BCB RESOLUTION NO. 131, OF AUGUST 20, 2021

Consolidates the norms on the procedure of the administrative sanctioning process, the application of penalties, the commitment term, the precautionary measures, the coercive fine, and the administrative agreement in a supervision process, provided for in Law No. 13,506, of November 13, 2017, and the parameters for the application of administrative penalties provided for in Law No. 9,613, of March 3, 1998.

The Collegiate Board of the Central Bank of Brazil, in a session held on August 19, 2021, based on art. 36 of Law No. 13,506, of November 13, 2017, and considering the provisions of Decree No. 10,139, of November 28, 2019, and Ordinance No. 107.172, of March 11, 2020,

RESOLVES:

CHAPTER I

PRELIMINARY PROVISIONS

Art. 1. This Resolution consolidates and disciplines, within the scope of the Central Bank of Brazil:

I - the procedure of the administrative sanctioning process;

II - the procedures related to:

a) the signing of the commitment term;

b) the imposition of precautionary measures;

c) the application of the coercive fine; and

d) the signing of the administrative agreement in a supervision process;

III - the parameters for the application of administrative penalties.

Art. 2. The administrative sanctioning process, a supervision instrument intended to maintain discipline, stability, and regularity in the functioning of the National Financial System, the Consortium System, and the Brazilian Payments System, shall comply, among others, with the principles of legality, purpose, motivation, reasonableness, proportionality, morality, broad defense, adversarial system, legal certainty, public interest, and efficiency.

Art. 3. The Central Bank of Brazil will consider the following guidelines to refrain from initiating an administrative sanctioning process:

I - low harm to the protected legal asset; and

II - effectiveness and efficiency of the alternative supervision instrument or measure used both for the remediation of the administrative irregularity and for the dissuasion of recidivism.

§ 1º Protected legal assets, for the purposes of this Resolution, are those whose legislation imposes on the Central Bank of Brazil the duty to safeguard, in particular:

I - the stability and solidity of the National Financial System, the Consortium System, and the Brazilian Payments System;

II - the regular functioning of institutions supervised by the Central Bank of Brazil;

III - the adequate relationship of institutions supervised by the Central Bank of Brazil with clients and users of financial products and services; and

IV - the prevention of the use of the National Financial System, the Consortium System, and the Brazilian Payments System for the practice of "money laundering" or concealment of assets, rights, and values and for the financing of terrorism.

§ 2º The degree of harm to the protected legal asset shall be verified, in the concrete case, based on the nature, scope, gravity, relevance, and repetition of the irregular conduct and recidivism.

Art. 4. In the case of succession of a legal entity authorized to operate by the Central Bank of Brazil, the administrative sanctioning process shall not be initiated against the successor legal entity, when it concerns an irregularity prior to the reorganization, unless fraud or simulation is verified.

Art. 5. In cases where several infractions are committed or where there is more than one accused, the Central Bank of Brazil may investigate responsibilities through one or several processes.

Art. 6. Administrative sanctioning processes intended exclusively for the application of a fine penalty for late delivery of information to the Central Bank of Brazil, regarding the Registry and Census of Foreign Capital in the Country and the Declaration of Brazilian Capital Abroad, may observe the simplified procedure provided for in Section II of Chapter IV of this Resolution.

Art. 6. Administrative sanctioning processes intended exclusively for the application of a fine penalty for late delivery of information to the Central Bank of Brazil, relating to the provision of information on Brazilian capital abroad and foreign capital in the Country and on information necessary for the compilation of official macroeconomic statistics, may observe the simplified procedure provided for in Section II of Chapter IV of this Resolution. (Wording given, from 12/31/2022, by BCB Resolution No. 274, of 12/13/2022.)

CHAPTER II

PROCEDURAL RITE OF THE ADMINISTRATIVE SANCTIONING PROCESS

Section I

Preliminary Provisions

Art. 7. Procedural acts and terms shall be formalized, communicated, and transmitted electronically.

§ 1º The Central Bank of Brazil may use communication by mail or by notice in the process in cases where these prove to be more efficient.

§ 2º In situations where communication occurs physically, after the inclusion of the digitized document in the electronic process files, the physical document shall be discarded.

§ 3º Procedural acts in non-electronic media may be carried out in any representation square of the Central Bank of Brazil.

Art. 8. The nullity of any procedural act shall only prejudice subsequent acts that depend on or result from it.

Sole paragraph. Acts that present curable defects and do not cause prejudice to the accused may be validated by the Central Bank of Brazil.

