RESOLUTION Nº 2,770
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The CENTRAL BANK OF BRAZIL, under Article 9 of Law nº 4,595, of December 31, 1964, brings to the knowledge of the public that the NATIONAL MONETARY COUNCIL, in a meeting held on August 30, 2000, based on provisions of Article 4(VI) and (XXXI) of such Law nº 4,595, and on Law 4,131, of September 3, 1962, as amended by Law nº 4,390, of August 29, 1964, and regulated by Decree nº 55,762, of February 17, 1965,
R E S O L V E D:
Article 1 - The contracting of loan operations between natural or juristic persons resident or domiciled within Brazil and natural or juristic persons resident or domiciled abroad is subject to the provisions of this Resolution.
Article 2 - The proceeds of foreign loans shall be invested in economic activities, under Law 4,131, of September 3, 1962, maintaining the costs so incurred in harmony with the parameters usually applicable in international markets.
Article 3 - The contracting of loans mentioned in this Resolution, as well as the payment of fees and expenses incurred simultaneously with the entrance of the respective proceeds into Brazil, may be performed independently of previous and express authorization by the Central Bank of Brazil, without prejudice of the provisions of Article 8 of Law 4,131, of 1962.
Sole Paragraph - The provisions of this Article 3 shall not apply to foreign loans in which the public sector, as defined in Article 10 hereof, is the borrower.
Article 4 - The proceeds entered into Brazil related to loans contracted under this Resolution are subject to registration with the Central Bank of Brazil.
Sole Paragraph - Any change in the registration of foreign loan operations, including renewals and extensions, depend on previous authorization by the Central Bank of Brazil.
Article 5 - Financial institutions and leasing societies may obtain funds abroad for free investment in the domestic market, under their respective fields of operation.
Paragraph 1 - In case of financial institutions, the arrangement mentioned in this Article 5 is applicable to operations of transfer of funds to natural or non-financial juristic persons.
Paragraph 2 - Financial institutions and leasing societies may perform interfinancial transfer of funds obtained abroad to other institutions and societies of the same kind, respectively.
Paragraph 3 - The provisions of this Article 5 are applicable to funds obtained abroad before the effective date of this Resolution.
Article 6 - For the purposes of this Resolution, a transfer operation is understood as the granting of credit linked to an original foreign loan in which the transferring institutions performs the transfer to the transferred institution, either a natural or juristic person within Brazil, of identical cost conditions of the foreign loan originally contracted in foreign currency (principal, interests and other charges), as well as the applicable taxes, precluded the charge of any other amounts, of any description, for the financial services rendered.
Sole Paragraph - In any operation mentioned by this Article 6, a financial institution shall transfer to the final borrower of the proceeds any of the effects resulting from exchange variations on the loan originally contracted abroad.
Article 7 - The foreign proceeds mentioned in this Resolution may be obtained either directly or through placement of securities, under the forms and procedures customary in foreign markets.
Sole Paragraph - The financial and term conditions of the loan operation shall be clearly defined in the request for registration, precluded any unspecified date of maturity, undefined charges, and charges linked, in an unlimited form, to the performance of the borrower or of third parties.
Article 8 - Payments in domestic currency related to installments of principal, interests and other charges of foreign loans shall be made through credit in a current account, within Brazil, held by the foreign creditor, open and maintained under applicable legislation and regulations in effect.
Article 9 - In operations mentioned by this Resolution, the intervening bank is responsible in its respective financial transactions for compliance with tax laws and regulations.
Article 10 - In case of foreign loans the borrower of which is the Federative Republic, the States, the Federal District, Municipalities, self-governing bodies, foundations and companies thereof, including companies controlled thereby, are subject to previous accreditation, the request for which shall contain the loan financial and term conditions, under the provisions of the legislation and regulation in effect, particularly in what refers to Article 98 of Decree nº 93,872, of December 23, 1986, and Article 32, Paragraph 1(IV) of Complementary Law nº 101, of May 4, 2000.
