Resolution CMN No. 3567 — Establishes the Constitution and Operation of Microentrepreneur and Small Business Credit Societies

RESOLUTION NO. 3567

Establishes the Constitution and Operation of Microentrepreneur and Small Business Credit Societies.

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 29, 2008, having in view the provisions of Article 1 of Law No. 10,194, of February 14, 2001, as amended by Article 11 of Law No. 11,524, of September 24, 2007,

RESOLVES:

Article 1. Microentrepreneur and small business credit societies are subject to authorization for constitution and operation and to supervision by the Central Bank of Brazil, observing the provisions of this resolution and the regulations in force.

§ 1. The societies must be constituted in the form of a closed corporation, in accordance with Law No. 6,404, of December 15, 1976, and subsequent legislation, or in the form of a limited liability company.

§ 2. The expression "Microentrepreneur and Small Business Credit Society" must appear in the corporate name of the societies referred to in this article, and the use of the word "bank" is prohibited.

§ 3. It is permitted for microentrepreneur credit societies in operation on the date of entry into force of this resolution to maintain their current corporate name.

Article 2. The societies referred to in Article 1 may, with prior authorization from the Central Bank of Brazil, have their corporate control exercised by Civil Society Organizations of Public Interest constituted in accordance with Law No. 9,790, of March 23, 1999, provided that such organizations:

I - develop credit activities compatible with the corporate object of the societies referred to in Article 1;

II - do not confer any management or veto power to the public sector in the conduct of their activities.

Article 3. Direct or indirect public sector participation in the capital of the societies referred to in Article 1 is prohibited.

Article 4. The societies referred to in Article 1 must permanently observe the following limits:

I - of minimum paid-in capital and net equity of R$200,000.00 (two hundred thousand reais);

II - of indebtedness, considering the obligations of current liabilities, co-obligations from credit assignments, and guarantees provided, and deducting investments in federal public bonds, of a maximum of ten times the respective net equity;

III - exposure per client, considering credit operations, co-obligations from credit assignments, and provision of guarantees, limited to 5% (five percent) of its net equity adjusted by income statement accounts.

Sole Paragraph. For the purposes of item III, a client is considered any natural or legal person, or group of persons acting individually or jointly, representing a common economic interest.

Article 5. The societies referred to in Article 1 are permitted, exclusively, to carry out the following operations:

I - granting financing and providing guarantees to microenterprises or small businesses, as defined in Chapter II - On the Definition of Microenterprise and Small Business, of Complementary Law No. 123, of December 14, 2006, as well as to natural persons in the performance of activities related to their corporate object, defined by law;

II - investing cash availability in the financial market, including in sight deposits or interbank deposits, observing eventual specific legal and regulatory restrictions for each investment;

III - acquisition of credits granted in conformity with their corporate object;

IV - assignment of credits, including to financial credit securitization companies, in accordance with the regulations in force;

V - obtaining transfers and loans originating from:

a) national and foreign financial institutions;

b) national and foreign entities focused on promotion and development actions, including Civil Society Organizations of Public Interest;

c) official funds;

VI - collection of interbank deposits linked to microfinance operations (DIM), in accordance with Circular No. 3,197, of July 31, 2003.

§ 1. In addition to the facility provided in the main text, the societies referred to therein may act in the provision of correspondent services in the country, in accordance with the regulations in force.

§ 2. The carrying out of active or passive operations not provided for in this article is prohibited, including:

I - collection, in any form, of resources from the public, as well as the issuance of securities and marketable securities intended for public placement and offering;

II - granting loans for consumption purposes;

III - corporate participation in financial institutions and in other institutions authorized to operate by the Central Bank of Brazil.

Article 6. The Microcredit Service Post (PAM), intended for the carrying out of the operations referred to in Article 5, is maintained, with the following characteristics:

I - it may be installed in any locality by financial institutions that carry out these operations;

II - the installation of the post does not require an injection of paid-in capital and net equity from the financial institution;

III - it may be fixed or mobile, permanent or temporary, allowing the use of facilities provided or funded by third parties;

IV - the daily movement must be incorporated into the accounting of the headquarters or of any branch of the institution;

V - the operating hours may be freely fixed by the financial institution;

VI - the creation and closure must be communicated to the Central Bank of Brazil within a maximum period of five business days from the respective occurrence.

Article 7. The societies referred to in Article 1 must provide, in accordance with the provisions established in the regulations in force, information to the Central Bank's Credit Information System (SCR).

Article 8. The Central Bank of Brazil is authorized to adopt the measures and issue the norms deemed necessary for the execution of the provisions of this resolution, including:

I - establishing the procedures for the authorization and operation of the societies referred to in Article 1;

II - fixing the procedures related to the accounting of the operations of the societies referred to in Article 1, as well as to the preparation and disclosure of their financial statements.

Article 9. The societies referred to in Article 1 whose social capital, on the date of entry into force of this resolution, is less than R$200,000.00 (two hundred thousand reais) will have a period of 360 days, counted from that date, to comply with the provisions of Article 4, item I.

Sole Paragraph. It is permitted for the societies referred to in the main text, during the period mentioned therein, to observe a limit of exposure per client in credit operations and provision of guarantees limited to R$10,000.00 (ten thousand reais), alternatively to that provided in Article 4, item III.

Article 10. This resolution enters into force on the date of its publication, applying to microentrepreneur credit societies constituted in accordance with Resolution No. 2,874, of July 26, 2001.

Article 11. Resolution No. 2,874, of July 26, 2001, is revoked, and the regulatory basis or citations contained in Circulars No. 2,964, of February 3, 2000, No. 3,182, of March 6, 2003, No. 3,218, of January 8, 2004, and No. 3,310, of January 11, 2006, and in Circular Letter No. 2,898, of February 29, 2000, are replaced by this resolution.

Brasília, May 29, 2008.

Henrique de Campos Meirelles
President