Lei n.º 4.595, de 31 de dezembro de 1964 — dispõe sobre a política e as instituições monetárias, bancárias e creditícias (establishes the National Financial System and the Banco Central do Brasil)

English translation of the Portuguese text from planalto.gov.br (the Portuguese text is the official one). Retrieved 2026-10-26.

Presidency of the Republic

Civil House

Suboffice for Legal Affairs

LAW No. 4.595, OF 31 DECEMBER 1964.

Veto Message

Effectiveness

(See Decree-Law No. 2,064, of 1983)

(See Decree-Law No. 2,065, of 1983)

See Decree No. 91,152, of 1985

See Law No. 9,069, of 1995

Provides for the Monetary, Banking and Credit Policy and Institutions, Creates the National Monetary Council and makes other provisions.

THE PRESIDENT OF THE REPUBLIC, I make known that the National Congress decrees and I sanction the following Law:

Chapter I Of the National Financial System

Art. 1 The National Financial System, structured and regulated by this Law, shall consist of:

I - the National Monetary Council;

II - the Central Bank of Brazil;

(Text given by Del No. 278, of 28/02/67)

III - Banco do Brasil S. A.;

IV - the National Economic Development Bank;

V - the other public and private financial institutions.

Chapter II Of the National Monetary Council

Art. 2 The Council of the current Superintendency of Money and Credit is extinguished, and the National Monetary Council is created in substitution, with the purpose of formulating the monetary and credit policy as provided in this law, aiming at the economic and social progress of the Country.

Art. 3 The policy of the National Monetary Council shall aim to:

I -

(Repealed by Complementary Law No. 179, of 2021)

II -

(Repealed by Complementary Law No. 179, of 2021)

III -

(Repealed by Complementary Law No. 179, of 2021)

IV - Guide the application of resources of financial institutions, whether public or private; with a view to providing, in the different regions of the Country, favorable conditions for the harmonious development of the national economy;

V - Provide for the improvement of institutions and financial instruments, with a view to greater efficiency of the payment system and mobilization of resources;

VI - Ensure the liquidity and solvency of financial institutions;

VII - Coordinate monetary, credit, budgetary, fiscal and public debt policies, both internal and external.

Art. 4 The National Monetary Council shall be responsible, according to guidelines established by the President of the Republic:

(Text given by Law No. 6,045, of 15/05/74)

I -

(Repealed by Complementary Law No. 179, of 2021)

II - (Repealed by Complementary Law No. 179, of 2021)

III - Approve the monetary budgets, prepared by the Central Bank of the Republic of Brazil, by means of which the global needs for money and credit shall be estimated;

IV - Determine the general characteristics (Vetoed) of banknotes and coins;

V - Establish the guidelines and norms of the exchange policy, including the purchase and sale of gold and any operations in Special Drawing Rights and in foreign currency; (Text given by Del No. 581, of 14/05/69)

VI - Regulate credit in all its modalities and credit operations in all their forms, including acceptances, guarantees and provision of any guarantees by financial institutions;

VII - Coordinate the policy referred to in art. 3 of this Law with that of investments of the Federal Government;

VIII - Regulate the constitution, operation and supervision of those exercising activities subject to this law, as well as the application of the provided penalties;

IX - Limit, whenever necessary, interest rates, discounts, commissions and any other form of remuneration for banking or financial operations and services, including those provided by the Central Bank of the Republic of Brazil, ensuring favorable rates for financings intended to promote:

• recovery and fertilization of the soil;

• reforestation;

• combat of epizootics and pests, in rural activities;

• rural electrification;

• mechanization;

• irrigation;

• investments indispensable to agricultural and livestock activities;

X - Determine the maximum percentage of resources that financial institutions may lend to a single client or group of companies;

XI - Stipulate indices and other technical conditions on reserves, mobilizations and other equity relations to be observed by financial institutions;

XII - Issue general accounting and statistical norms to be observed by financial institutions;

XIII - Delimit, with a periodicity of not less than two years, the minimum capital of private financial institutions, taking into account their nature, as well as the location of their headquarters and branches or subsidiaries;

XIV -

(Repealed by Complementary Law No. 179, of 2021)

XV - Establish for public financial institutions, the deduction of deposits of legal entities of public law that hold their share control, as well as those of their respective autarchies and mixed-capital companies, in the calculation referred to in the previous item;

XVI -

(Repealed by Complementary Law No. 179, of 2021)

XVII -

(Repealed by Complementary Law No. 179, of 2021)

XVIII - Grant to the Central Bank of the Republic of Brazil the monopoly of exchange operations when a serious imbalance occurs in the balance of payments or there are serious reasons to foresee the imminence of such a situation;

XIX -

(Repealed by Complementary Law No. 179, of 2021)

XX - Authorizes the Central Bank of the Republic of Brazil and federal public financial institutions to carry out the subscription, purchase and sale of shares and other securities issued by or under the responsibility of mixed-capital companies and state enterprises;

XXI - Regulate the activities of Stock Exchanges and public fund brokers;

XXII - Establish rules for the operations of public financial institutions, to preserve their soundness and adapt their functioning to the objectives of this law;

XXIII - Set, up to fifteen (15) times the sum of paid-in capital and free reserves, the limit beyond which the excess deposits of financial institutions shall be collected by the Central Bank of the Republic of Brazil or applied in accordance with the rules that the Council establishes;

XXIV - Decide on its own organization; preparing its internal regulations within a maximum period of thirty (30) days;

XXV -

(Repealed by Complementary Law No. 179, of 2021)

