Law No. 11786, September 25 2008

Original Language Title: Lei nº 11.786, de 25 de Setembro de 2008

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LEI No. 11,786, DE September 25, 2008.

Authorizes the Union to participate in Fund of Guarantee for the Naval-FGCN Construction for the formation of their heritage ; changes the Laws nthe 9,365, December 16, 1996, 5,662, June 21, 1971, 9,019, March 30, 1995, 11,529, October 22, 2007, 6,704, from 26 de October 1979, and 9,818, of August 23, 1999 ; and gives other arrangements.

THE PRESIDENT OF THE REPUBLIC I do know that the National Congress decrees and I sanction the following Law:

Art. 1o It is the Union authorized to participate, on the global limit of up to R$ 1,000,000,000.00 (one billion reais), in Guarantee Fund for Naval Construction-FGCN for the formation of its heritage.

§ 1o The FGCN will have private nature and own heritage separate from the heritage of the cotists and will be subject to rights and obligations of their own.

§ 2o The FGCN heritage will be formed by the docket of goods and rights held by the cotists, by means of the integralization of quotas and the yields obtained with their administration.

§ 3o The integralization of quotas by the Union, at the discretion of the Minister of State of the Farm, can be carried out either through its minority holdings or through shares of federal mixed economy societies, surpluses to the necessary for maintenance of its stock control.

§ 4o The FGCN will respond for its obligations to the goods and rights of its heritage, not responding to the cotists for any obligation of the Fund, except for the integralization of quotas that they subscribe to.

Art. 2o The FGCN will be created, administered, managed and judicial represented and extrajudicially by financial institution controlled, directly or indirectly, by the Union, with observance of the standards to which the inciso XXII of the art caput refers. 4o of Law no 4,595, of December 31, 1964.

§ 1o The representation of the Union in the assembly of cotists will give in the shape of the inciso V of the caput of the art. 10 of Decree-Law no 147, of February 3, 1967.

§ 2o Caberá to the financial institution that it treats the caputof this article deliberation on the management and disposal of the FGCN's goods and rights, ensuring the maintenance of its profitability and liquidity.

§ 3o The financial institution referred to in the caputof this article will do jus a remuneration for the administration of the FGCN, to be established in its statute.

Art. 3o The Director Board of the Guarantee Fund for Naval Construction-CDFGCN, collegiate body, will have its composition and competency established in act of the Executive Power.

Single Paragraph. The status and regulation of the FGCN will be proposed by the CDFGCN and approved in assembly of cotists.

Art. 4o The FGCN will be intended to guarantee the credit risk of the operations of financing for shipbuilding carried out by the accredited financial agents to operate with resources from the Merchant Marine Fund-FMM and restricted to the vessel construction period.

§ 1o The FGCN will not count on any kind of warranty or aval on the part of the public sector and will answer for your obligations to the limit of your assets and rights integral to your estate.

§ 2o The resource proofing of which treats the caput of this article will be granted for guarantee the credit risk of the financing operations carried out with:

I-Brazilian shipyard, for production of vessel intended for Brazilian shipping which operates in the navigation of cabotage or long haul ;

Brazilian shipyard, in financial support for construction or production of vessel interior navigation of loads or of passengers of high social interest ;

III-Brazilian shipyard, in financial support for building or production of support vessel maritime, port support or intended for industrial fishing, under the National Financing Programme of Magnification and Modernization of the National Fishing Fleet-Professor Fishing, instituted by Law no 10,849, March 23 of 2004 ;

IV-Brazilian shipyard, in financial support for construction, production, intended for the control, protection or safety of navigation.

§ 3o Financial agents asking for guarantees to FGCN should participate in the risk of the operations that they count on the Fund's participation.

Art. 5o It will be due to the FGCN pecuniary commission to be charged from the shipyard by the financial agent conceding credit for the purpose of remuneration the risk assumed by the FGCN in each operation guaranteed.

Art. 6the Constitution of FGCN:

I-the commissions charged on account of the warranty of the proofing of its resources, of which it treats art. 5the of this Act ;

II-the result of the financial applications of resources ;

III-the credit recovery of operations honed with resources by it provider ;

IV-the reversal of unapplied balances.

