Resolution CMN No. 4087 — Amends and Consolidates the Statute and Bylaws of the Credit Guarantee Fund (FGC)

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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 May 24, 2012, based on Articles 3, item VI, and 4, item VIII, of Law No. 4,595 of 1964, Article 69 of Law No. 7,357 of September 2, 1985, and Article 7 of Decree-Law No. 2,291 of November 21, 1986, and taking into account the provisions of § 1 of Article 28 of Complementary Law No. 101 of May 4, 2000,

R E S O L V E S:

Art. 1. The norms governing the statute and bylaws of the Credit Guarantee Fund (FGC) are amended and consolidated, in accordance with Annexes I and II to this Resolution.

Art. 2. The monthly ordinary contribution of institutions affiliated with the FGC is 0.0125% (one hundred and twenty-five ten-thousandths of a percent) of the amount of account balances corresponding to obligations subject to guarantee.

Art. 3. As a condition for benefiting from the special guarantee referred to in Chapter II of the Bylaws, affiliated institutions must pay to the FGC a special contribution equivalent to the sum of the following values:

I - 0.0833% p.m. (eight hundred and thirty-three ten-thousandths of a percent per month) of the amount of balances of Special Guarantee Time Deposits (DPGE) of the FGC that fall within the limit fixed by the National Monetary Council;

II - 0.8333% p.m. (eight thousand three hundred and thirty-three ten-thousandths of a percent per month) of the amount of DPGE balances that exceed the limit fixed by the National Monetary Council.

Art. 4. The payment of contributions established in Articles 2 and 3 shall observe the following rules:

I - the calculation of the contribution value shall take into account the balances on the last day of each month of the accounts and instruments corresponding to the obligations subject to guarantee;

II - the value of the contributions due must be calculated and paid in accordance with norms established by the Central Bank of Brazil;

III - late payment of the contributions due subjects the affiliated institution to a fine of 2% (two percent) on the value of the contribution, plus adjustment based on the Selic rate;

IV - the payment of contributions and fines must be processed within the Brazilian Payments System (SPB), through the Reserve Transfer System (STR).

Sole Paragraph. The Central Bank of Brazil shall establish the accounts that must serve as the basis for calculating contributions.

Art. 5. The wording given to Chapter IV of the Bylaws attached to Resolution 1,631 of August 24, 1989, by Article 3 of Resolution No. 3,024 of October 24, 2002, is maintained.

Art. 6. The caput of Article 1 of Resolution No. 2,197 of August 31, 1995, shall be effective with the following wording:

“Art. 1. The creation of a private entity, non-profit, intended to administer a mechanism for the protection of holders of credits against financial institutions and to carry out operations of assistance and financial support with such institutions, in special situations recognized by the Central Bank of Brazil, is authorized.

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Art. 7. The institutions affiliated with the FGC are the Federal Savings and Loan Association (Caixa Econômica Federal) and institutions constituted in the form of a multiple bank, commercial bank, investment bank, development bank, credit, financing and investment company, real estate credit company, mortgage company, and savings and loan association, operating in the Country that:

I - receive demand deposits, in savings accounts or time deposits;

II - perform acceptance of bills of exchange;

III - raise resources through the issuance and placement of real estate letters, mortgage letters, or real estate credit letters;

IV - raise resources through committed operations having as object securities issued by a related company.

Sole Paragraph. Affiliation with the FGC by institutions that are to be constituted in the organizational forms mentioned in the caput must be proven to the Central Bank of Brazil prior to the start of their operations.

Art. 8. This Resolution enters into force on the date of its publication, except for the prohibitions addressed in items I and II of Article 25 and items I and II of Article 30 of Annex I to this Resolution, which shall enter into force from the holding of the Ordinary General Assembly of the FGC of the year 2013.

Art. 9. Resolutions No. 3,251 of December 16, 2004, No. 3,400 of September 6, 2006, and No. 3,656 of December 17, 2008, are revoked.

