Resolution No. 2.770

RESOLUTION No. 002770 ------------------- NATIONAL DEBUREAUCRATIZATION PROGRAM - Amends and consolidates the rules governing loan operations between residents or domiciled in the Country and residents or domiciled abroad. THE CENTRAL BANK OF BRAZIL, in the form of art. 9 of Law No. 4.595, of 31 December 1964, makes public that the NATIONAL MONETARY COUNCIL, in a session held on 30 August 2000, based on the provisions of art. 4, items VI and XXXI, of the aforementioned Law, and in Law No. 4.131, of 3 September 1962, with the modifications introduced by Law No. 4.390, of 29 August 1964, regulated by Decree No. 55.762, of 17 February 1965, R E S O L V E D : Art. 1 Establish that the contracting of loan operations between natural persons or legal persons resident or domiciled in the Country and resident or domiciled abroad are subject to the provisions of this Resolution. Art. 2 The funds raised through external loans must be applied in economic activities, in the terms of Law No. 4.131, of 3 September 1962, respecting the compatibility between the costs practiced and the parameters usually observed in international markets. Art. 3 The contracting of the loans dealt with in this Resolution is authorized, as well as the payments of commissions and expenses that occur simultaneously with their inflow, regardless of prior and express authorization from the Central Bank of Brazil, without prejudice to the provisions of art. 8 of Law No. 4.131, of 1962. Sole paragraph. Excluded from the provisions of the "caput" are external loan operations whose borrowers are from the public sector, as defined in art. 10 of this Resolution. Art. 4 The funds entering the Country under this Resolution are subject to registration with the Central Bank of Brazil. Sole paragraph. Any alteration in the registrations of external loan operations, including renewals and extensions, depends on prior consent from the Central Bank of Brazil. Art. 5 Financial institutions and leasing companies are permitted to raise funds abroad for free application in the domestic market, observing their respective operational fields. Paragraph 1 In the case of financial institutions, the permission dealt with in this article includes the carrying out of on-lending operations to non-financial natural persons or legal persons. Paragraph 2 Financial institutions and leasing companies are permitted to carry out interfinancial on-lending of funds raised abroad to other institutions and companies of the kind. Paragraph 3 The provisions of this article also apply to funds raised abroad prior to the date of entry into force of this Resolution. Art. 6 For the purposes of this Resolution, on-lending operation means the granting of credit linked to the original external fundraising in which the on-lending institution transfers to the on-borrower, a natural person or legal person in the Country, identical cost conditions of the debt originally contracted in foreign currency (principal, interest and accessory
charges), as well as the applicable taxation, and no other charge may be collected, for financial intermediation services, for any reason, other than an on-lending commission. Sole paragraph. In the operations dealt with in the "caput", the financial institution must pass on to the final borrower of the funds the effects arising from the exchange variation of the debt originally contracted abroad. Art. 7 The external funds dealt with in this Resolution may be raised directly or through the placement of securities, observing the forms and respecting the usual procedures practiced in the international market. Sole paragraph. The financial and term conditions of the operation must be clearly defined in the registration request, and open maturities or undefined charges or charges linked, in an unlimited manner, to the performance of the borrower or third parties are not admitted. Art. 8 Payments in national currency of installments of principal, interest and other charges of external loan