Art. 7o In the financing operations with FGCN warranty, the value funded by financial agents is expected to be up to 90% (ninety percent) of the value of the project.

§ 1o Each funding operation may have, at most, 50% (fifty per cent) of the its debtor balance guaranteed with the FGCN's resource proofing, to depend on the risk of the operation and the size of the companies.

§ 2o The risk of each funding operation assumed by the FGCN will be limited to 25% (twenty-five per cent) of your heritage.

Art. 8the The debit discharge by the FGCN will import its sub-rogation on the rights of the creditor, in the same proportion of the values honored by the Fund.

Art. 9o In each financing operation with resource proofing warranty by the FGCN, cumulatively, the constitution of the following guarantees may be required:

I-sir of the totality of the emission actions of the constructor site ;

II-fiduciary disposal or mortgage of the vessel object of funding ;

III-bail of the controller shareholders of the builder yard ;

IV-celebration of commodation contract of the industrial plants in which the vessel will be built, as well as of the machines and equipment needed for its construction ;

V-Secure warranty with minimum coverage of 10% (ten per cent) of the value of the granted credit.

Single Paragraph. Should the pledge of the entire emission shares of the constructor shipyard have already been given in other funding, it will be accepted, on the occasion of the legal formalization of second funding operation, the pledge of the full share of the shares of emission from the shipyard.

Art. 10 A Brazilian shipping company is expected to intervene in the financing contract celebrated between the financial officer and the constructor shipyard, obliging to quip the debt or take it up by 5 (five) days after the signing of the Delivery Term and Acceptance of the funded vessel.

Art. 11 The extension of the deadline of the FGCN guarantee in case there is renegotiation of the construction contract which involves dilation of the originally paced term not exceeding 1 (one) year.

Single Paragraph. The granting of further dilation of the FGCN guarantee period may be admitted at the discretion of the CDFGCN, provided that it is limited to a further 1 (one) year.

Art. 12 The arts. 5o and 6o of Law no 9,365, of December 16, 1996, pass vigorously with the following essay:

?Art. 5o BNDES will be able to apply up to 20% (twenty per cent) of the resources passed by the Amparo Fund to Worker, exceeded those of which it treats art. 11 of this Act, in operations of financing to ventures and projects aimed at the production or commercialization of goods and services, including those related to tourism activity, with recognized international insertion, in which the obligations of payments are denominated or referenced in dollar or in euro.

§ 1o The resources referred to in the caput of this article, as well as the debtor balances of the financing to which they are intended, may be referenced by the contravalor, in national currency, of the dollar quotation of the United States of America or of the euro quotation, European Union currency, released by the Central Bank of Brazil.

§ 2o The limit set in the caput of this article could be amplified by decision of the Deliberative Council of the Amparo Fund to Worker-CODEFAT.

§ 3o BNDES's operations of financing ventures and projects aimed at the production or marketing of goods with recognized international insertion, with resources passed on by the Amparo Fund to Worker, whose payment obligations are denominated and referenced in national currency, stay disciplined by art. 4the of this Act, not by applying the target limit in the caput of this article.? (NR)

?Art. 6o The resources of the Amparo Fund to Worker applied in the financing operations of which it treats the caputof the art. 5the of this Act will have as remuneration:

I-the Interest Rate for Loans and Financing in the London-LIBOR Interbank Market, informed by the Central Bank of Brazil, or the interest rate of the U.S. Treasury Bonds Treasury securities, when referenced by the US dollar's quotation of America ;

II-the Interest Rate of Interest for loan in the euro currency, in the London interbank market, informed by the Central Bank of Brazil, or the representative rate of the average remuneration of securities of governments of euro-euro area economic zone yield curve, released by the Central Bank European, when referenced by the euro quotation.

§ 1o In case of non-disclosure of the fees referred to in the inciso II of the caput of this article, the fees informed by the British Association of Banks-British Bankers Association or the European Banking Federation-European Banking Federation may be used.

