Resolution CMN No. 4034 — Amends Articles 2 and 4 of Resolution No. 3,284 of May 25, 2005, and Article 1 of Resolution No. 2,423 of September 23, 1997

RESOLUTION NO. 004034

Amends the wording of Articles 2 and 4 of Resolution No. 3,284 of May 25, 2005, and Article 1 of Resolution No. 2,423 of September 23, 1997, 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 National Monetary Council, in a session held on November 29, 2011, based on Articles 4, item VI, of Law No. 4,595 of 1964, Article 4 of Provisional Measure No. 2,162-72 of August 23, 2001, and Article 4, item "c", of Decree-Law No. 1,290 of December 3, 1973,

RESOLVES:

Article 1. Articles 2 and 4 of Resolution No. 3,284 of May 25, 2005, shall enter into force with the following wording:

"Article 2. The application of the liquidity referred to in Article 1 may only be carried out in extramarket investment funds administered by Caixa Econômica Federal, Banco do Brasil S.A., or by an institution belonging to the financial conglomerate led by them, constituted in observance of the provisions of this Resolution." (NR)

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

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§ 4. The investment policy of the extramarket funds shall, in the applications provided for in item I of this article, be referenced to one of the sub-indices of the Anbima Market Index (IMA) or the Anbima Constant Duration Index (IDkA), with the exception of any sub-index that has in its composition titles linked to the one-day interest rate." (NR)

Article 2. Article 1 of Resolution No. 2,423 of September 23, 1997, shall enter into force with the following wording:

"Article 1. The applications of the financial liquidity of the Worker Protection Fund (FAT), the Coffee Economy Defense Fund (Funcafé), and the National Fund for the Development of Education (FNDE) may only be carried out through Caixa Econômica Federal, Banco do Brasil S.A., or by an institution belonging to the financial conglomerate led by them.

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§ 3. The investment policy of the funds referred to in the caput of this article shall be referenced to one of the sub-indices of the Anbima Market Index (IMA) or the Anbima Constant Duration Index (IDkA), with the exception of any sub-index that has in its composition titles linked to the one-day interest rate." (NR)

Article 3. The deadline for compliance with the conditions set forth in this Resolution is 90 (ninety) days, including the adjustments in the portfolios of the extramarket investment funds referred to in this Resolution, which shall be carried out through bond swap operations with the National Treasury.

Article 4. This Resolution enters into force on the date of its publication.

Brasília, November 30, 2011.

Alexandre Antonio Tombini
President of the Central Bank of Brazil