Decree No. 5,685, Of January 25, 2006

Original Language Title: Decreto nº 5.685, de 25 de Janeiro de 2006

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.

DECREE NO 5,685, DE January 25, 2006.

Institutes the Regulation Committee and Supervision of Financial Markets, Capital, Insurance, Welfare and Capitalization-Coremec.

THE PRESIDENT OF THE REPUBLIC, in the use of the attribution conferring you the art. 84, inciso VI, paragraph "a", of the Constitution,

DECRETA:

Art. 1º It shall be instituted the Regulation and Surveillance Committee of Financial Markets, Capital, Insurance, Welfare and Capitalization-Coremec, within the Ministry of Finance, with the purpose of promoting coordination and enhancement of the acting of the entities of the federal public administration that regulate and scrutinize activities related to public capitation of popular savings.

Art. 2º The Coremec, which has advisory character, will be integrated:

I-by the President of the Central Bank of Brazil and by a Director of that Autarquia ;

II-by the President of the Securities and Exchange Commission and by a Director of that Autarquia ;

III-by the Supplementary Welfare Secretary, the Ministry of Social Welfare, and by a Director of that Registry ; and

IV-by the Superintendent of Private Insurance Superintendency and by a Director of this Oversight.

§ 1º Will be assigned to each holder a supplier.

§ 2º The Directors referred to in the incisors I to IV of this article and the alternates mentioned in § 1st shall be appointed by the Presidents, Secretary and Superintendent of the entities and organ to which they belong.

§ 3º The Coremec will be chaired, every six month period, rotatively and in the order of the caput, per representative member of each entity or organ mentioned there, to be designated by its maximum authority.

§ 4º In the absence or hindrance of the President of Coremec, the proceedings will be chaired by member by him assigned.

§ 5º The entity or organ to which the Chairman of Coremec belongs, observed to rotation provided for in § 3rd, will be responsible for the activities of the Executive secretarial of the Committee.

§ 6º Poor be invited to attend the Coremec meetings any people who can contribute to the enhancement of markets regulated by the entities and organ cited in the caput.

§ 7º Powers will be created working groups, with a given duration, intended for to the examination of specific subjects, integrated by representatives of the entities and organ mentioned in the caput and by guests referred to in § 6º.

Art. 3º To Coremec competes, as per the pautes previously submitted by its members for discussion:

I-propose the adoption of measures of any nature aiming at the better functioning of the markets under the regulation and supervision of entities and organ referred to in the art caput. 2o;

II-discussion of regulatory initiatives and procedures for surveillance that may impact in the activities of more than one of the entities and organ referred to in the art caput. 2nd, for the purpose of harmonizing the mentioned initiatives and procedures ;

III-facilitating and coordinating the exchange of information between the entities and the organ referred to in the art caput. 2nd, including with foreign entities and international bodies ;

IV-debate and propose coordinated action on regulation and supervision, including those applicable to financial conglomerates ; and

V-approve your internal regiment.

Single Paragraph. The internal Coremec regiment can only be approved and modified by the unanimity of votes of its members.

Art. 4º The term of office of the first Chairman of the Coremec shall end on June 30, 2006.

Art. 5º This Decree shall enter into force on the date of its publication.

Brasilia, January 25, 2006 ; 185º of the Independence and 118º of the Republic.

LUIZ INACIO LULA DA SILVA

Antonio Palocci Filho

Carlos Eduardo Gabas