Article 11 - Any lack of compliance with the provisions of this Resolution subjects the violator to the penalties envisaged by applicable legislation and regulation in effect, without prejudice of other applicable sanctions.
Article 12 - Operations performed under Resolution nº 1,834, of June 26, 1991, and Circular nº 2,199, of July 16, 1992, and any other funding performed abroad, under any mode, the borrower of which are branches or subsidiaries of Brazilian banks located abroad, are excepted from the provisions of this Resolution.
Article 13 - Under the goals of the exchange and monetary policies, the Central Bank of Brazil is hereby authorized to establish the minimum term for amortization of the operations mentioned in this Resolution, as well as issue the complementary regulations and other measures necessary to the performance hereof, define limits, criteria and conditions, including those related to investment, within Brazil, of foreign funds.
Article 14 - This Resolution shall be effective upon publication, and the following regulatory documents are hereby revoked:
I - Resolutions number:
63, of August 21, 19671,554, of December 22, 1988
64, of August 23, 19671,564, of January 16, 1989
78, of December 20, 19671,646, of October 6, 1989
125, of September 12, 19691,651, of October 25, 1989
229, of September 1, 19721,652, of October 25, 1989
236, of October 19, 19721,704, of April 27, 1990
237, of October 19, 19721,726, of June 27, 1990
259, of June 12, 19731,734, of July 31, 1990265, of August 31, 19731,754, of October 5, 1990
279, of February 7, 19741,809, of March 27, 1991
432, of June 23, 19771,820, of April 24, 1991
449, of November 16, 19771,838, of June 26, 1991
479, of June 20, 19781,853, of July 31, 1991
586, of December 7, 19791,869, of September 25, 1991
588, of December 7, 19791,889, of December 18, 1991
595, of January 16, 19801,917, of March 25, 1992
644, of October 22, 19801.938, of June 30, 1992
686, of March 18, 19811,965, of September 30, 1992
741, of June 16, 19821,967, of September 30, 1992
813, of April 6, 19831,986, of June 28, 1993
890, of December 28, 19831,989, of June 30, 1993
898, of March 14, 19842,004, of July 13, 1993
899, of March 29, 19842,014, of August 31, 1993
955, of September 12, 19842,170, of June 30, 1995
956, of September 12, 19842,235, of January 31, 1996
992, of December 13, 19842,312, of September 5, 1996
1,128, of May 15, 19862,395, of June 25, 1997
1,134, of May 15, 19862,440, of November 12, 1997
1,189, of September 8, 19862,483, of March 26, 1998
1,369, of July 30, 19872,500, of May 28, 1998
1,521, of September 21, 19882,590, of January 28, 1999
1,539, of November 30, 19882,683, of December 29, 1999
1,540, of November 30, 19882,721, of April 24, 2000;
1,541, of November 30, 1988
II - Circulars number:
180, of May 29, 19721,167, of May 7, 1987
186, of September 1, 19721,193, of June 24, 1987
187, of September 1, 19721,208, of July 21, 1987
190, of October 19, 19721,289, of February 5, 1988
207, of June 12, 19731,299, of March 9, 1988
218, of August 31, 19731,313, of April 29, 1988
230, of August 29, 19741,326, of June 30, 1988
231, of August 29, 19741,343, of July 29, 1988
266, of August 5, 19751,384, of November 30, 1988
276, of November 13, 19751,385, of November 30, 1988
349, of June 23, 19771,386, of November 30, 1988
359, of November 16, 19771,387, of November 30, 1988
379, of June 20, 19781,400, of December 28, 1988
385, of July 14, 19781,422, of January 16, 1989
389, of August 11, 19781,477, of April 27, 1989
428, of April 18, 19791,557, of December 20, 1989
