Resolution CMN No. 3568 — Regulates the foreign exchange market and provides other measures

RESOLUTION NO. 003568

Regulates the foreign exchange market and provides other measures.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on May 29, 2008, based on Article 4, items V, VIII, and XXXI of the aforementioned Law, Laws Nos. 8,880 of May 27, 1994, 9,069 of June 29, 1995, 10,192 of February 14, 2001, Decree-Laws Nos. 857 of September 11, 1969, 1,060 of October 21, 1969, and taking into account the provisions of Laws Nos. 4,131 of September 3, 1962, 7,766 of May 11, 1989, 9,613 of March 3, 1998, and 11,371 of November 28, 2006, Decree-Law No. 9,025 of February 27, 1946, and Decrees Nos. 23,258 of October 19, 1933, 42,820 of December 16, 1957, and 55,762 of February 17, 1965,

RESOLVES:

Article 1. The Brazilian foreign exchange market comprises operations for the purchase and sale of foreign currency and operations involving gold as a foreign exchange instrument, carried out by institutions authorized by the Central Bank of Brazil to operate in the foreign exchange market, as well as operations in national currency between residents, domiciled persons, or entities headquartered in the country and residents, domiciled persons, or entities headquartered abroad.

Sole Paragraph. Included in the Brazilian foreign exchange market are operations related to receipts, payments, and transfers to and from abroad through the use of international credit and debit cards, as well as operations regarding international postal financial transfers, including postal orders and international postal refunds.

CHAPTER I

Of the authorizations for the practice of operations in the foreign exchange market

Article 2. Authorizations for the practice of operations in the foreign exchange market may be granted by the Central Bank of Brazil to multiple banks, commercial banks, savings banks, investment banks, development banks, exchange banks, credit, financing, and investment companies, securities brokerage firms, securities distribution companies, and exchange brokerage firms.

Article 3. Agents authorized to operate in the foreign exchange market may carry out the following operations:

I - banks, except development banks: all operations of the foreign exchange market;

II - development banks and savings banks: specific operations authorized by the Central Bank of Brazil;

III - credit, financing, and investment companies, securities brokerage firms, securities distribution companies, and exchange brokerage firms:

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

c) simplified foreign exchange operations for export and import and transfers to and from abroad of a financial nature, not subject to or linked to registration with the Central Bank of Brazil, up to the limit of US$50,000.00 (fifty thousand United States dollars) or its equivalent in other currencies; and

d) operations in the interbank market, arbitrage within the country, and, through an authorized bank to operate in the foreign exchange market, arbitrage with abroad;

IV - travel agencies: purchase and sale of foreign currency in cash, checks, and traveler's checks related to international travel, subject to the provisions of Article 4, Paragraph 1;

V - tourism accommodation establishments: purchase, by residents or persons domiciled abroad, of foreign currency in cash, checks, and traveler's checks related to tourism in the country, subject to the provisions of Article 4, Paragraph 1.

Article 4. The institutions referred to in Article 2 may hire, through an agreement:

I - legal entities in general, to negotiate the realization of unilateral transfers, to and from abroad, in the manner defined by the Central Bank of Brazil;

II - legal entities registered, in accordance with current regulations, with the Ministry of Tourism as providers of remunerated tourist services, for the realization of operations for the purchase and sale of foreign currency in cash, checks, or traveler's checks;

III - financial institutions and other institutions authorized to function by the Central Bank of Brazil, not authorized to operate in foreign exchange, for the realization of unilateral transfers and purchase and sale of foreign currency in cash, checks, or traveler's checks.

Paragraph 1. Travel agencies and tourism accommodation establishments that currently have authorization to operate in the foreign exchange market must adapt to the provisions of item II of this article within 360 days from the date of publication of this Resolution.

Paragraph 2. The contracting institution must register the registration data of the contracted company in the manner defined by the Central Bank of Brazil.

Paragraph 3. The operations referred to in this article are limited to US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies, per operation.

