On September 8, 2005, the Central Bank of Brazil issued Circular no. 3291, which amended the Foreign Exchange Market and International Capital Regulation. One of the new provisions established was a code for foreign exchange operations classified as “Other Services – Carbon Credits 29/NR 45500”. As long as the provisions of Resolution no. 3,265 are observed, with regard to the legality of the transaction, economic rationale and responsibilities defined in the appropriate documentation, the operations can be conducted directly at the banks authorized to operate in the foreign exchange market.
TITLE: 1 - Foreign Exchange Market
CHAPTER: 8 - Codification of Foreign Exchange Operations
SECTION: 2 - Nature of the Operation
SUBSECTION: 10 - Other Services – Carbon Credits Code 45500

The creation of a specific code for carbon credit operations will provide a more expedite and safe flow of resources from this kind of negotiation.