Resolution CMN No. 3022 — Provisions on the Issuance of Certificates of Deposit in Guarantee Relating to Negotiable Instruments

RESOLUTION NO. 3022

Provisions on the issuance of certificates of deposit in guarantee, relating to negotiable instruments.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the NATIONAL MONETARY COUNCIL, in a session held on September 19, 2002, considering the provisions of Article 31 of Law No. 4,728 of July 14, 1965,

RESOLVES:

Article 1. Establish that investment banks and multiple banks with investment portfolios, for the issuance of certificates of deposit in guarantee, representing negotiable instruments received in deposit, must obtain authorization from the Central Bank of Brazil and observe the following conditions:

I - the certificates of deposit in guarantee must contain:

a) the denomination "Certificate of Deposit of Titles in Guarantee";

b) the location and date of issuance;

c) the identification of the issuing bank;

d) the description of the deposited titles, including the name of their issuers and the value, place, and date of payment of the credit incorporated therein;

e) the name and qualification of the depositor;

f) the specification of the rights and obligations of the depositor;

II - the deposit contract must contain clauses providing that the issuing bank:

a) will exercise all rights related to the titles received in deposit, in accordance with the instructions of the owner;

b) will take the necessary measures to preserve these rights;

c) will arrange for the collection of the credits incorporated in the deposited titles and receive their amount.

Article 2. The Central Bank of Brazil is authorized to adopt the measures and issue the rules deemed necessary for the execution of the provisions of this resolution.

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

Brasília, September 19, 2002

Arminio Fraga Neto
President