Paragraph 4. The contract to facilitate the agreement referred to in this article must include clauses providing:

I - that the contracted company will act as an agent of the authorized agent to operate in the foreign exchange market, with this assuming full responsibility for the services provided, prohibiting the sub-delegation of the contract to third parties, in whole or in part;

II - integral and unrestricted access to the Central Bank of Brazil, through the contracting institution, to all information, data, and documents related to foreign exchange operations carried out by the contracted party.

Article 5. To be authorized to operate in the foreign exchange market, the financial institution must:

I - present a project, in the terms established by the Central Bank of Brazil, indicating, at minimum, the basic operational objectives and the actions developed to ensure compliance with foreign exchange regulations and to prevent and combat crimes typified in Law No. 9,613 of March 3, 1998;

II - indicate a director responsible for operations related to the foreign exchange market.

Article 6. The Central Bank of Brazil will define the criteria for receipts, payments, and transfers to and from abroad through the use of international credit and debit cards, as well as for the realization of international postal financial transfers, including postal orders and international postal refunds.

Article 7. The Central Bank of Brazil, with respect to the authorizations granted in the manner of this chapter, may, for motivated reasons:

I - revoke or temporarily suspend them due to convenience and opportunity;

II - cancel them due to irregularities found in an administrative process, or suspend them provisionally, in accordance with the law;

III - cancel them due to the institution's failure to carry out foreign exchange operations for a period exceeding one hundred and eighty days.

CHAPTER II

Of the operations carried out in the foreign exchange market

Article 8. Natural persons and legal entities may purchase and sell foreign currency or carry out international transfers in reais, of any nature, without value limitation, being the counterparty in the operation an authorized agent to operate in the foreign exchange market, observing the legality of the transaction, based on economic justification and responsibilities defined in the respective documentation.

Paragraph 1. The provisions of the caput include the purchase and sale of foreign currency, by natural or legal persons, residents, domiciled persons, or entities headquartered in the country, for the purpose of establishing availability abroad and its return.

Paragraph 2. Financial transfers related to applications abroad by financial institutions and other institutions authorized to function by the Central Bank of Brazil must observe specific regulations.

Paragraph 3. Investment funds may carry out transfers to and from abroad related to their applications outside the country, in compliance with regulations issued by the Securities and Exchange Commission (CVM) and foreign exchange rules issued by the Central Bank of Brazil.

Paragraph 4. Financial transfers related to applications abroad by complementary pension entities must observe specific regulations.

Paragraph 5. Without prejudice to the duty of customer identification provided for in Article 18 of this Resolution, in operations for the purchase and sale of foreign currency up to US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies, the presentation of documentation regarding the underlying legal transactions of the foreign exchange operations is waived.

Article 9. Operations in the foreign exchange market must:

I - comply with the guidelines and procedures provided for in the legislation and specific regulations;

II - be registered in the Central Bank Information System (Sisbacen); and

III - observe the operational provisions defined by the Central Bank of Brazil.

Sole Paragraph. The Central Bank of Brazil may define simplified registration forms for operations for the purchase and sale of foreign currency up to US$3,000.00 (three thousand United States dollars), or its equivalent in other currencies.

Article 10. Foreign exchange operations, whose instrument of formalization and classification follows a model defined by the Central Bank of Brazil, may be contracted for settlement within a maximum period of seven hundred and fifty days, counted from the date of their contracting, observing:

I - specific deadlines established by the Central Bank of Brazil, due to the nature of the foreign exchange operation; and

II - criteria established by the Central Bank of Brazil regarding situations in which, due to exceptional circumstances, alteration of the terms of the foreign exchange contract is admitted, including regarding the extension of deadlines for shipment and settlement.

Article 11. Foreign exchange operations are freely cancelled by consensus between the parties or removed from the foreign exchange position of institutions authorized to operate in the foreign exchange market, according to procedures defined by the Central Bank of Brazil.