                 Alexandre Antonio Tombini President of the Central Bank of Brazil

    ANNEX I TO RESOLUTION NO. 4,087, OF MAY 24, 2012

      STATUTE OF THE CREDIT GUARANTEE FUND (FGC)

                        CHAPTER I

OF THE NAME, OBJECT, PURPOSE, HEADQUARTERS, AND TERM

Art. 1. The Credit Guarantee Fund (FGC) is a civil association, non-profit, with private law legal personality, governed by this statute and by the applicable legal and regulatory provisions.

Sole Paragraph. The FGC does not exercise any public function, including by delegation.

Art. 2. The FGC has the following purposes:

I - to protect depositors and investors within the financial system, up to the limits established by regulation;

II - to contribute to the maintenance of stability of the National Financial System;

III - to contribute to the prevention of systemic banking crisis.

Art. 3. The FGC has the object of providing guarantee of credits against affiliated institutions, referred to in Article 11 of this statute, in the following situations:

I - the decree of intervention or extrajudicial liquidation of an affiliated institution;

II - recognition, by the Central Bank of Brazil, of the insolvency state of an affiliated institution that, under current legislation, is not subject to the regimes referred to in item I.

Sole Paragraph. The FGC, by effecting payment of debts of affiliated institutions, has the right to reimburse itself for what it paid in accordance with Article 346, item III, of the Civil Code.

Art. 4. Also part of the object of the FGC, considering the purposes provided in items II and III of Article 2, is the contracting of operations of assistance or financial support, including liquidity operations with affiliated institutions, directly or through companies indicated by them, including their controlling shareholders.

§ 1. The operations referred to in the caput may be contracted, including with the objective of promoting the transfer of shareholding control, transformation, incorporation, merger, spin-off, or other forms of corporate reorganization legally admitted in the interest of affiliated institutions.

§ 2. The operations referred to in this article shall observe the following limits in relation to net worth, plus the liabilities arising from the advance payment of ordinary contributions by affiliated institutions, contained in the monthly balance sheet or the balance sheet of the FGC's fiscal year:

I - up to 25% (twenty-five percent) for the set of operations carried out with each affiliated institution or with all affiliated institutions of the same financial conglomerate; and

II - up to 50% (fifty percent) for the set of operations referred to in this article.

§ 3. The contracting of the operations referred to in this article is conditioned on:

I - the occurrence of special situations recognized by the Central Bank of Brazil, not covered in the previous article; and

II - the prior and express authorization of the FGC Board of Directors.

§ 4. The conditions of these operations, regarding term, interest rates, and guarantees, shall be fixed by the board of directors, in conformity with the risks associated with each operation.

Art. 5. Observing the criteria, limits, diversification requirements, operational format, and contractual clauses established by the board of directors, the FGC may invest resources up to the global limit of 50% (fifty percent) of its net worth, plus the liabilities arising from the advance payment of ordinary contributions by affiliated institutions, contained in the monthly balance sheet or the balance sheet of the FGC's fiscal year:

I - in the acquisition of credit rights of financial institutions and leasing companies;

II - in fixed-income securities issued by affiliated institutions, provided they are backed by credit rights constituted or to be constituted with the resources of their respective investments;

III - in linked operations in the form of Resolution No. 2,921 of January 17, 2002.

§ 1. The FGC may alienate the assets acquired as a result of the operations referred to in items I, II, and III of the caput.

§ 2. Except for the hypotheses provided in this statute, the FGC is prohibited from investing resources in the acquisition of real estate, or in variable-income securities, except when received in settlement of credits of its ownership, after which they must be alienated.

§ 3. The contracting of the operations provided for in the caput, when characterized as operations directed to specific financial institutions, is conditioned on the approval of the executive board, respecting the criteria established in the Internal Regulations.

Art. 6. The amount of resources used in the set of operations referred to in Articles 4 and 5 shall observe the limit of 75% (seventy-five percent) of the FGC's net worth, plus the liabilities arising from the advance payment of ordinary contributions by affiliated institutions, contained in the monthly balance sheet or the balance sheet of the Fund.

