Resolution CMN No. 3356 — Amends Resolution 3.265 of 2005 Regarding the Foreign Exchange Market

RESOLUTION NO. 003356

Amends Resolution 3.265, of 2005, which provides for the Foreign Exchange Market and gives other provisions.

THE CENTRAL BANK OF BRAZIL, in accordance with Art. 9 of Law 4.595, of December 31, 1964, makes public that the NATIONAL MONETARY COUNCIL, in a session held on March 31, 2006, based on Art. 4, items V - with the wording given by Decree-Law 581, of May 14, 1969 -, VIII and XXXI, of the aforementioned law,

RESOLVES:

Art. 1 Alter Arts. 3 and 4 of Resolution 3.265, of March 4, 2005, modified by Resolution 3.311, of August 31, 2005, which shall enter into force with the following wording:

"Art. 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 brokerage companies, securities and financial instruments brokerage companies and securities and financial instruments distribution companies:

a) purchase or sale of foreign currency in checks linked to unilateral transfers;

b) purchase or sale of foreign currency in cash, checks and traveler's checks related to international travel;

c) simplified exchange for export and import;

d) purchase or sale operations of a financial nature, not subject to or linked to registration with the Central Bank of Brazil, up to the limit of US$10,000.00 (ten thousand United States dollars) or its equivalent in other currencies; and

e) interbank market operations, arbitrages within the Country and, through a bank authorized to operate in the Foreign Exchange Market, arbitrage with the exterior;

IV - tourism agencies: purchase or sale of foreign currency in cash, checks and traveler's checks related to international travel;

V - tourism accommodation establishments: exclusively purchase, from residents or domiciled abroad, of foreign currency in cash, checks and traveler's checks related to tourism in the Country." (NR)

"Art. 4 To be authorized to operate in the Foreign Exchange Market, the institution part of the National Financial System must:

I - have paid-in capital and Reference Equity (PR) not lower than the minimum limits established by specific regulation, keeping them updated while the authorization granted by the Central Bank of Brazil remains in force;

II - designate, among the administrators homologated by the Central Bank of Brazil, the person responsible for operations related to the Foreign Exchange Market;

III - present a project, in accordance with terms to be fixed by the Central Bank of Brazil, indicating, at a minimum, the basic operational objectives and the actions developed to ensure compliance with foreign exchange regulation and to prevent and combat money laundering and other crimes typified in Law 9.613, of March 3, 1998." (NR)

Art. 2 Add Arts. 4-A and 36-A to Resolution 3.265, of 2005, modified by Resolution 3.311, of 2005, with the following wording:

"Art. 4-A To be authorized to operate in the Foreign Exchange Market, tourism agencies and tourism accommodation establishments must observe the measures to be defined by the Central Bank of Brazil, including for the opening of posts, permanent or provisional." (NR)

"Art. 36-A The authorization requests referred to in this resolution will be examined by the Central Bank of Brazil with a view to their acceptance or refusal." (NR)

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

Art. 4 Item I of Art. 8 of the Regulation annexed to Resolution 1.770, of November 28, 1990, the sole paragraph of Art. 32 of Resolution 3.265, of March 4, 2005, and Art. 1 of Resolution 3.311, of August 31, 2005, are hereby repealed.

Brasília, March 31, 2006.

Henrique de Campos Meirelles
President