Resolution CMN No. 3165 — Provisions on the establishment of a commercial bank under direct control of a commodities and futures exchange to operate exclusively as a clearinghouse for transactions conducted therein

RESOLUTION NO. 3165

Provisions on the establishment of a commercial bank under direct control of a commodities and futures exchange, to operate exclusively as a clearinghouse for transactions conducted therein.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY NATIONAL COUNCIL, in a session held on January 29, 2004, based on Article 4, item VIII, of the aforementioned law and Law No. 4,728 of July 14, 1965,

RESOLVES:

Article 1. It is permitted to establish a commercial bank under direct corporate control of a commodities and futures exchange, to act exclusively in the performance of functions as a clearinghouse and central custodian, providing services to the exchange and to the economic agents responsible for the transactions conducted therein.

Article 2. The application for the establishment and operation of the commercial bank referred to in Article 1 must be subject, in accordance with the law, to studies by the Central Bank of Brazil, which is responsible for deciding on its acceptance or rejection, after hearing the Securities and Exchange Commission and observing the current norms pertinent to the matter.

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

Brasília, January 29, 2004.

Henrique de Campos Meirelles
President