Resolution CMN No. 3111 — Defines the Concept of Affiliated Company in Cases of Acquisition of Real Estate Receivable Certificates - CRI

RESOLUTION No. 003111

Dispenses with the concept of affiliated company in cases of acquisition of Real Estate Receivable Certificates - CRI.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law 4,595 of December 31, 1964, makes public that the MONETARY NATIONAL COUNCIL, in a session held on July 31, 2003, based on Article 3, items I and II, of Law 6,385 of December 7, 1976,

RESOLVES:

Article 1. It is established that the prohibition contained in Article 6, paragraph 2, item VII, of Resolution 1,775 of December 6, 1990, does not apply when a financial institution and a real estate credit securitization company issuing Real Estate Receivable Certificates - CRI have a common administrator who does not exercise executive functions in the issuing company, observing the other provisions of the aforementioned resolution.

Article 2. The Central Bank of Brazil may adopt the measures and issue the regulations deemed necessary for the execution of the provisions of this resolution.

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

Brasilia, July 31, 2003.

Henrique de Campos Meirelles
President