Brasília, November 29, 2002 (Agência Brasil - ABr) - Yesterday (28) the National Monetary Council (CMN) approved changes in the norms for bank openings, corporate reorganizations, and cancellations of operating permits for banks and other financial institutions authorized by the Central Bank (BC).

The new rules, which take effect in June, 2003, stipulate that institutions interested in opening a bank should provide the BC a study of economic and financial feasibility, a business plan, and a definition of standards for corporate governance.

According to the director of the Department of Norms at the BC, Sérgio Darcy, the purpose is to make the banks more transparent and adapt the National Financial System to internationally accepted procedures. (DAS)