RESOLUTION No. 003334

Establishes rules to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, and also amends and revokes regulatory provisions and norms issued by the Central Bank of Brazil relating to investment funds, in consequence of Law 10.303 of 2001, or without function.

The CENTRAL BANK OF BRAZIL, pursuant to art. 9 of Law 4.595 of 31 December 1964, makes public that the NATIONAL MONETARY COUNCIL, in a session held on 22 December 2005, based on Law 4.131 of 3 September 1962, art. 4, items V, VIII, XIII and XXXI of that law, on Law 4.728 of 14 July 1965, on Law 6.385 of 7 December 1976, art. 4 of Law 9.932 of 20 December 1999, on Decree 55.762 of 17 February 1965, and on Provisional Measure 2.162‑72 of 23 August 2001, and having regard to the competence assigned to the Securities and Exchange Commission by virtue of Law 10.303 of 31 October 2001, which amends and adds provisions to the aforementioned Law 6.385 of 1976 concerning the issuance of rules on investment funds,

RESOLVES:

Art. 1 Authorize transfers to and from abroad related to the applications of investment funds classified as external‑debt funds, constituted under the regulations of the Securities and Exchange Commission, observed the competence aspects of the Central Bank of Brazil.

Art. 2 It is prohibited for financial institutions and other institutions authorized to operate by the Central Bank of Brazil to acquire, directly or indirectly, units of investment funds or units of investment funds in units of investment funds, classified as external‑debt funds.

Art. 3 The institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds, may not hold units of funds that they administer or manage.

Single paragraph. The provision of this article does not apply to the following cases:

acquisition of units at the time of fund constitution, provided that the total applications made by the administering or managing institution of the respective portfolio are maintained for a maximum period of 360 days, counted from the date of fund constitution, and do not exceed R$10,000,000.00 (ten million reais);
an investment fund whose units are held exclusively by the administering or managing institution of the respective portfolio; or
an investment fund constituted as a closed‑end condominium, provided there is no prohibition under the corresponding regulations of the Securities and Exchange Commission to the acquisition of units of the fund by the administering or managing institution of the respective portfolio.

Art. 4 The legal‑entity controllers of institutions referred to in Art. 2 that are administrators or portfolio managers of investment funds, the companies directly or indirectly controlled by them and their affiliates may only acquire units of such funds when they:

are classified as funds referenced in fixed‑income performance indicators;
have their units held exclusively by the legal entities, institutions or companies referred to in this article; or
are constituted as a closed‑end condominium, provided there is no prohibition under the corresponding regulations of the Securities and Exchange Commission to the acquisition of units of the fund by the administering or managing institution of the respective portfolio.

Art. 5 Compliance with the provisions of Arts 3 and 4 must occur within ninety (90) days, counted from the date of entry into force of this resolution.

Art. 6 It is prohibited for the institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds:

to provide guarantee, surety, acceptance or to be jointly liable in any other form in the operations carried out by the funds they administer or manage, including when it concerns guarantees provided to operations carried out in derivatives markets;
to use assets of their own issuance or joint liability as guarantee of the operations carried out by the funds they administer or manage; and
to make contributions of resources to the funds they administer or manage, directly or indirectly, for any purpose, except for the hypotheses provided in Arts 3, sole paragraph, and 4 and the other expressly admitted in the terms of the legislation and regulations in force.

§ 1 The prohibitions covered by this article include:

the own resources of natural persons or legal entities controlling the administering or managing institutions of investment‑fund portfolios, the companies directly or indirectly controlled by them and their affiliates, in the case of those provided for in items I and III of the caput;
the assets comprising the portfolios of natural persons or legal entities controlling the administering or managing institutions of investment‑fund portfolios, the companies directly or indirectly controlled by them and their affiliates, as well as the issuance or joint liability of those, in the case of the one provided for in item II of the caput.

§ 2 The following are excluded from the provisions of § 1:

the acquisition of units of the investment funds referred to therein by natural persons controlling administering or managing institutions of the same; and
the use of securities issued by the National Treasury or the Central Bank of Brazil and state public securities, comprising the portfolio of the investment funds referred to therein, for the purpose of the provision in item II of the caput.

Art. 7 The operations referred to in Art. 6, items I to III, contracted up to the date of entry into force of this resolution, may be maintained until their respective maturity, prohibited from being renewed.

Art. 8 The provisions of Arts 3 to 7 do not apply to the institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds in credit rights or of investment funds in units of investment funds in credit rights, which are subject to the provisions of Resolution 2.907 of 29 November 2001 and complementary regulation.

