SUPPLEMENTARY LAW NO. 109, OF May 29, 2001

Disposes on the Supplemental Welfare Scheme and gives other arrangements.

O P R E S D E N T E DA R E P Article B L I C A

I do know that the National Congress decrees and I sanction the following Supplemental Law:

CHAPTER I

INTRODUCTION

Art. 1º The private provident regime, of complementary and autonomously organized character in relation to the general social welfare regime, is optional, based on the constitution of reserves that guarantee the benefit, in the terms of the caput of the art. 202 of the Federal Constitution, observed the provisions of this Supplementary Law.

Art. 2º The supplementary provident regime is operated by supplementary provident entities which have the main purpose to institute and execute plans for benefits of previdential character, in the form of this Supplementary Act.

Art. 3º The State action will be exercised with the aim of:

I? formulate the supplementary provident policy;

II? discipline, coordinate and supervise the activities regulated by this Supplemental Law, compatibilizing? as with the pension and social and economic development policies?

III? determine minimum economic and actuarial safety standards, with specific purposes of preserving liquidity, solvency, and balance of benefit plans, in isolation, and of each supplementary provident entity, in the set of your activities;

IV? assuring participants and assisted with full access to the information regarding the management of their respective benefit plans;

V? scrutinize supplementary provident entities, their operations and apply penalties; and

VI? protect the interests of the participants and assisted from the benefits plans.

Art. 4º The supplementary provident entities are classified in closed and open, as defined in this Supplemental Act.

Art. 5º The standardization, coordination, supervision, surveillance and control of activities of the supplementary welfare entities will be carried out by organ or regulatory and supervisory bodies, as laid down in law, observed the willing in the inciso VI of the art. 84 of the Federal Constitution.

CHAPTER II

OF THE BENEFITS PLANS

Section I

Common Provisions

Art. 6º The entities of complimentary foresight will only be able to institute and operate benefit plans for which they have specific authorization, under the standards approved by the regulatory and supervisory body, as laid out in this Supplementary Act.

Art. 7º The benefits plans will meet the minimum standards set by the regulatory and supervisory body, with the aim of ensuring transparency, solvency, liquidity and economic balance?

Single paragraph. The regulator and supervisory body will standardize benefit plans in defined benefit modalities, defined contribution and variable contribution, as well as other forms of benefit plans that reflect technical developments and enable flexibility to the supplementary provident regime.

Art. 8º For the purpose of this Supplemental Act, do you consider it?

I? participant, the physical person who adheres to the benefits plans; and

II? assisted, the participant or his / her beneficiary in enjoyment of benefit from continuing benefit.

Art. 9 ° The supplementary provident entities shall constitute technical reserves, provisions and funds, of compliance with the criteria and standards set by the regulatory and supervisory body.

§ 1º The application of the resources corresponding to the reserves, the provisions and the funds of which it treats the caput will be made as guidelines laid down by the National Monetary Council.

§ 2º It is vetoed the establishment of compulsory applications or minimum application limits.

Art. 10. They should appear in the regulations of the benefit plans, enrolment proposals and certificates of participants minimum conditions to be fixed by the governing body and scrutin.

§ 1º Every suitor will be made available and to every participant delivered, when of their enrollment in the benefits plan:

I? certificate where the requirements governing admission and maintenance of the quality of participant will be stated, as well as the eligibility requirements and form of calculation of benefits;

II? copy of the updated regulation of the benefits plan and explanatory material that it describes, in simple and precise language, the characteristics of the plan;

III? copy of the contract, in the case of collective plan of which treats the inciso II of the art. 26 of this Supplementary Act; and

IV? other documents that appear to be specified by the regulatory and supervisory body.

§ 2 ° In the disclosure of the benefits plans, no different information than figs in the documents referred to may be included in this article.

Art. 11. To ensure commitments made to the participants and assisted from benefit plans, supplementary provident entities will be able to hire reinsurance operations, on their own initiative or by determination of the regulatory body and scrutinizer, observed the regulation of the respective plan and too much legal and regulatory provisions.

Single paragraph. It shall be provided to the closed entities the warranty referred to in the caput by means of solvency background, to be instituted in the form of the law.

Section II

Of the Plans of Benefits of Closed Entities

Art. 12. The plans for benefits of closed entities could be instituted by sponsors and institutors, noted the provisions of the art. 31 of this Supplemental Act.

Art. 13. The formalization of the condition of sponsor or institutor of a benefit plan give? se?á upon accession convenium to be entered into between the sponsor or the institutor and the closed entity, in relation to each benefit plan by this administered and executed, upon prior authorization of the regulator and supervisory body, as per the regulation of the Executive Power.

§ 1 ° Admit? se?ah solidarity between sponsors or between institutors, with respect to the respective plans, as long as expressly provided for in the accession convenium.

§ 2 ° The regulatory and supervisory body, among other requirements, shall establish the minimum number of participants admitted for each plan modality of benefit.

