Resolution CMN No. 2801 — Dispenses on Certificates Representing Forward Purchase and Sale Contracts for Goods and Services

RESOLUTION NO. 2801

Dispenses on certificates representing forward purchase and sale contracts for goods and services.

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 7, 2000, having regard to the provisions of Article 4, item VIII, of the aforementioned law, Law No. 4.728, of July 14, 1965, and Articles 28 of Decree-Law No. 73, of November 21, 1966, 4 of Decree-Law No. 261, of February 28, 1967, 2, item III, of Law No. 6.385, of December 7, 1976, and 15 and 40 of Law No. 6.435, of July 15, 1977,

RESOLVES:

Article 1. To permit the application of resources by financial institutions, other institutions authorized to operate by the Central Bank of Brazil, private pension entities, insurance companies, capitalization societies, and investment funds in the acquisition of certificates representing forward purchase and sale contracts for goods and services that meet the following conditions:

I - be registered in a registration, custody, and financial settlement system, duly authorized by the Central Bank of Brazil or the Securities and Exchange Commission;

II - be tradable in an organized secondary market, in a venue or system authorized to operate by the Securities and Exchange Commission and maintained by a self-regulatory entity.

Sole Paragraph. The certificates of responsibility of entities referred to in Article 1, sole paragraph, item III, of Resolution No. 2.653, of September 23, 1999, and subsequent amendments, must additionally:

I - be distributed through public auctions, held in a venue or system maintained by a stock exchange, commodity and futures exchange, or organized over-the-counter markets;

II - contain, in their respective issuance instrument, a clause establishing that the resources obtained through their placement will be directed, exclusively, to investments specified in the issuance instrument of the certificates.

Article 2. To consider as securities, for the purposes of Article 2, item III, of Law No. 6.385, of December 7, 1976, the certificates representing forward purchase and sale contracts for goods and services that meet the conditions established in the preceding article.

Article 3. To amend Article 2, item II, letter "d", of Resolution No. 2.324, of October 30, 1996, which shall now read as follows:

"Article 2....................................................

II - ......................................................

d) certificates representing forward purchase and sale contracts for goods and services, as well as quotas of investment funds and quotas of investment funds directed predominantly towards investments in financial assets and/or operational modalities of fixed income; (NR)

..........................................................."

Article 4. In addition to the conditions established in this Resolution and, where applicable, in Resolution No. 2.653, of 1999, and subsequent amendments, the applications referred to in Article 1 must:

I - in the case of closed private pension entities, be subject to diversification requirements and, where applicable, to the other provisions set forth in Resolution No. 2.324, of 1996;

II - in the case of insurance companies, capitalization societies, and open private pension entities, be computed among those referred to in Article 2, item II, letter "b", of Resolution No. 2.286, of June 5, 1996, as well as be subject to diversification requirements and, where applicable, to the other provisions set forth in the same Resolution;

III - in the case of investment funds, be subject to diversification limits and, where applicable, to the other provisions set forth in the Regulation annexed to Circular No. 2.616, of September 18, 1995, and subsequent amendments.

Article 5. The Central Bank of Brazil, the Securities and Exchange Commission, the Secretariat of Complementary Pension of the Ministry of Labor and Social Security, and the Superintendence of Private Insurance are authorized, within their respective areas of competence, to adopt measures and issue complementary norms necessary for the execution of the provisions of this Resolution.

Article 6. This Resolution enters into force on the date of its publication.

Article 7. Resolutions Nos. 2.143, of February 22, 1995, 2.180, of July 20, 1995, and 2.405, of June 25, 1997, are hereby revoked.

Brasília, December 7, 2000

Luiz Fernando Figueiredo
Interim President