Art. 9 The following are amended:

item V of Art. 1 of Annex II Regulation to Resolution 2.099 of 17 August 1994, as amended by Resolution 2.607 of 27 May 1999, which now reads:

Art. 1 …

V – R$1,500,000.00 (one million five hundred thousand reais): securities brokerage firm and securities distribution firm that are authorized to carry out repurchase operations, as well as to carry out firm‑guarantee operations of subscription of securities for resale, margin account or swap in which there is assumption of any rights or obligations with counterparties;

… (NR);
Art. 1 of Resolution 2.423 of 23 September 1997, which now reads:
Art. 1 Establish that the applications of the financial resources of the Workers' Support Fund (FAT), the Coffee Economy Defense Fund (Funcafé) and the National Education Development Fund (FNDE) may only be made through Banco do Brasil S.A. or an institution that is part of the financial conglomerate led by it.

§ 1 With the specific purpose of receiving the applications referred to in the caput, the constitution of an investment fund is authorized, which must observe the following conditions:
1. be governed, where applicable, by the regulations issued by the Securities and Exchange Commission regarding investment funds;
2. contain the expression "Extramercado – FAT/Funcafé/FNDE" in its denomination;
3. have its portfolio composed obligatorily of securities issued by the National Treasury or the Central Bank of Brazil;
4. admit the redemption of its issued units at any time with yield; and
5. provide that the applications and redemptions of its issued units be preceded by notice to the administering institution, prohibiting automatic movements.
§ 2 The remuneration of the administering institution for the provision of management and administration services of the investment fund referred to in § 1 shall not exceed the equivalent of 0.5 % per annum (five‑tenths of a percent per year), calculated pro rata die on the net asset value of that fund. (NR)

Art. 10 In Resolution 2.693 of 24 February 2000, the references:

to financial investment funds and to funds of application in units of investment funds, provided they are predominantly aimed at investments in financial assets or fixed‑income operational modalities, as defined in Arts 2, item II, paragraph “a”, and 3, item II, paragraph “a”, shall henceforth refer to investment funds and to investment funds in units of investment funds, constituted as open‑end condominiums, classified as short‑term funds, funds referenced in fixed‑income performance indicators or fixed‑income funds;
to investment funds abroad, as defined in Arts 2, item II, paragraph “b”, and 3, item II, paragraph “b”, shall henceforth refer to investment funds and to investment funds in units of investment funds, constituted as open‑end condominiums, classified as external‑debt funds;
to equity investment funds and other modalities regulated by the Securities and Exchange Commission, to financial investment funds and to funds of application in units of investment funds, provided they are predominantly aimed at investments in financial assets or variable‑income operational modalities, and to investment funds aimed predominantly at investments in financial assets or variable‑income operational modalities, as defined in Arts 2, item III, paragraph “a”, 3, item III, and 10, § 3, shall henceforth refer to investment funds and to investment funds in units of investment funds, constituted as open‑end condominiums, classified as equity funds or funds referenced in stock‑market indices; and
to financial investment funds, as defined in Art 11, caput and sole paragraph, shall henceforth refer to investment funds and to investment funds in units of investment funds, constituted as open‑end condominiums, regulated by the Securities and Exchange Commission.

Art. 11 The references contained in other resolutions of the National Monetary Council:

to mutual investment funds or to financial investment funds shall henceforth refer to investment funds and to investment funds in units of investment funds;
to fixed‑income funds and similar or to fixed‑income investment funds shall henceforth refer to investment funds and to investment funds in units of investment funds classified as short‑term funds, funds referenced in fixed‑income performance indicators or fixed‑income funds.

Art. 12 This resolution enters into force on the date of its publication.

Art. 13 The following are revoked: item II of Resolution 1.429 of 15 December 1987, Resolutions 1.787 of 1 February 1991, 1.806 of 27 March 1991, 2.111 of 22 September 1994, 2.183 of 21 July 1995, 2.406 of 26 June 1997, 2.536 of 26 August 1998, and 2.931 of 14 February 2002, and art. 4 of Resolution 2.801 of 7 December 2000.

Brasília, 22 December 2005.

Henrique de Campos Meirelles

President

What changed in the obligations

Against Resolution CMN No. 2111 — Authorizes the Establishment and Operation of Investment Funds Abroad (1994-09-22)

21 new obligations · 1 not carried over

1 obligation is the same in both texts.

