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On May 4, 2020, the National Monetary Council (“CMN”) and the Central Bank of Brazil (“BACEN”) issued, respectively, Resolution No. 4,815 (“CMN Resolution No. 4,815”) and Circular No. 4,016 (“ BACEN Circular No. 4,016”), which regulate the issuance of written duplicates (electronic duplicates), their negotiation in book-entry duplicate discount operations and credit operations guaranteed by this asset.
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