XXVI - Hear appeals from decisions of the Central Bank of the Republic of Brazil; (See Law No. 9.069, of 29.6.1995)

XXVII - approve the internal regulations and accounts of the Central Bank of Brazil and decide on its budget and on its accounting systems, as well as on the form and deadline for transferring its results to the National Treasury, without prejudice to the competence of the Federal Court of Accounts. (Wording given by Decree-Law No. 2.376, of 25.11.1987)

(See art 10, item III)

XXVIII - Apply to foreign banks operating in the Country the same prohibitions or equivalent restrictions, in force in the markets of their head offices, in relation to Brazilian banks installed there or that wish to establish themselves there;

XXIX - Collaborate with the Federal Senate, in the instruction of external loan processes of the States, the Federal District and the Municipalities, for compliance with the provisions of art. 63, no. II, of the Federal Constitution;

XXX - Issue norms and regulations for the designations and other effects of art. 7, of this law. (See Law No. 9.069, of 29.6.1995)

(See Law No. 9.069, of 29.6.1995)

XXXI - (Repealed by Law No. 14.286, of 2021)

(Effectiveness)

XXXII - regulate time deposits of financial institutions and other companies authorized to operate by the Central Bank of Brazil, including among those subject to the same shareholder control or affiliated. (Wording given by Decree-Law No. 2.290, of 1986)

§ 1 The National Monetary Council, in the exercise of the attributions provided for in item VIII of this article, may determine that the Central Bank of the Republic of Brazil refuse authorization for the operation of new financial institutions, based on general convenience.

§ 2 It shall be incumbent upon the Central Bank of the Republic of Brazil to monitor the execution of monetary budgets and report the matter to the National Monetary Council, presenting the suggestions it considers convenient.

§ 3

(Repealed by Complementary Law No. 179, of 2021)

§ 4 The National Monetary Council may invite authorities, persons or entities to provide clarifications considered necessary.

§ 5 In the hypotheses of art. 4, item I, and of § 6, of art. 49, of this law, if the National Congress denies approval to the extraordinary issuance carried out, the responsible authorities shall be held accountable under the terms of Law No. 1059, of 10/04/1950 .

§ 6 The National Monetary Council shall forward to the National Congress, by March 31 of each year, a report on the evolution of the monetary and credit situation of the Country in the previous year, in which it shall describe in detail the measures adopted to comply with the objectives established in this law, justifying in particular the amounts of paper money issuances that have been made to meet productive activities.

§ 7 The National Housing Bank is the main instrument for executing the housing policy of the Federal Government and integrates the national financial system, together with real estate credit companies, under the guidance, authorization, coordination and supervision of the National Monetary Council and the Central Bank of the Republic of Brazil, as to execution, under the terms of this law, with any special provisions to the contrary revoked. (See Law No. 9.069, of 29.6.1995)

Art. 5 The deliberations of the National Monetary Council are understood to be the responsibility of its President for the purposes of art. 104, no. I, letter "b", of the Federal Constitution and shall also bind official bodies, including autarchies and mixed-capital companies, in activities that affect the financial and capital markets.

Art. 6

(Repealed by Complementary Law No. 179, of 2021)

Art. 7

(Repealed by Complementary Law No. 179, of 2021)

CHAPTER III Of the Central Bank of the Republic of Brazil

Art. 8 The current Superintendence of Money and Credit is transformed into a federal autarchy, with headquarters and jurisdiction in the Capital of the Republic, under the name of Central Bank of the Republic of Brazil, with its own legal personality and assets, the latter consisting of the goods, rights and values transferred to it in the form of this Law and also of the appropriation of interest and income resulting, on the date of effectiveness of this law, from the provisions of art. 9 of Decree-Law number 8495, of 28/12/1945, a provision that is hereby expressly repealed.

Sole paragraph. The results obtained by the Central Bank of Brazil, considering the revenues and expenses of all its operations, shall, from January 1, 1988, be determined on an accrual basis and transferred to the National Treasury, after offsetting any losses from previous years. (Wording given by Decree No. 2.376, of 25/11/87)

Art. 9º It is incumbent upon the Central Bank of the Republic of Brazil to comply with and enforce the provisions assigned to it by the legislation in force and the rules issued by the National Monetary Council.

Art. 10. It is exclusively incumbent upon the Central Bank of the Republic of Brazil:

I - To issue paper money and metallic money, under the conditions and limits authorized by the National Monetary Council (Vetoed)

II - To execute the services of the medium of circulation;

III - to determine the collection of up to one hundred percent of the total of demand deposits and up to sixty percent of other accounting securities of financial institutions, whether in the form of subscription of Letters or Obligations of the National Treasury or purchase of securities of the Federal Public Debt, or through collection in cash, in both cases delivered to the Central Bank of Brazil, in the form and conditions determined by it, and it may: (Included by Law No. 7,730, of 31.1.1989)

a) adopt different percentages according to: (Included by Law No. 7,730, of 31.1.1989)

1. the geoeconomic regions; (Included by Law No. 7,730, of 31.1.1989)

2. the priorities it assigns to applications; (Included by Law No. 7,730, of 31.1.1989)

3. the nature of the financial institutions; (Included by Law No. 7,730, of 31.1.1989)

b) determine percentages that will not be collected, provided they have been reinvested in financing for agriculture, under favored interest rates and other conditions fixed by it. (Included by Law No. 7,730, of 31.1.1989)

IV - to receive the compulsory deposits referred to in the previous item and also the voluntary demand deposits of financial institutions, under the terms of item III and § 2 of art. 19. (Text given by Law No. 7,730, of 31/01/89)

