PROVISIONAL MEASURE NO. 2,115 TO -15, OF January 26, 2001

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

THE PRESIDENT OF THE REPUBLIC, in the use of the assignment that confers it on 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 Brazilian payments.

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

Single paragraph. They integrate the Brazilian payment system, in addition to the cheque clearing service and other roles, the following systems, in the form of authorization 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 clearing and settlement of electronic debit and credit orders;

II-of transfer of funds and 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 by the procedure for ascertaining the sum of the bilateral debtors and creditors of each participant in relation to the rest.

Art. 4º In the 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 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 systems of which it treats the caput should rely on mechanisms and safeguards that enable the chambers and service providers of compensation and liquidation ensure the certainty of settlement of the operations 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 risk control rules, contingencies, loss sharing among the participants and direct execution of positions in custody, contracts and guarantees provided by the participants.

Art. 5º Without prejudice to the provisions of Paragraph 3º of the preceding article, the chambers and clearing and settlement service providers responsible for one or more systemically important environments shall, obeyed regulation, comply with regulation downloaded by the Central Bank of Brazil, separate special heritage, formed by goods and duties necessary to guarantee exclusively the fulfillment of the existing obligations in each of the systems that are operating.

§ 1º The assets and integral rights of the special estate of which it treats the caput, as well as its fruits and yields, will not be communicated with the general estate or other special heritage of the same chamber or clearing service provider and of settlement, and may not be used to carry out or guarantee the fulfillment of any obligation assumed by the chamber or provider of clearing and settlement services in a foreign system to which they link.

§ 2º The constitution acts of the separate estate, with the respective addressee, will be the object of averaging or registration, in the form of the law or the regulation.

Art. 6º 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 subject of arrest, hijacking, search and seizure or any other act of judicial constriction, except for the fulfillment of the obligations assumed by the chamber itself or provider of clearing and settlement services as a contracting party, pursuant to the provisions of the caput of the art. 4º of this Provisional Measure.

Art. 7º The civil insolvency regimes, bankruptcy, intervention, bankruptcy or extrajudicial settlement, to which any participant is submitted, will not affect the adimplement of their obligations, assumed within the framework of the clearing houses or providers of clearing and settlement services, that will be finalized 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 regimes of which it treats the caput, as well as the securities, securities and any other assets, object of clearing or settlement, shall be intended for the settlement of the obligations assumed in the framework of the chambers or service providers.

Art. 8º In the hypotheses that it treats the previous article, or when verified the default of any participant of a system, 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. 9º The infraction to the legal and regulatory standards governing the system of payments subject to the chambers and the providers of clearing services and of liquidation, its trustees and members of tax advice, advisory and resembling the forecasted 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 Commission.

Single paragraph. Of the decisions rendered by the Central Bank of Brazil and the Securities Commission, on the grounds of this article, it will be able to appeal, without suspensive 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 for compliance with this Interim Measment.

Art. 11. They are convalidated the acts practiced on the basis of the Provisional Measure No. 2,115 to -14, of December 27, 2000.

Art. 12. This Interim Measure takes effect on the date of its publication.

Brasilia, January 26, 2001; 180º of Independence and 113º of the Republic.

FERNANDO HENRIQUE CARDOSO

Silvano Gianni