LEI N ° 10,214, DE March 27, 2001

Disposes on the acting of the chambers and service providers of compensation and settlement, within the framework of the Brazilian payment system, and gives other arrangements.

I make it known that the President of the Republic adopted the Provisional Measure n ° 2,115 -16, 2001, that the National Congress approved, and I, Jader Barbalho, Chairman of the Federal Senate, for the effects of the provisions in the single paragraph of art. 62 of the Federal Constitution, promulgated the following Law:

Art. 1 ° This Act regulates the performance of the chambers and clearing and settlement service providers, in the scope of the Brazilian payment system.

Art. 2 The Brazilian payment system that it treats this Act comprises the entities, the systems and the 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. 3 ° It is admitted to multilateral compensation of obligations under a same chamber or service provider of compensation and settlement.

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

Art. 4 ° In systems in which the volume and nature of the business, at the discretion of the Central Bank of Brazil, are capable to offer risk to the soundness and normal functioning of the financial system, the chambers and the clearing and settlement service providers shall, without prejudice to obligations 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 the intermediary of the chamber or service provider.

§ 1 ° The chambers and providers of clearing and settlement services do not respond by the adimplement of obligations originating from the issuer, from rescuing the principal and accessories of its securities and securities object of clearing and settlement.

§ 2 ° The systems of which it treats caputshould rely on mechanisms and safeguards that allow cameras and to clearing and settlement service providers to ensure the certainty of the liquidation of the operations in them compensated and settled.

§ 3 ° The mechanisms and safeguards of which it treats the preceding paragraph comprise, among others, safety devices appropriate and rules for risk control, contingencies, sharing loss between participants and direct execution of positions in custody, contracts and guarantees docked by the participants.

Art. 5 ° Without prejudice to the provisions of § 3º of the preceding Article, the chambers and the providers of compensation services and of liquidation responsible for one or more systemically important environments should, obeyed regulation lowered by the Central Bank of Brazil, separate special heritage, formed by goods and rights necessary to guarantee exclusively the compliance with existing obligations in each of the systems that are operating.

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

§ 2 ° 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. 6 ° The goods and rights integral to the special estate, as well as those offered in warranty by the participants, are impawable, 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 service provider of compensation and settlement in the quality of a Contracting Party, in accordance with the provisions of the caput of the art. 4 ° of this Act.

Art. 7 The regimes of civil insolvency, bankruptcy, intervention, bankruptcy or extrajudicial settlement, to which submitted to any participant, shall not affect the adimpletion of their obligations, taken under the chambers or providers of clearing and settlement services, which shall be finalized and settled by the chamber or service provider, in the form of your 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 the settlement of obligations assumed within the scope of chambers or service providers.

Art. 8 ° In the hypotheses that it treats the previous article, or when it has verified the default of any participant of a system, the settlement of the obligations, observed the provisions of the regulations and procedures of the chambers or providers of clearing and settlement services, shall 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 proceeds from the realisation of the guarantees and with the use of the mechanisms and safeguards of which they treat the § § 2 ° and 3 ° of the art. 4 °, 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. 9 The infraction to the legal and regulatory standards governing the system of payments subject to chambers and the compensation and settlement service providers, their administrators and members of tax advice, advisory and resembling the intended penalties:

I-no art. 44 of Law n ° 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, will lower the standards and instructions required to comply with this Act.

Art. 11. The acts practiced on the basis of the Provisional Measure n ° 2,115 -15 of January 26, 2001 shall be convalidated.

Art. 12. This Act shall enter into force on the date of its publication.

National Congress, on March 27, 2001, 180 ° of Independence and 113 ° of Republic

Senator JADER BARBALHO

President of the National Congress