Resolution CMN No. 1429 — Exclusive Right to Public Fundraising for Gold Investment

RESOLUTION No. 001429

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on December 14, 1987, considering the provisions of Article 4, item V, of the aforementioned Law,

RESOLVES:

I - The collection of public funds, in any form, for investment in gold or deposit certificates of this metal is exclusive to institutions authorized by the Central Bank to conduct operations with the same and may only be carried out with the prior and express consent of the Central Bank.

II - The Central Bank is authorized to issue regulations governing the custody of gold traded in the financial market, as well as the operation of gold investment funds, whose quotas will be issued according to the forms provided for in Article 50 of Law No. 4,728 of July 14, 1965, with the wording given to it by Decree-Law No. 2,287 of July 23, 1986, which will contemplate, at a minimum, the following aspects:

a) minimum investment value;

b) forms of subscription and redemption of quotas.

III - It shall also be the responsibility of the Central Bank to establish the relevant regulations for other modalities of collective investment in gold.

IV - The Central Bank may adopt the measures deemed necessary for the execution of this Resolution.

V - This Resolution shall enter into force on the date of its publication.

Brasília-DF, December 15, 1987

Fernando Milliet de Oliveira
President