based on Art. 11 of Law 8,177, of March 1, 1991, and Arts. 8 and 9 of Law 8,660, of May 28, 1993, and considering the provisions of Art. 54 of Law 6,404, of December 15, 1976, as amended by Law 10,303, of October 31, 2001, of Art. 15 of Provisional Measure 2,223, of September 4, 2001, of Resolutions 2,613, of June 30, 1999, and 2,646, of September 22, 1999, and of Circular 2,905, of June 30, 1999,

HAVE DECIDED:

Art. 1. It is established that publicly distributed debentures may only have the following remuneration:
I - fixed interest rate;
II - one of the following basic remunerations, adjusted, upwards or downwards, by a fixed rate:
a) Reference Rate - TR or Long-Term Interest Rate - TJLP, observing a minimum term of one month for maturity or renegotiation period; b) Basic Financial Rate - TBF, observing a minimum term of two months for maturity or renegotiation period; c) floating rates, in the manner admitted by Resolution 1,143, of June 26, 1986, observing that the rate used as a reference must:

1. be regularly calculated and of public knowledge;
2. be based on operations contracted at fixed market rates, with a term not inferior to the contractual readjustment period.

Sole Paragraph. Only leasing companies and mortgage companies may issue debentures remunerated by the TBF.

Art. 2. Alternatively to the remuneration method provided for in Art. 1, the issuance of debentures with a correction clause is admitted, based on the coefficients fixed for the correction of federal public debt securities, on the variation of the exchange rate or on a price index, adjusted, upwards or downwards, by a fixed rate.

Sole Paragraph. In the issuance of debentures with a monetary correction clause based on a price index, the minimum term of one year for maturity or renegotiation must be met and it must be observed that:
I - the price index must have a regularly calculated series and be of public knowledge; II - the frequency of application of the monetary correction clause cannot be less than one year; III - the payment of the value corresponding to monetary correction can only occur upon the maturity or renegotiation of the debentures; and IV - the payment of interest and amortization carried out in periods less than one year must have as the calculation basis the nominal value of the debentures, without considering monetary correction of a period less than one year.

Art. 3. The issuance of debentures with more than one remuneration or correction base is admitted only for the purpose of substituting the agreed base, in the event of its extinction.

Art. 4. The premium of the debentures cannot have as a base the TR, the TBF, the TJLP, a price index, the variation of the exchange rate or any other benchmark based on an interest rate.

Sole Paragraph. It is admitted that the premium of the debentures has as a base the variation of the revenue or profit of the issuing company.

Art. 5. The provisions of this joint decision do not apply to debentures that ensure, as a remuneration condition, exclusively, participation in the profit of the issuing company.

Art. 6. The provisions of this joint decision apply to Real Estate Receivable Certificates - CRI, as provided for in Law 9,514, of November 20, 1997, observing the following conditions:
I - they cannot be issued with a monetary correction clause based on the variation of the exchange rate; II - the stipulation of a readjustment clause is admitted, with monthly frequency, by sectoral or general price indices or by the basic remuneration index of savings deposits, if issued with a minimum maturity term of 36 months.

Art. 7. This joint decision enters into force on the date of its publication, producing effects, with respect to debentures in circulation, from the first renegotiation that occurs.

Art. 8. Joint Decision 7, of September 23, 1999, of the Bank of Brazil and the Securities and Exchange Commission, is revoked.

Brasília, March 14, 2003.
Henrique de Campos Meirelles Luiz Leonardo Cantidiano President of BANK OF BRAZIL President of SECURITIES AND EXCHANGE COMMISSION