Art. 7. The FGC may not refuse payment of guarantees provided on the grounds of non-payment of contributions by the affiliated institution.

Art. 8. The FGC has jurisdiction in the city of São Paulo (SP), with its headquarters located in said Municipality, at the address Avenida Brigadeiro Faria Lima, No. 201, 12th floor, ZIP Code 05426-100.

Art. 9. The term of duration of the FGC is indefinite.

                      CHAPTER II

            OF REVENUES AND ASSETS

Art. 10. The revenues of the FGC consist of:

I - ordinary and special contributions from affiliated institutions;

II - service fees resulting from the issuance of checks without sufficient funds;

III - recoveries of credit rights in which the FGC has subrogated, by virtue of payment of debts of affiliated institutions relating to guaranteed credits;

IV - net result of services provided by the FGC and earnings from the investment of its resources;

V - remuneration and charges corresponding to the receipt of values due due to the realization of the operations referred to in Articles 4 and 5;

VI - revenues from other sources.

§ 1. The liability of affiliated institutions is limited to the contributions they are obliged to make, observing the conditions fixed in the FGC bylaws, not responding subsidiarily for the social obligations of the Fund.

§ 2. If circumstances indicate, at any time, that the FGC's assets need additional revenues to meet its obligations, resources shall be used, in the following order, from:

I - extraordinary contributions from affiliated institutions, established in the form of Article 32, item II, of this statute;

II - advance, by affiliated institutions, of up to 12 (twelve) monthly ordinary contributions;

III - credit operations with private, official, or multilateral institutions;

IV - other sources of resources, by proposal of the FGC administration and with prior authorization of the Central Bank of Brazil.

                      CHAPTER III

              OF AFFILIATED INSTITUTIONS

Art. 11. The institutions affiliated with the FGC are the Federal Savings and Loan Association, multiple banks, commercial banks, investment banks, development banks, credit, financing and investment companies, real estate credit companies, mortgage companies, and savings and loan associations, operating in the Country, that:

I - receive demand deposits, in savings accounts or time deposits;

II - perform acceptance of bills of exchange;

III - raise resources through the issuance and placement of real estate letters, mortgage letters, or real estate credit letters;

IV - raise resources through committed operations having as object securities issued by a related company.

Art. 12. The FGC shall have an unlimited number of affiliated institutions.

§ 1. Just cause, for the purposes of exclusion from the roll of FGC affiliates, is the decree of intervention or extrajudicial liquidation of the affiliated institution, as well as the change of corporate object as a result of which the affiliated institution ceases to comply with the provisions of Article 11.

§ 2. The affiliate is entitled to offer a defense to the board of directors, within a period of 15 (fifteen) days, counted from the notification of the exclusion of the institution from the roll of FGC affiliates.

§ 3. From the decision of the board of directors, an appeal, without suspensive effect, may be filed to the general assembly.

Art. 13. The duties of the affiliates are:

I - to comply with and enforce the statute and internal regulations;

II - to attend, vote, respect, and comply with the decisions of the general assembly;

III - to honor contributions punctually, according to established criteria.

Art. 14. All affiliates may freely exercise the rights provided in this statute.

                      CHAPTER IV

                 OF THE GENERAL ASSEMBLIES

Art. 15. The general assembly, the highest deliberative body of the FGC, is integrated by all affiliated institutions.

Art. 16. The exercise of the right to vote in the general assembly is a prerogative of all affiliated institutions, observing the following rules:

I - only affiliates that are up to date with contributions due to the FGC may vote;

II - the voting right of each affiliate shall correspond to the sum of the voting units of which they are holders.

§ 1. Each real disbursed in the last ordinary contribution before the respective general assembly, disregarding cents, shall confer to the affiliated institution one voting unit.

§ 2. The voting right of affiliated institutions that are part of the same financial conglomerate shall take into account the amount of the ordinary contribution effectively disbursed in favor of the FGC by the set of institutions, admitting, however, the exercise of the voting right relative to the voting units of the entire conglomerate by the affiliated institution designated in writing by the leading institution of the conglomerate for this purpose.

