Circular No. 4020 — Waiver of prior authorization from the Central Bank of Brazil for changes to payment arrangement regulations to enable transactions related to digital social savings accounts

The Collegiate Board of the Central Bank of Brazil, in an extraordinary session held on May 22, 2020, based on art. 9, items I, II, IV, and XIII, and § 1 of Law No. 12,865 of October 9, 2013, and considering the provisions of Law No. 13,982 of April 2, 2020, and Resolution No. 4,282 of November 4, 2013,

R E S O L V E:

Art. 1. The requirement to obtain prior authorization from the Central Bank of Brazil and to observe the deadline for manifestation by participants, as provided in the Regulation attached to Circular No. 3,682 of November 4, 2013, is waived for changes to the regulations of payment arrangements strictly related to the necessary adaptations for initiating payment transactions from digital social savings accounts, as provided for in Law No. 13,982 of April 2, 2020.

Sole Paragraph. The changes referred to in the main text:

I - must be communicated to the Central Bank of Brazil within 5 (five) days of their entry into force;

II - will remain valid for a period of 3 (three) months, extendable by act of the Executive Branch during the period of addressing the international public health emergency of Covid-19, in accordance with art. 6 of Law No. 13,982 of 2020;

III - are subject to modification at any time by determination of the Central Bank of Brazil; and

IV - automatically lose their validity at the end of the period referred to in item II.

Art. 2. Payment transactions related to digital social savings accounts carried out within the scope of the payment arrangements referred to in art. 1, classified in the "purchase" modality, in accordance with art. 8, item I, of the Regulation attached to Circular No. 3,682 of 2013, are subject to the following limits, while the period referred to in item II of art. 1 lasts:

I - regarding the interchange fee, the maximum value shall be 0.5% (five tenths of one percent) of the transaction value;

II - regarding the discount rate, the maximum value shall be 1.2% (twelve tenths of one percent) of the transaction value; and

III - regarding fees paid to the creator of the payment arrangement, the maximum value shall be:

a) for issuers, 0.15% (fifteen hundredths of one percent) of the transaction value; and

b) for acquirers, 0.05% (five hundredths of one percent) of the transaction value.

IV - the maximum deadline for making resources available for free movement by the final receiving user is up to the second business day following the date of the transaction.

§ 1. For the purposes of this article, the following are defined:

I - interchange fee: the definition provided by the sole paragraph of art. 1 of Circular No. 3,887 of March 26, 2018, shall be considered;

II - discount rate: remuneration paid by the final receiving user to the acquirer, charged per transaction carried out within the scope of the payment arrangement; and

III - fees paid to the creator of the payment arrangement: sum of the fees charged for the transaction referred to in the main text of this article, due to the creator by the issuer and the acquirer.

§ 2. The transactions referred to in the main text shall not be considered for the purpose of calculating the average interchange fee, as provided in Circular No. 3,887 of 2018.

Art. 3. Creators of payment arrangements subject to this Circular must inform the Central Bank of Brazil, within 30 (thirty) days of the end of the period referred to in item II of the sole paragraph of art. 1, regarding the transactions referred to in the main text of art. 2:

I - the quantity and value, by issuer and acquirer;

II - the value received by issuers as interchange fees; and

III - the value of fees paid to the creator of the payment arrangement by each issuer and acquirer.

Art. 4. Acquirers subject to this Circular must inform the Central Bank of Brazil, within 10 (ten) days of the end of the period referred to in item II of the sole paragraph of art. 1, regarding the transactions referred to in the main text of art. 2:

I - the quantity and value of these transactions; and

II - the value received regarding the discount rate on these operations.

Art. 5. Art. 9 of the Regulation attached to Circular No. 3,682 of 2013 shall be amended as follows:

“Art. 9. ......................................................

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III - deposit account; or

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Art. 6. Art. 1 of Circular No. 3,887 of 2018 shall be amended as follows:

“Art. 1. This Circular provides for maximum limits for interchange fees in payment arrangements classified as domestic, purchase, and deposit account, in the form of the Regulation attached to Circular No. 3,682 of November 4, 2013.

......................................................” (NR)

Art. 7. This Circular enters into force on the date of its publication.

Otávio Ribeiro Damaso João Manoel Pinho de Mello Director of Regulation Director of System Organization and Resolution