V - to carry out rediscount and loan operations with public and private financial institutions, according to remuneration, limits, terms, guarantees, forms of negotiation and other conditions established in regulations issued by it; (Text given by Complementary Law No. 179, of 2021)

VI - To exercise control over credit in all its forms; (Renumbered by Law No. 7,730, of 31/01/89)

VII - To carry out the control of foreign capital, under the terms of the law; (Renumbered by Law No. 7,730, of 31/01/89)

VIII - To be the depositary of the official reserves of gold and foreign currency and of Special Drawing Rights and to carry out with the latter all and any operations provided for in the Articles of Agreement of the International Monetary Fund; (Text given by Decree No. 581, of 14/05/69)

(Renumbered by Law No. 7,730, of 31/01/89)

IX - To exercise supervision over financial institutions and apply the penalties provided for; (Renumbered by Law No. 7,730, of 31/01/89)

X - To grant authorization to financial institutions so that they may: (Renumbered by Law No. 7,730, of 31/01/89)

a) operate in the Country;

b) install or transfer their headquarters, or branches, including abroad;

c) be transformed, merged, incorporated or taken over;

d) carry out foreign exchange operations, real credit and habitual sale of federal, state or municipal public debt securities, shares, Debentures, mortgage letters and other credit or securities instruments;

e) have the terms granted for operation extended;

f) amend their bylaws.

g) alienate or, in any other form, transfer their share control. (Included by Decree No. 2,321, of 25/02/87)

XI - To establish conditions for the appointment and exercise of any administration positions in private financial institutions, as well as for the exercise of any functions in advisory, fiscal and similar bodies, according to rules issued by the National Monetary Council; Renumbered by Law No. 7,730, of 31/01/89)

XII - to carry out, as an instrument of monetary policy, purchase and sale operations of federal public securities, according to remuneration, limits, terms, forms of negotiation and other conditions established in regulations issued by it, without prejudice to the provisions of art. 39 of Complementary Law No. 101, of 4 May 2000;

(Text given by Complementary Law No. 179, of 2021)

XIII - To determine that the headquarters of financial institutions register the records of firms that have operated with their branches for more than one year. (Renumbered by Law No. 7,730, of 31/01/89)

XIV - to approve its internal regulations;

(Included by Complementary Law No. 179, of 2021)

XV - to carry out, as an instrument of exchange rate policy, purchase and sale operations of foreign currency and operations with derivative instruments in the domestic market, according to remuneration, limits, terms, forms of negotiation and other conditions established in regulations issued by it.

(Included by Complementary Law No. 179, of 2021)

§ 1 In the exercise of the attributions referred to in item IX of this article, based on the rules established by the National Monetary Council, the Central Bank of the Republic of Brazil shall examine the requests submitted to it and decide to grant or refuse the requested authorization, and may (Vetoed) include the clauses it deems convenient to the public interest.

§ 2 Subject to the provisions of the previous paragraph, foreign financial institutions depend on authorization from the Executive Power, by decree, in order to operate in the Country (Vetoed)

§ 3 The Central Bank of Brazil shall previously inform the National Monetary Council about the approval of operations in the form established in item V of the

caput of this article, whenever it identifies the possibility of relevant fiscal impact.

(Included by Complementary Law No. 179, of 2021)

Art. 11. It is also incumbent upon the Central Bank of the Republic of Brazil;

I - To deal, on behalf of the Brazilian Government, with foreign and international financial institutions;

II - To promote, as agent of the Federal Government, the placement of internal or external loans, and it may also take charge of the respective services;

III - To act towards the regular functioning of the foreign exchange market, the relative stability of exchange rates and equilibrium in the balance of payments, and for this purpose may buy and sell gold and foreign currency, as well as carry out credit operations abroad, including those referring to Special Drawing Rights, and separate the financial and commercial foreign exchange markets;

(Text given by Del No. 581, of 14/05/69)

IV -

(Repealed by Complementary Law No. 179, of 2021)

V - To issue securities of its own liability, in accordance with the conditions established by the National Monetary Council;

VI - To regulate the execution of check clearing and other paper clearing services;

VII - To exercise permanent vigilance in the financial and capital markets over companies that, directly or indirectly, interfere in these markets and in relation to the operational modalities or processes they use;

VIII - To provide, under the control of the National Monetary Council, the services of its Secretariat.

§ 1 In the exercise of the attributions referred to in item VIII of article 10 of this law, the Central Bank of Brazil may examine the books and documents of natural or legal persons that hold the share control of a financial institution, and these persons shall be subject to the provisions of article 44, § 8, of this law.

(Included by Del No. 2.321, of 25/02/87)

§ 2 The Central Bank of the Republic of Brazil shall install branches, with authorization from the National Monetary Council, in the different geo-economic regions of the Country, with a view to administrative decentralization for the distribution and collection of currency and compliance with the decisions adopted by the same Council or prescribed by law. (Renumbered by Del No. 2.321, of 25/02/87)

Art. 12. The Central Bank of the Republic of Brazil shall operate exclusively with public and private financial institutions, and banking operations of any nature with other persons of public or private law are prohibited, except those expressly authorized by law.

Art. 13. The duties and services within the competence of the Central Bank, when not performed directly by it, shall be contracted preferably with Banco do Brasil S. A., except in cases especially authorized by the National Monetary Council. (Text given by Del No. 278, of 28/02/67)

Art. 14.