Art. 17. By April 30 of each year, affiliated institutions must meet in an ordinary general assembly to take the accounts of the administrators, examine, discuss, and vote on the financial statements, based on the reports of independent auditors and the fiscal council, and elect the members of the board of directors, the fiscal council, the executive board, and the advisory council.

Art. 18. The extraordinary general assembly may be convened to deliberate on other matters of interest to the FGC.

Art. 19. The general assembly shall be convened at least 10 (ten) days in advance, through 3 (three) consecutive publications in the Official Gazette of the Union, always indicating the agenda:

I - by the president of the board of directors, on his own initiative or at the request of 2 (two) or more of its members;

II - by 2 (two) or more members of the board of directors signatories of the request to the president of the board of directors, in case the latter does not promote the publication of the convening notice within 10 (ten) days, counted from the receipt of the request;

III - by, at least, 1/5 (one fifth) of the affiliated institutions.

Art. 20. The general assembly shall be installed and presided over by the president of the board of directors, who will invite one of those present to serve as secretary for the proceedings.

Sole Paragraph. In the absence of the president of the board, the general assembly shall be installed by any of the councilors, with the affiliated institutions present electing the president of the assembly.

Art. 21. The general assembly shall be installed with any number of affiliated institutions present, and its deliberations shall be taken by a simple majority of the voting units present at the assembly, observing the criteria of Article 16 of this statute.

Art. 22. The following quorums apply to deliberations that have as their object the reform of the statute or bylaws of the FGC, or the election and removal of members of the board of directors or the executive board:

I - installation in first call with the presence of, at least, 50% (fifty percent) plus one of the voting units of the affiliated institutions and, in subsequent calls, with the presence of, at least, 1/3 (one third) of the voting units of the affiliated institutions;

II - deliberation by, at least, 2/3 (two thirds) of the voting units of the affiliated institutions present at the assembly.

Sole Paragraph. Approved the reform of the statute or bylaws by the general assembly, the respective proposal shall be forwarded to the Central Bank of Brazil, for examination and submission to the National Monetary Council.

Art. 23. An affiliated institution may be represented by another, through a power of attorney with specific powers for each general assembly.

                     CHAPTER V

               OF THE ADMINISTRATION OF THE FGC

Art. 24. The FGC shall be administered by the board of directors and the executive board, elected by the general assembly, observing the criteria of Article 16 and the following procedures:

I - the election of the members of the board of directors shall be made by voting on slates, containing the name of the candidates for titular or alternate positions for all positions in dispute, which shall be registered with the table as soon as the general assembly announces the quantity of positions in dispute;

II - the name of each candidate for titular or alternate member of the board of directors shall compose only one slate;

III - each affiliated institution may register only one slate;

IV - the slate that obtains the greatest number of votes from the affiliates, according to the quorums established in Article 22, shall be considered the winner;

V - in the event of a tie in the voting, a new general assembly shall be convened, reopening the period for the presentation of slates.

Art. 25. The board of directors shall be constituted by 5 (five) to 9 (nine) effective members and an equal number of alternates, natural persons residing in the Country, observing the following provisions:

I - the participation of controlling shareholders, administrators, or employees of financial institutions, administrators of third-party resources, other institutions authorized to operate by the Central Bank of Brazil, or companies integrated into their respective conglomerates is not permitted, as well as professionals from these institutions or companies who are formally licensed or temporarily absent;

II - the participation of administrators or employees of class entities representing financial institutions or other institutions authorized to operate by the Central Bank of Brazil, as well as professionals from these entities who are formally licensed or temporarily absent, is not permitted;

III - in the event of resignation or impediment of a board member, the board of directors shall indicate one of the alternates to assume the vacancy until the end of the term;

IV - the board shall elect from among its members the president and vice-president.

Art. 26. The term of office of the members of the board of directors shall be up to 3 (three) years, with reelection permitted for one term.

§ 1. The management period shall extend until the investiture of the newly elected councilors.

