Resolution CMN No. 4468 — Amends Resolution No. 2,828 of March 30, 2001, Regarding 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 February 25, 2016, 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,

R E S O L V E D:

Art. 1. Article 3 of Resolution No. 2,828 of March 30, 2001, shall be effective with the following wording:

"Art. 3. ........................................................

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VII - direct or indirect acquisition, including through investment funds, of credits and debentures originating from operations compatible with its social object;

VIII - ...........................................................

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d) the participation in the total share capital of the same society or in the equity of the same investment fund does not exceed the limit of 25% (twenty-five percent);

IX - operations with derivatives for the protection of own positions;

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XIII - ...........................................................

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b) carried out with resources from federal public development institutions;

XIV - subscription of quotas of funds that have the participation of the Union, constituted with the objective of guaranteeing the risk of credit operations, in accordance with Articles 7 to 13 of Law No. 12,087 of November 11, 2009; and

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§ 3. The operation referred to in item VII, when carried out indirectly through investment funds, must be restricted to the acquisition of quotas of investment funds in credit rights (FIDC).

§ 4. The corporate participation provided for in item VIII of the caput, when carried out indirectly through investment funds, must be restricted to the acquisition of quotas of:

I - investment funds in participations (FIP);

II - mutual investment funds in emerging companies (FMIEE);

III - investment funds in innovative emerging companies (FIEEI);

IV - investment funds in infrastructure participations (FIP-IE);

V - investment funds in participations in economic production intensive in research, development and innovation (FIP-PD&I); and

VI - funds for financing the national film industry (Funcine).

§ 5. The funds referred to in §§ 3 and 4 must maintain their applied resources predominantly in assets compatible with the social object of the development agency." (NR)

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

Aldo Luiz Mendes
Acting President of the Central Bank of Brazil