Resolution CMN No. 3661 — Amends Resolution No. 3,568 of 2008 Regarding the Foreign Exchange Market and the Regulation Annexed to Resolution No. 3,040 of 2002

RESOLUTION NO. 003661

Amends Resolution No. 3,568, of 2008, which provides for the foreign exchange market, and the Regulation annexed to Resolution No. 3,040, of 2002, which provides for the requirements and procedures for the constitution, the authorization for operation, the transfer of corporate control and the corporate reorganization, as well as for the cancellation of the authorization for operation of the institutions it specifies.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on December 17, 2008, based on Article 4, items V, VIII and XXXI, of the aforementioned law, and on Law No. 4,728, of July 14, 1965,

RESOLVES:

Art. 1. Items I and II of Article 3, Article 4 and the caput of Article 16 of Resolution No. 3,568, of May 29, 2008, shall enter into force with the following wording:

"Art. 3 .............................................

I - banks, except development banks, and the Federal Savings and Loan Association (Caixa Econômica Federal): all operations of the foreign exchange market;

II - development banks: specific operations authorized by the Central Bank of Brazil; ................................................." (NR)

"Art. 4 .............................................
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§ 1. Authorizations to operate in the foreign exchange market held by travel agencies and by tourism lodging facilities shall expire on December 31, 2009.
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§ 5. In the case of a travel agency or tourism lodging facility whose ultimate controllers present an application for authorization to the Central Bank of Brazil by May 29, 2009, duly accompanied by the documentation and under the conditions established by that agency and by the regulations in force, for the constitution and operation of an institution of the National Financial System authorized to operate in the foreign exchange market, the validity period of the authorizations to operate in the foreign exchange market shall observe the following provisions:

I - if the process is approved, the authorization granted to the travel agency or tourism lodging facility shall lose validity concomitantly with the date of the start of activities of the new institution authorized to carry out foreign exchange operations, provided that such date is prior to December 31, 2009;

II - in the event of denial of the request, the authorization granted to the travel agency or tourism lodging facility shall lose validity on December 31, 2009." (NR)

"Art. 16. The agents authorized to operate in the foreign exchange market referred to in item I of Article 3 of this resolution may carry out purchase and sale operations of foreign currency with a banking institution abroad, in exchange for physical reais received from or sent to abroad, in accordance with the regulations in force. ................................................." (NR)

Art. 2. Article 5 of the Regulation annexed to Resolution No. 3,040, of November 28, 2002, is hereby amended by adding §§ 4, 5 and 6, with the following wording:

"Art. 5 ..............................................

§ 4. The submission of the economic-financial feasibility study, referred to in item II, letter 'a', of this article, is hereby waived in the cases of constitution of securities brokerage companies, securities distribution companies and currency brokerage companies.

§ 5. The Central Bank of Brazil may require, at any time, the presentation of the study mentioned in § 4.

§ 6. The study mentioned in § 4 must remain available at the Central Bank of Brazil, at the company's headquarters, for at least its first three years of existence." (NR)

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

Brasília, December 17, 2008.

Henrique de Campos Meirelles
President