BCB Resolution No. 108 — Rules and Procedures for Administrative Decision Deadlines for Economic Activity Licensing Requests

Resolução Nº 108

RESOLUTION
BCB NO. 108, OF JUNE 24, 2021

Provides for the rules and procedures to be observed for the control and counting of maximum administrative decision deadlines for requests for public acts of economic activity release required from the Central Bank of Brazil, for the specific deadlines for the different phases of the administrative processes for the release of economic activity, and for the maximum deadlines for administrative decision on requests submitted by institutions governed by Law No. 4,595, of December 31, 1964, and by Complementary Law No. 130, of April 17, 2009.

The Collegiate Board of the Central Bank of Brazil, in a session held on June 22, 2021, based on the provisions of Arts. 9 and 10, § 1, of Law No. 4,595, of December 31, 1964, Art. 9 of Resolution No. 4,122, of August 2, 2012, Art. 62 of Resolution No. 4,434, of August 5, 2015, Arts. 6 and 7 of Law No. 11,795, of October 8, 2008, Arts. 9 and 15 of Law No. 12,865, of October 9, 2013, and Art. 10, § 4, of Decree No. 10,178, of December 18, 2019,

R E S O
L V E:

Art. 1º This Resolution establishes:

I - the maximum deadlines for administrative decision on requests for public acts of economic activity release submitted by institutions governed by Law No. 4,595, of December 31, 1964, and by Complementary Law No. 130, of April 17, 2009;

II - the specific deadlines for the different phases of the administrative processes relating to:

a) requests for public acts of economic activity release submitted by institutions governed by Law No. 4,595, of 1964, and by Complementary Law No. 130, of 2009;

b) requests for public acts of economic activity release referred to in Ordinance No. 108.302, of September 17, 2020, or its successor;

III - the rules and procedures to be observed for the control and counting of the deadlines for administrative decision on requests for public acts of economic activity release submitted to the Central Bank of Brazil.

Art. 2º The deadline for analysis and decision regarding requests for public acts of economic activity release submitted to the Central Bank of Brazil begins on the date of submission of all elements necessary for the documentation of the respective process, as established by the relevant regulation, applying, when applicable, the provisions of Art. 3º.

§ 1º If all elements necessary for process documentation are not submitted, as established by the relevant regulation, the Central Bank of Brazil will formalize a requirement, granting a deadline for the submission of the necessary elements to complete the process documentation.

§ 2º Upon verification of complete process documentation, the Central Bank of Brazil will expressly and immediately notify the applicant of the deadline for analysis and decision of the request, which will be counted from the date of protocol or, in the case of § 1º, from the date of receipt of the necessary elements to complete the process documentation.

§ 3º After the measure referred to in § 2º, the deadline for analysis and decision of the request may be suspended only once, if there is a need to complement the process documentation, resuming after receipt of all documents and fulfillment of all conditions required by the Central Bank of Brazil.

§ 4º Suspension of the deadline for analysis and decision of the request will be admitted, in addition to that referred to in § 3º, in the event of the occurrence of a new fact during the process documentation.

§ 5º In the cases provided for in §§ 3º and 4º, the Central Bank of Brazil will notify the applicant of the suspension of the deadline for analysis and decision of the request, granting a deadline for the submission of the necessary elements to complement the process documentation.

Art. 3º In the case of an authorization request whose analysis depends on the decision on another authorization request, the decision deadline for the dependent request will only begin after the decision on the prejudicial request, regardless of the formalization of a requirement for elements necessary to complete the process documentation of the dependent request.

§ 1º The applicant will be expressly notified of the relationship of dependence between the requests and of the interruption of the start of the deadline for analysis and decision of the dependent request.

§ 2º The dependent request will be considered completely documented on the date of the decision on the prejudicial request, provided that on that date the elements necessary to complete the process documentation of the dependent request have already been submitted.

Art. 4º The provisions of Arts. 2º and 3º apply to each of the different phases of the administrative processes relating to the requests provided for in Annex II to this Resolution, observed the provisions of § 3º of this article.