§ 2. The members of the board of directors shall be exempted from providing management guarantee.

Art. 27. The board of directors must declare the position of member vacant if, without justified cause, they fail to participate in 3 (three) consecutive meetings.

Art. 28. The board of directors shall meet by convocation of the president, on his own initiative or at the request of 2 (two) or more of its members.

§ 1. If the president, within 7 (seven) days of receiving the request for convocation, does not issue the respective notice, 2 (two) or more members of the board of directors who requested the meeting may send it.

§ 2. The convocation notice must indicate the agenda and be delivered, with receipt, to the members of the board of directors, at least 10 (ten) days in advance.

§ 3. The advance notice referred to in § 2 is waived when the meeting has the presence or representation of the total number of members of the board of directors, or alternatively, with a written statement from those members agreeing to the holding of the meeting.

§ 4. The meeting of the board of directors may only occur with the presence or representation of the absolute majority of its members, and deliberations must be taken by majority vote, with the president having a casting vote in case of a tie in the voting.

§ 5. Minutes of the meetings of the board of directors must be recorded in the proper book, signed by those present.

Art. 29. The FGC shall have an advisory council, without executive functions, integrated by up to 5 (five) titular members and 5 (five) alternates, elected by the general assembly, through indication of names made by the board of directors, with a term of 3 (three) years, with reelection permitted, and which shall meet by convocation of the board of directors, when it decides to hear it on:

I - ideas, suggestions, and proposals in the formulation of policies, guidelines, and strategies of action of the FGC in the performance of its purposes;

II - operations and businesses in which the FGC is asked to participate, and which require adequate evaluation in terms of repercussions on the financial market;

III - other matters, within the object of action of the FGC, that may have repercussions on the solidity and stability of the National Financial System.

§ 1. The members of the advisory council must be natural persons, with recognized knowledge and experience in business, operations, and activities developed in the financial system, and the impediments provided for in items I and II of Article 25 do not apply to them.

§ 2. The meetings of the advisory council shall be:

I - held by free convocation of the board of directors, admitting its effectiveness by telephone or electronic means, maintaining in a specific file a summary of the meetings;

II - installed with the presence of 50% (fifty percent) of its members.

§ 3. The members of the advisory council shall sign a letter of commitment of confidentiality addressed to the Central Bank of Brazil, a commitment that shall extend to the persons whom the councilor needs to hear for the formation of their opinion.

Art. 30. The executive board, composed of 2 (two) to 5 (five) directors, one of whom is the executive director and the others without specific designation, shall be elected by the general assembly for a term of 3 (three) years, upon nomination of names made by the board of directors, observing the following provisions:

I - the participation of controlling shareholders, administrators, or employees of financial institutions, of third-party resource administrators, of other institutions authorized to operate by the Central Bank of Brazil, or of companies belonging to their respective conglomerates, as well as professionals from these institutions or companies who are formally licensed or temporarily absent, is not permitted;

II - the participation of administrators or employees of class entities representing financial institutions or other institutions authorized to operate by the Central Bank of Brazil, as well as professionals from these entities who are formally licensed or temporarily absent, is not permitted.

Sole paragraph. The management term shall extend until the investiture of the newly elected directors.

Art. 31. The names of the members elected to the administrative bodies must be submitted to the Central Bank of Brazil, which will approve them if they meet the requirements provided for in the current regulation for the exercise of offices in statutory bodies of financial institutions and other institutions authorized to operate by said Autarchy.

§ 1º Once the respective names are approved, the members of the administrative bodies must take office after signing a letter of confidentiality commitment addressed to the Central Bank of Brazil.

§ 2º The members of the administrative bodies, during the exercise of their term and for 4 (four) months counted from its end, are prohibited from exercising any paid activity for financial institutions, for third-party resource administrators, for other institutions authorized to operate by the Central Bank of Brazil, for companies belonging to their respective conglomerates, or for class entities representing financial institutions or other institutions authorized to operate by the Central Bank of Brazil.