(Repealed by Complementary Law No. 179, of 2021)

Art. 15. The internal regulations of the Central Bank of the Republic of Brazil, referred to in item XXVII of art. 4 of this law, shall prescribe the attributions of the President and the Directors and specify the cases that will depend on deliberation by the Board of Directors, which shall be taken by majority vote, with at least the President or his eventual substitute and two other Directors present, and the President shall also have the casting vote.

Sole paragraph. The Board of Directors shall meet ordinarily once a week, and extraordinarily whenever necessary, upon convocation by the President or at the request of at least two of its members.

Art. 16. The revenues of the Central Bank of Brazil consist of the income: (Text given by Del No. 2.376, of 25/11/87)

I - from financial operations and other applications of its resources; (Text given by Del No. 2.376, of 25/11/87)

II - from foreign exchange operations, purchase and sale of gold and any other operations in foreign currency; (Text given by Del No. 2.376, of 25/11/87)

III - eventual, including those derived from fines and default interest applied under the provisions of the legislation in force. (Text given by Del No. 2.376, of 25/11/87)

CHAPTER IV OF FINANCIAL INSTITUTIONS

SECTION I Of the characterization and subordination

Art. 17. For the purposes of the legislation in force, financial institutions are considered to be public or private legal persons whose main or ancillary activity is the collection, intermediation or application of financial resources of their own or of third parties, in national or foreign currency, and the custody of assets owned by third parties.

Sole paragraph. For the purposes of this law and the legislation in force, natural persons who exercise any of the activities referred to in this article, permanently or eventually, are equated to financial institutions.

Art. 18. Financial institutions may only operate in the Country with prior authorization from the Central Bank of the Republic of Brazil or by decree of the Executive Power, when they are foreign.

§ 1 In addition to official or private banking establishments, credit, financing and investment companies, savings banks and credit cooperatives or the credit section of cooperatives that have one, also subject to the provisions and discipline of this law, as applicable, are stock exchanges, insurance and capitalization companies, companies that distribute prizes in real estate, goods or money, by drawing lots of securities of their issue or in any form, and natural or legal persons that exercise, on their own account or on behalf of third parties, activity related to the purchase and sale of shares and any other securities, carrying out in the financial and capital markets operations or services of the nature of those performed by financial institutions.

§ 2 The Central Bank of the Republic of Brazil, in the exercise of the supervision incumbent upon it, shall regulate the conditions of competition among financial institutions, curbing their abuses with the application of the penalty (Vetoed) under the terms of this law.

§ 3 Campaigns aimed at collecting resources from the public, carried out by natural or legal persons covered by this article, shall depend on prior authorization from the Central Bank of the Republic of Brazil, except for public subscription of shares, under the terms of the law of corporations.

SECTION II OF BANCO DO BRASIL S. A.

Art. 19. Banco do Brasil S. A. shall be primarily responsible, under the supervision of the National Monetary Council and as an instrument for executing the credit and financial policy of the Federal Government:

I - as Agent, Financial of the National Treasury, without prejudice to other functions that may be assigned to it and except as provided in art. 8 of Law No. 1628 of 20 June 1952:

a) to receive, to the credit of the National Treasury, the amounts arising from the collection of federal taxes or revenues and also the proceeds of the operations referred to in art. 49 of this law;

b) to carry out the payments and supplies necessary for the execution of the General Budget of the Union and complementary laws, in accordance with the authorizations transmitted to it by the Ministry of Finance, which may not exceed the overall amount of the resources referred to in the preceding letter, and the granting by the Bank of credits of any nature to the National Treasury is prohibited;

c) to grant guarantees, sureties and other guarantees, in accordance with express legal authorization;

d) to acquire and finance stocks of exportable production;

e) to execute the minimum price policy for agricultural and livestock products;

f) to be paying and receiving agent outside the Country;

g) to execute the service of the consolidated public debt;

II - as the principal executor of banking services of interest to the Federal Government, including its autarchies, to receive on deposit, exclusively, the available funds of any federal entities, including the offices of all civil and military ministries, social security institutions and other autarchies, commissions, departments, entities under special administrative regime and any natural or legal persons responsible for advances, except as provided in § 5 of this article, the exceptions provided for by law or special cases expressly authorized by the National Monetary Council, on a proposal from the Central Bank of the Republic of Brazil;

III - to collect voluntary demand deposits from the institutions referred to in item III of art. 10 of this law, recording the respective accounts;

(Text as amended by Decree-Law No. 2.284 of 1986)

IV - to execute the services of clearing checks and other instruments;

V - to receive, exclusively, the deposits referred to in articles 38, item 3, of Decree-Law No. 2.627 of 26 September 1940, and 1 of Decree-Law No. 5.956 of 01/11/43, except as provided in art. 27 of this law;

VI - to carry out, on its own account, foreign exchange purchase and sale operations and, on account of the Central Bank of the Republic of Brazil, under the conditions established by the National Monetary Council;

VII - to carry out receipts or payments and other services of interest to the Central Bank of the Republic of Brazil, by contracting in the form of art. 13 of this law;

VIII - to implement foreign trade policy ( Vetoed )

IX - to finance the acquisition and installation of small and medium-sized rural properties, under the terms of the legislation governing the matter;

X - to finance industrial and rural activities, the latter with the benefit referred to in art. 4, item IX, and art. 53 of this law;

XI - to disseminate and guide credit, including to commercial activities, supplementing the action of the banking network;

a) in the financing of economic activities, meeting the credit needs of the different regions of the Country;

b) in the financing of exports and imports. (See Law No. 8.490 of 19.11.1992)

§ 1 - The National Monetary Council shall ensure specific resources that enable Banco do Brasil S. A., under adequate remuneration, to meet the charges provided for in this law.

