PROVISIONAL MEASURE # 2,115 -16, DE February 23, 2001

Provides on the performance of the chambers and clearing and settlement service providers, within the framework of the Brazilian payment system, and gives other arrangements.

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

Art. 1º This Provisional Measure regulates the performance of the chambers and clearing and settlement service providers within the framework of the Brazilian payment system.

Art. 2º The Brazilian payment system that it treats this Provisional Measure comprises the entities, systems and procedures related to the transfer of funds and other financial assets, or with the processing, compensation and settlement of payments in any of its forms.

Single Paragraph. They integrate the Brazilian payment system, in addition to the clearing service of cheques and other papers, the following systems, in the form of authorisation granted to the respective chambers or clearing and settlement service providers, by the Central Bank of Brazil or by the Securities Commission, in its areas of competence:

I-of compensation and settlement of electronic debit and credit orders ;

II-of transfer of funds and other financial assets ;

III-of compensation and settlement of transactions with securities and securities ;

IV-of compensation and settlement of transactions carried out on merchandise and futures exchanges ; and

V-others, including involving operations with financial derivatives, whose chambers or service providers have been authorized in the form of this article.

Art. 3º It is admitted to multilateral compensation of obligations under a same chamber or provider of clearing and settlement services.

Single Paragraph. For the purposes of this Provisional Measure, multilateral compensation of obligations is defined for the procedure intended for ascertaining the sum of the bilateral debtors and creditors of each participant in relation to the others.

Art. 4º In systems where the volume and nature of the business, at the discretion of the Central Bank of Brazil, are able to offer risk to the soundness and normal functioning of the financial system, the chambers and the providers of clearing and settlement services shall, without prejudice to obligations arising under law, regulation or contract, in respect of each participant, the position of Contracting Party, for the purposes of settlement of the obligations, carried out by means of of the chamber or provider of services.

§ 1º The chambers and clearing and settlement service providers do not respond by the addition of the obligations originating in the issuer, to rescue the principal and accessories of their securities and securities object of compensation and settlement.

§ 2º The systems of which it treats the caput should rely on mechanisms and safeguards that enable clearing and settlement service providers and providers to ensure the certainty of the liquidation of the operations in them compensated and liquidated.

§ 3º The mechanisms and safeguards of which it treats the preceding paragraph comprise, among others, adequate security devices and risk control rules, contingencies, sharing of losses among the participants and direct execution of positions in custody, of contracts and guarantees docked by the participants.

Art. 5º Without prejudice to the provisions of § 3º of the preceding Article, the chambers and providers of clearing and settlement services responsible for one or more systemically important environments shall, obeyed regulation lowered by the Central Bank of Brazil, separating special heritage, formed by goods and rights required to uniquely guarantee the fulfilment of existing obligations in each of the systems that are operating.

§ 1º The goods and rights integral to the special estate of which it treats the caput, as well as their fruits and yields, shall not be communicated with the general estate or other special heritage of the same chamber or service provider of compensation and settlement, and shall not be able to be used to carry out or ensure compliance with any obligation assumed by the chamber or provider of clearing and settlement services in a strange system to the one to which they are bound.

§ 2º The acts of constitution of the separate heritage, with the respective destination, will be object of averbation or registration, in the form of the law or regulation.

Art. 6º The goods and rights integral to the special estate, as well as those offered in warranty by the participants, are impenetrable, and will not be able to be the object of arrest, kidnapping, search and seizure or any other act of judicial constriction, except for the fulfilment of the obligations assumed by the chamber itself or provider of clearing and settlement services in the quality of a Contracting Party, in accordance with the provisions of the art caput. 4º of this Provisional Measure.

Art. 7º The regimes of civil insolvency, bankruptcy, intervention, bankruptcy or extrajudicial settlement, to which any participant is submitted, shall not affect the adimplement of their obligations, assumed within the chambers or clearing and settlement service providers, which will be ultimated and settled by the chamber or service provider, in the form of their regulations.

Single Paragraph. The product of the realisation of the guarantees provided by the participant submitted to the schemes of which it treats the caput, as well as the securities, securities and any other its assets, object of compensation or liquidation, shall be intended for settlement of the obligations assumed within the scope of chambers or service providers.

Art. 8º In the hypotheses that it treats the previous article, or when verified the default of any participant in a system, the settlement of the obligations, observed the provisions of the Regulations and Procedures of the Chambers or compensation and settlement service providers, it will give:

I-with the tradition of the traded assets or the transfer of resources, in the case of financial motion ; and

II-with the delivery of the product of the realisation of the guarantees and with the use of the mechanisms and safeguards of which they treat § § 2º and 3º of the art. 4º, when non-existable or insufficient traded assets or the resources to be transferred.

Single Paragraph. If, after adoption of the arrangements for treating incisos I and II, there is positive balance, it shall be transferred to the participant by integrating the respective mass, if any, and if there is a negative balance, it shall constitute him credit from the chamber or provider of compensation and settlement services against the participant.

Art. 9º The infraction to the legal and regulatory standards governing the payment system subject to chambers and clearing and settlement service providers, their administrators and members of tax advice, advisory and similar to the predicted penalties:

I-no art. 44 of Law No. 4,595 of December 31, 1964, applicable by the Central Bank of Brazil ;

II-no art. 11 of Law No. 6,385 of December 7, 1976, applicable by the Securities and Exchange Commission.

Single Paragraph. From decisions rendered by the Central Bank of Brazil and the Securities Commission, on the basis of this article, it shall be appeal, without suspension effect, to the National Financial System Resources Board within fifteen days.

Art. 10. The National Monetary Council, the Central Bank of Brazil and the Securities Commission, in their respective spheres of competence, shall lower the standards and instructions necessary for the fulfilment of this Interim Measure.

Art. 11. The acts practiced on the basis of the Provisional Measure No. 2,115 -15, of January 26, 2001, shall be convalidated.

Art. 12. This Provisional Measure comes into force on the date of its publication.

Brasilia, February 23, 2001 ; 180º of Independence and 113º of the Republic.

FERNANDO HENRIQUE CARDOSO

Pedro Parente