Art. 14. The benefit plans should provide for the following institutes, observed the standards set by the regulatory body and scrutinising:

I? deferred proportional benefit, on the grounds of the cessation of the employable bond with the sponsor or associative with the institutor prior to the acquisition of the right to full benefit, to be granted when the eligibility requirements are met;

II? portability of the right accrued by the participant to another plan;

III? rescue of the totality of the contributions verted to the plan by the participant, discounted the plots of the administrative costing, in the regulated form; and

IV? faculty of the participant maintain the value of his / her contribution and that of the sponsor, in the case of partial or total loss of the remuneration received, to ensure the perception of the benefits at the levels corresponding to that remuneration or in others defined in regulatory standards.

§ 1º It will not be admitted to portability in the non-cessation of the participant's employment bond with the sponsor.

§ 2º The regulatory body and scrub will establish grace period for the institute of which it treats the inciso II of this article.

§ 3º In the regulation of the institute provided for in the inciso II of the caput of this article, the regulator and the fiscalizer will observe, among other specific requirements, the following:

I? whether the benefit plan was instituted before or after the publication of this Supplemental Act;

II? the modality of the benefit plan.

§ 4 ° The institute of which treats the inciso II of this article, when effectuated to open entity, will only be admitted when the completeness of the financial resources corresponding to the accrued right of the participant is used for the hiring of monthly lifetime income or by a specified time limit, the minimum period of which may not be less than the period in which the respective reservation was constituted, limited to the minimum of fifteen years, observed the standards set by the regulator and the scrutinising body.

Art. 15. For the purpose of the provisions of the inciso II of the caput of the previous article, it becomes established that:

I? the portability does not characterize rescue; and

II? it is vetted that the corresponding financial resources transits by the participants of the benefit plans, in any form.

Single paragraph. The accumulated right corresponds to the reservations constituted by the participant or to the mathematical reserve, which is most favourable to him.

Art. 16. The benefits plans must be, obligatorily, offered to all employees of the sponsors or associates of the institutors.

§ 1º For the purposes of this Supplementary Act, they are equiparable to employees and associated with regard to caput the managers, directors, occupiers of elected office and other leaders of sponsors and institutions.

§ 2º It is optional to join the plans referred to in caput of this article.

§ 3º The willing in the caput of this article does not apply to the endangered plans, thus considered those to which the access of new entrants is vetted.

Art. 17. The changes processed in the regulations of the plans apply? if to all participants of the closed entities, from their approval by the governing body and scrutinizer, observed the accumulated right of each participant.

Single paragraph. The participant who has met the requirements for obtaining the benefits provided for in the plan is ensured the application of the prevailing regulatory provisions on the date on which he / she became eligible for a retirement benefit.

Art.18. The costing plan, with minimum annual periodicity, shall establish the level of contribution required to the constitution of the reserves guaranteed benefits, funds, provisions and the coverage of the remaining expenses, in accordance with the criteria set out by the regulatory and supervisory body.

§ 1º The financial regime of capitalization is mandatory for the benefits of payment in installments that are scheduled and continued.

§ 2º Observed criteria that preserve the financial and actuarial balance, the calculation of technical reserves will meet the peculiarities of each benefit plan and should be expressed in an actuarial technical note, of mandatory presentation, including the hypotheses used, which should guard against the characteristics of the mass and activity developed by the sponsor or the institutor.

§ 3º The technical reserves, provisions and funds of each benefit plan and those required to any title should permanently meet the full coverage of the commitments made by the benefits plan, ressaving exceptionalities defined by the regulatory body and scrutiness.

Art. 19. The contributions to the constitution of reserves will have as their purpose to provide for the payment of benefits of previdential character, observed the specificities provided for in this Supplementary Law.

Single paragraph. The contributions referred to in the caput classify? if in:

I? normal, those intended for the costing of the benefits provided for in the respective plan; and

II? extraordinary, those intended for the costing of deficits, past service, and other purposes not included in the normal contribution.

Art. 20. The superguaranty result of the benefits plans of the closed entities, at the end of the financial year, satisfied the regulatory requirements regarding the mentioned plans, shall be intended for the constitution of contingency reserve, for the guarantee of benefits, up to the limit of twenty-five per cent of the value of the mathematical reserves.

§ 1º Constituted reserve of contingency, with the surplus values will be constituted special reserve for revision of the plan of benefits.

§ 2º The non-use of the special reservation for three consecutive exercises will determine the mandatory revision of the entity's benefit plan.

§ 3º If the benefit plan review involve reduction of contributions, the existing proportion should be taken into account between the contributions of the sponsors and the participants, including from the assisted ones.

Art. 21. The loss-making result in the plans or in the closed entities will be equated by sponsors, participants and assisted, in the existing proportion between their contributions, without prejudice to regressive action against leaders or third parties who have given causes the damage or injury to the supplementary provident entity.

§ 1º The equating referred to in the caput can be done, among other forms, by means of the increase in the value of the contributions, institution of additional contribution or reduction of the value of the benefits to be granted, observed the standards set by the regulatory and supervisory body.

§ 2º The reduction of the values of the benefits does not apply to the assisted, being cableable, in that case, the institution of additional contribution to coverage of the addition occurred on the grounds of the revision of the plan.

§ 3º In the hypothesis of return to the entity of the resources equivalent to the deficit predicted in the caput of this article, in consequence of ascertaining responsibility upon judicial or administrative action, the respective values should be applied necessarily in the proportional reduction of contributions due to the plan or in improvement of the benefits.