§ 1º The deadline relating to the procedural phase dispensed with by the Central Bank of Brazil, according to the current regulation, or the remaining deadline of a procedural phase decided before the end of the deadline fixed for it, will be added to the deadline of the subsequent procedural phase, provided that the maximum deadline for decision of the request, provided for in Annex I to this Resolution or in Ordinance No. 108.302, of 2020, is respected.

§ 2º The communication to the applicant referred to in Art. 2º, § 2º, must inform the addition of the deadline of the dispensed procedural phase or the remaining deadline of a procedural phase decided before the end of the deadline fixed for it.

§ 3º The suspension of the deadline for analysis of the process referred to in § 3º of Art. 2º will occur only once, even if the procedure is divided into phases.

Art. 5º The maximum deadlines for examination and decision of requests for public acts of economic activity release specified therein, submitted by institutions governed by Law No. 4,595, of 1964, and by Complementary Law No. 130, of 2009, are fixed, according to Annex I to this Resolution.

Sole Paragraph. Failure to observe the deadlines established in Annex I to this Resolution does not imply tacit approval of the requests, except for those referred to in Art. 33, § 1º, of Law No. 4,595, of 1964, or whose governing legislation provides otherwise.

Art. 6º The specific deadlines for the different phases of administrative processes relating to requests for public acts of economic activity release submitted to the Central Bank of Brazil are fixed, according to Annex II to this Resolution.

Sole Paragraph. Administrative processes relating to requests for public acts of economic activity release not mentioned in Annex II to this Resolution will be conducted in a single phase.

Art. 7º The institutions holding the requests referred to in this Resolution must regularly monitor the messages transmitted by the Central Bank of Brazil, containing notifications, information requests, and formalizations of requirements, through the Central Bank of Brazil Electronic Mail System (BC Correio).

§ 1º The reading of electronic messages sent in the manner of the caput of this article will be considered effective on the date it was opened or on the sixth day subsequent to the date of its issuance in BC Correio, whichever occurs first.

§ 2º In accordance with current regulation, failure to comply with the measures provided for in the communications of the Central Bank, within the fixed deadline, may result in the archiving of the request.

Art. 8º This Resolution enters into force on July 1, 2021.

João Manoel Pinho de Mello
Director of Organization of the Financial System and Resolution

Annex I to BCB Resolution No. 108, of JUNE 24, 2021

Request relating to a public act of economic activity release required from the Central Bank of Brazil	Deadline (days)
Authorization for constitution and operation	360
Transfer of corporate control or any change in the control group of the company, directly or indirectly	360
Contractual amendment, which does not imply other specific authorizations	90
Amendment of the regulations of a branch of a foreign financial institution in the Country	90
Change of corporate name	90
Statutory reform, which does not imply other specific authorizations	90
Transfer of headquarters to another municipality	90
Taking office and exercising positions in statutory or contractual bodies	60

