Resolution CMN No. 3156 — Amends Resolution 3.110 of 2003 Regarding the Hiring of Correspondents in the Country

RESOLUTION NO. 3156

Amends Resolution 3.110, of 2003, which provides for the hiring of correspondents in the Country.

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 December 17, 2003, based on Articles 3, item V, 4, items VI and VIII, 17 and 18, § 1º, of the aforementioned law and 14 of Law 4.728, of July 14, 1965,

RESOLVES:

Art. 1º Amend Articles 1º to 5º of Resolution 3.110, of July 31, 2003, which shall enter into force with the following wording:

"Art. 1º Amend and consolidate, in accordance with this resolution, the rules that provide for the hiring, by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, of companies, whether or not part of the National Financial System, for the performance of correspondent functions in the Country, with a view to providing the following services:

................................................" (NR)

"Art. 2º It is prohibited for the institutions referred to in Art. 1º to hire, for the provision of the services mentioned in items I and II of that article, companies whose main or sole activity is the provision of correspondent services.

................................................" (NR)

"Art. 3º Prior authorization from the Central Bank of Brazil is required for the hiring, by the institutions referred to in Art. 1º, for the provision of any of the services mentioned in that article, of companies not part of the National Financial System that use the term 'bank' in their corporate name or trade name.

................................................" (NR)

"Art. 4º .............................................

I - the total responsibility of the contracting institution for the services provided by the contracted company, including in the event of subcontracting the contract to third parties, in whole or in part;

II - the integral and unrestricted access of the Central Bank of Brazil, through the contracting institution, to all information, data, and documents related to the contracted company, the subcontracted third party, and the services provided by them;

III - that, in the event of subcontracting the contract to third parties, in whole or in part, the contracted company must obtain the prior consent of the contracting institution;

IV - ..................................................

a) make advances on account of resources to be released by the contracting institution;

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V - that the financial settlements between the contracting institution and the contracted company must occur, at most, every two business days;

VI - that, in loan and financing contracts, the release of resources must be made in favor of the beneficiary or the commercial selling company;

VII - the obligation of the contracted company to disclose, on a panel posted in a location visible to the public, information that clearly specifies its status as a simple service provider to the contracting institution.

... ...................................................

§ 2º Alternatively to the payment scheme provided for in item VI, the release of resources may be processed by the contracted company, acting on behalf and order of the contracting institution, in favor of the beneficiary or the commercial selling company, provided that, daily, the total value of payments made is identical to that of the resources received from the contracting institution for such purpose." (NR)

"Art. 5º The companies hired to provide correspondent services in accordance with this resolution are subject to the penalties provided for in Art. 44, § 7º, of Law 4.595, of 1964, should they perform, on their own account and order, operations exclusive to the institutions referred to in Art. 1º." (NR)

Art. 2º This resolution enters into force on the date of its publication.

Brasília, December 17, 2003.

Henrique de Campos Meirelles
President