Central Bank Circular No. 4038 — Amends Regulations of the Reserve Transfer System (STR) and Related Circulars

The Collegiate Board of the Central Bank of Brazil, in a session held on July 28, 2020, based on the provisions of Articles 10, items III and IV, of Law No. 4.595 of December 31, 1964; Article 10 of Law No. 10.214 of March 27, 2001; Articles 14 and 15 of Law No. 12.865 of October 9, 2013; and Articles 9, 10, item I, and 11 of Resolution No. 2.882 of August 30, 2001,

R E S O L V E:

Art. 1º The Regulation Annexed to Circular No. 3.057 of August 31, 2001, shall enter into force with the following alterations:

“Art. 5º ......................................................

I - must be made directly in the Bank Reserve Accounts, the Settlement Accounts, or the Instant Payment Accounts maintained by participants at the Central Bank of Brazil; and

II - is definitive at the moment when movements are effected in the Bank Reserve Accounts, the Settlement Accounts, or the Instant Payment Accounts maintained by participants at the Central Bank of Brazil.” (NR)

Art. 2º The Regulation of the Reserve Transfer System (STR), annexed to Circular No. 3.100 of March 28, 2002, shall enter into force with the following alterations:

“Art. 2º ......................................................

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XI - transfer of funds on behalf of third parties: transfer of funds made in the name of a client of the issuing participant;

XII - scheduled fund transfer order: order issued by the participant with indication for settlement at a future time;

XIII - regular operating hours in the STR: operating hours of the STR for settlement of fund transfer orders;

XIV - additional window for deposits into Instant Payment Account (Instant Payment Account - Conta PI): additional operating schedule, after the closing of regular operating hours in the STR, for the purpose of making deposits into the institution's own Instant Payment Account and for the financial settlement of the operations referred to in Resolution No. 4.781 of February 20, 2020, in the institution's Instant Payment Account; and

XV - Instant Payment Account (Instant Payment Account - Conta PI): account owned by a direct participant of the Instant Payment System (SPI), maintained at the Central Bank of Brazil for the purpose of fund transfers within the scope of the SPI.” (NR)

“Art. 7º-D ....................................................

Sole Paragraph. ..............................................

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VIII - financial movement of mandatory deposits, cash holdings, and mandatory allocations;

IX - transfers involving the specific account used in the maintenance of cash resources at the Central Bank of Brazil corresponding to the value of electronic money maintained in a payment account; or

X - transfers involving deposits or withdrawals in the Instant Payment Account owned by the issuing institution.” (NR)

“Art. 9º The regular operating hours in the STR for settlement of fund transfer orders are from 6:30 a.m. to 6:30 p.m. (Brasília time).

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§ 5º The postponement of the STR closing time, as well as the specific schedule times, referred to in § 3 of this article, may exceptionally extend beyond 11:59 p.m. of the specific session, motivated by situations of serious technical unavailability of the STR or another system of the Central Bank of Brazil.

§ 6º On December 24, if it is a business day for purposes of operations carried out in the financial market, and on the last business day of the year, the regular operating hours in the STR shall be from 6:30 a.m. to 1:00 p.m., observing the additional window referred to in § 8.

§ 7º On Ash Wednesday, the STR shall observe its normal operating hours and the corresponding schedule grids.

§ 8º The additional window for deposits into the Instant Payment Account begins immediately after the sending of the STR0016 message - STR informs Closing Balance, contained in the SFN Services Catalog, relating to the closing of the regular operating schedule in the STR, and ends, ordinarily, at 7:00 p.m., and at 1:30 p.m. on the days specified in § 6.

§ 9º In the cases referred to in § 3, the beginning and end of the additional window for deposits into the Instant Payment Account shall be automatically postponed by the same amount of time that the closing of the regular operating hours of the STR is extended.” (NR)

“Art. 34. .....................................................

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Sole Paragraph. The provisions of this article do not apply to orders issued by a clearinghouse or by a clearing and settlement service provider, to indirect orders originating from Selic, and to orders involving deposits or withdrawals in the Instant Payment Account, which, in the situations referred to in items I and II, are immediately rejected by the STR.” (NR)

Art. 3º Circular No. 3.438 of March 2, 2009, shall enter into force with the following alteration:

“Art. 3º The movement of resources between the Central Bank of Brazil and the holders of Bank Reserve Accounts or Settlement Accounts is carried out exclusively through these accounts, except for situations involving the use of the Instant Payment Account, in accordance with the Regulation annexed to Circular No. 4.027 of June 12, 2020.” (NR)

Art. 4º Circular No. 3.704 of April 24, 2014, shall enter into force with the following alterations:

“Art. 2º The transfers to debit or credit of the Electronic Money Issuing Institution (IEME) are carried out through the messages of the Group of Services for Payments Related to Electronic Money (SME Services Group) and the messages of the Group of Services for Liquidity in Instant Payment Accounts (LPI Services Group), of the SFN Services Catalog, observing the operating schedule grids of the Reserve Transfer System (STR).

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

“Art. 6º ......................................................

I - to debit for credit in the Settlement Account, the Bank Reserve Account, or the Instant Payment Account (Instant Payment Account - Conta PI) owned by it; and

II - to credit from debit in the Settlement Account, the Bank Reserve Account, or the Instant Payment Account owned by it.” (NR)

“Art. 8º ......................................................

I - to debit, under the command of the IEME, exclusively for credit in the Instant Payment Account or in a bank checking account, both owned by it, except when there is a need to return resources received unduly, in which case the credit occurs in the account of the originator of the transfer;

II - to credit, from debit:

a) in a bank checking account owned by the IEME, under the command of the bank institution where the said account is held; or

b) in the Instant Payment Account owned by it, under its own command.” (NR)

“Art. 9º The IEME that is not the owner of a Bank Reserve Account or Settlement Account and is unable to use STR-Web may use the Telephone Contingency service to request transfers to debit or credit involving the Electronic Money Issuing Institution (IEME) owned by it.

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

Art. 5º Circular No. 3.489 of March 18, 2010, shall enter into force with the following alterations:

“Art. 3º ......................................................

I - ............................................................

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c) to institutions not participating in the STR obliged to send information regarding mandatory deposits and mandatory allocations to the Central Bank of Brazil; and

d) to institutions that are direct participants of the Instant Payment System (SPI), not participants in the STR, for the purpose of withdrawal from the Instant Payment Account (Instant Payment Account - Conta PI) for credit in the Bank Reserve Account or Settlement Account of the institution that provides the settlement service in the STR;

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Art. 6º Circular No. 3.917 of November 22, 2018, shall enter into force with the following alterations:

“Art. 6º ......................................................

§ 1º For the purpose of the verification referred to in the caput of this article, position is considered the daily balance registered in the Bank Reserve Account at the closing of the regular operating schedule of participants in the Reserve Transfer System (STR), calculated before the beginning of the additional window for deposits into the Instant Payment Account (Instant Payment Account - Conta PI), as referred to in the Regulation of the STR, annexed to Circular No. 3.100 of March 28, 2002.

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§ 3º At the time of calculating the balance referred to in § 1, the institution's position must be equivalent to at least 65% (sixty-five percent) of the exigibility calculated for the respective period.” (NR)

Art. 7º Circular Letter No. 3.514 of July 4, 2011, is hereby revoked.

Art. 8º This Circular enters into force on November 3, 2020.

Bruno Serra Fernandes Director of Monetary Policy