Art. 22. At the end of each financial year, coincident with the calendar year, the closed entities should raise the accounting statements and actuarial valuations of each benefit plan, by legally entitled legal or professional person, and the results to be forwarded to the regulatory and supervisory body and disclosed to the participants and the assisted.

Art. 23. The closed entities should keep up with their accounting, in accordance with the regulator and supervisory body's instructions, by consolidating the position of the benefit plans that administer and execute, as well as submitting their accounts to auditors independent.

Single paragraph. At the end of each exercise will be drawn up the consolidated accounting and actuarial demonstrations, without prejudice to the controls per plan of benefits.

Art. 24. Disclosure to participants, including assisted, of the information pertaining to the benefits plans give? shall be at least once a year, in the form, in the time limits and by the means established by the regulator and the supervisory body.

Single paragraph. The information required formally by the participant or assisted, for the defence of rights and clarification of situations of specific personal interest should be met by the entity within the time limit set by the regulatory body and scrutinizer.

Art. 25. The regulatory and supervisory body will be able to authorize the extinction of benefit plan or withdrawal of sponsorship, by staying the sponsors and instituters obliged to comply with the entirety of the commitments made with the entity relatively to the rights of the participants, assisted and legal obligations, up to the date of the withdrawal or extinction of the plan.

Single paragraph. For the fulfillment of the caput of this article, the economic? financial and actuarial solvency situation of the entity is to be attested by duly authorized professional, whose reports will be forwarded to the regulatory body and scrutinizer.

Section III

From the Plans of Benefits of Open Entities

Art. 26. The benefits plans instituted by open entities will be able to:

I? individual, when accessible to any physical persons; or

II? collectives, when they aim to guarantee pension benefits to physical persons linked, directly or indirectly, to a contracting legal person.

§ 1º The collective plan may be hired by one or several legal persons.

§ 2º The indirect link of which treats the inciso II of this article refers? if to cases in which a representative entity of legal persons contrate collective pension plan for groups of physical persons linked to their affiliates.

§ 3º The groups of persons from which it treats the preceding paragraph may consist of one or more specific categories of employees of one same employer, and may cover affiliated companies, controlled or subsidiary, and by members of legally constituted associations, of professional or classist character, and their spouses or companions and economic dependents.

§ 4º For the purpose of the paragraph previous, are equiparable to the employees and associates of the directors, occupier advisers of elective positions and other leaders or managers of the contracting legal person.

§ 5º The deployment of a collective plan will be concluded upon contract, in the form, in the criteria, the conditions and the minimum requirements to be established by the regulatory body.

§ 6º It is vetted to the open entity the contracting of collective plan with legal person whose primary objective is to stipulate, on behalf of third parties, collective benefit plans.

Art. 27. Observed the concepts, form, conditions and criteria set by the regulatory body, is assured to the participants the right to portability, including for closed entity benefit plan, and to the rescue of resources from the reserves techniques, provisions and funds, in whole or in part.

§ 1º The portability does not characterize rescue.

§ 2º Is vetted, in the case of portability:

I? that the financial resources transits by the participants, in any form; and

II? the transfer of resources between participants.

Art. 28. The secured assets of the technical reserves, provisions and funds shall be linked to the order of the supervisory body in the form to be regulated, and they may have their free movement suspended by the said organ, from which they may not be disposed of or pledged to divest without its prior and express authorization, being void, of full duty, any operations carried out with violation of that suspension.

§ 1º Being immobile, the bond will be averaged to the margin of the respective registration in the Competent Real Estate Registration Office, upon communication from the scrutinising body.

§ 2º The guaranteed assets referred to in caput, as well as the rights of them arising, not may be recorded, in any form, without prior and express authorization of the supervisory body, being void of the engravings constituted with infringing of the provisions of this paragraph.

Art. 29. It is incumbent upon the regulator, among other assignments to be conferred on it by law:

I? set adequate standards of actuarial and economic? financial security, for preservation of the liquidity and solvency of the benefits plans, in isolation, and of each open entity, in the set of their activities;

II? to establish the conditions under which the supervisory body may determine the suspension of marketing or the transfer, between open entities, of benefit plans; and

III? fix conditions that ensure transparency, access to information and provision of data relating to benefits plans, including on the management of the respective resources.

Art. 30. It is optional for the use of brokers in the sale of the open entities ' benefit plans.

Single paragraph. The brokers of benefit plans apply? if the legislation and regulation of the insurance broker profession.

CHAPTER III

OF THE CLOSED ENTITIES OF SUPPLEMENTARY PROVIDENCE

Art. 31. The closed entities are those accessible, in the form regulated by the regulator and scrutinizer, exclusively:

I? to employees of a company or group of companies and to the servers of the Union, the States, the Federal District and the Municipalities, named sponsors; and

II? to the associates or members of legal persons of professional, classist or sectoral character, named instituitors.

§ 1º The closed entities organise? se?ao in the form of foundation or civil society, without purpose Lucrative.

