Norm - Circular number 2865

Circular number 2865
(Revoked by Circular number 2.943 - 10/20/1999.)

 

Establishes procedures for the granting of authorization to representatives, within Brazil, of financial and similar institutions with head office abroad.

 

The Collegiate Board of Directors, the Central Bank of Brazil, based on Article 2 of Resolution 2,592, of 02/25/1999,

DECIDED:

Article 1 - It is hereby established that authorization for representation in Brazil of financial and similar institutions with head office abroad, mentioned in Resolution 2,592, of 02/25/1999, shall depend on submission of the following documents to a Regional Agency of the Central Bank of Brazil with jurisdiction over the domicile of the appointed representative or representatives:

I - Application, signed by the appointing institution, certifying knowledge and acceptance of the terms of specific regulations in effect within Brazil, and including the following information:

(a) corporate name and full address of the appointing institution’s head office;

(b) full name, domicile within Brazil and other personal data of the appointed representative or representatives;

(c) specification of the duties to be performed by the appointed representative or representatives, under Paragraph Two hereof;

(d) full name and title of the signatory;

II - statement, issued by the central bank or equivalent body in the country of origin, certifying that the institution is legally organized and in operation, that the institution is under the supervision thereof, and that the appointing institution is authorized to establish representative or representatives in Brazil;

III - power of attorney, or similar proxy instrument, granted by the appointing institution to the representative or representatives, describing the powers and duties so granted and the term of such proxy, who shall be expressly not subject to substitution;

IV - document CAPEF -- Formulário Cadastral -- Dados Pessoais [File form -- Personal Data], form CADOC 38027-0, completed by the appointed representative or representatives, in case of natural persons;

V - bylaws or articles of incorporation and the most recent amendment thereto, of the appointed representative or representatives, duly registered with the appropriate body, in case of natural persons.

Paragraph One - Any document issued abroad shall be legalized by the Brazilian Consulate on the country of origin of the appointing institution, translated by a public translator and registered, both the original document and the corresponding translation, with the appropriate registry office of titles and documents.

Paragraph Two - An institution may appoint up to six (6) representatives, including their respective deputies.

Paragraph Three - In case a representative, upon such representative’s accreditation, shall not be registered with Cadastro de Pessoas Físicas -- CPF [Natural Persons File] or with Cadastro Nacional de Pessoas Jurídicas -- CNPJ [National Juristic Persons File], such representative shall inform the corresponding registration number to the Central Bank of Brazil promptly after such representative’s registration.

Paragraph Four - In cases of accreditation of a new representative and replacement of a representative previously accredited, the institution shall be released from submitting the documents mentioned in this Article 1(II).

Article 2 - The authorization mentioned in this Circular shall be canceled:

I - upon expiry of the powers, when such term is determined in the proxy instrument appointing the representative or representatives and there is no other representative or representative with a valid proxy;

II - upon request by the appointing institution;

III - at the discretion of the Central Bank of Brazil in case of evidence of irregular action involving the representative or representatives or the appointing institution.

Article 3 - The representative or representatives shall keep permanently update before the Central Bank of Brazil the file data related to themselves, to the appointing institution, and to the proxy.

Paragraph One - All information mentioned in this Article 3 shall be given in writing while a specific transaction shall not be available within the Central Bank Information System -- SISBACEN.

Article 4 - Any representative of an institution with head office abroad, previously accredited before the date hereof, shall submit not later than 06/30/1999 to the Central Bank of Brazil the documents mentioned in Article 1(I) and (II) and the information mentioned in Article 3 hereof.

Paragraph One - Failure to comply with the provisions of this Article 4 implies automatic cancellation of the authorization for representation.

Paragraph Two - Upon compliance with the provisions of this Article 4, the institution may keep representatives in excess of the number mentioned in Article 1 Paragraph Two hereof.

Article 5 - This Circular shall be effective upon publication.

Brasília, February 25, 1999.

Sérgio Darcy da Silva Alves,

Director.