Provisional Measure No. 539, Of 26 July 2011

Original Language Title: Medida Provisória nº 539, de 26 de Julho de 2011

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PROVISIONAL MEASURE NO 539, DE July 26, 2011.

Authorizes the National Monetary Council, for the purposes of monetary and exchange rate policy, to establish specific conditions for trading of derivative contracts, changes art. 3º of Decree-Law No. 1,783 of April 18, 1980, and the arts. 1º and 2º of Law No. 8,894 of June 21, 1994, and gives other arrangements.

THE PRESIDENT OF THE REPUBLIC, in the use of the assignments that confer you the art. 62 of the Constitution, adopts the following Interim Measure, with force of law:

Art. 1º It shall be the National Monetary Council, for the purposes of monetary and exchange rate policy, authorized to establish specific conditions for trading of derivative contracts, regardless of the nature of the investor, and may include:

I-determine deposits on the notional values of contracts ; and

II-set limits, deadlines and other conditions on the negotiations of the contracts.

Art. 2º The art. 3º of Decree-Law No. 1,783 of April 18, 1980, passes vigorously with the following essay:

" Art.3º ..........................................................................................................................

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IV-in the transactions relating to securities or securities, the institutions authorised to operate in the purchase and sale of securities and securities and, in the transactions of derivative contracts, the entities authorized to register the said contracts. " (NR)

Art. 3º The arts. 1º, 2º and 3º of Law No. 8,894 of June 21, 1994, pass vigorously with the following essay:

"Art.1º ...........................................................................................................................................................................

§ 1º In the case of transactions relating to securities or securities involving derivative contracts, the maximum aliquot is 25% over the value of the operation.

§ 2º The Executive Power, obeys the limits maximum fixed in this article, may alter the aliquots in view of the objectives of monetary and fiscal policies. " (NR)

"Art.2º ................ ????? ............................................................................................

...................................... ??????? ............................................ ??? ................................

II- ..................................................................................................................................

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c) the adjusted notional value of the contracts, in the case of derivative contracts.

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§ 3º For the purposes of the provisions of paragraph "c" of the inciso II of the caput, it is considered to be notional value adjusted the product of the contract reference value (notional value) by the variation in the price of the derivative in relation to the price variation of its object asset. " (NR)

"Art.3º ..............................................................................................................................

...........................................................................................................................................

IV-the holders of the contracts, in the hypothesis predicted in art. 2º, inciso II, point "c". " (NR)

Art. 4º It is the condition of validity of the derivative contracts concluded from the entry into force of this Provisional Measure the registration in chambers or clearing, settlement and registration service providers authorized by the Central Bank of Brazil or by the Securities Commission.

Art. 5º This Provisional Measure shall come into force on the date of its publication.

Brasilia, July 26, 2011 ; 190º of the Independence and 123º of the Republic.

DILMA ROUSSEFF

Guido Mantega