§ 2 - Of the overall amount of deposits collected, in the form of item III of this article, Banco do Brasil S. A. shall place at the disposal of the Central Bank of the Republic of Brazil, observing the rules established by the National Monetary Council, the portion exceeding the normal needs for movement of the respective accounts, based on the services referred to in item IV of this article.

§ 3 - The charges referred to in item I of this article shall be the subject of a contract between Banco do Brasil S. A. and the Federal Union, the latter represented by the Minister of Finance.

§ 4 - Banco do Brasil S. A. shall provide the Central Bank of the Republic of Brazil with all information deemed necessary by the latter for the exact execution of this law.

§ 5 - The deposits referred to in item II of this article may also be made in the Federal Savings Banks, within the limits and conditions established by the National Monetary Council.

Art. 20. Banco do Brasil S. A. and the Central Bank of the Republic of Brazil shall jointly prepare the global program of applications and resources of the former, for purposes of inclusion in the monetary budgets referred to in item III of article 4 of this law.

Art. 21. The President and the Directors of Banco do Brasil S. A. must be persons of unblemished reputation and notorious capacity.

§ 1 The appointment of the President of Banco do Brasil S. A. shall be made by the President of the Republic, after approval by the Federal Senate.

§ 2 The eventual replacements of the President of Banco do Brasil S. A. may not exceed the period of 30 (thirty) consecutive days, without the President of the Republic submitting the name of the substitute to the Federal Senate.

§ 3 ( Vetoed )

§ 4 ( Vetoed )

SECTION III ON PUBLIC FINANCIAL INSTITUTIONS

Art. 22. Public financial institutions are auxiliary bodies for the execution of the credit policy of the Federal Government.

§ 1 The National Monetary Council shall regulate the activities, capacity and operational modalities of federal public financial institutions, which shall submit to the approval of that body, with the priority prescribed by it, their programs of resources and applications, so that they adjust to the credit policy of the Federal Government.

§ 2 The choice of Directors or Administrators of federal public financial institutions and the appointment of their respective Presidents and designation of substitutes shall observe the provisions of art. 21, paragraphs 1 and 2, of this law.

§ 3 The performance of public financial institutions shall be coordinated under the terms of art. 4 of this law.

Art. 23. The National Economic Development Bank is the principal instrument for executing the investment policy of the Federal Government, under the terms of Laws numbers 1628, of 20/06/1952 and 2973, of 26/11/1956.

Art. 24. Non-federal public financial institutions are subject to the provisions relating to private financial institutions, ensuring the form of constitution of those existing on the date of publication of this law.

Sole paragraph. The State Savings Banks are equivalent, where applicable, to the Federal Savings Banks, for the purposes of the legislation in force, being exempt from the collection referred to in art. 4, item XIV, and from the inspection fee mentioned in art. 16, of this law.

SECTION IV ON PRIVATE FINANCIAL INSTITUTIONS

Art. 25. Private financial institutions, except credit cooperatives, shall be constituted solely in the form of a corporation, and the entirety of their capital with voting rights must be represented by registered shares.

(Text given by Law No. 5.710, of 07/10/71)

§ 1. Subject to the rules established by the National Monetary Council, the institutions referred to in this article may issue up to the limit of 50% of their share capital in preferred shares, in registered and bearer forms, without voting rights, to which the provisions of the sole paragraph of art. 81 of Decree-law No. 2.627, of 26 September 1940, shall not apply. (Included by Law No. 5.710, of 07/10/71)

§ 2. The issuance of bearer preferred shares, which may be made by virtue of capital increase, conversion of ordinary shares or registered preferred shares, shall be subject to prior amendments to the companies' bylaws, so that declarations are included therein regarding:

(Included by Law No. 5.710, of 07/10/71)

I - the advantages, preferences and restrictions attributed to each class of preferred shares, in accordance with Decree-law No. 2.627, of 26 September 1940; (Included by Law No. 5.710, of 07/10/71)

II - the forms and terms in which the conversion of shares may be authorized, prohibiting the conversion of preferred shares into another type of shares with voting rights. (Included by Law No. 5.710, of 07/10/71)

§ 3. The certificates and receipts representing the preferred shares, issued under the terms of the previous paragraphs, must expressly contain the restrictions specified therein. (Included by Law No. 5.710, of 07/10/71)

Art. 26. The initial capital of public and private financial institutions shall always be paid in current currency.

Art. 27. Upon subscription of the initial capital and its increases in current currency, at least 50% (fifty percent) of the subscribed amount shall be required to be paid at the act.

§ 1. The amounts received from the subscribers of shares shall be deposited within 5 (five) days, counted from receipt, at the Central Bank of the Republic of Brazil, remaining unavailable until the resolution of the respective process.

§ 2. The remainder of the subscribed capital, initial or increased, in current currency, must be paid up within one year from the date of resolution of the respective process.

Art. 28. Capital increases that are not made in current currency may result from the incorporation of reserves, according to rules issued by the National Monetary Council, and from the revaluation of the portion of fixed assets, represented by properties for use and installations, applying in this case, as the maximum limit, the indices set by the National Economic Council.

Art. 29. Private financial institutions shall preferably apply no less than 50% (fifty percent) of the public deposits they collect in the respective Federative Unit or Territory.

§ 1. The National Monetary Council may, in special cases, allow the percentage referred to in this article to be applied in each State and Territory individually or by groups of States and Territories comprising the same geoeconomic region.

