Resolution CMN No. 2836 — Amends and Consolidates Rules on Credit Assignment

RESOLUTION NO. 002836

Amends and consolidates rules on credit assignment.

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 May 30, 2001, considering the provisions of Article 4, item VI, of the aforementioned law and Article 23 of Law No. 6,099 of September 12, 1974, with the wording given by Law No. 7,132 of October 26, 1983,

RESOLVES:

Article 1. Authorize financial institutions to assign, to institutions of the same nature, credit rights arising from loan, financing, and leasing operations.

Sole Paragraph. The provisions of this article do not prevent the negotiation of credit instruments, such as bank credit notes, mortgage notes, and rural, commercial, industrial, and export credit notes.

Article 2. Leasing companies are permitted to assign, to companies of the same nature and to financial institutions, credit rights arising from leasing contracts.

Article 3. The assignment of credits as provided in Articles 1 and 2 may be carried out with or without the co-obligation of the assigning institution.

Article 4. The acquisition of credit rights resulting from contracts containing an exchange rate variation clause may only be carried out using resources from loans obtained abroad.

Sole Paragraph. The provisions of this article do not apply to the negotiation of credit instruments containing an exchange rate variation clause.

Article 5. The following are not admitted:

I - the repurchase, on credit terms, of future-dated credits previously assigned;

II - the acquisition of credits with resources originating from commercial acceptances.

Sole Paragraph. The assignment and acquisition operations of credits between credit, financing, and investment companies, commercial banks, and multiple banks with commercial and/or credit, financing, and investment portfolios, resulting from permitted operational modalities, may generate acceptance of exchange letters by the assignee, provided that the following conditions are met cumulatively:

I - the acquired credits originate from financing granted based on acceptance letter contracts;

II - there is no acceptance of exchange letters by the assignor regarding the assigned credits.

Article 6. Authorize financial institutions and leasing companies to assign credits arising from loan, financing, and leasing operations to persons not part of the National Financial System, observing that:

I - only credit assignments carried out without the co-obligation of the assigning institution are admitted;

II - the repurchase of assigned credits is not permitted;

III - the settlement of operations must be carried out on a spot basis.

Paragraph 1. The respective contract must contain the specifications of the operation and remain available at the Central Bank of Brazil at the headquarters of the assigning institution.

Paragraph 2. Any subsequent transaction involving the credits subject to assignment may not result in the return of risk, even indirectly, to the assigning institution.

Paragraph 3. The assigning institution must include, in the first balance sheet published after the assignment, an explanatory note informing the accounting and assignment values of the credits, as well as the equity and result impacts resulting from the transaction.

Paragraph 4. The assignment of credits to controlling, affiliated, or controlled legal or natural persons, including the companies referred to in Article 3 of Resolution No. 2,723 of May 31, 2000, with the wording given by Resolution No. 2,743 of June 28, 2000, depends on prior authorization from the Central Bank of Brazil/Department of Organization of the Financial System (DEORF).

Article 7. Financial institutions are permitted to acquire and assign, to legal persons part of or not part of the National Financial System, credits resulting from export contracts negotiated in the domestic market.

Article 8. Credit assignment operations by financial institutions and leasing companies are restricted to those provided in this Resolution and in Resolution No. 2,686 of January 26, 2000.

Sole Paragraph. The provisions of this article do not prevent the acquisition of credit rights from persons not part of the National Financial System.

Article 9. Amend the heading of Article 1 and item III of Article 2 of Resolution No. 2,686 of January 26, 2000, which shall now have the following wording:

"Article 1. Authorize the assignment of credits arising from operations practiced by multiple banks, commercial banks, investment banks, credit, financing, and investment companies, real estate credit companies, leasing companies, mortgage companies, savings and loan associations, and by the Federal Savings Bank to joint-stock companies whose exclusive object is the acquisition of such credits. (NR)

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"ART. 2........................................................

III - implies the transfer, to the assignee, of the contracts, instruments, and guarantees necessary for their execution, except in cases of assignment resulting from leasing operations, in which the contracts and leased goods remain under the ownership of the assignor. (NR)

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Article 10. The Central Bank of Brazil is authorized to adopt the measures and issue the norms deemed necessary for the execution of the provisions of this Resolution.

Article 11. This Resolution enters into force on the date of its publication.

Article 12. Resolution No. 2,561 of November 5, 1998, and Circular No. 2,772 of August 6, 1997, are hereby revoked.

Brasília, May 30, 2001

Arminio Fraga Neto
President