New in this text (21)

Art. 1 Authorize transfers to and from abroad related to the applications of investment funds classified as external‑debt funds, constituted under the regulations of the Securities and Exchange Commission, observed the competence aspects of the Central Bank of Brazil.
Art. 2 It is prohibited for financial institutions and other institutions authorized to operate by the Central Bank of Brazil to acquire, directly or indirectly, units of investment funds or units of investment funds in units of investment funds, classified as external‑debt funds.
Art. 3 The institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds, may not hold units of funds that they administer or manage.
The provision of this article does not apply to the following cases: 1. acquisition of units at the time of fund constitution, provided that the total applications made by the administering or managing institution of the respective portfolio are maintained for a maximum period of 360 days, counted from the date of fund constitution, and do not exceed R$10,000,000.00 (ten million reais);
The provision of this article does not apply to the following cases: 2. an investment fund whose units are held exclusively by the administering or managing institution of the respective portfolio; or
The provision of this article does not apply to the following cases: 3. an investment fund constituted as a closed‑end condominium, provided there is no prohibition under the corresponding regulations of the Securities and Exchange Commission to the acquisition of units of the fund by the administering or managing institution of the respective portfolio.
Art. 4 The legal‑entity controllers of institutions referred to in Art. 2 that are administrators or portfolio managers of investment funds, the companies directly or indirectly controlled by them and their affiliates may only acquire units of such funds when they: 2. have their units held exclusively by the legal entities, institutions or companies referred to in this article; or
Art. 4 The legal‑entity controllers of institutions referred to in Art. 2 that are administrators or portfolio managers of investment funds, the companies directly or indirectly controlled by them and their affiliates may only acquire units of such funds when they: 3. are constituted as a closed‑end condominium, provided there is no prohibition under the corresponding regulations of the Securit…
Art. 6 It is prohibited for the institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds: 1. to provide guarantee, surety, acceptance or to be jointly liable in any other form in the operations carried out by the funds they administer or manage, including when it concerns guarantees provided to operations carried out in derivatives markets;
Art. 6 It is prohibited for the institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds: 2. to use assets of their own issuance or joint liability as guarantee of the operations carried out by the funds they administer or manage; and
Art. 6 It is prohibited for the institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds: 3. to make contributions of resources to the funds they administer or manage, directly or indirectly, for any purpose, except for the hypotheses provided in Arts 3, sole paragraph, and 4 and the other expressly admitted in the terms of the legislation …
§ 2* The following are excluded from the provisions of § 1: 1. the acquisition of units of the investment funds referred to therein by natural persons controlling administering or managing institutions of the same; and
§ 2* The following are excluded from the provisions of § 1: 2. the use of securities issued by the National Treasury or the Central Bank of Brazil and state public securities, comprising the portfolio of the investment funds referred to therein, for the purpose of the provision in item II of the caput.
Art. 7 The operations referred to in Art. 6, items I to III, contracted up to the date of entry into force of this resolution, may be maintained until their respective maturity, prohibited from being renewed.
> Art. 1 Establish that the applications of the financial resources of the Workers' Support Fund (FAT), the Coffee Economy Defense Fund (Funcafé) and the National Education Development Fund (FNDE) may only be made through Banco do Brasil S.A. or an institution that is part of the financial conglomerate led by it.
> 1. be governed, where applicable, by the regulations issued by the Securities and Exchange Commission regarding investment funds;
> 2. contain the expression "Extramercado – FAT/Funcafé/FNDE" in its denomination;
> 3. have its portfolio composed obligatorily of securities issued by the National Treasury or the Central Bank of Brazil;
> 4. admit the redemption of its issued units at any time with yield; and
> 5. provide that the applications and redemptions of its issued units be preceded by notice to the administering institution, prohibiting automatic movements.
> § 2 The remuneration of the administering institution for the provision of management and administration services of the investment fund referred to in § 1 shall not exceed the equivalent of 0.5 % per annum (five‑tenths of a percent per year), calculated pro rata die on the net asset value of that fund.

Not carried over (1)

Article 2. Establish that Brazilian investments abroad made in accordance with this Resolution are subject to registration with the Central Bank of Brazil.

Against Resolution CMN No. 1806 — Authorizes the Establishment of Investment Funds Under Regulations to Be Issued by the Securities and Exchange Commission (1991-03-27)

21 new obligations

1 obligation is the same in both texts.