480, of December 10, 19791,577, of February 9, 1990
498, of January 28, 19801,588, of March 2, 1990
503, of February 13, 19801,604, of March 18, 1990
600, of January 22, 19811,622, of March 23, 1990
607, of February 19, 19811,639, of March 29, 1990
648, of August 5, 19811,686, of April 19, 1990
669, of December 29, 19811,748, of June 7, 1990
680, of February 12, 19821,768, of July 4, 1990
769, of April 6, 19831,937, of April 15, 1991
770, of April 6, 19831,980, of June 27, 1991
850, of March 14, 19842,261, of December 29, 1992
852, of March 29, 19842,290, of March 18, 1993
853, of March 29, 19842,334, of July 13, 1993
883, of September 13, 19842,349, of August 4, 1993
938, of June 21, 19852,378, of November 11, 1993
957, of September 18, 19852,384, November 26, 1993
960, of October 2, 19852,390, of December 22, 1993
967, of October 30, 19852,400, of January 12, 1994
972, of November 29, 19852,410, March 2, 1994
978, of December 18, 19852,414, of March 17, 1994
995, of January 30, 19862,545, of March 9, 1995
998, of February 18, 19862,564, of April 27, 1995
1,020, of April 7, 19862,607, of August 23, 1995
1,021, of April 7, 19862,718, of September 5, 1996
1,027, of May 16, 19862,781, of November 12, 1997
1,068, of September 8, 19862,783, of November 13, 1997
1,069, of September 8, 19862,795, of December 18, 1997
1,089, of November 13, 19862,822, of June 3, 1998
1,091, of November 14, 19862,833, of August 24, 1998
1,099, of December 17, 19862,834, of August 24, 1998
1,121, of January 30, 19872,859, of January 27, 1999
1,145, of March 20, 19872,956, of December 29, 1999;
113, of May 21, 19741,967, of July 26, 1989
1,125, of November 9, 19842,042, of December 18, 1989
1,210, of May 2, 19852,064, of April 11, 1990
1,233, of June 24, 19852,069, of April 20, 1990
1,280, of September 18, 19852,107, of August 8, 1990
1,357, of February 14, 19862,135, of January 9, 1991
1,438, of July 11, 19862,143, of February 8, 1991
1,492, of October 24, 19862,151, of February 28, 1991
1,510, of November 20, 19862,252, of January 24, 1992
1,695, of August 7, 19872,271, of April 29, 1992
1,743, of November 30, 19872,342, of January 4, 1993
1,788, of April 12, 19882,533, of March 15, 1995
1,794, of May 5, 19882,538, of April 27, 1995
1,802, of June 1, 19882,575, of September 5, 1995
1,810, of July 5, 19882,656, of June 12, 1996
1,819, of August 4, 19882,681, of September 12, 1996
1,828, of September 8, 19882,710, of December 31, 1996
1,840, of October 4, 19882,770, of November 14, 1997
1,848, of November 7, 19882,780, of January 8, 1998
1,859, of November 30, 19882,815, of September 1, 1998
1,860, of November 30, 19882,852, of May 26, 1999
1,861, of November 30, 19882,853, of May 27, 1999
1,864, of December 6, 19882,879, of November 12, 1999
1,874, of December 22, 19882,889, of December 30, 1999
1,878, of December 28, 19882,892, of January 12, 2000
1,944, of June 15, 1989
IV - Communiqués number:
2,068, of March 30, 19902,426, of June 21, 1991
2,076, of April 9, 19902,436, of June 27, 1991
2,144, of July 20, 19902,759, of March 19, 1992
2,145, of July 20, 19904,192, of September 23, 1994
2,286, of January 28, 19914,716, of August 11, 1995
2,292, of February 1, 19915,007, of February 14, 1996
V - FIRCE Communiqués number:
10, of September 12, 196921, of September 1, 1972
18, of August 27, 197022, of October 24, 1972
20, of September 1, 1972157, of June 7, 1985
VI - DECAM Communiqués number:
1,170, of July 11, 19891,190, of September 5, 1989
1,183, of August 18, 19891,215, of December 20, 1989.
1,184, of August 18, 1989
Brasília, August 30, 2000
Armínio Fraga Neto
Governor