Resolution CMN No. 3920 — Regulates the consultation of information related to foreign exchange market operations by financial institutions and other institutions authorized by the Central Bank of Brazil

RESOLUTION NO. 003920

Regulates the consultation of information related to operations carried out in the foreign exchange market by financial institutions and by other institutions authorized to operate by the Central Bank of Brazil.

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 November 25, 2010, taking into account the provisions of Article 3, item V, under the terms of the competencies conferred by Articles 4, items V, VI, VIII, and XXXI, and 57 of the aforementioned Law, and further considering Article 1, paragraph 3, item I, of Complementary Law No. 105, of January 10, 2001,

RESOLVES:

Article 1. For the purpose of consulting information on operations carried out in the foreign exchange market, made available by the Central Bank of Brazil, financial institutions and other institutions authorized to operate by that Autarchy must:

I - obtain, via documentary means, specific authorization from the client;

II - retain the document mentioned in item I for a minimum period of 5 (five) years, counted from the date of the last consultation;

III - communicate to the client in advance:

a) the purpose of accessing the information referred to in the caput; and

b) the procedures for consultation, correction, exclusion, and registration of a statement of disagreement regarding the information referred to in the caput.

Paragraph 1. The institutions referred to in the caput are exempt from obtaining the authorization referred to in item I when it concerns operations in which they appear as counterparties.

Paragraph 2. The provisions of this article do not apply to consortium administrators, who shall follow the regulations issued by the Central Bank of Brazil in the exercise of its legal competence.

Article 2. The Central Bank of Brazil is authorized to issue complementary regulations for the compliance with this Resolution, as well as to adopt the necessary measures for its implementation.

Article 3. This Resolution enters into force on the date of its publication.

São Paulo, November 25, 2010.

Henrique de Campos Meirelles
President