§ 2. (Revoked by Decree No. 48, of 18/11/66)

Art. 30. Financial institutions under private law, except investment ones, may only participate in the capital of any companies with prior authorization from the Central Bank of the Republic of Brazil, requested with justification and expressly granted, except in cases of subscription guarantee, under the conditions established, on a general basis, by the National Monetary Council.

Sole paragraph (Vetoed)

Art. 31. Financial institutions shall prepare general balance sheets as of 30 June and 31 December of each year, mandatorily, in compliance with the accounting rules established by the National Monetary Council.

Art. 32. Public financial institutions shall communicate to the Central Bank of the Republic of Brazil the appointment or election of directors and members of advisory, fiscal and similar bodies, within 15 days from the date of their occurrence.

Art. 33. Private financial institutions shall communicate to the Central Bank of the Republic of Brazil the acts relating to the election of directors and members of advisory, fiscal and similar bodies, within 15 days of their occurrence, in accordance with the provisions of art. 10, item X, of this law.

§ 1. The Central Bank of the Republic of Brazil, within a maximum period of 60 (sixty) days, shall decide to accept or reject the name of the elected person who does not meet the conditions referred to in article 10, item X, of this law.

§ 2. The investiture of the elected person shall depend on the acceptance referred to in the previous paragraph.

§ 3. Once the documentation provided for in the rules referred to in art. 10, item X, of this law is fully submitted, and after the period mentioned in § 1 of this article has elapsed without manifestation from the Central Bank of the Republic of Brazil, it shall be understood that there has been no refusal of investiture.

Art. 34. Financial institutions are prohibited from carrying out credit operations with related parties. (Text given by Law No. 13.506, of 2017)

I - (revoked); (Text given by Law No. 13.506, of 2017)

II - (revoked); (Text given by Law No. 13.506, of 2017)

III - (revoked) ; (Text given by Law No. 13.506, of 2017)

IV - (revoked) ; (Text given by Law No. 13.506, of 2017)

V - (revoked) ; (Text given by Law No. 13.506, of 2017)

§ 1 o

(Revoked) . (Text given by Law No. 13.506, of 2017)

§ 2 o

(Revoked) . (Text given by Law No. 13.506, of 2017)

§ 3 o A related party to the financial institution is considered, for the purposes of this article: (Included by Law No. 13.506, of 2017)

I - its controllers, natural or legal persons, under the terms of art. 116 of Law No. 6.404, of 15 December 1976 ; (Included by Law No. 13.506, of 2017)

II - its directors and members of statutory or contractual bodies; (Included by Law No. 13.506, of 2017)

III - the spouse, the partner and the relatives, by blood or affinity, up to the second degree, of the persons mentioned in items I and II of this paragraph; (Included by Law No. 13.506, of 2017)

IV - natural persons with qualified equity interest in its capital; and (Included by Law No. 13.506, of 2017)

V - legal persons: (Included by Law No. 13.506, of 2017)

a) with qualified interest in its capital; (Included by Law No. 13.506, of 2017)

b) in whose capital, directly or indirectly, there is a qualified equity interest; (Included by Law No. 13.506, of 2017)

c) in which there is effective operational control or preponderance in deliberations, regardless of equity interest; and (Included by Law No. 13.506, of 2017)

d) that have a director or member of the board of directors in common. (Included by Law No. 13.506, of 2017)

§ 4 o Excepted from the prohibition dealt with in the caput of this article, respecting the limits and conditions established in regulation: (Included by Law No. 13.506, of 2017)

I - operations carried out under conditions compatible with market conditions, including as to limits, interest rates, grace period, terms, required guarantees and criteria for risk classification for the purposes of constituting a provision for probable losses and write-off as a loss, without additional or differentiated benefits compared to operations granted to other clients of the same profile of the respective institutions; (Included by Law No. 13.506, of 2017)

II - operations with companies controlled by the Union, in the case of federal public financial institutions; (Included by Law No. 13.506, of 2017)

III - credit operations whose counterparty is a financial institution that is part of the same prudential conglomerate, provided that they contain a contractual subordination clause, observing the provisions of item V of art. 10 of this Law, in the case of banking financial institutions; (Included by Law No. 13.506, of 2017)

IV - interfinancial deposits regulated in the form of item XXXII of the caput of art. 4 o of this Law; (Included by Law No. 13.506, of 2017)

V - obligations assumed between related parties as a result of liability imposed on clearing members and other participants of chambers or clearing and settlement service providers authorized by the Central Bank of Brazil or by the Securities Commission and their respective counterparties in operations conducted within the scope of said chambers or service providers; and (Included by Law No. 13.506, of 2017)

VI - the other cases authorized by the National Monetary Council. (Included by Law No. 13.506, of 2017)

§ 5 o Any operation that characterizes an indirect, simulated or through third-party interposition business, with the purpose of carrying out an operation prohibited under the terms of this article, is also considered to be carried out with a related party. (Included by Law No. 13.506, of 2017)

§ 6 o The National Monetary Council shall regulate the provisions of this article, including the definition of credit operation, limits and qualified interest. (Included by Law No. 13.506, of 2017)

Art. 35. (Revoked by Law No. 13.506, of 2017)

Art. 36. (Revoked by Law No. 13.506, of 2017)

Art. 37. The financial institutions, entities and persons referred to in articles 17 and 18 of this law, as well as public fund brokers, are obliged to provide to the Central Bank of the Republic of Brazil, in the form determined by it, the data or information deemed necessary for the faithful performance of its duties.

