Resolution CMN No. 3757 — Amends Resolution No. 2,828 of March 30, 2001, Regarding the Constitution and Operation of Development Agencies

RESOLUTION NO. 003757

Amends Resolution No. 2,828, of March 30, 2001, which provides for the constitution and operation of development agencies.

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 June 30, 2009, based on Articles 4, items VI and VIII, of the aforementioned law, and Article 1, paragraph 2, of Provisional Measure No. 2,192-70, of August 24, 2001,

RESOLVES:

Art. 1. Articles 1, 2, 3, 4, and 6 of Resolution No. 2,828, of March 30, 2001, shall enter into force with the following wording:

"Art. 1.

§ 1. For the purposes of this Resolution:

I - Federative Units are the States and the Federal District;

II - projects are undertakings aimed at expanding or maintaining the productive capacity of goods and services, provided for in economic and social development programs of the Federative Unit where they are headquartered.

............................................... ." (NR)

"Art. 2. Development agencies may employ in their activities, in addition to their own resources, those derived from:

I - official funds and programs;

II - federal, state, and municipal budgets;

III - national and international development financial organisms and institutions;

IV - collection of interfinancial deposits linked to microfinance operations (DIM).

Sole paragraph. The development agency, to collect resources from international development financial organisms and institutions, under item III, must hold, in at least one international risk rating agency, among those with the greatest prominence, a risk classification corresponding to an investment grade or, at least, equal to that obtained by the Union, in the same agency." (NR)

"Art. 3. Development agencies may carry out, in the Federative Unit where they are headquartered, the following operations and activities, observing the applicable regulation in each case:

I - financing of fixed and working capital associated with projects;

II - provision of guarantees in operations compatible with the corporate object described in Article 1;

III - provision of consulting and financial agent services;

IV - provision of services as administrator of development funds, observing the provisions of Article 35 of Complementary Law No. 101, of May 4, 2000;

V - application of cash availability in federal public bonds, including through committed transactions as provided in Resolution No. 3,339, of January 26, 2006;

VI - assignment of credits;

VII - direct or indirect acquisition, including through investment funds, of credits originating from operations compatible with the corporate object described in Article 1;

VIII - shareholding, direct or indirect, in the Country, in non-financial institutions, observing the following conditions:

a) it does not constitute the condition of controlling shareholder;

b) the company is not controlled, directly or indirectly, by a Federative Unit; or

c) the Federative Unit does not have significant influence on the company;

IX - swap for protection of own positions;

X - rural credit operations;

XI - financing for the development of professional, commercial, or industrial undertakings of small size, including to natural persons;

XII - specific foreign exchange operations authorized by the Central Bank of Brazil;

XIII - financial leasing operations:

a) contracted with the seller of the goods themselves or with legal entities linked to them; and/or

b) carried out with resources from federal public development institutions." (NR)

§ 1. Exceptionally, when the undertaking aims at benefits of common interest, development agencies may provide assistance to programs and projects developed in a state bordering their area of operation.

§ 2. The carrying out of foreign exchange and leasing operations depends on authorization from the Central Bank of Brazil, requiring the following increases in paid-in capital and net worth over the value established in Article 5:

I - R$6,500,000.00 (six million and five hundred thousand reais), to operate in the foreign exchange market;

II - R$7,000,000.00 (seven million reais), for the carrying out of leasing operations, with a 30% (thirty percent) reduction for development agencies headquartered outside the States of Rio de Janeiro and São Paulo." (NR)

"Art. 4.

IV - the contracting of interfinancial deposits, as depositor or depository, except for the provisions of item IV of Article 2.

............................................... ." (NR)

"Art. 6.

Sole paragraph. For the purposes of this article, obligations are considered the values recorded in current liabilities, co-obligations by credit assignment, and guarantees provided." (NR)

Art. 2. This resolution enters into force on the date of its publication.

Art. 3. Item V and the sole paragraph of Article 4 of Resolution No. 2,828, of March 30, 2001, and Article 10 of Resolution No. 3,706, of March 27, 2009, are hereby repealed.

Brasília, July 1, 2009.

Henrique de Campos Meirelles
President