§ 2º The closed entities constituted by instituters referred to in the inciso II of the caput of this article should, cumulatively:

I? outsourcing the management of the guaranteed resources of the technical reserves and provisions by emploing specialized institution authorized to operate by the Central Bank of Brazil or another competent body;

II? exclusively offer benefit plans in the defined contribution modality, in the form of the single paragraph of the art. 7º of this Supplementary Act.

§ 3º Those responsible for managing the resources of which it treats the inciso I of the preceding paragraph should keep segregated and fully isolated their heritage from the patrimony of the institutor and of the closed entity.

§ 4º In the regulation of which it treats the caput, the regulator and supervisory body shall establish the minimum time of existence of the institutor and its minimum number of associates.

Art. 32. The closed entities have as the object the administration and execution of benefits plans of a predistant glazing nature.

Single paragraph. It is vetted to the closed entities the provision of any services that are not within the scope of its object, observed the provisions of the art. 76.

Art. 33. They will depend on prior and express permission of the regulatory body and scrutinizer:

I? the constitution and operation of the closed entity, as well as the application of the respective statutes, of the regulations of the benefit plans and their amendments;

II? the operations of merger, spin-off, incorporation or any other form of society-related reorganization, relating to the closed entities;

III? the withdrawals from sponsors; and

IV? the transfers of sponsorship, group of participants, plans and reservations between closed entities.

§ 1º Exceed the provisions of the inciso III of this article, is vetted the transfer to third parties of participants, from assisted and reserves constituted for the warranty of scheduled actuarial risk benefits, in accordance with standards established by the regulatory and supervisory body.

§ 2º For the assisted benefit plans in the modality defined contribution that have maintained this characteristic during the programmed income perception phase, the regulatory and supervisory body could, in exceptional character, authorize the transfer of the guaranteed benefits of the benefits for supplementary provident entity or insurer company authorized to operate supplementary provident plans, with the specific goal of hiring lifetime income plan, observed the applicable norms.

Art. 34. The closed entities can be qualified as follows, in addition to others that can be defined by the regulator and the scrutinising body:

I? in accordance with the plans they administer:

a) of common plan, when they administer plan or set of plans accessible to the universe of participants; and

b) with multiplan, when they administer plan or set of benefit plans for diverse groups of participants, with heritage independence;

II? according to its sponsors or institutors:

a) singular, when they are bound to only a sponsor or an institutor; and

b) multisponsored, when they congregate more than one sponsor or institutor.

Art. 35. Closed entities should maintain minimum structure made up of deliberative advice, tax advice and board?

§ 1º The statute should provide for representation of the participants and assisted on the boards deliberative and fiscal, assured to them at least a third of the vacancies.

§ 2º In the composition of the deliberative and tax boards of qualified entities as multisponsored, the number of participants should be considered linked to each sponsor or institutor, as well as the amount of their respective patrimonies.

§ 3º The members of the deliberative board or the tax board shall meet the following minimum requirements:

I? proven experience in the exercise of activities in the financial, administrative, accounting, legal, supervisory or auditing areas;

II? not have suffered criminal conviction transitioned on trial; and

III? not have suffered administrative penalty for infringement of the legislation of social security or as a public servant.

§ 4º Members of the board? executive board should have higher level training and meet the requirements of the previous paragraph.

§ 5º Will be informed to the regulatory body and scrutinizer the responsible for the applications of the entity's resources, chosen among the members of the executive-executive.

§ 6º The rest members of the board? executive will respond in solidarity with the leader indicated in the form of the preceding paragraph for damages and damages caused to the entity for which they have competed.

§ 7º Without prejudice to the provisions of § 1º of the art. 31 of this Supplementary Act, members of the executive board? executive and deliberative and tax boards may be remunerated by the closed entities in accordance with applicable law.

§ 8º In exceptional character, they may be occupied up to thirty per cent of the posts of the board? executive by members without senior level training, being assured of participation in this body of at least one member, when of the application of the said percentage lower number to the unit.

CHAPTER IV

OF THE OPEN ENTITIES OF PROVIDENT COMPLE MENT

Art. 36. Open entities are constituted solely in the form of anonymous societies and are aimed at instituting and operating pension character benefit plans granted in the form of continued income or single payment, accessible to any physical people.

Single paragraph. The holding companies authorized to operate exclusively in the life branch will be able to be allowed to operate the benefits plans referred to in caput, to them by applying the provisions of this Supplementary Act.

Art. 37. It is incumbent upon the regulatory body among other assignments to be conferred on it by law, establish:

I? the criteria for the investiture and possession in positions and functions of statutory bodies of open entities, observed that the suitor may not have suffered criminal conviction carried forward on trial, administrative penalty for infringing the legislation of social security or as a public servant;

II? the general accounting, auditing, actuary and statistical standards to be observed by the open entities, including as to the standardization of account plans, general balance sheets, balance sheets and other financial statements, criteria on their periodicity, on the publication of these documents and their shipment to the scrutinising organ;

III? the solvency and liquidity indices, as well as the patrimonial relations to be met by the open entities, noted that their net worth may not be lower than the respective non-operational liability; and

IV-the conditions that ensure access to information and provision of data relating to any aspects of the activities of the open entities.