operations must be made by credit to a current account, in the Country, held by the external creditor, opened and maintained in the terms of the legislation and regulations in force. Art. 9 In the operations dealt with in this Resolution, compliance with tax legislation and its regulations is the responsibility of the intervening bank in the respective financial movements. Art. 10 External loan operations whose borrowers are the Union, the states, the Federal District, the municipalities, their autarchies, foundations and companies, including their controlled companies, are subject to prior accreditation, whose request must contain the financial and term conditions of the operation, observing the provisions set forth in the legislation and regulations in force, especially the provisions of art. 98 of Decree No. 93.872, of 23 December 1986, and art. 32, paragraph 1, item IV, of Complementary Law No. 101, of 4 May 2000. Art. 11 Non-compliance with the provisions of this Resolution subjects those responsible to the penalties provided for in the legislation and regulations in force, without prejudice to the application of other applicable sanctions. Art. 12 Excluded from the provisions of this Resolution are operations carried out under Resolution No. 1.834, of 26 June 1991, and Circular No. 2.199, of 16 July 1992, as well as the raising of funds abroad, under any modality, whose borrowers are agencies or subsidiaries of Brazilian banks located abroad. Art. 13. Observing the objectives of the exchange and monetary policies, the Central Bank of Brazil is authorized to establish a minimum amortization period for the operations addressed in this Resolution, as well as to issue the complementary rules and adopt the measures deemed necessary for its implementation, define limits, criteria and conditions, including those related to the application, in the Country, of funds raised abroad. Art. 14. This Resolution enters into force on the date of its publication, and the
following are revoked: I - Resolutions nos. 63, of 21 August 1967 1.554, of 22 December 1988 64, of 23 August 1967 1.564, of 16 January 1989 78, of 20 December 1967 1.646, of 6 October 1989 125, of 12 September 1969 1.651, of 25 October 1989 229, of 1 September 1972 1.652, of 25 October 1989 236, of 19 October 1972 1.704, of 27 April 1990 237, of 19 October 1972 1.726, of 27 June 1990 259, of 12 June 1973 1.734, of 31 July 1990 265, of 31 August 1973 1.754, of 5 October 1990 279, of 7 February 1974 1.809, of 27 March 1991 432, of 23 June 1977 1.820, of 24 April 1991 449, of 16 November 1977 1.838, of 26 June 1991 479, of 20 June 1978 1.853, of 31 July 1991 586, of 7 December 1979 1.869, of 25 September 1991 588, of 7 December 1979 1.889, of 18 December 1991 595, of 16 January 1980 1.917, of 25 March 1992 644, of 22 October 1980 1.938, of 30 June 1992 686, of 18 March 1981 1.965, of 30 September 1992 741, of 16 June 1982 1.967, of 30 September 1992 813, of 6 April 1983 1.986, of 28 June 1993 890, of 28 December 1983 1.989, of 30 June 1993 898, of 14 March 1984 2.004, of 13 July 1993 899, of 29 March 1984 2.014, of 31 August 1993 955, of 12 September 1984 2.170, of 30 June 1995 956, of 12 September 1984 2.235, of 31 January 1996 992, of 13 December 1984 2.312, of 5 September 1996 1.128, of 15 May 1986 2.395, of 25 June 1997 1.134, of 15 May 1986 2.440, of 12 November 1997 1.189, of 8 September 1986 2.483, of 26 March 1998 1.369, of 30 July 1987 2.500, of 28 May 1998 1.521, of 21 September 1988 2.590, of 28 January 1999 1.539, of 30 November 1988 2.683, of 29 December 1999 1.540, of 30 November 1988 2.721, of 24 April 2000; 1.541, of 30 November 1988 II - Circulars nos. 180, of 29 May 1972 1.167, of 7 May 1987 186, of 1 September 1972 1.193, of 24 June 1987 187, of 1 September 1972 1.208, of 21 July 1987 190, of 19 October 1972 1.289, of 5 February 1988 207, of 12 June 1973 1.299, of 9 March 1988 218, of 31 August of 1973 1.313, of 29 April 1988 230, of 29 August 1974 1.326, of 30 June 1988 