Resolution CMN No. 2548 — Establishes Minimum Paid-in Capital and Net Worth Limits for the Administration of Individual Programmed Retirement Funds - FAPI

RESOLUTION NO. 2548

Establishes the minimum limits of paid-in capital and net worth for the administration of Individual Programmed Retirement Funds - FAPI.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY NATIONAL COUNCIL, in a session held on September 24, 1998, considering the provisions of Laws No. 4,728 of July 14, 1965, and No. 9,477 of July 24, 1997,

RESOLVES:

Article 1. It is established that, for the administration of Individual Programmed Retirement Funds - FAPI, institutions authorized to exercise this activity must possess paid-in capital and net worth not lower than R$10,000,000.00 (ten million reais), without prejudice to the requirement of registration in the Central Bank Information System - SISBACEN.

Article 2. Consequently, Article 5 of the Regulation annexed to Resolution No. 2,424 of October 1, 1997, modified by Resolution No. 2,466 of February 19, 1998, is amended, which shall now read as follows:

"Article 5. The administration of the FAPI may be exercised by a multiple bank, commercial bank, savings bank, investment bank, securities brokerage firm, securities distribution firm, or insurance company authorized to operate by the Private Insurance Superintendence - SUSEP.

Sole Paragraph. For the administration of the FAPI, the institution must:

I - possess paid-in capital and net worth not lower than R$10,000,000.00 (ten million reais);

II - be registered in the Central Bank Information System - SISBACEN."

Article 3. The Central Bank of Brazil is authorized to adopt measures and issue complementary norms 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. 2,466 of February 19, 1998, is hereby revoked.

Brasília, September 24, 1998

Gustavo H. B. Franco
President