Art. 38. They will depend on prior and express approval of the scrutinising body:

I? the constitution and operation of the open entities, as well as the provisions of their statutes and the respective amendments;

II? the marketing of the benefit plans;

III? the acts pertaining to the election and consequent possession of trustees and members of statutory boards; and

IV? the operations concerning the transfer of the actuary control, merger, spinoff, incorporation or any other form of society-related reorganization.

Single paragraph. The regulatory body will discipline the administrative treatment to be borrowed from the examination of the subjects listed in this article.

Art. 39. The open entities should report to the supervisory body, on the deadline and in the established form:

I? the acts pertaining to the statutory changes and the election of trustees and members of statutory boards; and

II? the responsible for the application of the resources of the technical reserves, provisions and funds, chosen from among the members of the executive board?

Single paragraph. The remaining members of the board? executive will respond in solidarity with the leader appointed in the form of the inciso II of this article for the damage and damage caused to the entity for which they have competed.

Art. 40. The open entities are expected to raise on the last working day of each month and semester respectively, monthly balance sheets and general balance sheets, with observance of the rules and criteria set by the regulatory body.

Para. single. The holding companies authorized to operate benefit plans are expected to present in the financial statements, in a discriminated manner, the pension and insurance activities, according to criteria set by the regulator.

CHAPTER V

OF SURVEILLANCE

Art. 41. In the performance of the supervisory activities of the supplementary provident entities, the servers of the regulatory and supervisory body will have free access to the respective entities, from them may requisition and seize books, technical notes and any documents, characterizing? if embarrassment to the surveillance, subject to the penalties provided for in law, any difficulty opposite to the achievement of that goal.

§ 1º The governing body and scrutinizer of the closed entities may request from sponsors and institutors information regarding the specific aspects that relate to the commitments made in the face of the respective benefits plans.

§ 2º The audit of the State does not exonerate the sponsors and the institutors of responsibility for the systematic supervision of the activities of their respective closed entities.

§ 3º The physical or legal persons submitted to the regime of this Law Supplementary are required to provide any information or clarifications requested by the regulatory and supervisory body.

§ 4º The provisions of this article shall apply? if, without prejudice to the competence of the tax authorities, concerning the full exercise of the tax surveillance activities.

Art. 42. The regulator and supervisory body could, in relation to the closed entities, appoint special administrator, at the expense of the entity, with own powers of intervention and extrajudicial settlement, with the aim of sanction plan of benefits specific, should it be ascertained in its administration and execution some of the hypotheses provided in the arts. 44 and 48 of this Supplemental Act.

Single paragraph. The act of appointment that it treats the caput will establish the conditions, limits and assignments of the special administrator.

Art. 43. The supervisory body may, in relation to the open entities, provided that one of the conditions laid down in the art is checked. 44 of this Supplementary Act, appoint, by a specified period of time, extended at its discretion, and at the expense of the respective entity, a director? fiscal.

§ 1º The director? tax, without managerial powers, will have his assignments established by the regulatory body, it is up to the supervisory body to fix its remuneration.

§ 2º If it recognizes the unviable of recovery of the open entity or the absence of any condition for its functioning, the director? tax will propose to the supervisory body the adjudication of the intervention or the extrajudicial settlement.

§ 3º The director? tax is not subject to the unavailability of goods, nor to the remaining effects arising from the enactment of the intervention or of the out-of-court settlement of the open entity.

CHAPTER VI

OF THE INTERVENTION AND THE EXTRAJUDICIAL SETTLEMENT

Section I

Of The Intervention

Art. 44. To reshove the rights of the participants and assisted may be enacted the intervention in the supplementary provident entity, provided that it occurs, either isolated or cumulatively:

I? irregularity or insufficiency in the constitution of the technical reserves, provisions and funds, or in its coverage by guaranteed assets;

II? application of the resources of the technical reserves, provisions and funds in an inappropriate manner or at odds with the standards dispatched by the competent bodies;

III? defulfillment of statutory provisions or obligations laid down in the regulations of the benefits plans, accession arrangements or contracts of the collective plans of which it treats the inciso II of the art. 26 of this Supplementary Act;

IV? insufficient financial? financial situation to the preservation of the liquidity and solvency of each of the benefit plans and the entity in the set of its activities;

V? unbalanced actuarial situation;

VI? other abnormalities defined in regulation.

Art. 45. The intervention will be enacted by the required period of the examination of the entity's situation and plan forwarding intended for its recovery.

Single paragraph. They will depend on prior and express permission of the competent organ the acts of the interventor that entail burdening or disposition of the estate.

Art. 46. The intervention shall cease when approved the entity's recovery plan by the competent body or if it enacted its extrajudicial settlement.

Section II

Of The Extrajudicial Settlement

Art. 47. The closed entities will not be able to file for bankruptcy and are not subject to bankruptcy, but only the extrajudicial settlement.

Art. 48. The extrajudicial settlement will be enacted when recognized the recovery invitation of the supplementary provident entity or by the absence of condition for its functioning.

Single paragraph. For the purposes of this Supplemental Act, please understand for absence of condition for supplemental pension entity functioning:

I? (VETADO)

II? (VETADO)

III? the non-service to the minimum conditions set by the regulatory body and the scrutinizer.

