Resolution CMN No. 3426 — Establishes the constitution and operation of financial institutions specialized in foreign exchange transactions

RESOLUTION NO. 3426

Dispenses with the constitution and operation of financial institutions specialized in the realization of foreign exchange transactions.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law 4.595, of December 31, 1964, makes public that the MONETARY NATIONAL COUNCIL, in a session held on December 21, 2006, based on the provisions of Article 4, items V, VI, VIII, and XIII, of the aforementioned law, with the modifications introduced by Decree-Law 581, of May 14, 1969,

RESOLVES:

Art. 1. The constitution of exchange banks, financial institutions specialized in carrying out the following operations, is permitted:

I - purchase and sale of foreign currency;

II - transfers of resources to and from abroad;

III - financing of imports and exports;

IV - advances on foreign exchange contracts;

V - other operations, including service provision, provided for in the regulation of the foreign exchange market.

Sole Paragraph. The denomination of the financial institutions referred to in this resolution must include the expression "Exchange Bank".

Art. 2. In addition to carrying out the activities referred to in Art. 1, exchange banks are permitted:

I - to act in the financial market, in the country, including in commodity and futures exchanges, as well as in over-the-counter markets, to carry out operations, on their own account, referenced in foreign currencies or linked to foreign exchange operations;

II - to effect interfinancial deposits, observing the applicable regulation;

III - to carry out other activities that may be authorized by the Central Bank of Brazil.

Art. 3. Exchange banks may employ, in their activities, in addition to their own resources, those derived from:

I - interbank transfers;

II - interfinancial deposits;

III - resources captured abroad.

Art. 4. Exchange banks may maintain deposit accounts, without remuneration, not movable by the holder, whose resources are destined to the realization of operations or the contracting of services related to their corporate object.

Art. 5. The same conditions of constitution and operation applicable to other financial institutions apply to exchange banks, including immobilization limits, exposure limits per client, and Reference Equity (RE) compatible with the degree of risk of their operations.

Sole Paragraph. Exchange banks must permanently observe the minimum limits of paid-in capital and net equity of R$7,000,000.00 (seven million reais).

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

Brasília, December 21, 2006.

Henrique de Campos Meirelles
President