New in this text (21)

Art. 1 Authorize transfers to and from abroad related to the applications of investment funds classified as external‑debt funds, constituted under the regulations of the Securities and Exchange Commission, observed the competence aspects of the Central Bank of Brazil.
Art. 2 It is prohibited for financial institutions and other institutions authorized to operate by the Central Bank of Brazil to acquire, directly or indirectly, units of investment funds or units of investment funds in units of investment funds, classified as external‑debt funds.
Art. 3 The institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds, may not hold units of funds that they administer or manage.
The provision of this article does not apply to the following cases: 1. acquisition of units at the time of fund constitution, provided that the total applications made by the administering or managing institution of the respective portfolio are maintained for a maximum period of 360 days, counted from the date of fund constitution, and do not exceed R$10,000,000.00 (ten million reais);
The provision of this article does not apply to the following cases: 2. an investment fund whose units are held exclusively by the administering or managing institution of the respective portfolio; or
The provision of this article does not apply to the following cases: 3. an investment fund constituted as a closed‑end condominium, provided there is no prohibition under the corresponding regulations of the Securities and Exchange Commission to the acquisition of units of the fund by the administering or managing institution of the respective portfolio.
Art. 4 The legal‑entity controllers of institutions referred to in Art. 2 that are administrators or portfolio managers of investment funds, the companies directly or indirectly controlled by them and their affiliates may only acquire units of such funds when they: 2. have their units held exclusively by the legal entities, institutions or companies referred to in this article; or
Art. 4 The legal‑entity controllers of institutions referred to in Art. 2 that are administrators or portfolio managers of investment funds, the companies directly or indirectly controlled by them and their affiliates may only acquire units of such funds when they: 3. are constituted as a closed‑end condominium, provided there is no prohibition under the corresponding regulations of the Securit…
Art. 6 It is prohibited for the institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds: 1. to provide guarantee, surety, acceptance or to be jointly liable in any other form in the operations carried out by the funds they administer or manage, including when it concerns guarantees provided to operations carried out in derivatives markets;
Art. 6 It is prohibited for the institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds: 2. to use assets of their own issuance or joint liability as guarantee of the operations carried out by the funds they administer or manage; and
Art. 6 It is prohibited for the institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds: 3. to make contributions of resources to the funds they administer or manage, directly or indirectly, for any purpose, except for the hypotheses provided in Arts 3, sole paragraph, and 4 and the other expressly admitted in the terms of the legislation …
§ 2* The following are excluded from the provisions of § 1: 1. the acquisition of units of the investment funds referred to therein by natural persons controlling administering or managing institutions of the same; and
§ 2* The following are excluded from the provisions of § 1: 2. the use of securities issued by the National Treasury or the Central Bank of Brazil and state public securities, comprising the portfolio of the investment funds referred to therein, for the purpose of the provision in item II of the caput.
Art. 7 The operations referred to in Art. 6, items I to III, contracted up to the date of entry into force of this resolution, may be maintained until their respective maturity, prohibited from being renewed.
> Art. 1 Establish that the applications of the financial resources of the Workers' Support Fund (FAT), the Coffee Economy Defense Fund (Funcafé) and the National Education Development Fund (FNDE) may only be made through Banco do Brasil S.A. or an institution that is part of the financial conglomerate led by it.
> 1. be governed, where applicable, by the regulations issued by the Securities and Exchange Commission regarding investment funds;
> 2. contain the expression "Extramercado – FAT/Funcafé/FNDE" in its denomination;
> 3. have its portfolio composed obligatorily of securities issued by the National Treasury or the Central Bank of Brazil;
> 4. admit the redemption of its issued units at any time with yield; and
> 5. provide that the applications and redemptions of its issued units be preceded by notice to the administering institution, prohibiting automatic movements.
> § 2 The remuneration of the administering institution for the provision of management and administration services of the investment fund referred to in § 1 shall not exceed the equivalent of 0.5 % per annum (five‑tenths of a percent per year), calculated pro rata die on the net asset value of that fund.

Against Resolution CMN No. 1787 Authorizing the Establishment of Financial Application Funds (1991-02-02)

20 new obligations · 2 not carried over

2 obligations are the same in both texts.