Art. 38. (Revoked by Complementary Law No. 105, of 10.1.2001)

(See Law No. Law 6.385, of 1976)

Art. 39. The provisions of this law apply to foreign financial institutions, in operation or that may come to be established in the Country, without prejudice to those contained in the legislation in force.

Art. 40. (Revoked by Complementary Law No. 130, of 2009)

Art. 41. (Revoked by Complementary Law No. 130, of 2009)

CHAPTER V OF THE PENALTIES

Art. 42. (Revoked by Law No. 13.506, of 2017)

Art. 43. (Revoked by Law No. 13.506, of 2017)

Art. 44. (Revoked by Law No. 13.506, of 2017)

Art. 45. Non-federal public and private financial institutions are subject, under the terms of the legislation in force, to intervention carried out by the Central Bank of the Republic of Brazil or to extrajudicial liquidation.

Sole paragraph. From the effective date of this law, the institutions dealt with in this article may not file for concordata.

CHAPTER VI GENERAL PROVISIONS

Art. 46. The legal and regulatory attributions of the Ministry of Finance regarding the medium of exchange, including those exercised by the Amortization Fund, are transferred to the National Monetary Council, and ( VETOED ) to the Central Bank of the Republic of Brazil.

Art. 47. The amount of the issues made at the request of the Rediscount Portfolio of Banco do Brasil S.A. and of the Banking Mobilization Fund shall be transferred to the responsibility of the National Treasury, through expropriation, being definitively incorporated into the medium of exchange.

§ 1. The amount corresponding to the takeover shall be allocated to the settlement of the financial liabilities of the National Treasury with Banco do Brasil S.A., including those arising from exchange operations concluded up to the date of effectiveness of this law, subject to approval specified by the Legislative Power, to which the complete list of debts thus amortized shall be submitted.

§ 2. For the settlement of the remaining balance of the National Treasury's liabilities, after the takeover of the current issues at the request of the Rediscount Portfolio of Banco do Brasil S.A. and the Banking Mobilization Fund, the Executive Power shall submit to the Legislative Power a specific proposal, indicating the resources and means necessary for that purpose.

Art. 48. Once the financial settlements provided for in the preceding article are concluded, the responsibility for the currency in circulation shall pass to the Central Bank of the Republic of Brazil.

Art. 49. The credit operations of the Union, by anticipation of budget revenue or on any other basis, within the legally authorized limits, shall only be carried out by placing obligations, bonds or bills of the National Treasury.

§ 1. The budget law, under the terms of article 73, § 1, item II, of the Federal Constitution, shall determine, when applicable, the portion of the deficit that may be covered by the sale of National Treasury securities directly to the Central Bank of the Republic of Brazil.

§ 2. The Central Bank of the Republic of Brazil, upon authorization of the National Monetary Council based on the budget law of the fiscal year, may directly acquire National Treasury bills, with the issuance of paper money.

§ 3. The National Monetary Council shall decide, at its sole discretion, the policy of supporting on the stock exchange the quotation of securities issued by the National Treasury.

§ 4. In the case of urgent and unavoidable expenses of the Federal Government, to be met through supplementary or special credits, authorized after the budget law, the National Congress shall specifically determine the resources to be used in covering such expenses, establishing, when the situation of the National Treasury is in deficit, the breakdown provided for in this article.

§ 5. In the occurrence of the hypotheses cited in the sole paragraph of article 75 of the Federal Constitution, the President of the Republic may determine that the National Monetary Council, through the Central Bank of the Republic of Brazil, acquire National Treasury bills with the issuance of paper money up to the amount of the extraordinary credit that has been decreed.

§ 6. The President of the Republic shall accompany the determination to the National Monetary Council, mentioned in the preceding paragraph, with a copy of the message that must be sent to the National Congress, indicating the reasons that made the issuance indispensable and requesting its homologation.

§ 7. National Treasury bills placed by anticipation of revenue may not have maturities later than 120 (one hundred and twenty) days after the close of the respective fiscal year.

§ 8. By 15 March of the following year, the Executive Power shall send a message to the Legislative Power, proposing the form of settlement of the National Treasury bills issued in the previous fiscal year and not redeemed.

§ 9. The acquisition of the securities mentioned in this article by Banco do Brasil S.A. and by the banking institutions in which the Union holds the majority of shares is prohibited.

Art. 50. The National Monetary Council, the Central Bank of the Republic of Brazil, the National Economic Development Bank, Banco do Brasil S.A., Banco do Nordeste do Brasil S.A. and Banco de Crédito da Amazônia S.A. shall enjoy the favors, exemptions and privileges, including tax privileges, that are proper to the National Treasury, except as regards the last three, the special Income Tax regime to which they are subject, in accordance with the legislation in force.

Sole paragraph. The favors, exemptions and privileges currently enjoyed by financial institutions are maintained.

Art. 51. The requirements of a "visa" on "license applications" for export purposes are abolished after 3 (three) months from the date of effectiveness of this Law, except those relating to arms, ammunition, narcotics, strategic materials, objects and works of artistic, cultural or historical value. (See Law No. 5,025, of 1966)

Sole paragraph. When the national interest requires it, the National Monetary Council shall create the "visa" or equivalent requirement.

Art. 52. The staff of the Central Bank of the Republic of Brazil shall consist of: (See Law No. 9,650, of 1998)

I - Own staff, admitted through public competition of tests or of qualifications and tests, subject to the penalty of nullity any admission that occurs in disregard of these requirements;

II - Staff requisitioned from Banco do Brasil S.A. and other federal financial institutions, by mutual agreement with the respective administrations;

III - Staff requisitioned from other institutions and who have been providing services to the Superintendence of Money and Credit for more than 1 (one) year, counted from the date of publication of this law.

