Resolution CMN No. 3309 — Certification of Employees of Credit Cooperatives and Their Role in Distributing Investment Fund Shares

RESOLUTION NO. 3309

Dispenses with the certification of employees of credit cooperatives and on the performance of these institutions in the distribution of investment fund shares.

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 August 31, 2005, based on Articles 4, item VIII, and 55 of the aforementioned law, and Article 103 of Law No. 5,764 of December 16, 1971, and having in view the provisions of Law No. 4,728 of July 14, 1965,

RESOLVES:

Article 1. Establish that single credit cooperatives must adopt measures so that employees who act in serving clients and users of the institution in activities related to the distribution and mediation of securities and derivatives are considered qualified, through a certification exam organized by an entity of recognized technical capacity.

§ 1. Compliance with the formality provided for in this article must observe the schedule below, to be met based on the quantity of said employees per cooperative at the end of each year:

I - 30% (thirty percent), at minimum, until June 30, 2006;

II - 60% (sixty percent), at minimum, until June 30, 2007;

III - 100% (one hundred percent) until June 30, 2008.

§ 2. From July 1, 2008, only those employees who have been considered qualified according to the provisions of this article may perform the activities mentioned in the caput.

Article 2. Credit cooperatives are responsible for the periodic updating of the knowledge of their employees considered qualified for the purposes of this resolution, as well as for maintaining the respective documentation available to the competent inspection authorities.

Sole Paragraph. In the case of an employee who has ceased to perform the activities referred to in Article 1 for a period exceeding one year, the maintenance of their qualification is subject to the renewal of the formality provided for in that article within a period not exceeding one year, counted from the return to said activities.

Article 3. Central credit cooperatives, in performing regulatory duties regarding the audit of affiliated single cooperatives, as well as external auditors, regarding the cooperatives they audit, must include, in the report addressing compliance with current legislation and regulations, a specific topic dealing with compliance with the provisions of this resolution.

Article 4. Article 23 of the Regulation annexed to Resolution No. 3,106 of June 25, 2003, is amended to include item VII, with the following wording:

"Article 23. Credit cooperatives may:

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VII - act in the distribution of shares of open investment funds, observing the regulations of the Central Bank of Brazil and the Securities and Exchange Commission, in their respective areas of competence.

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Article 5. The Securities and Exchange Commission may establish restrictions regarding the types of funds whose shares may be distributed by credit cooperatives until the date stipulated in Article 1, § 1, item III, allowing cooperatives that achieve an index of 100% (one hundred percent) certification before said date to submit to that Autarchy a request for authorization to distribute shares of other types of funds.

Article 6. This resolution enters into force on the date of its publication.

Brasília, August 31, 2005.

Henrique de Campos Meirelles
President