Resolution CMN No. 4023 — Amending Resolution No. 2,828 of March 30, 2001, Regarding the Constitution and Operation of Development Agencies

RESOLUTION NO. 4023

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 October 27, 2011, 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:

Article 1. Articles 3 and 4 of Resolution No. 2,828, of March 30, 2001, shall henceforth read as follows:

"Article 3. ..............................................

........................................................

VIII - equity participation, direct or indirect, including through investment funds, in business entities not part of the financial system, organized as a limited liability company, whose capital is fully paid-in, or as a joint-stock company, provided that it constitutes an operation compatible with its corporate purpose and that the following conditions are observed:

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

b) the company is not controlled, directly or indirectly, by a Federation unit;

c) the Federation unit does not have significant influence over the company; or

d) the participation in the total social capital of the same company or in the assets of the same investment fund does not exceed the limit of 25% (twenty-five percent).

........................................................

XV - application in interfinancial deposits linked to microfinance operations (DIM).

........................................................

§ 3. The acquisition of credits provided for in item VII of the main text, when carried out through investment funds, must be restricted to the acquisition of shares in credit rights investment funds (FIDC) that maintain their applied resources predominantly in assets directly related to the corporate purpose of the development agency.

§ 4. The equity participation provided for in item VIII of the main text, when carried out through investment funds, must be restricted to the acquisition of shares in investment participation funds (FIP), mutual investment funds in emerging companies (FMIEE), investment funds in innovative emerging companies (FIEEI), investment funds in infrastructure participation (FIP-IE), and investment funds in participation in research, development and innovation-intensive economic production (FIP-PD&I), that maintain their applied resources predominantly in assets directly related to the corporate purpose of the development agency." (New wording)

"Article 4. ..............................................

........................................................

IV - the contracting of interfinancial deposits, in the capacity of depositor or depository, except for DIM operations." (New wording)

Article 2. This Resolution enters into force on the date of its publication.

Brasília, October 27, 2011.

Alexandre Antonio Tombini
President of the Central Bank of Brazil