Sole Paragraph. The provisions of this article do not apply to simplified and interbank foreign exchange operations, for which cancellation, removal, extension, or early settlement are prohibited.

Article 12. It is prohibited to alter, in the foreign exchange contract, data regarding the identities of the buyer or seller, the value in national currency, the foreign currency code, and the exchange rate.

Article 13. In the operation of selling foreign currency, the equivalent in national currency must be debited to a deposit account held by the buyer or paid with a check issued by them, named to the authorized seller, crossed, and non-negotiable.

Article 14. In the operation of purchasing foreign currency, the equivalent in national currency must be credited to a deposit account held by the seller or delivered by means of a check, issued by the authorized agent to operate in the foreign exchange market, named to the seller of the foreign currency, crossed, and non-negotiable.

Article 15. The provisions of Articles 13 and 14 of this Resolution are excepted for the purchase or sale of foreign currency whose equivalent in national currency does not exceed R$10,000.00 (ten thousand reais) per client.

Article 16. The agents authorized to operate in the foreign exchange market referred to in item I of Article 3 of this Resolution, as well as the Federal Savings Bank (Caixa Econômica Federal), may carry out operations for the purchase and sale of foreign currency with a banking institution abroad, in exchange for reais in cash received from or sent to abroad, in accordance with current regulations.

Paragraph 1. The foreign exchange operations referred to in this article must be carried out in a single agency of the institution authorized to operate in the foreign exchange market, previously informed to the Central Bank of Brazil by the director responsible for operations related to the foreign exchange market.

Paragraph 2. A copy of the declaration of entry and exit of resources into and out of the country, provided in accordance with current regulations, must necessarily be included in the file of the respective foreign exchange operation.

CHAPTER III

Of the obligations of agents authorized to operate in the foreign exchange market

Article 17. Agents authorized to operate in the foreign exchange market, as well as companies responsible for financial transfers resulting from the use of international credit or debit cards and those that carry out international postal financial transfers, must ensure compliance with foreign exchange legislation and regulations.

Article 18. Agents authorized to operate in the foreign exchange market must observe the rules for the perfect identification of their clients, as well as verify the responsibilities of the parties and the legality of the operations.

CHAPTER IV

Of the exchange rate

Article 19. The exchange rate is freely agreed upon between agents authorized to operate in the foreign exchange market or between these and their clients.

Article 20. The exchange rate agreed upon in operations for spot or future settlement must reflect exclusively the price of the currency negotiated for the date of contracting the foreign exchange operation, with the stipulation of a premium or bonus being permitted in operations for future settlement, in the manner defined by the Central Bank of Brazil.

Article 21. The exchange rate agreed upon in forward foreign exchange operations must reflect the price of the foreign currency for the date of its settlement, observing the other characteristics defined by the Central Bank of Brazil.

Article 22. Agents authorized to operate in the foreign exchange market are subject to the sanctions provided for in the legislation and regulations in force for the purchase or sale of foreign currency at rates that differ from those practiced by the market or that may constitute capital flight, artificial formation, or price manipulation.

CHAPTER V

Of accounts in national currency of residents, domiciled persons, or entities headquartered abroad and of international transfers in reais

Article 23. International transfers in reais are considered credits or debits made in a deposit account in national currency held by a natural or legal person resident, domiciled, or headquartered abroad, maintained in the country in a bank authorized to operate in the foreign exchange market.

Article 24. The same criteria, provisions, and requirements established for operations for the purchase and sale of foreign currency and the norms provided for in specific regulations must be observed in international transfers in reais, where applicable.

Article 25. Registration in Sisbacen of deposit accounts in national currency, in the country, held by natural or legal persons resident, domiciled, or headquartered abroad, is mandatory.

Article 26. Movements occurring in deposit accounts of natural or legal persons resident, domiciled, or headquartered abroad, of value equal to or greater than R$10,000.00 (ten thousand reais), must be registered in Sisbacen, in the manner established by the Central Bank of Brazil.

