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Provisional Measure No. 2,008-3, Of 10 March 2000

Original Language Title: Medida Provisória nº 2.008-3, de 10 de Março de 2000

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PROVISIONAL MEASURE NO. 2.008-3, of March 10, 2000.

Disposes on the actuation of the chambers and clearing and settlement service providers, within the framework of the system of payment, and gives other arrangements.

THE VICE PRESIDENT OF THE REPUBLIC, in the exercise of the office of the PRESIDENT OF THE REPUBLIC, using the assignment that gives him the art. 62 of the Constitution, adopts the following Provisional 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 system of Payments.

Art. 2º The payment system of which it treats this Provisional Measure comprises the entities, the subsystems and procedures relating to the transfer of funds and other financial assets, or with the processing, clearing, and settlement of payments in any of its forms.

Single paragraph. They integrate the payment system, in addition to the cheque clearing service and other roles, the following subsystems, in the form of authorization granted to their respective chambers or clearing and settlement service providers, by the Bank Central Brazil or by the Securities Commission, in its areas of competence:

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

II-of transfer of funds and of other financial assets;

III-of clearing and settlement of securities with securities and securities;

IV-of clearing and settlement of transactions carried out on commodity exchanges and of futures; and

V-others, including involving transactions 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 within the framework of a same chamber or clearing and settlement service provider.

Single paragraph. For the purposes of this Provisional Measure, multilateral clearing of obligations is defined as the procedure for ascertaining the sum of the bilateral debtors and creditors of each participant in relation to the rest.

Art. 4º In the subsystems in which 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 the normal functioning of the financial system, the chambers and the providers of clearing and settlement services shall assume, without prejudice to obligations arising under law, regulation or contract, in respect of each participant, the position of a contracting party, for the purposes of settlement of the obligations, carried out by means of of the chamber or service provider.

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

§ 2º The subsystems of which it treats the caput should rely on mechanisms and safeguards that enable the chambers and service providers of compensation and settlement ensuring the certainty of the settlement of the transactions in them compensated and settled.

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

Art. 5º 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 in the framework of the chambers or clearing and settlement service providers, which will be ultimated and settled by the chamber or service provider, in the form of its regulations.

Single paragraph. The product of the realization 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 assets, objects of clearing or settlement, shall be intended for the settlement of the obligations assumed in the framework of the chambers or service providers.

Art. 6º In the hypotheses that it treats the previous article, or when verified the default of any participant of a subsystem, the settlement of the obligations, noted the provisions of the regulations and procedures of the chambers or clearing and settlement service providers, will give:

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

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

Single paragraph. If, after adopted the arrangements of which they treat incisors I and II, there is a positive balance, it shall be he transferred to the participant by integrating the respective mass, if it is the case, and if there is a negative balance, it will constitute him credit from the chamber or the provider of clearing and settlement services against the participant.

Art. 7º The National Monetary Council, the Central Bank of Brazil and the Securities and Exchange Commission, in their respective spheres of competence, will drop the standards and instructions required to comply with this Provisional Measure.

Art. 8º Stay convalidated the acts practiced on the basis of the Provisional Measure No. 2.008-2, of February 11, 2000.

Art. 9º This Interim Measment takes effect on the date of its publication.

Brasilia, March 10, 2000; 179º of Independence and 112º of the Republic.

marco antÔnio de oliveira maciel

Amaury Guilherme Bier