BCB Instruction Normative No. 582 — Dispenses on the calculation of the leverage limit applicable to consortium operations

Consortium - Leverage Limit

BCB INSTRUCTION NORMATIVE NO. 582, OF JANUARY 9, 2025

Dispenses on the calculation of the leverage limit applicable to consortium operations.

The Acting Head of the Financial System Regulation Department (Denor), in the exercise of the authority conferred upon him by art. 23, item I, letter "a", of the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of September 21, 2023, and having in view the provisions of art. 8 of BCB Resolution No. 234, of July 27, 2022,

RESOLVES:

Art. 1 This Instruction Normative dispenses on the calculation of the leverage limit applicable to consortium operations as provided for in BCB Resolution No. 234, of July 27, 2022.

Art. 2 Consortium administrators, for the purposes of calculating the leverage limit applicable to consortium operations, must consider as:

I - balance of the administrator's passive operations: the value corresponding to accounting group 4.0.0.00.00.00-6 - Liabilities Payable, subtracting the value recorded in accounting title 4.9.8.13.00.00-7 - ANTICIPATED ADMINISTRATION FEE, from document 4010 - Analytical Balance Sheet, of the Accounting Standard of Institutions Regulated by the Central Bank of Brazil (Cosif), observing the percentages and schedule defined in the sole paragraph of art. 8 of BCB Resolution No. 234, of 2022;

II - balance of consortium group resources: the sum of the values recorded in accounting subgroups 1.1.0.00.00.00-2 AVAILABILITIES and 1.2.0.00.00.00-5 INTERFINANCIAL LIQUIDITY APPLICATIONS and in accounting title 1.8.7.98.00.00-7 CHECKS AND OTHER VALUES TO BE RECEIVED, subtracting the sum of the values recorded in accounting subtitles 1.2.9.90.25.00-8 Linked to Contemplations - Selic and 1.2.9.90.35.00-5 Linked to Contemplations - Other Applications, from document 4110 - Demonstration of Consortium Resources, of Cosif; and

III - value relative to participations held by the administrator in the capital of other companies: the value recorded in accounting sub-group 2.1.0.00.00.00-1 INVESTMENTS, from document 4010 - Analytical Balance Sheet, of Cosif.

Art. 3 This Instruction Normative enters into force on the date of its publication.

UVERLAN RODRIGUES PRIMO

NOTE 10/2025-BCB-DENOR, OF JANUARY 9, 2025

Justifies proposal for the issuance of an instruction normative that dispenses on the calculation of the leverage limit applicable to consortium operations.

To the
Acting Head of Denor,

The present Note justifies the proposal for the issuance of an instruction normative by the Financial System Regulation Department (Denor), in the exercise of the authority conferred upon it by art. 23, item I, letter "a", of the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of September 21, 2023, having in view the provisions of art. 8 of BCB Resolution No. 234, of July 27, 2022.

2. BCB Resolution No. 444, of December 12, 2024, which amended BCB Resolution No. 234, of 2022, which dispenses on the constitution and functioning of consortium administrators, establishes additional rules applicable to the calculation of the leverage limit, as provided for in art. 8, to be permanently observed by consortium administrators.

3. Given the new accounting rubrics of the Accounting Standard of Institutions Regulated by the Central Bank of Brazil (Cosif) that began to be used by consortium administrators from January 2025, due to Instruction Normatives No. 426 to No. 433, all of December 1, 2023, with subsequent amendments, it is necessary to adequately define the accounting groups, subgroups, titles, and subtitles that must be considered by consortium administrators in the calculation of the aforementioned leverage limit.

4. It should be noted that Law No. 13.874, of September 20, 2019, determines that proposals for the issuance and amendment of normative acts of general interest of economic agents, issued by bodies and entities of the direct, autarchic, and foundation federal public administration, as well as by collegiate bodies through the body or entity responsible for providing them with administrative support, must be preceded by a Regulatory Impact Analysis (RIA).

5. However, according to art. 4, item II, of Decree No. 10.411, of June 30, 2020, which regulates this Law, the RIA may be waived, provided there is a reasoned decision by the competent body or entity, in the case of a normative act that aims to regulate rights or obligations defined in a hierarchically superior norm that does not allow, technically or legally, different regulatory alternatives. In this sense, it is understood that the present instruction normative meets the criteria of the aforementioned Decree, since the normative act now proposed aims to correctly guide the calculation of the leverage limit defined by Resolution of this Central Bank, contributing, moreover, to the maintenance of the integrity of the Consortium System.

For your consideration.

GUILHERME THÉMES MIGUEL JOSÉ
Subunit Head

Agreed.

UVERLAN RODRIGUES PRIMO
Acting Department Head