Resolution CMN No. 3311 — Amends Resolutions 3.265 and 3.266 of March 4, 2005

RESOLUTION NO. 003311

Amends Resolutions 3.265 and 3.266, both of March 4, 2005.

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 Article 4, items V, VIII, and XXXI, of the aforementioned Law,

HAS RESOLVED:

Article 1. To give new wording to Article 3 of Resolution 3.265 of March 4, 2005, which shall enter into force with the following wording:

"Article 3. Foreign exchange market agents may carry out the following operations:

I - banks, except development banks: all operations provided for the Foreign Exchange Market;

II - development banks and savings banks: specific authorized operations;

III - credit, financing and investment companies, foreign exchange or securities brokerage firms and securities distribution companies: purchase or sale of foreign currency in checks linked to unilateral transfers and of foreign currency in cash, checks and travel checks relating to international travel, as well as operations in the interbank market, arbitrages within the Country and, through a bank authorized to operate in the Foreign Exchange Market, arbitrage with the exterior;

IV - travel agencies: purchase or sale of foreign currency in cash, checks and travel checks relating to international travel;

V - tourism accommodation establishments: exclusively purchase, from residents or domiciled abroad, of foreign currency in cash, checks and travel checks relating to tourism in the Country."

Article 2. To include, in Resolution 3.265 of March 4, 2005, Articles 14-A, 32-A, 32-B and 35-A, with the following wording:

"Article 14-A. The Central Bank of Brazil may condition the regularization of export operations of goods and services to proof of the initiation of a judicial collection action abroad if the debtor has an outstanding payment obligation with the Brazilian exporter in an amount equal to or greater than US$ 50,000.00 (fifty thousand United States dollars) or its equivalent in other currencies, regardless of the maturity and the individual value of each operation.

Article 32-A. The payment order originating from abroad, including that relating to the advance receipt of exports, must be fully negotiated within ninety days from the date on which the funds became available to the authorized institution for payment to the beneficiary, it being permitted, within this period, for its negotiation in installments, observed that, upon expiration of said period, the balance of the order must be immediately returned to its sender abroad.

Article 32-B. Receipts relating to the export of goods with shipment already carried out and of services already performed may be negotiated in the Country in an installment manner, observed the responsibility for foreign exchange coverage within the regulatory periods, prohibited the return of such values abroad.

Article 35-A. The Central Bank of Brazil is authorized to dispense, through a case-by-case examination, the linkage of foreign exchange contracts to export or import records in the Integrated System of Foreign Trade (Siscomex), and of these records to the foreign exchange contracts, in situations where the effective linkage of the respective contract is proven to be impossible due to factors unrelated to the will of the exporter or importer, provided that there is no prejudice to the process related to the collection, if applicable, of eventual financial charges or fines incident on the operation.

Sole Paragraph. The Central Bank of Brazil may dispense with the case-by-case examination in the linkage of foreign exchange contracts to export or import records in Siscomex, and of these records to the foreign exchange contracts, for values equal to or less than US$ 1,000.00 (one thousand United States dollars) or its equivalent in other currencies."

Article 3. To give new wording to Article 9 of Resolution 3.266 of March 4, 2005, which shall enter into force with the following wording:

"Article 9. The values resulting from advance receipts of exports for which there has been no respective shipment of the goods or provision of services may:

I - with the prior consent of the payer abroad, be converted by the exporter into direct capital investment or in loans in currency and registered, at the Central Bank of Brazil, under the terms of Law No. 4,131 of September 3, 1962, modified by Law No. 4,390 of August 29, 1964, and pertinent regulation; or

II - be subject to return abroad, observed the tax regulation applicable to resources not intended for export."

Article 4. This Resolution enters into force on September 19, 2005, when paragraphs 4 of Article 34 of Resolution 3.265, as well as item "b", item II, of Article 17 of Resolution 3.266, both of March 4, 2005, are repealed.

Brasília, August 31, 2005.

Henrique de Campos Meirelles
President