PROVISIONAL MEASURE No. 2115-14 OF 27 DECEMBER 2000
Regulates the operation of the cameras and clearing and settlement service providers in the Brazilian payment system, and other measures.
The PRESIDENT OF THE REPUBLIC, using the powers conferred upon him by art. 62 of the Constitution, adopts the following Provisional Measure, with force of law:
Art. 1. This Provisional Measure regulates the performance of the cameras and clearing and settlement service providers in the Brazilian payment system.
Art. 2 The Brazilian payment system that this Provisional Measure comprises entities, systems and procedures related to the transfer of funds and other financial assets, or the processing, clearing the clearing and settlement of payments on any forms.
Sole paragraph. Integrate the Brazilian payment system in addition to the compensation service checks and other documents, the following systems in the form of authorization to the respective chambers or providers of clearing and settlement services, by Brazil's Central Bank or the Securities and Exchange Commission securities, in its areas of competence:
I - clearing and settlement of electronic orders of debit and credit;
II - transfer of funds and other financial assets;
III - clearing and settlement of transactions with securities;
IV - clearing and settlement of transactions in commodity exchanges and futures; and
V - others, including transactions involving financial derivatives, whose chambers or service providers have been authorized pursuant to this article.
Art. 3 is permitted to multilateral netting under the same house or provider of clearing and settlement services.
Sole paragraph. For the purposes of this Provisional Measure, is defined multilateral netting the procedure for the determination of the sum of bilateral results debtors and creditors of each participant over the other.
Art. 4 In systems where the volume and nature of the business, at the discretion of the Central Bank of Brazil, are able to present a risk to the stability and the normal functioning of the financial system, the cameras and clearing service providers and settlement will take, without prejudice to obligations under law, regulation or contract in respect of each participant, the contracting party position for settlement of obligations undertaken through the camera or service.
§ 1 The clearinghouses and providers of clearing and settlement services do not respond by the due performance of the obligations originating from the issuer to redeem the principal and accessories of their securities clearing and settlement object.
§ 2 dealing systems the caption should have mechanisms and safeguards to the cameras and clearing service providers and settlement ensure certainty of settlement of transactions and offset them liquid.
§ 3 The mechanisms and safeguards referred to in the preceding paragraph include, in others, adequate safety devices and risk control rules, contingency, loss-sharing among participants and direct execution of custody positions , contracts and collateral transferred by the participants.
Art. 5 Without prejudice to the provisions of § 3 of the previous article, the cameras and clearing service providers and settlement responsible for one or more systemically important environments should, subject to the regulations issued by the Central Bank of Brazil, separate special equity formed by assets and rights necessary to exclusively ensure compliance with existing obligations in each of the systems are operating.
§ 1 The members assets and rights of the special assets of the caput, as well as its fruits and yields, do not communicate with the general equity or other special assets in the same house or provider of clearing and settlement services, and may not be used for or to ensure compliance with any obligation assumed by the camera or provider of clearing and settlement services in foreign system to that to which they are linked.
§ 2 The acts of constitution of separate property, with its destination, will be subject to registration or registration, as provided by law or regulation.
Art. 6 The assets and rights that the special heritage, as well as those offered as collateral by participants are exempt from seizure and may not be seizure object, kidnapping, search and seizure or other act of judicial constraint, except for the fulfillment of obligations by the house or provider of clearing and settlement services in a Contracting party under the provisions of the caput of art. 4 of this Provisional Measure.
Art. 7 The civil insolvency regimes, creditors, intervention, bankruptcy or extrajudicial liquidation, to be submitted to any participant, will not affect the due performance of its obligations assumed under the cameras or providers of clearing and settlement services, which will be finalized and net by the camera or service in the form of its regulations.
Sole paragraph. The proceeds from the realization of guarantees provided by the participant subject to that tare the caput schemes, as well as bonds, securities and any other assets, subject to compensation or settlement, will be used for settlement of obligations under the cameras or providers services.
Art. 8 In the cases referred to in the previous article, or when checked default of any participant in a system, the settlement of the obligations, as set forth in the regulations and procedures of the chambers or providers of clearing and settlement services, give se- will:
I - with the tradition of traded assets or the transfer of funds in the case of financial transactions; and
II - with the delivery of the product of the realization of the guarantees and the use of mechanisms and safeguards that address the § § 2 and 3 of art. 4, when non-existent or insufficient negotiated assets or the resources to be transferred.
Sole paragraph. If after adopted the measures dealt with in items I and II, there is a surplus, he shall be transferred to the participant, integrating its mass, if any, and if there is a negative balance, will be him credit camera or provider clearing and settlement services for the participant.
Art. 9. The violation of the laws and regulations governing the payment system subject to the cameras and providers of clearing and settlement services, their managers and members of supervisory boards, advisory and similar ace penalties:
I - in art . 44 of Law No. 4,595, of December 31, 1964, applicable by the Central Bank of Brazil;
II - in art. 11 of Law No. 6,385, of December 7, 1976, applicable by the Securities and Exchange Commission.
Sole paragraph. The decisions made by the Central Bank of Brazil and the Securities and Exchange Commission, on the basis of this article may be appealed, without suspensive effect, to the Board of Appeals of the National Financial System, within fifteen days.
Art. 10. The National Monetary Council, Central Bank of Brazil and the Brazilian Securities Commission, within their respective spheres of competence, will lower the standards and instructions necessary to comply with this Provisional Measure.
Art. 11. hereby validated the acts performed pursuant to Provisional Measure No. 2040-13 of 21 December 2000.
Art. 12. This Provisional Measure shall enter into force on the date of its publication.
Art. 13. Repealing to Provisional Measure No. 2040-13 of 21 December 2000.
Brasilia, December 27, 2000; 179th of Independence and 112th of the Republic.
Cardoso Pedro Malan