The regulation and the intervention continue necessary, in the education, the health, the culture, the technological development, the monopolistas public services, the investments in infrastructure – an intervention that not only compensates the distributive disequilibria provoked by the globalizado market, but mainly that it enables the economic agents to compete mundialmente' '. (BRESSER PEAR TREE: 1998, P. 34) the Project of the Reformation of the State aims at to substitute the old estatismo for the Been modern regulating. The existing regulatory apparatus is enormous, obsolete, burocratizante e, in interventionist essence, being necessary first to desregular for, to follow, to regulate for new criteria and more democratic formats, less interventionist and burocratizados. Carrying it is not treated, so only, of a reorganization of the State, but, of the substitution of the management model burocratizada for a dynamic one come back toward the results, looking for to increase the capacity of intervention of form it accomplishes, acting of direct form, as much in the society, how much in the market. Structure of the National Financial System Great part of the institucional drawing of Sistema Financeiro Nacional (SFN), got excited in an ample structural reform of the sector from 1964 when, until then, he was composed for banks of development, national or state, as the Brazilian Development Bank (BNDES), the northeast Bank (BN) or, still, the Bank of the Amaznia (BA), Public saving bank, Federal (CEF) and State (the EEC), beyond commercial banks, cooperative of credit financiers and capitalizaton, deliverers and stock exchange. The function of Central banking was exerted for the Supervision of the Currency and Crdito (SUMOC), institution that functioned next to the Bank of Brazil (BB), accumulating, thus, the functions of commercial bank and bank of the government. In this reorganization, they had been Financial Intermediao 2 – Normative Characteristics of the Normative Agencies of the SFN In such a way Conselho Monetrio Nacional (CMN), how much the Brazilian Central Bank (BACEN), or still the Commission of Movable Values (CVM), is integrant parts of the National Financial System, structuralized of form to promote the development balanced of the country and to serve to the interests> of the collective.