Art. 9. The right to consult and obtain copies of the process, until the first-instance decision is issued, shall be restricted to the accused, their legal representatives, or attorneys.

Sole paragraph. After the first-instance decision is issued, access restrictions shall be lifted, except regarding personal information or information protected by legal secrecy.

Art. 10. Procedural incidents raised and not expressly regulated in this Resolution shall be decided by the processing authority and shall not suspend the flow of deadlines nor prevent the practice of procedural acts or procedures in progress or subsequent.

Section II

Citations and Notifications

Art. 11. The citation, an act intended to inform the accused of the irregularities imputed to them and to allow them to exercise the right to adversarial system and broad defense, shall contain, in addition to the elements discriminated in § 1º of art. 20 of Law No. 13,506, of November 13, 2017:

I - the legal or regulatory provision infringed and the penalty provided for;

II - the process number;

III - the conditions for access to the process; and

IV - the name and signature of the server responsible for the act.

Sole paragraph. The omission or inaccuracy in the legal or regulatory classification or in the penalty provided for does not invalidate the citation made, provided that the fact described therein constitutes a punishable offense.

Art. 12. The notification, an act intended to give notice to the accused of the acts and terms of the process or that result in the imposition of duties, burdens, sanctions, or restrictions on the exercise of rights and activities, shall contain:

I - the identification of the accused;

II - the process number;

III - the legal basis of the decision, when applicable;

IV - the device of the decision, when applicable;

V - the indication of the deadline for filing an appeal, when applicable;

VI - the conditions for access to the process; and

VII - the name and signature of the server responsible for the act.

Art. 13. Electronic citation shall be carried out through the Central Bank's Electronic Mail System (BC Correio).

Sole paragraph. The following must have a registration in BC Correio:

I - institutions supervised by the Central Bank of Brazil and members of the Brazilian Payments System;

II - legal entities that provide independent audit services for institutions supervised by the Central Bank of Brazil and for members of the Brazilian Payments System; and

III - cooperative audit entities and independent audit companies accredited by the Central Bank of Brazil for the execution of cooperative audit activities.

Art. 14. Citation, when carried out by mail, shall be sent to the address of the accused recorded in databases existing at the Central Bank of Brazil by means that allow confirmation of delivery.

Art. 15. When the place where the accused is located is unknown, uncertain, or inaccessible, or in case of evasion, the citation shall be carried out by publishing an edict on the website of the Central Bank of Brazil.

Art. 16. Notification shall be carried out preferably by making it available on the website of the Central Bank of Brazil, without prejudice to the possibility of using the other forms provided for in Law No. 13,506, of 2017, in cases where they prove to be more efficient.

Section III

Deadlines

Art. 17. The deadline for the practice of the procedural act by the accused shall be 10 (ten) days, unless there is a legal or regulatory provision or a different deadline fixed by the Central Bank of Brazil.

Art. 18. If there is more than one accused in the same process, the deadlines shall be counted individually.

Sole paragraph. Deadlines shall be counted in a simple manner.

Art. 19. The day of the start of the deadline is considered the first of the events mentioned in § 1º of art. 24 of Law No. 13,506, of 2017.

Sole paragraph. The first day of the counting of the deadline and the day of its expiration shall be extended to the next business day if they coincide with the weekend, holiday, or optional point in the location of the accused's domicile or the headquarters of the supervised institution, or if there is unavailability of the Central Bank of Brazil's electronic process system.

Art. 20. The date of delivery of documents to the Central Bank of Brazil is considered to be the date of the protocol in the Autarchy's electronic system.

Art. 21. The Central Bank of Brazil will analyze a request for the granting of a new deadline for the practice of a procedural act, in the event of an unforeseen event, unrelated to the will of the accused, that prevents them from practicing the act, by themselves, by their representative, or by an attorney.

Sole paragraph. Proven the occurrence of the event mentioned in the caput, the Central Bank of Brazil will assign a new deadline for the practice of the act.

Art. 22. The accused may waive the deadline established exclusively in their favor, provided that they do so expressly.

Section IV

Defense

Art. 23. The defense may be presented by the accused or by a proxy constituted by them.

§ 1º A defense presented by a proxy to which the instrument of mandate has not been attached shall be considered valid, provided that it is presented to the Central Bank of Brazil within 15 (fifteen) subsequent days.

§ 2º If the deadline referred to in § 1º elapses without the instrument of mandate being exhibited, the defense shall be considered non-existent and removed from the files, resulting in default.

