Resolution CMN No. 2516 — Establishes business days for financial market operations

RESOLUTION NO. 002516

Dispenses with the definition of business days for purposes of operations carried out in the financial market.

THE CENTRAL BANK OF BRAZIL, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes it known that the NATIONAL MONETARY COUNCIL, in a session held on June 29, 1998, based on Article 4, item VIII, of the aforementioned Law and considering the provisions of Law No. 9,093 of September 12, 1995,

DECIDES:

Article 1. Saturdays, Sundays, and national holidays are not considered business days for purposes of operations carried out in the financial market and for the provision of information to the Central Bank of Brazil, as well as:

I - the Monday and Tuesday of Carnival;

II - the day dedicated to Corpus Christi;

III - the day of November 2.

Sole Paragraph. Good Friday shall be considered a business day only starting from the year 2000.

Article 2. Financial institutions are permitted to freely establish their public service hours on Ash Wednesday and on the days of December 24 and 31, waiving the obligation to observe the minimum schedule established in Article 1, item I, of Resolution No. 2,301 of July 25, 1996.

Sole Paragraph. The adopted service schedule must be communicated to the public at least 30 (thirty) days in advance.

Article 3. The Central Bank of Brazil is authorized to issue regulations and adopt measures deemed necessary for the execution of the provisions of this Resolution.

Article 4. This Resolution enters into force on the date of its publication.

Article 5. Resolution No. 1,774 of November 28, 1990, and Article 3 and Article 4, item I, of Circular No. 2,518 of December 15, 1994, are hereby repealed.

Brasília, June 29, 1998

Gustavo H. B. Franco
President