231, of 29 August 1974 1.343, of 29 July 1988 266, of 5 August 1975 1.384, of 30 November 1988 276, of 13 November 1975 1.385, of 30 November 1988 349, of 23 June 1977 1.386, of 30 November 1988 359, of 16 November 1977 1.387, of 30 November 1988 379, of 20 June 1978 1.400, of 28 December 1988 385, of 14 July 1978 1.422, of 16 January 1989 389, of 11 August 1978 1.477, of 27 April 1989 428, of 18 April 1979 1.557, of 20 December 1989 480, of 10 December 1979 1.577, of 9 February 1990 498, of 28 January 1980 1.588, of 2 March 1990 503, of 13 February 1980 1.604, of 18 March 1990 600, of 22 January 1981 1.622, of 23 March 1990 607, of 19 February 1981 1.639, of 29 March 1990 648, of 5 August 1981 1.686, of 19 April 1990 669, of 29 December 1981 1.748, of 7 June 1990 680, of 12 February 1982 1.768, of 4 July 1990 769, of 6 April 1983 1.937, of 15 April 1991 770, of 6 April 1983 1.980, of 27 June 1991 850, of 14 March 1984 2.261, of 29 December 1992 852, of 29 March
1984 2.290, of 18 March 1993 853, of 29 March 1984 2.334, of 13 July 1993 883, of 13 September 1984 2.349, of 4 August 1993 938, of 21 June 1985 2.378, of 11 November 1993 957, of 18 September 1985 2.384, of 26 November 1993 960, of 2 October 1985 2.390, of 22 December 1993 967, of 30 October 1985 2.400, of 12 January 1994 972, of 29 November 1985 2.410, of 2 March 1994 978, of 18 December 1985 2.414, of 17 March 1994 995, of 30 January 1986 2.545, of 9 March 1995 998, of 18 February 1986 2.564, of 27 April 1995 1.020, of 7 April 1986 2.607, of 23 August 1995 1.021, of 7 April 1986 2.718, of 5 September 1996 1.027, of 16 May 1986 2.781, of 12 November 1997 1.068, of 8 September 1986 2.783, of 13 November 1997 1.069, of 8 September 1986 2.795, of 18 December 1997 1.089, of 13 November 1986 2.822, of 3 June 1998 1.091, of 14 November 1986 2.833, of 24 August 1998 1.099, of 17 December 1986 2.834, of 24 August 1998 1.121, of 30 of January 1987 2,859, of 27 January 1999 1,145, of 20 March 1987 2,956, of 29 December 1999; III - the Circular Letters nos. 113, of 21 May 1974 1,967, of 26 July 1989 1,125, of 9 November 1984 2,042, of 18 December 1989 1,210, of 2 May 1985 2,064, of 11 April 1990 1,233, of 24 June 1985 2,069, of 20 April 1990 1,280, of 18 September 1985 2,107, of 8 August 1990 1,357, of 14 February 1986 2,135, of 9 January 1991 1,438, of 11 July 1986 2,143, of 8 February 1991 1,492, of 24 October 1986 2,151, of 28 February 1991 1,510, of 20 November 1986 2,252, of 24 January 1992 1,695, of 7 August 1987 2,271, of 29 April 1992 1,743, of 30 November 1987 2,342, of 4 January 1993 1,788, of 12 April 1988 2,533, of 15 March 1995 1,794, of 5 May 1988 2,538, of 27 April 1995 1,802, of 1 June 1988 2,575, of 5 September 1995 1,810, of 5 July 1988 2,656, of 12 June 1996 1,819, of 4 August 1988 2,681, of 12 September 1996 1,828, of 8 September 1988 2,710, of 31 December 1996 1,840, of 4 October 1988 2,770, of 14 November 1997 1,848, of 7 November 1988 2,780, of 8 January 1998 1,859, of 30 November 1988 2,815, of 1 September 1998 1,860, of 30 November 1988 2,852, of 26 May 1999 1,861, of 30 November 1988 2,853, of 27 May 1999 1,864, of 6 December 1988 2,879, of 12 November 1999 1,874, of 22 December 1988 2,889, of 30 December 1999 1,878, of 28 December 1988 2,892, of 12 January 2000 1,944, of 15 June 1989 IV - the Communiqués nos. 2,068, of 30 March 1990 2,426, of 21 June 1991 2,076, of 9 April 1990 2,436, of 27 June 1991 2,144, of 20 July 1990 2,759, of 19 March 1992 2,145, of 20 July 1990 4,192, of 23 September 1994 2,286, of 28 January 1991 4,716, of 11 August 1995 2,292, of 1 February 1991 5,007, of 14 February 1996 V - the FIRCE Communiqués nos. 10, of 12 September 1969 21, of 1 September 1972 18, of 27 August 1970 22, of 24 October 1972 20, of 1 September 1972 157, of 7 June 1985 VI - the DECAM Communiqués nos. 1,170, of 11 July 1989 1,190, of 5 September 1989 1,183, of 18 August 1989 1,215, of 20 December 1989. 1,184, of 18 August 1989
Brasília, 30 August 2000 Arminio Fraga Neto President