§ 1. The Central Bank of the Republic of Brazil shall issue, within 90 (ninety) days of the effectiveness of this law, the Statute of its employees and servants, in which the rights legally attributed to its current servants shall be guaranteed and the duties and obligations inherent to them maintained.

§ 2. To the employees and servants requisitioned, in the form of this article, the institutions of origin shall ensure the rights and advantages that are due to them or may come to be attributed to them, as if they were effectively exercising their functions therein.

§ 3. All expenses arising from compliance with the provisions of the preceding paragraph shall be borne by the Central Bank of the Republic of Brazil, including those for retirement and pension that are the responsibility of the institutions of origin mentioned therein, the latter prorated proportionally according to the periods of validity of the requisition.

§ 4 The employees of the institution's own staff shall retain their rights and guarantees governed by labor protection and social security legislation, included in the professional category of bank employees.

§ 5 During the term of 10 (ten) years, counted from the date of effectiveness of this law, the employees referred to in items II and III of this article are allowed to express their option to transfer to the staff of the Central Bank of the Republic of Brazil, provided that:

a) they have been admitted to their respective institutions of origin, as determined by item I of this article;

b) they have been in service (Vetoed) for more than two years;

c) the option is accepted by the Board of Directors of the Central Bank of the Republic of Brazil, which must decide conclusively on it within a maximum period of three months, counted from the delivery of the respective application.

Art. 53. (Repealed by Law No. 4,829, of 05/11/65)

CHAPTER VII Transitional Provisions

Art. 54. The Executive Branch, based on a proposal from the National Monetary Council, which must be presented within 90 (ninety) days of its installation, shall submit to the Legislative Branch a bill that institutionalizes rural credit, regulates its specific field and characterizes the modalities of application, indicating the respective sources of funds.

Sole paragraph. The Advisory Commission on Rural Credit shall provide assistance to the National Monetary Council in the preparation of the proposal that will establish the coordination of existing institutions or those that may be created, with the objective of ensuring their better utilization and that of the private banking network in the dissemination of rural credit, including with a reduction of its cost.

Art. 55. The attributions assigned by law to the Ministry of Agriculture, concerning the authorization of operation and supervision of credit cooperatives of any type, as well as the credit section of cooperatives that have one, are transferred to the Central Bank of the Republic of Brazil.

Art. 56. The Rediscount Portfolio of Banco do Brasil S. A. and the Banking Mobilization Fund are extinguished, and their assets, rights and obligations are incorporated into the Central Bank of the Republic of Brazil.

Sole paragraph. The legal attributions and prerogatives of the Banking Mobilization Fund shall be exercised by the Central Bank of the Republic of Brazil, without interruption.

Art. 57. (Repealed by Law No. 14,286, of 2021)

(Effectiveness)

Art. 58. The losses arising from exchange operations concluded and eventually not regularized under the terms of this law, as well as those from exchange operations contracted and not concluded until the date of effectiveness of this law, by Banco do Brasil S.A., as agent of the Federal Government, shall, to the extent they materialize, be transferred to the Central Bank of the Republic of Brazil, being recorded therein as a liability of the National Treasury.

§ 1 The debts of the National Treasury to the Central Bank of the Republic of Brazil, arising from the transfers referred to in this article, shall be settled with budgetary resources of the Union.

§ 2 The provisions of this article also apply to losses arising from exchange operations that other federal financial institutions of a banking nature have carried out as agents of the Federal Government.

Art. 59. The Foreign Trade Portfolio, created under Law No. 2,145, of December 29, 1953, and regulated by Decree No. 42,820, of December 16, 1957, is maintained at Banco do Brasil S.A., as the executing body of foreign trade policy, (VETOED)

Art. 60. The amount equivalent to the financial resources that, under the terms of this law, become the responsibility of the Central Bank of the Republic of Brazil, and are, on the date of its effectiveness, in the possession of Banco do Brasil S. A., shall be recorded therein in an account in the name of the former, considered as a supply of resources, under the terms of § 1 of article 19 of this law.

Art. 61. To comply with the provisions of this law, Banco do Brasil S.A. shall take measures to remodel its administrative structure, so that it can effectively exercise the duties and execute the services reserved for it, as the main instrument for executing the credit policy of the Federal Government.

Art. 62. The National Monetary Council shall determine measures so that the transfer of attributions from existing bodies to the Central Bank of the Republic of Brazil occurs without interruption of the services affected by this law.

Art. 63. The terms of the first members of the National Monetary Council, referred to in item IV of article 6 of this law, shall be respectively 6 (six), 5 (five), 4 (four), 3 (three), 2 (two) and 1 (one) years.

Art. 64. The National Monetary Council shall set a period of up to 1 (one) year from the effectiveness of this law for the adaptation of financial institutions to the provisions of this law.

§ 1 In exceptional cases, the National Monetary Council may extend by up to an additional 1 (one) year the period for completing the adaptation referred to in this article.

§ 2 The period for complying with the provisions under art. 30 of this law shall be one year, extendable under the terms of the preceding paragraph.

Art. 65. This law shall enter into force 90 (ninety) days after the date of its publication, and contrary provisions are repealed.

Brasília, December 31, 1964; 143rd of Independence and 76th of the Republic.

H. CASTELO BRANCO

Otávio Gouveia de Bulhões Daniel Farraco Roberto de Oliveira Campos

This text does not replace the one published in the Official Gazette of 31.1.1965

*