§ 3º The members of the administrative bodies will continue to receive the remuneration assigned to the position during the 4 (four) month period after the end of their terms.

Art. 32. It is the responsibility of the board of directors:

I - to fix the percentage of the ordinary contribution of the associated institutions to the FGC, upon specific request, duly justified, submitted to the Central Bank of Brazil for examination and submission to the prior authorization of the Monetary National Council, observing the maximum percentage established by the Monetary National Council;

II - to fix the conditions of the extraordinary contributions that the associated institutions must make to finance the guarantee to be provided by the FGC in the event referred to in art. 10, § 2º, item I, of this statute, observing that such contributions are limited to 50% (fifty percent) of the rate in force for ordinary contributions;

III - to fix the general orientation of the FGC services, especially the policies and norms to be observed in fulfilling its social purposes and in the application of its resources, establishing the requirements for composition and risk diversification of the portfolio, and may, in addition, contract its administration with third parties, observing the provisions of art. 5º of this statute;

IV - to approve the internal regulations and define competencies for deliberation and practice of acts comprised within the object of the FGC;

V - to indicate to the general assembly the names of the candidates for members of the executive board and the advisory council;

VI - to approve the operating and investment budget of the FGC;

VII - to submit to the Central Bank of Brazil, for examination and submission to the prior authorization of the Monetary National Council, a duly justified proposal for the alteration of the percentage of the ordinary monthly contribution;

VIII - to approve the remuneration levels of the members of the administrative bodies and the fiscal council, observing the global limit fixed by the general assembly, including the contracting of civil liability insurance for management acts;

IX - to deliberate on the acts and operations that, according to this statute or the internal regulations, are within its competence, including the alienation of permanent asset goods;

X - to deliberate on the hiring of independent auditors;

XI - to designate the president and define the remuneration of the effective and alternate members of the advisory council;

XII - to examine the monthly balance sheet and express an opinion on the report and financial statements of the FGC;

XIII - to previously authorize and fix the conditions of the operations provided for in art. 4º of this statute;

XIV - to deliberate on omitted cases.

Art. 33. It is the responsibility of the executive board, in addition to the practice of ordinary management acts:

I - the active and passive representation of the FGC, in court or out of court;

II - the administration of the FGC, in accordance with the statute and the internal regulations.

Sole paragraph. Representation in court, to receive citation or notification, to give personal testimony, or analogous acts, shall be the responsibility of the executive director, who may indicate, to act in his place, another director or attorney with special powers.

Art. 34. The FGC may only assume obligations through joint signature:

I - of 2 (two) directors;

II - of 1 (one) director together with an attorney with a specific mandate.

Sole paragraph. The powers of attorney of the FGC shall be granted by 2 (two) directors and must contain the specification of the powers conferred and the validity period, except in the granting of powers of attorney for judicial purposes, which may be valid for an indefinite period.

CHAPTER VI

OF THE FISCAL YEAR AND FINANCIAL STATEMENTS

Art. 35. The fiscal year of the FGC coincides with the calendar year.

§ 1º At the end of each semester, the executive board must have semi-annual financial statements prepared.

§ 2º At the end of each fiscal year, the executive board must have a balance sheet and a statement of the result of the year prepared, as well as a report on the activities and the result of the period and the situation of the reserves at the end of the year, with a view to their respective appreciation by the board of directors.

§ 3º Copies of the annual report and financial statements must be sent to all associated institutions, as well as to the Central Bank of Brazil.

§ 4º The semi-annual and annual financial statements of the FGC must be examined by independent auditors, published in the Official Gazette of the Union, and disseminated on the FGC website on the internet.

Art. 36. The result annually determined by the FGC must be recorded in the reserves provided for in the internal regulations.

CHAPTER VII

OF THE FISCAL COUNCIL

Art. 37. The FGC will have a fiscal council composed of 3 (three) effective members and an equal number of alternates, elected by the general assembly.

Art. 38. It is the responsibility of the fiscal council to examine the balance sheets and financial statements of the FGC, the reports of the administration and of the independent auditors, issuing an opinion on these documents for appreciation by the ordinary general assembly.

