BCB Normative Instruction No. 229 — Adjusts MCR provision regarding suspension parameter for rural credit operations registered in Sicor

The current text of the MCR is available at the following electronic address: www3.bcb.gov.br/mcr.

BCB NORMATIVE INSTRUCTION NO. 229, OF JANUARY 14, 2022

Adjusts provision of the MCR - Document 1 regarding the parameter for suspension of rural credit operations registered in the Rural Credit and Proagro Operations System (Sicor).

The Head of the Department of Regulation, Supervision and Control of Rural Credit and Proagro Operations (Derop), in the exercise of the powers conferred by Article 23, item I, letter “a”, of the Internal Regulations of the Central Bank of Brazil, annexed to Ordinance No. 84,287, of February 27, 2015, and considering the provisions of item 4 of Section 6 (Accounting and Control) of Chapter 3 (Operations) of the Rural Credit Manual (MCR),

R E S O L V E S:

Art. 1º The caput of item 23 of MCR - Document 1 (Requirements and Instructions for Filling out the Rural Credit and Proagro Operations System - Sicor) of the Rural Credit Manual (MCR) shall be amended as follows:

“23 - The rural credit operation that does not have a record of fund disbursement after 30 days from contracting shall be suspended, and after 365 days from contracting have elapsed without a record of fund disbursement, it shall be automatically excluded by Sicor.

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(NR)

Sole Paragraph. MCR - Document 1 is available on the website of the Central Bank of Brazil, on the MCR consultation page, available at the electronic address www3.bcb.gov.br/mcr.

Art. 2º This BCB Normative Instruction enters into force on the date of its publication.

Claudio Filgueiras Pacheco Moreira

NOTE

The Rural Credit and Proagro Operations System (Sicor), created by the Central Bank of Brazil (BCB) to administer rural credit, is the platform through which rural credit operations are registered. Sicor requires that financial agents transfer funds to rural credit beneficiaries only after the completion of the registration process, which is processed in real time. In the processing of operation information, cross-referencing of databases and queries to other systems external to the BCB are performed, allowing for validation of records and confirmation of the veracity of information, preventing operations that do not comply with regulations from being formalized as rural credit.

2. This BCB Normative Instruction (IN BCB) aims to amend the caput of item 23 of MCR - Document 1, extending from “two business days” to “thirty days” the period after which a rural credit operation that does not have a record of fund disbursement becomes suspended. The thirty-day period suggested allows for greater operational flexibility and cost reduction for financial institutions, without prejudice to the accuracy of the statistical data generated by Sicor. Furthermore, this IN BCB suppresses part of the caput of the same item that refers to the disclosure of statistical data, as the explanations necessary for the correct understanding of the database and statistical reports should be provided directly in the database and in the documents where such information is published.

3. Decree No. 10,411, of June 30, 2020, regulated the conduct of regulatory impact analysis (AIR) as a prerequisite for the issuance of normative acts. However, in its Article 4, the aforementioned decree establishes the hypotheses for exemption from conducting an AIR. As registered above, this IN BCB only extends the period after which a rural credit operation that does not have a record of fund disbursement becomes suspended.

4. Therefore, and considering that the extension of the aforementioned period for suspension of the operation consists of a simplification of mandatory rules for financial institutions, with no negative impact on rural credit borrowers, the measure presented through this IN BCB falls under the hypothesis of exemption from AIR, as it constitutes a normative act that reduces requirements, obligations, restrictions, requests, or specifications with the objective of reducing regulatory costs, in the form of item VII of Article 4 of Decree No. 10,411, of June 30, 2020.

Claudio Filgueiras Pacheco Moreira
Head of Derop