Article 27. The use of the deposit account of natural or legal persons resident, domiciled, or headquartered abroad for the realization of international transfers in reais of interest to third parties is prohibited.

Sole Paragraph. The prohibition referred to in this article applies even to accounts held by financial institutions domiciled or headquartered abroad maintained in financial institutions authorized to operate in the foreign exchange market in the country.

Article 28. Balances of own resources existing in deposit accounts of natural or legal persons resident, domiciled, or headquartered abroad may be freely converted into foreign currency, for remittance abroad, exclusively in a bank authorized to operate in the foreign exchange market.

Article 29. Debits and credits to deposit accounts held by embassies, consular departments, or representations of international organizations accredited by the Brazilian Government are exempt from documentary proof and the declaration of the reason for the transfer.

Article 30. Movements in deposit accounts held by an embassy, consular department, or representation of an international organization accredited by the Brazilian Government, including values exceeding R$10,000.00 (ten thousand reais), may be made in cash or by any payment instrument.

CHAPTER VI

General Provisions

Article 31. The institution authorized to operate in the foreign exchange market must immediately notify the beneficiary of the receipt of a payment order in foreign currency originating from abroad in their favor, informing them that it may be negotiated in full or in installments.

Article 32. In operations for the purchase and sale of gold as a foreign exchange instrument against national currency and in arbitrage of gold as a foreign exchange instrument against foreign currency, carried out by financial institutions and other institutions authorized to function by the Central Bank of Brazil that are authorized to operate in the foreign exchange market, the same rules applicable to operations for the purchase and sale of foreign currency must be observed.

Sole Paragraph. The operations referred to in this article will integrate the foreign exchange position and affect the operational limits of the respective agents.

Article 33. Authorizations granted until the date of publication of this Resolution for the opening and movement of deposit accounts in foreign currency in banks authorized to operate in the foreign exchange market in the country are maintained.

Article 34. Agents authorized to operate in the foreign exchange market in the country, foreigners temporarily in the country, and Brazilians resident abroad may maintain a free-flowing account in foreign currencies in banks authorized to operate in the foreign exchange market in the country.

Article 35. The Central Bank of Brazil may authorize companies responsible for financial transfers resulting from the use of international credit or debit cards, travel agencies, and tourist service providers that operate with outbound or inbound tourism to maintain a restricted-flow account in foreign currency in a bank authorized to operate in the foreign exchange market in the country.

Article 36. The revocation, cancellation, or revocation of authorization to operate in the foreign exchange market implies the closure of the foreign currency account, and the account holder must sell to an authorized agent to operate in the foreign exchange market the existing balance, within the period established by the Central Bank of Brazil.

Article 37. Settlement in the Foreign Exchange Market, in equivalent foreign currency, of commitments in national currency, of any nature, entered into between natural or legal persons resident, domiciled, or headquartered in the country and natural or legal persons resident, domiciled, or headquartered abroad, is permitted, upon presentation of relevant documentation.

Article 38. The Central Bank of Brazil will issue the necessary instructions for the compliance with this Resolution, providing, among other things:

I - foreign exchange position in foreign currency of financial institutions and other institutions authorized to function by the Central Bank of Brazil;

II - operational limits of travel agencies and tourism accommodation establishments, as well as contracted companies, in the manner provided for in Article 4 of this Resolution, including criteria for their compliance.

Article 39. Resolutions Nos. 3,265 of March 4, 2005, and 3,311 of August 31, 2005, Article 1 of Resolution No. 3,334 of December 22, 2005, Resolutions Nos. 3,356 of March 31, 2006, and 3,412 of September 27, 2006, Article 1 of Resolution No. 3,417 of October 27, 2006, and Resolution No. 3,452 of April 26, 2007, are revoked.

Article 40. This Resolution enters into force on the date of its publication, producing its effects from July 1, 2008.

Brasília, May 29, 2008.

Henrique de Campos Meirelles
President