Art. 49. The adjudication of the extrajudicial settlement will immediately produce the following effects:

I? suspension of the actions and executions initiated on rights and interests concerning the acquis of the liquidanda entity;

II? early maturity of the obligations of the liquidanda;

III? non-incidence of contractual penalties against the entity for overdue bonds due to the decrement of the extrajudicial settlement;

IV? non-fluency of interest against the liquidanda while not fully paid the liability;

V? interruption of the prescription in relation to the obligations of the entity in liquidation;

VI? suspension of fine and interest in relation to the debts of the entity;

VII? unchargeability of pecuniary penalties for infractions of an administrative nature;

VIII? interruption of payment to the liquidanda of the contributions of the participants and sponsors, relating to the benefits plans.

§ 1º The faculties provided for in the incisies of this article apply? if, in the case of entities supplementary pension open, exclusively, in relation to its activities of a previdionary nature.

§ 2º The provisions of this article shall not apply to the actions and debits of a tax nature.

Art. 50. The liquidator will arrange the general framework of creditors, carry out the asset and settle the liability.

§ 1º The participants, inclusive of the assisted, of the benefits plans are exempted from enabling their respective credits, whether these are being received or not.

§ 2º The participants, including the attended, of the benefit plans will be given special privilege over the secured assets of the technical reserves and, should these not be sufficient for the coverage of the respective rights, general privilege over the remaining non-linked parties to the asset.

§ 3º Particicers who are already receiving benefits, or who have already acquired this right before enacted the out-of-court settlement, will have preference over the remaining participants.

§ 4º The credits referred to in the preceding paragraphs of this article have no preference over the credits of a Labour or a tax nature.

Art. 51. They will be compulsorily raised, on the date of the enactment of the extrajudicial settlement of supplementary provident entity, the general settlement balance and the accounting and actuarial statements required for the determination of the value of the reserves individual.

Art. 52. The extrajudicial settlement can, at any time, be raised, provided that it has been found that super-venient facts that vibe the recovery of the supplementary welfare entity can be found.

Art. 53. The extrajudicial settlement of the closed entities shut down? se?á with the approval, by the regulatory body and scrutinizer, of the final accounts of the liquidator and with the low in the due records.

Single paragraph. Proven by the liquidator the non-existence of assets to meet possible claims claimed against the entity, it should such a situation be communicated to the competent judgment effective the due records, for the closure of the process of settlement.

Section III

Special Provisions

Art. 54. The interventor will have broad powers of administration and representation and the liquidator plenum powers of administration, representation and settlement.

Art. 55. It is incumbent upon the governing body to enact, approve and review the acts of which they treat the arts. 45, 46 and 48 of this Supplementary Act, as well as nominate, through its maximum leader, the interventor or the liquidator.

Art. 56. The intervention and the extrajudicial settlement determine the loss of the term of office of the trustees and members of the statutory boards of the entities, whether they are holders or alternates.

Art. 57. The credits of the supplementary provident entities, in the event of a liquidation or bankruptcy of sponsors, will have special privilege over the mass, respected the privilege of the labor and tax credits.

Para. single. The trustees of the respective sponsors will be held responsible for the damage or damage caused to the supplementary provident entities, especially for the lack of a dock of the contributions to which they were obliged, noted the in the single paragraph of the art. 63 of this Supplemental Act.

Art. 58. In the case of extrajudicial settlement of closed entity motivated by the lack of contributions from sponsor contributions or by the non-gathering of contributions from participants, the administrators of those will also be held responsible for the damages or damage caused.

Art. 59. The trustees, controllers and members of statutory boards of the supplementary provident entities under intervention or in extrajudicial settlement will stand with all their unavailable assets, and may not, by any form, direct or indirect, alienate? los or onwill? los, until the ascertaining and final settlement of your responsibilities.

§ 1º The unavailability provided for in this article stems from the act that enact the intervention or extrajudicial settlement and reaches all those who have been in the performance of the duties in the preceding twelve months.

§ 2º The unavailability could be extended to the goods of persons who, in the last twelve months, have acquired them, to any title, of the persons referred to in the caput and in the preceding paragraph, provided that there are insurance elements of conviction that it is simulated transfer with a view to avoiding the effects of this Supplementary Law.

§ 3º Do not include in the provisions of this article the goods deemed to be inalienable or impending by the legislation in force.

§ 4º They are not also hit by the unavailability the subject goods of divesture, of promises of purchase and sale and of assignment of rights, provided that the respective instruments have been brought to the competent public record until twelve months prior to the date of enacting the intervention or extrajudicial settlement.

§ 5º Does not apply to unavailability of goods of the persons referred to in the caput of this article in the case of extrajudicial settlement of closed entities that cease to be able to function for totally unbound grounds of the exercise of their assignments, situation this which could be reviewed at any time, by the regulator and supervisory body, as long as it has been found that there are irregularities or evidence of crimes by them practiced.

Art. 60. The interventor or the liquidator will communicate the unavailability of goods to the competent bodies for due records and publish edital for third-party knowledge.

