CMN Resolution No. 4804 - Amends Resolution No. 4,687 of September 25, 2018, which establishes norms applicable to interest rate equalization operations of the Export Financing Program (Proex)

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on April 23, 2020, based on Article 4, items V, VI, XVII, and XXXI, of the aforementioned Law and considering the provisions of Law No. 10,184 of February 12, 2001, and Article 3 of Decree No. 7,710 of April 3, 2012,

R E S O L V E S:

Art. 1º Resolution No. 4,687 of September 25, 2018, shall be amended as follows:

“Art. 7º-A In the exceptional case of suspension of principal and interest payments on financings supported by interest rate equalization under Proex, the following procedures shall be observed:

I - the right to redeem NTN-I bonds related to the future installments of interest on the operation shall be maintained, provided there is no change in the issuance of NTN-I bonds and no increase in expenses for the National Treasury resulting from changes in the calculation of the outstanding balance or an increase in the financing term;

II - the value received for equalization, plus charges calculated based on the Selic rate accumulated between the date of redemption of the NTN-I bond and the business day preceding the effective date of return, shall be returned to the National Treasury by the lender or refinancier, if interest payments have not occurred in any form after the due date of the first installment following the suspension of interest and principal payments, observing the provisions of § 1º of Art. 7º-B of this Resolution.

Sole Paragraph. The flow of NTN-I bonds shall be maintained as long as there are interest payments related to the financing due to the fulfillment of guarantees.” (New text)

“Art. 7º-B Cases of suspension of principal and interest payments on financings referred to in Art. 7º-A shall be sent to the Proex Financial Agent, who will classify the request, and must contain, at least:

I - the justifications for the suspension of principal and interest payments on the financings;

II - the new schedule for interest payment terms.

§ 1º If, at the end of the new schedule period, proof of interest payments is not presented, the lender or refinancier may present additional schedules, justifying the changes.

§ 2º If, at the end of the period of suspension of principal and interest payments on the financings, a new repayment schedule or proof of interest payments for the operation is not presented, the provisions of Art. 7º shall apply.

§ 3º In cases of financings granted by official federal financial institutions, proof of interest payments for the operation made by the borrowers or guarantors shall be kept by the lending institution for a period of 10 (ten) years after the end of the financing or refinancing, with their presentation to the Program Agent being waived.” (New text)

“Art. 7º-C The conditions provided for in Arts. 7º-A and 7º-B apply to new equalization requests and to financings where NTN-I bonds have already been issued.” (New text)

Art. 2º This Resolution enters into force on the date of its publication.

Roberto de Oliveira Campos Neto President of the Central Bank of Brazil