Resolution CMN No. 4478 — Amends Resolution No. 1,775 of December 6, 1990, Regarding Risk Diversification Limits and Acquisition of Securities Issued by Affiliated Companies

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 April 22, 2016, based on Articles 4, items VI and VIII, of the aforementioned Law, and Article 3, item I, of Law No. 6,385 of December 7, 1976,

R E S O L V E D:

Art. 1 Resolution No. 1,775 of December 6, 1990, is amended by adding Article 6-A, with the following wording:

“Article 6-A The prohibition set forth in Article 6 does not apply to real estate receivable certificates and agribusiness receivable certificates:

I - belonging to a subordinated class, provided that the credit rights serving as their collateral are subject to the fiduciary regime, in accordance with current legislation and regulations; or

II - acquired as a result of the exercise of a distribution guarantee, provided that the credit rights serving as their collateral are subject to the fiduciary regime, in accordance with current legislation and regulations.” (NR)

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

Art. 3 Article 1 of Resolution No. 1,775 of December 6, 1990, is hereby revoked.

Alexandre Antonio Tombini
President of the Central Bank of Brazil