Art. 39. The term of office of the members of the fiscal council will be up to 3 (three) years.

Sole paragraph. The provisions of items I and II of art. 25 and of arts. 26 and 31 of this statute apply to the members of the fiscal council.

CHAPTER VIII

OF LIQUIDATION

Art. 40. The FGC will enter liquidation in the cases provided for by law or by determination of the Monetary National Council, through deliberation of the general assembly, with the board of directors responsible for appointing the liquidator, after hearing the Central Bank of Brazil.

ANNEX II TO RESOLUTION NO. 4,087, OF MAY 24, 2012

BYLAWS OF THE CREDIT GUARANTEE FUND (FGC)

CHAPTER I

OF THE ORDINARY GUARANTEE

Art. 1º The beneficiaries of the ordinary guarantee provided by the Credit Guarantee Fund (FGC) to the associated institutions, referred to in art. 11 of the FGC Statute, are the investors and depositors of such institutions.

Art. 2º The following credits are the object of the ordinary guarantee provided by the FGC:

I - demand deposits or withdrawable upon prior notice;

II - savings deposits;

III - time deposits, with or without the issuance of a certificate;

IV - deposits maintained in non-checkable accounts, intended for the recording and control of the flow of resources related to the provision of payment services for salaries, wages, pensions, and similar;

V - bills of exchange;

VI - real estate letters;

VII - mortgage letters;

VIII - real estate credit letters;

IX - committed operations that have as their object securities issued, after March 8, 2012, by a linked company.

§ 1º The ordinary guarantee does not cover other credits, including:

I - deposits, loans, or any other resources captured or withdrawn abroad;

II - operations related to programs of government interest established by law;

III - judicial deposits;

IV - any financial instrument containing a subordination clause, authorized or not by the Central Bank of Brazil to integrate the reference equity of financial institutions and other institutions authorized to operate by said Autarchy.

§ 2º The total credits of each person against the same associated institution, or against all associated institutions of the same financial conglomerate, will be guaranteed up to the value of R$70,000.00 (seventy thousand reais).

§ 3º For the purpose of determining the guaranteed value of each person's credits, the following criteria must be observed:

I - the holder of the credit is the one in whose name the credit is registered in the accounting of the associated institution or the one designated in a title issued or accepted by it;

II - the credits of each creditor identified by their respective Individual Taxpayer Registry (CPF)/National Registry of Legal Entities (CNPJ) against all associated institutions of the same financial conglomerate must be summed;

III - spouses are considered distinct persons, regardless of the marital property regime;

IV - credits in the name of dependents of the beneficiary identified in the manner of item II must be computed separately;

V - in the event of investment in a credit title related to the items in the caput whose negotiation is intermediated by an institution belonging to the National Financial System (SFN), the ownership of the credits against the institutions associated with the FGC must be proven, by the client of the intermediary institution in the operation, through the presentation of the title negotiation note in the form of Circular No. 915, of February 13, 1985;

VI - credits titled by associations, condominiums, cooperatives, groups, or consortium administrators, supplementary pension entities, insurance companies, capitalization societies, and other societies and associations without legal personality and similar entities will be guaranteed up to the value of R$70,000.00 (seventy thousand reais) in the totality of their assets in the same financial conglomerate;

VII - in joint accounts, the guarantee value is limited to R$70,000.00 (seventy thousand reais), or to the account balance, when lower than this limit, divided by the number of holders, with the credit of the guaranteed value being made individually.

§ 4º In the case provided for in § 3º, item V, the intermediary institution of the operation must present to the intervenor or the liquidator the list of its clients containing the values invested, the date, and the other characteristics of the investment in securities under the responsibility of an issuer under intervention or extrajudicial liquidation.

Art. 3º When the FGC's liquidity reaches 2% (two percent) of the total of the balances of the accounts covered by the guarantee, in the set of associated institutions, the board of directors, upon a justified proposal from the executive board, submitted to the Central Bank of Brazil for examination and submission to the prior authorization of the Monetary National Council, may deliberate the temporary suspension of the contributions of the associated institutions to the fund.

