2020-06-23 | Carta Circular 4060

Circular Letter No. 4060 - Discloses Procedures Regarding Information Reporting Under Circular No. 3,975 of January 8, 2020

The Central Bank of Brazil issues Circular Letter No. 4060 to establish specific procedures for financial institutions to report mandatory reserve collections on savings deposits as mandated by Circular No. 3,975. The regulation defines distinct reporting channels based on STR access, specifies required domain dictionary codes for various savings categories, and details the mathematical formulas for calculating deductibility and mandatory reserve requirements. It also repeals previous circulars, sets a five-year retention period for supporting documentation, and establishes an effective date of June 22, 2020, with adjustments occurring on July 6, 2020.

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The Head of the Department of Banking Operations and Payment Systems (Deban), using the authority granted by Article 23, item I, clause "a", of the Internal Regulations of the Central Bank, attached to Ordinance No. 84,287 of February 27, 2015, and considering the provisions of Circular No. 3,975 of January 8, 2020,

RESOLVES:

Art. 1. For the reporting of information regarding the mandatory reserve collection on savings deposits covered by Circular No. 3,975 of 2020, institutions must observe the following procedures:

I - Institutions participating in the Reserve Transfer System (STR) with primary access via the National Financial System Network (RSFN): use the RSFN; and

II - Other institutions: use the STR-Web application.

Art. 2. For the reporting of information, the following codes from the Domain Dictionary associated with the Service Catalog of the National Financial System must be used:

I - STR participating institutions with primary access via the RSFN: use the message "RCO0002 - IF informs Statement", from the RCO Service Group, contained in the Service Catalog of the National Financial System, filling the "CodRCO" field with the code "7 - Savings Deposits", observing the following Domain Dictionary codes:

a) CodItem "7001 – Free Savings Deposits";

b) CodItem "7002 – APE - Resources from Savings Members";

c) CodItem "7005 – Free Savings Deposits from May 4, 2012";

d) CodItem "7006 – APE – Resources from Savings Members from May 4, 2012";

e) CodItem "7011 – Rural Savings Deposits";

f) CodItem "7015 – Rural Savings Deposits from May 4, 2012";

g) CodItem "7021 – Peculio Savings Deposits";

h) CodItem "7024 – Peculio Savings Deposits from May 4, 2012";

i) CodItem "7031 – Linked Savings Deposits";

j) CodItem "7032 – Linked Savings Deposits-Linked Credit Card";

k) CodItem "7016 - Balance of credit operations for financing working capital for companies (item I, art. 5º-A, of Circular No. 3,975)", contracted from June 22, 2020;

l) CodItem "7017 - Balance of applications in Special Guarantee Time Deposits (DPGE) (item II, art. 5º-A, of Circular No. 3,975), with a depository institution belonging to the S3 prudential regulation segment", carried out from June 22, 2020;

m) CodItem "7018 - Balance of applications in Special Guarantee Time Deposits (DPGE) (item II, art. 5º-A, of Circular No. 3,975), with a depository institution belonging to the S4 prudential regulation segment", carried out from June 22, 2020;

n) CodItem "7019 - Balance of applications in Special Guarantee Time Deposits (DPGE) (item II, art. 5º-A, of Circular No. 3,975), with a depository institution belonging to the S5 prudential regulation segment", carried out from June 22, 2020;

II - other institutions: use the STR-Web application to report the data provided in item I.

Sole Paragraph. CodItems 7016, 7017, 7018, and 7019 must not be reported by Savings and Loan Associations, Real Estate Credit Societies, and/or Credit Cooperatives.

Art. 3. The calculations of the deductibility requirements established in art. 5º-A of Circular No. 3,975 of 2020, and consequently, the mandatory reserve to be collected, will be performed as follows:

OpCapGiro = CodItem 7016

SomaDPGE = CodItem 7017 + CodItem 7018 + CodItem 7019

OpDPGE = Smaller between (SomaDPGE; (CodItem 7018 + CodItem 7019) / 30%)

SomaOp = OpCapGiro + OpDPGE

PLivre (VSR proportion in free savings) = VSRlivre/(VSRlivre+VSRRural)

PRural (VSR proportion in Rural Savings) = VSRrural/(VSRlivre+VSRRural)

Pre_Exigível_L = free savings mandatory reserve without deductions

Pre_Exigível_R = rural savings mandatory reserve without deductions

DeducLivre = Smaller between (PLivre x SomaOp; 30% Pré_Exigível_L)

DeducRural = Smaller between (PRural x SomaOp; 30% Pré_Exigível_R)

Art. 4. In case of non-compliance with the minimum amounts referred to in art. 7, § 3º, of Circular No. 3,975 of 2020, the remuneration paid to the financial institution will be calculated according to the provisions of the formula contained in the caput of said article, whereby 30% (thirty percent) of the calculated mandatory reserve value will be deducted from the value of variable S, respectively, for the free and rural modalities.

Art. 5. For each of the CodItems active in the production environment since June 2002, "7001 – Free Savings Deposits", "7002 - APE – Resources from Savings Members", "7011 - Rural Savings Deposits", "7021 - Peculio Savings Deposits", "7031 - Linked Savings Deposits", and "7032 - Linked Savings Deposits-Linked Credit Card", the reported value remains the balance, as of the reference date, of all savings deposits of the respective modality, regardless of whether they were made before or from May 4, 2012.

Art. 6. In the case of a cooperative system organized in three levels where the confederation is not a credit entity, the cooperative bank responsible for proving compliance with the mandatory reserve requirement, as well as the collection and payment of financial costs, must contact Deban (Suban/SP - (11) 3491-6758) to receive guidance on operational procedures, during the authorization process for fund-raising covered by Resolutions Nos. 4,716 of April 25, 2019, and 4,763 of November 27, 2019.

Art. 7. Circular Letters Nos. 3,555 of May 21, 2012, and 3,824 of June 13, 2017, are hereby repealed.

Art. 8. The supporting documentation for the information subject to this Circular Letter must be kept available to the Central Bank of Brazil for a period of five years, counted from the date to which each information refers, in accordance with the provisions of Article 1 of Law No. 9,873 of November 23, 1999.

Art. 9. This Circular Letter enters into force on the date of its publication, producing effects from the calculation period starting on June 22, 2020, and ending on June 26, 2020, whose adjustment will occur on July 6, 2020.

Flávio Túlio Vilela