Norm - Circular number 2943

The Collegiate Board of Directors, the Central Bank of Brazil, in a session held on October 20, 1999, based on provisions of Article 2 of Resolution 2592, of February 25, 1999,

DECIDED:

Article 1. It is hereby established that the granting of authorization for representation, within the country, of a financial or similar institution with head office abroad, as mentioned by Resolution 2592, of 1999, is subject to submission of the following documents to the Component of the Department of Financial System Organization Department (DEORF) with jurisdiction over the domicile of the representative so authorized:

I -  Letter of application, executed by the institution to be represented, stating that such institution knows and accepts the terms of the specific regulations in effect within Brazil, and containing the following information:

II - Deliberation, or similar instrument, of the institution to be represented authorizing the establishment of the representation within Brazil;

III - Power of Attorney, or similar instrument, granted by the institution to the representative, indicating the powers and duties granted thereby and the expiration date thereof, being substitution expressly forbidden;

IV - Document "CAPEF – Filing Form – Personal Data", model CADOC number 38027-0, completed by the authorized representative, provided such representative is a natural person;

V - Bylaws or articles of incorporation and the last amendment thereto of the authorized representative, duly registered with the appropriate government agency, provided such representative is a corporation.

Paragraph One. Documents generated abroad shall be legalized by a Brazilian Consulate in the country of origin of the institution to be represented, translated by a public translator and registered, both the originals and the translations, with the competent registry of deeds and documents.

Paragraph Two. In case the authorized representative, at the time of its accreditation as such, shall not be registered with the Natural Persons File (CPF) or with the National File of Juristic Persons (CNPJ), the representative shall inform the Central Bank of Brazil of such number, promptly after its appropriate registration.

Paragraph Three. The representative shall clearly disclose to the public the institutions it represents and the duties to which it is authorized, under Paragraph 1(II) of Article 1 of Resolution 2592, of 1999.

Article 2. The authorization mentioned in this Circular shall be cancelled:

I - Upon expiry of the Power of Attorney, when such expiration is mentioned in the document appointing the representative, and there is no alternative representative with a valid Power of Attorney;

II - Upon request of the represented institution;

III - At the discretion of the Central Bank of Brazil, in case any irregular situation occurs involving either the representative or the represented institution.

Article 3. The representative shall maintain, before the Central Bank of Brazil, perfectly updated its own and the represented institution data files, and those data contained in its instrument of representation mentioned by Article 1(III) hereof.

Paragraph One. In case the data files mentioned by this Article 3 are not changed, the representative shall ratify such data on a yearly basis.

Paragraph Two. The information mentioned by this Article 3 shall be given in writing while a specific transaction code is not available with the Central Bank Information System – SISBACEN.

Article 4. This Circular shall be effective upon publication.

Article 5. Circular 2865, of February 25, 1999, is hereby revoked.