Single paragraph. The authority receiving the communication will stay, in respect of such goods, prevented from:

I? make transcripts, inscriptions or averbations of public or private documents;

II? archival acts or contracts that matter in transfer of social quotas, shares or beneficiary parties;

III? carry out or record operations and titles of any nature; and

IV? process the transfer of ownership of automotive vehicles, aircraft and vessels.

Art. 61. The ascertaining of specific responsibilities referred to in the caput of the art. 59 of this Supplemental Act will be made upon inquiry to be instituted by the regulator and supervisory body, without prejudice to the provisions of the arts. 63 a 65 of this Supplemental Act.

§ 1º If the investigation concludes by the nonexistence of injury, it shall be filed in the supervisory body.

§ 2º Completing the investigation by the existence of injury, shall be he, with the respective report, referred by the regulator and scrutinator to the Public Prosecutor's Office, observed the following procedures:

I? the interventor or liquidator, of trade or the requirement of any interested party who has not been indicted in the inquiry, after approval of the respective report by the supervisory body, shall determine the lifting of the unavailability of which it treats the art. 59 of this Supplementary Act;

II? the unavailability with respect to the persons indicted in the investigation shall be maintained, after approval of the respective report by the supervisory body.

Art. 62. They apply? if the intervention and settlement of the supplementary welfare entities, in what couber, the devices of the legislation on the extrajudicial intervention and settlement of financial institutions, fit to the regulator and the scrutinising the functions assigned to the Central Bank of Brazil.

CHAPTER VII

OF THE DISCIPLINARY REGIME

Art. 63. Entity administrators, procuratorates with managerial powers, the members of statutory boards, the interventor and the liquidator will respond civilly for the damage or damage they cause, by action or omission, to the welfare entities complimentary.

Single paragraph. They are also responsible, in the form of the caput, the administrators of the sponsors or the institutors, the actuaries, the independent auditors, the management evaluators and other professionals who provide technical services to the entity, directly or via legal person hired.

Art. 64. The competent supervisory body, the Central Bank of Brazil, the Securities Commission or the Registry of the Federal Revenue Officer, finding the existence of irregular practices or evidence of crimes in supplementary welfare entities, will report to the Public Prosecutor's Office, sending him the comprobative documents.

Single paragraph. The secrecy of operations may not be invoked as obvious to the exchange of information between the organs mentioned in the caput, nor to the provision of information requested by the Public Prosecutor's Office.

Art. 65. The infringement of any provision of this Supplemental Act or its regulation, for which there is no expressly comedic penalty, subject to responsible physical or legal person, as per the case and the seriousness of the infringement, to the following administrative penalties, noted the provisions of regulation:

I? warning;

II? suspension of the exercise of activities in supplementary provident entities by the deadline of up to one hundred and eighty days;

III? inabilitation, by the time limit of two to ten years, for the exercise of office or function in supplementary provident entities, holding companies, financial institutions and in the public service; and

IV? a fine of two thousand reais to one million reais, owing to these values, as of the publication of this Supplementary Act, be retuned in a way to preserve, in permanent character, its real values.

§ 1º The penalty foreseen in the inciso IV will be charged to the responsible agent, by severally responding to the supplementary welfare entity, secured the right of return, and can be applied cumulatively with the constants of the incisors I, II or III of this article.

§ 2º Of the decisions of the supervisory body shall be appealing, within fifteen days, with suspensive effect, to the competent body.

§ 3º The appeal referred to in the preceding paragraph, in the case of inciso IV of this article, it shall be known only if it is proven by the applicant the advance payment, in favour of the supervisory body, of thirty percent of the value of the fine imposed.

§ 4º In case of recidivism, the fine will be applied in double.

Art. 66. The infractions will be ascertained upon administrative procedure, in the form of the regulation, by applying? if, in what couber, the provisions of Law No. 9,784, of January 29, 1999.

Art. 67. The exercise of supplementary provident activity by any person, physical or legal, without the proper authorization of the competent body, inclusive of the marketing of benefit plans, as well as the catchment or administration of resources of third parties with the aim of, directly or indirectly, acquiring or granting pension benefits in any form, submit the responsible to the penalty of inability-free by the term of two to ten years for the exercise of office or function in entity of complementary foresight, holding companies, financial institutions and in the public service, in addition to applicable fine in accordance with the provisions of the inciso IV of the art. 65 of this Supplemental Act, as well as reporting to the Public Prosecutor's Office.

CHAPTER VIII

GENERAL PROVISIONS

Art. 68. The employer's contributions, the benefits and contractual conditions laid down in the statutes, regulations and benefits plans of the supplementary welfare entities do not integrate the participants ' employment contract, as well as, at exception of the benefits granted, do not integrate the remuneration of the participants.

§ 1º The benefits will be considered right acquired from the participant when implemented all the conditions established for eligibility contained in the regulation of the respective plan.

§ 2º The granting of benefit by the supplementary welfare does not depend on the granting of benefit by the general social welfare scheme.

Art. 69. The verted contributions to the supplementary provident entities, intended for the costing of the benefits plans of a pension nature, are deductible for the purposes of income tax incidence, on the limits and the conditions set out in law.

§ 1º On the contributions of which treats the caput do not focus on taxation and contributions of any nature.