§ 1º If, after the deliberation referred to in the caput, the FGC's liquidity comes to represent less than 2% (two percent) of the total of the balances of the accounts covered by the guarantee, the associated institutions must resume paying contributions, until the liquidity returns to reach the level of 2% (two percent) of the total of the balances of the accounts covered by the guarantee.

§ 2º For the purpose of quantifying the FGC's liquidity, the balances available in cash and in net financial applications must be considered.

§ 3º Net financial applications, for the purpose of § 2º, are those registered in the current asset of the balance sheet of the year and of the monthly balance sheets.

Art. 4º When the situations provided for in the items of art. 3º of the statute occur, the information regarding the values corresponding to the payment of the guarantee will be provided directly to the FGC by the legal representative of the associated institution, with the FGC responsible for designating the financial institution in charge of the payments.

CHAPTER II

OF THE SPECIAL GUARANTEE

Art. 5º The object of the special guarantee provided by the FGC is time deposits, without the issuance of a certificate, under the conditions and limits established by the Monetary National Council, captured by authorized institutions.

§ 1º The deposits referred to in the caput will be known as "Time Deposits with Special FGC Guarantee (DPGE)" and must be specified as such in the contracts.

§ 2º The FGC's coverage of the DPGE will only be demanded in the situations referred to in art. 3º of the FGC statute, and must be paid within 3 (three) business days after the decree of intervention or extrajudicial liquidation, with the FGC responsible for designating a financial institution to execute the payment of the guaranteed investments.

§ 3º The period of up to 3 (three) days for liquidation will be extended, in the event of divergence or delay in the delivery of information and documents, until the procedures published by the FGC on its website on the internet are met.

§ 4º The deposits referred to in the caput must be contracted with a single holder, to be identified by their respective Individual Taxpayer Registry (CPF) or National Registry of Legal Entities (CNPJ) number, with the maintenance of deposits in the form of joint accounts prohibited.

Art. 6º The total credits of each person against the same associated institution to the FGC, or against all associated institutions of the same financial conglomerate, relating to the DPGE, will be guaranteed up to the maximum value of R$20,000,000.00 (twenty million reais).

Sole paragraph. For the purpose of determining the guaranteed value of each depositor's credits, the following criteria will be observed:

I - the holder of the credit is the one in whose name the credit is registered in the accounting of the associated institution or the one designated in a title issued or accepted by it;

II - the credits of each creditor identified by their respective Individual Taxpayer Registry (CPF) or National Registry of Legal Entities (CNPJ) against all associated institutions of the same financial conglomerate must be summed;

III - credits titled by associations, condominiums, cooperatives, groups, or consortium administrators, supplementary pension entities, insurance companies, capitalization societies, and other societies and associations without legal personality and similar entities will be guaranteed up to the value of R$20,000,000.00 (twenty million reais) in the totality of their assets in the same financial conglomerate.

Art. 7º The limit for capturing deposits, for the purpose of art. 5º of this bylaw, is that established by the Monetary National Council.

Art. 8º Financial institutions that capture DPGE must provide the holders of these deposits with a certificate of specific deposit registration, issued by the registering entity.

Sole paragraph. The certificate of specific registration referred to in the caput must be sent to the depositor within 5 (five) business days after the contracting of the operation.

CHAPTER III

OF GENERAL PROVISIONS

Art. 9º The receipt of credits against associated institutions through powers of attorney must be previously justified and approved by the FGC.

Art. 10. Upon detecting the occurrence of procedures that may facilitate, through the use of artifices, the payment of a value higher than the limit established by the Monetary National Council, with the intent to benefit the same person, the FGC, through a justified decision regarding the specific depositor or investor, may suspend the payment until the facts are clarified.

Sole paragraph. It is the responsibility of the interested party to demonstrate the integrity of the procedures adopted, with the FGC having the discretion to accept or not the arguments and proofs presented.