Annex II to BCB Resolution No. 108, of JUNE 24, 2021

Request relating to a public act of economic activity release required from the Central Bank of Brazil	Institutions	Phases	Deadline~~~~(days)
Authorization for constitution and operation	Multiple Banks, Commercial Banks, Investment Banks, Development Banks, Exchange Banks, Credit, Financing and Investment Companies, Real Estate Credit Companies, Mortgage Companies, Development Agencies, Securities Brokerage Companies, Securities Distribution Companies	Phase 1 - Proposal for the undertaking relating to the constitution of the institution	60
Phase 2 - Statement on the constitution of the institution	150
Phase 3 - Constitutive acts of the institution	30
Phase 4 - Inspection of the implemented organizational structure	90
Phase 5 - Authorization for operation	30
Singular credit cooperative that does not intend to affiliate with a central cooperative	Phase 1 - Proposal for the undertaking relating to the constitution of the credit cooperative	60
Phase 2 - Statement on the constitution project	150
Phase 3 - Acts of constitution	60
Phase 4 - Request for inspection of the organizational structure (when required)	90
Singular credit cooperative that intends to affiliate with a central cooperative, central credit cooperative and credit confederation (confederation of central cooperatives authorized by the Central Bank of Brazil to operate as a financial institution)	Phase 1 - Statement on the constitution project	210
Phase 2 - Acts of constitution	60
Phase 3 - Request for inspection of the organizational structure (when required)	90
Financial Market Infrastructures	Authorization for operation of settlement systems operated by clearing houses or providers of clearing and settlement services.	Phase 1 - Assessment of the adequacy of the request	280
Phase 2 - Verification of compatibility of the implemented with the proposal	80
Authorization for the exercise of the activities of registration and centralized deposit of financial assets.	Phase 1 - Assessment of the adequacy of the request	280
Phase 2 - Verification of compatibility of the implemented with the proposal	80
Cancellation of the authorization for operation of the settlement systems operated by the clearing houses and the providers of clearing and settlement services.	Phase 1 - Assessment of the adequacy of the request	280
Phase 2 - Verification of the adoption of the proposed measures	80
Cancellation of the authorization for the exercise of the activities of registration and centralized deposit of financial assets.	Phase 1 - Assessment of the adequacy of the request	280
Phase 2 - Verification of the adoption of the proposed measures	80
Consortium Administrators	Authorization for constitution and operation	Phase 1 - Constitution project	300
Phase 2 - Authorization for operation	60
Foreign Exchange Brokers and Leasing Companies	Authorization for constitution and operation	Phase 1 - Proposal for the undertaking relating to the constitution of the institution	60
Phase 2 - Statement on the constitution of the institution	150
Phase 3 - Constitutive acts of the institution	30
Phase 4 - Inspection of the implemented organizational structure	90
Phase 5 - Authorization for operation	30

Annex II to BCB Resolution No. 108, of JUNE 24, 2021

(Annex II with wording given by BCB Resolution No. 316, of 4/27/2023.)

Item	Request relating to a public act of economic activity release required from the Central Bank of Brazil	Phases	Deadline~~~~(days)
Financial Market Systems (SMF)	Operation of a settlement system, including its regulations	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Exercise of the activity of centralized deposit of financial assets, including the system regulations	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Exercise of the activity of registration of financial assets, including the system regulations	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Changes in the system regulations that provide for the inclusion of financial assets in the list of objects of centralized deposit	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Changes in the system regulations that provide for the inclusion of financial assets in the list of objects of registration	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Changes in the system regulations that provide for the exclusion of financial assets from the list of objects of centralized deposit	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Changes in the system regulations that provide for the exclusion of financial assets from the list of objects of registration	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Cancellation of the authorization for operation of a settlement system	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Cancellation of the authorization for the exercise of the activities of centralized deposit of financial assets	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
	Cancellation of the authorization for the exercise of the activities of registration of financial assets	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Changes in SMFs and their regulations that represent relevant risk to their safety and efficiency, or to the solidity and normal operation of the Brazilian Payments System or the National Financial System	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80

ANNEX
II TO BCB RESOLUTION NO. 108, OF JUNE 24, 2021

(Annex II with wording given by BCB Resolution No. 549, of 2/19/2026.)

Item	Request relating to a public act of economic activity release required from the Central Bank of Brazil	Phases	Deadline (days)
Financial Market Systems – SMF	Operation of a settlement system, including its regulations	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Exercise of the activity of centralized deposit of financial assets, including the system regulations	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Exercise of the activity of registration of financial assets, including the system regulations	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Changes in the system regulations that provide for the inclusion of financial assets in the list of objects of centralized deposit	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Changes in the system regulations that provide for the inclusion of financial assets in the list of objects of registration	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Changes in the system regulations that provide for the exclusion of financial assets from the list of objects of centralized deposit	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Changes in the system regulations that provide for the exclusion of financial assets from the list of objects of registration	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Cancellation of the authorization for operation of a settlement system	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Cancellation of the authorization for the exercise of the activities of centralized deposit of financial assets	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
	Cancellation of the authorization for the exercise of the activities of registration of financial assets	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Changes in SMFs and their regulations that represent relevant risk to their safety and efficiency, or to the solidity and normal operation of the Brazilian Payments System or the National Financial System	Phase 1 - Analysis of the proposal	280
Phase 2 - Analysis of the implementation of the proposal	80
Virtual Asset Service Providers	Authorization for operation of virtual asset service providers that are in activity	Phase 1	360
Phase 2	720