§ 2o BNDES will transfer to the Fund from Amparo to Worker the remuneration provided for in the caput of this article, within the time limit referred to in art. 3o of Law no 8,019, of April 11, 1990.? (NR)

Art. 13 The single paragraph of art. 5o of Law no 5,662, of June 21, 1971, passes vigorously with the following essay:

?Art. 5o ............................................................

Single Paragraph. The operations referred to in this article will be able to formalize overseas, where necessary, for what is the public company National Bank for Economic and Social Development-BNDES authorized to constitute subsidiaries abroad and to accept the usual clauses in international contracts, among them that of arbitration.? (NR)

Art. 14 A Law no 9,019, of March 30, 1995, passes the vigorous force of the following art. 10-A:

?Art. 10-A. The anti-dumpingand countervailing measures may be extended to third countries, as well as parts, parts and components of the products subject to current measures, should the existence of elisive practices that frustrate their enforcement.?

Art. 15 The art. 2o of Law no 11,529, of October 22, 2007, passes vigorously with the following essay:

?Art. 2o It is the Union authorized to grant economic grant, under the modalities of equalization of interest rates and the granting of adimitation bonuses on interest, in the financing operations aimed specifically at the companies of the sectors of ornamental stone, wooden beneficiation, leather beneficiation, footwear and leather, textile, confection, including home line, wood furniture, fruit-in naturaand processed, ceramics, software and delivery of information technology services and capital goods, except automotive vehicles for transportation of cargo and passengers, vessels, aircraft, railway wagons and locomotives and metroviaries, tractors, harvesters and machinery road.

§ 1o The total value of loans and financing to be subsidized by the Union is limited to the amount of up to R$ 12,000,000,000.00 (twelve billion reais), observed the following distribution:

I-up to R$ 11,000,000,000.00 (eleven billion real), with resources from the National Bank for Economic Development and Social-BNDES ;

..........................................................................? (NR)

Art. 16 The art. 1o of Law no 6,704, of October 26, 1979, passes vigorously with the following essay:

?Art. 1the Export Credit Insurance has the purpose of ensuring export credit operations against the commercial, political and extraordinary risks that may affect:

I-the production of goods and the provision of services intended for Brazilian export ;

II-Brazilian exports of goods and services.

Single Paragraph. The Export Credit Insurance may be used by exporters, financial institutions and export credit agencies that finance, refinance or guarantee the production of goods and the provision of services for export Brazilian, as well as the Brazilian exports of goods and services.? (NR)

Art. 17 The arts. 4o, 5o and 8o of Law no 9,818, of August 23, 1999, pass vigorously with the following essay:

?Art. 4o ....................................................................


III-against commercial risk that may affect the operations of the micro, small and medium-sized enterprises that fall within the guidelines set by the Exterior-CAMEX Chamber of Commerce, where the deadline of the operation is up to 180 (one hundred and eighty) days, in the pre-boarding phase, and up to 2 (two) years, in the post-boarding phase.? (NR)

?Art. 5o FGE resources will still be able to be used in operations with Export Credit Insurance for the coverage of collateral provided by federal financial institution, against risks of contractual obligations in the form of collateral of execution, guarantee of redemption of resources and guarantee of terms and conditions of offer, for operations of capital goods or services.

§ 1o The warranties that it treats this article will be able to be provided in consumer and service goods operations, with a deadline of up to 4 (four) years, for the defence sector industries.

§ 2o The coverage that it treats this article is conditional upon the offer by the exporter of sufficient contragaranties to the coverage of the risk assumed by the FGE.? (NR)

?Art. 8o ..........................................................................


II-apply the financial availabilities of the FGE, ensuring the same rate of remuneration for the National Treasury availabilities ;


IV-proceed to the disposal of the shares that constitute FGE's heritage, provided that expressly authorized by CAMEX, observed the regulation to be edited by the Executive Power.

..............................................................................? (NR)

Art. 18 This Act comes into force on the date of its publication.

Brasilia, September 25, 2008 ; 187o of Independence and 120the of the Republic.


Guido Mantega

André Peixoto Figueiredo Lima

Miguel Jorge