§ 2º On the portability of technical reserves resources, funds and provisions between plans for benefits of supplementary provident entities, titled by the same participant, do not focus on taxation and contributions of any nature.

Art. 70. (VETADO)

Art. 71. It is vehemended to the supplementary provident entities to carry out any commercial and financial operations:

I? with their trustees, members of the statutory boards and their respective spouses or fellows, and with their relatives to the second degree;

II? with a company from which to participate the persons referred to the previous inciso, except in the case of participation of up to five per cent as an open capital company shareholder; and

III? having as a counterpart, even if indirectly, physical and legal persons to them connected, in the form defined by the regulatory body.

Single paragraph. The sealing of this article does not apply to the sponsor, the participants and the assisted, who in that condition carry out operations with the supplementary provident entity.

Art. 72. It competes privately to the governing body and scrutinizer of the closed entities to ensure civil societies and foundations, as defined in art. 31 of this Supplementary Act, not by applying to these the provisions of the arts. 26 and 30 of the Civil Code and 1,200 a to 1,204 of the Code of Civil Procedure and too much provisions to the contrary.

Art. 73. The open entities will be regulated as well, in what couber, by the legislation applicable to the insurers ' companies.

Art. 74. Until it is published the law that it treats art. 5º of this Supplementary Act, the functions of the regulatory body and the supervisory body shall be exercised by the Ministry of Welfare and Social Care, through respectively the Board of Management of Supplementary Welfare (CGPC) and the Supplementary Welfare Office (SPC), for the closed entities, and by the Ministry of Finance, through the National Private Insurance Council (CNSP) and the Superintendency of Private Insurance (SUSEP), in relation, respectively, to the regulation and surveillance of open entities.

Art. 75. Without prejudice to the benefit, it prescribes in five years the right to unpaid benefits nor claimed at the time of its own, resguarded the rights of the dependent minors, of the incapable or absentee, in the form of the Civil Code.

Art. 76. The closed entities that, on the date of the publication of this Supplemental Act, to provide their participants and assisted assistive services to health will be able to continue to do so, provided that a specific costing for the plans is established. assistements and that their accounting and equity are kept separate in relation to the previdential plan.

§ 1º The assistive programmes of a financial nature should be extinguished from the date of publication of this Supplementary Act, remaining effective, until its term, only the commitments already firmed up.

§ 2º Considerate? if assistive programs of a financial nature, for the purposes of this Supplementary Act, those in which the yield situates? if below the minimum actuarial rate of the respective benefit plan.

Art. 77. The open non-profit entities and the holding companies authorized to operate in accordance with Law No. 6,435 of July 15, 1977 will have the two-year deadline to adapt to the provisions of this Supplementary Act.

§ 1º In the case of the non-profit open entities already authorized to function, the maintenance of their legal organization as a civil society is permitted, sendotting them to participate, directly or indirectly, of legal persons, except when they have shareholding:

I? minority, in open capital anonymous societies, in the form regulated by the National Monetary Council, for application of technical reserve resources, funds and provisions;

II? in an insurer and / or capitalization society.

§ 2º It is vetoed to the insurer and / or capitalization society referred to in the inciso II of the preceding paragraph to participate overwhelmingly of legal persons, the companies being ressaved of support for its functioning and the open capital anonymous societies, under the conditions laid down in the inciso I of the preceding paragraph.

§ 3º The open non-profit entity and the insurer and / or capitalization society by it controlled must adapt? if the conditions set out in § § 1º and 2º, at the same timeframe as provided in the caput of this article.

§ 4º The technical reserves of plans already operated by open entities of private providence not-for-profit, previously on the date of publication of Law No. 6,435 of July 15, 1977, will be able to remain guaranteed by assets owned by the entity, existing at the time, within a gradual program of adjustment to the norms established by the regulatory body on the matter, to be submitted by the entity to the supervisory body within a maximum of twelve months from the date of publication of this Supplementary Act.

§ 5º The maximum term for the termination for the programme gradual adjustment referred to in the preceding paragraph shall not be able to exceed one hundred and twenty months, counted from the date of approval of the respective programme by the supervisory body.

§ 6º The open non-profit entities that, in the date of publication of this Supplemental Act, already came by holding philanthropic assistance programs, prior and expressly authorized, will, for collection effect, be able to add to the contributions of their benefit plans value intended for those programs, observed the standards set by the regulatory body.

§ 7º The applicability of the provisions of the preceding paragraph shall be subject, under penalty of cancellation of the prior authorization, to the annual provision of accounts of the philanthropic programs and to the approval by the competent body.

§ 8º The defulfillment of any of the obligations contained in this article subject to the trustees of the open non-profit entities and the insurance companies and / or capitalization by them controlled to the Disciplinary Regime provided for in this Supplementary Law, without prejudice to civil liability for damage or damage caused, by action or omission, to the entity.

Art. 78. This Supplementary Law comes into effect on the date of its publication.

Art. 79. Repeal? if the Laws # 6,435, of July 15, 1977, and No 6,462, of November 9, 1977.

Brasilia, May 29, 2001; 180º of Independence and 113º of the Republic.

FERNANDO HENRIQUE CARDOSO

José Gregori

Pedro Malan

Roberto Brant