Resolution CMN No. 2646 — Permits the Use of the Long-Term Interest Rate (TJLP) for Securities Market Operations

RESOLUTION NO. 2646

Permits the use of the Long-Term Interest Rate - TJLP for operations carried out in the securities market.

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 22, 1999, based on the provisions of Article 3, sole paragraph, of Law No. 9,365 of December 16, 1996,

RESOLVES:

Article 1. It is permitted to use the Long-Term Interest Rate - TJLP as a remuneration basis for operations carried out in the securities market, as governed by Law No. 6,385 of December 7, 1976, under the conditions established by the Central Bank of Brazil in conjunction with the Securities and Exchange Commission.

Article 2. Consequently, Article 3 of Resolution No. 2,613 of June 30, 1999, is amended, which shall henceforth read as follows:

"Article 3. The Long-Term Interest Rate - TJLP may be used as a remuneration basis for operations carried out in the financial and securities markets, under the following conditions:

I - by the Central Bank of Brazil, in the case of operations carried out in the financial market;

II - by the Central Bank of Brazil in conjunction with the Securities and Exchange Commission, in the case of operations carried out in the securities market."

Article 3. This Resolution enters into force on the date of its publication.

Brasília, September 22, 1999

Arminio Fraga Neto
President