Resolution CMN No. 3454 — Conditions for Time Deposit Collection

RESOLUTION NO. 003454

Dispenses with the conditions for the collection of time deposits.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the MONETARY NATIONAL COUNCIL, in a session held on May 30, 2007, based on Articles 4, items VI and VIII, of the aforementioned law, Article 29 of Law No. 4,728, of July 14, 1965, Decree-Law No. 13, of July 18, 1966, Decree-Law No. 14, of July 29, 1966, Article 2 of Decree-Law No. 759, of August 12, 1969, with the wording given by Decree-Law No. 1,259, of February 19, 1973, and having in view the provisions of Article 30 of the aforementioned Law No. 4,728, of 1965,

R E S O L V E S:

Art. 1 Multiple banks, commercial banks, investment banks, development banks, and savings banks may collect resources under the modality of time deposits, from individuals and legal entities, with or without the issuance of a certificate, under the conditions stipulated in this resolution.

Sole Paragraph. For the purposes of this resolution, Bank Deposit Certificates (CDB) are considered time deposits with the issuance of a certificate, and time deposits without the issuance of a certificate are Bank Deposit Receipts (RDB).

Art. 2 The following are authorized to collect resources through RDB:

I - credit, financing, and investment companies, from individuals and legal entities;

II - credit cooperatives, from their associates.

Art. 3 Time deposit contracts must observe the minimum terms and forms of remuneration established in the legislation and current regulations.

Sole Paragraph. Interfinancial deposits remain subject to specific regulation.

Art. 4 The following are prohibited:

I - the collection of the following deposit modalities:

a) advance notice;

b) shareholders represented by non-negotiable receipts of non-checkable deposits; and

c) automatic reinvestment;

II - the collection of time deposits from financial institutions, except from microentrepreneur credit societies.

Sole Paragraph. Contracts for deposits existing on the date of entry into force of this resolution, under the modalities mentioned in item I, may be maintained until their expiration, provided that credit cooperatives may continue receiving advance notice deposits until December 31, 2007.

Art. 5 Article 31, item III, of Resolution No. 3,442, of February 28, 2007, shall be effective with the following wording:

"Art. 31. A credit cooperative may carry out the following operations and activities, in addition to others established in specific regulation:

...........................................................

III - apply resources in the financial market, including in sight deposits and interfinancial deposits, observing eventual legal and regulatory specific restrictions of each application;

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(NR)

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

Art. 7 Article 4 of Resolution No. 2,613, of June 30, 1999, and Resolutions Nos. 15, of January 28, 1966, 105, of December 10, 1968, 367, of April 9, 1976, 909, of April 5, 1984, and 2,172, of June 30, 1995, are repealed.

Brasília, May 30, 2007.

Henrique de Campos Meirelles
President