New in this text (20)

Art. 1 Authorize transfers to and from abroad related to the applications of investment funds classified as external‑debt funds, constituted under the regulations of the Securities and Exchange Commission, observed the competence aspects of the Central Bank of Brazil.
Art. 2 It is prohibited for financial institutions and other institutions authorized to operate by the Central Bank of Brazil to acquire, directly or indirectly, units of investment funds or units of investment funds in units of investment funds, classified as external‑debt funds.
Art. 3 The institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds, may not hold units of funds that they administer or manage.
The provision of this article does not apply to the following cases: 1. acquisition of units at the time of fund constitution, provided that the total applications made by the administering or managing institution of the respective portfolio are maintained for a maximum period of 360 days, counted from the date of fund constitution, and do not exceed R$10,000,000.00 (ten million reais);
The provision of this article does not apply to the following cases: 2. an investment fund whose units are held exclusively by the administering or managing institution of the respective portfolio; or
The provision of this article does not apply to the following cases: 3. an investment fund constituted as a closed‑end condominium, provided there is no prohibition under the corresponding regulations of the Securities and Exchange Commission to the acquisition of units of the fund by the administering or managing institution of the respective portfolio.
Art. 4 The legal‑entity controllers of institutions referred to in Art. 2 that are administrators or portfolio managers of investment funds, the companies directly or indirectly controlled by them and their affiliates may only acquire units of such funds when they: 2. have their units held exclusively by the legal entities, institutions or companies referred to in this article; or
Art. 4 The legal‑entity controllers of institutions referred to in Art. 2 that are administrators or portfolio managers of investment funds, the companies directly or indirectly controlled by them and their affiliates may only acquire units of such funds when they: 3. are constituted as a closed‑end condominium, provided there is no prohibition under the corresponding regulations of the Securit…
Art. 6 It is prohibited for the institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds: 1. to provide guarantee, surety, acceptance or to be jointly liable in any other form in the operations carried out by the funds they administer or manage, including when it concerns guarantees provided to operations carried out in derivatives markets;
Art. 6 It is prohibited for the institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds: 2. to use assets of their own issuance or joint liability as guarantee of the operations carried out by the funds they administer or manage; and
Art. 6 It is prohibited for the institutions referred to in Art. 2, in the capacity of administrators or portfolio managers of investment funds: 3. to make contributions of resources to the funds they administer or manage, directly or indirectly, for any purpose, except for the hypotheses provided in Arts 3, sole paragraph, and 4 and the other expressly admitted in the terms of the legislation …
§ 2* The following are excluded from the provisions of § 1: 1. the acquisition of units of the investment funds referred to therein by natural persons controlling administering or managing institutions of the same; and
§ 2* The following are excluded from the provisions of § 1: 2. the use of securities issued by the National Treasury or the Central Bank of Brazil and state public securities, comprising the portfolio of the investment funds referred to therein, for the purpose of the provision in item II of the caput.
Art. 7 The operations referred to in Art. 6, items I to III, contracted up to the date of entry into force of this resolution, may be maintained until their respective maturity, prohibited from being renewed.
> Art. 1 Establish that the applications of the financial resources of the Workers' Support Fund (FAT), the Coffee Economy Defense Fund (Funcafé) and the National Education Development Fund (FNDE) may only be made through Banco do Brasil S.A. or an institution that is part of the financial conglomerate led by it.
> 2. contain the expression "Extramercado – FAT/Funcafé/FNDE" in its denomination;
> 3. have its portfolio composed obligatorily of securities issued by the National Treasury or the Central Bank of Brazil;
> 4. admit the redemption of its issued units at any time with yield; and
> 5. provide that the applications and redemptions of its issued units be preceded by notice to the administering institution, prohibiting automatic movements.
> § 2 The remuneration of the administering institution for the provision of management and administration services of the investment fund referred to in § 1 shall not exceed the equivalent of 0.5 % per annum (five‑tenths of a percent per year), calculated pro rata die on the net asset value of that fund.

Not carried over (2)

ART. 2. SHORT-TERM APPLICATION FUNDS AND MUTUAL FIXED-INCOME FUNDS IN OPERATION MUST BE TRANSFORMED INTO THE FUNDS REFERRED TO IN THE PREVIOUS ARTICLE, INCORPORATED INTO THEM OR LIQUIDATED, AND MAY NOT, UNDER THE CURRENT FORM, CARRY OUT OPERATIONS FROM 03.01.91.
PARAGRAPH 1. THE CENTRAL BANK OF BRAZIL MUST BE PREVIOUSLY CONSULTED WHEN IT COMES TO INTRODUCING MAXIMUM LIMITS FOR THE INVESTMENT OF RESOURCES OF THE FUNDS REFERRED TO IN THIS ARTICLE IN CREDIT SECURITIES.

“Not carried over” means the sentence has no counterpart in this text; the rule can still be in force in another text.

Resolution CMN No. 3334 — Establishes rules for financial institutions and other entities authorized by the Central Bank of Brazil, and amends and revokes regulatory provisions and norms issued by the Central Bank of Brazil relating to investment funds

RESOLUTION No. 003334

Lineage: Superseded

Timeline

What changed in the obligations