Art. 24. Default does not imply confession regarding the matter of fact, and the person in default may intervene in any phase of the process, being received in the state in which it is found, without right to repetition of acts already practiced.

Section V

Evidence

Art. 25. It is incumbent upon the accused, in the defense, to attach documents intended to prove their allegations and indicate other evidence they intend to produce, under penalty of preclusion.

§ 1º Any cost for the production of evidence requested by the accused shall be borne by them.

§ 2º The accused who requests the production of evidence based on facts and data recorded at the Central Bank of Brazil must specify the documents they intend to be attached to the process.

§ 3º The Central Bank of Brazil will deny, in a reasoned manner, illicit, irrelevant, unnecessary, or dilatory evidence.

§ 4º Illicit evidence cannot integrate the process and, if produced, shall be removed.

Art. 26. The production of expert evidence regarding matters that are within the technical knowledge of the Central Bank of Brazil shall not be admitted; in this case, the attachment of a technical report produced by a professional hired by the accused is permitted.

Art. 27. If witness testimony is requested, the list of witnesses shall be presented together with the defense and contain the name, the registration number in the Individual Taxpayer Registry, and the indication of the link of each listed witness with the facts treated in the process.

§ 1º The number of listed witnesses shall not exceed 2 (two) for each irregularity and 5 (five) for each accused.

§ 2º The Central Bank of Brazil will deny the production of witness testimony on facts that can be proven by document.

§ 3º The Central Bank of Brazil will communicate the day, time, form, and location of the hearing designated for the hearing, and it is incumbent upon the accused to arrange for the witness's appearance.

§ 4º In addition to the Central Bank of Brazil, the accused may also ask questions to the witnesses, even if they were not listed by them.

§ 5º Questions that do not relate to the facts under investigation shall be denied.

§ 6º At the end of the hearing, a witness hearing record shall be drawn up, which shall be signed by the server designated to conduct the hearing, without prejudice to, at the discretion of the Central Bank of Brazil, the act being recorded on digital media.

Art. 28. The Central Bank of Brazil may, during the process, produce evidence and carry out investigations it deems necessary.

Art. 29. It shall be optional for the accused to manifest themselves, within 30 (thirty) days, on new evidence elements collected by the Central Bank of Brazil after the defense phase.

Section VI

Decision

Art. 30. Once the procedural instruction is completed, the files shall be concluded for decision:

I - by a specific collegiate body, when the administrative sanctioning process is initiated against a person mentioned in art. 2º of Law No. 13,506, of 2017; or

II - by the authority indicated in the Internal Regulations of the Central Bank of Brazil, in other cases.

Sole paragraph. The decision shall also be monocratic when the administrative sanctioning process is initiated against a natural person mentioned in art. 2º of Law No. 13,506, of 2017, but the facts imputed to the accused do not have a relationship with the activity exercised by them in the institutions referred to in the caput of art. 2º of Law No. 13,506, of 2017.

Art. 31. The requirements of the decision are:

I - the report, which shall contain the qualification of the accused, the summary of the facts that motivated the initiation of the process and the defense allegations;

II - the grounds of fact and law; and

III - the device, in which the judging authority shall decide on the acquittal or conviction of the accused, establishing, in the latter case, the applicable penalties.

Art. 32. The decision shall be definitive:

I - convicting, when the deadline for appeal has expired without it being filed; and

II - acquitting.

Sole paragraph. The decision shall also be definitive in the part that has not been the object of appeal.

Art. 33. The decision shall be published on the website of the Central Bank of Brazil in full or in a summarized version, which shall contain, at minimum:

I - the process number;

II - the identification of the accused;

III - the legal basis of the decision;

IV - the device of the decision; and

V - the identification of the authority that issued the decision.

Section VII

Appeal

Art. 34. The Central Bank of Brazil shall forward the appeal filed against a convicting decision to the Financial System Resources Council.

Section VIII

Request for Suspensive Effect on Filed Appeal

Art. 35. The penalized person may present a request for the appeal filed against a decision that imposes the penalties provided for in items IV, V, or VI of art. 5º of Law No. 13,506, of 2017, to be received with suspensive effect.

§ 1º The request referred to in the caput shall be directed to the authority that issued the decision and presented at the time of filing the appeal.

§ 2º The appreciation of the request for suspensive effect shall take place in separate files from the original process.

Art. 36. For the granting of suspensive effect, the authority that issued the decision and the specific collegiate body mentioned in the sole paragraph of art. 37 of this Resolution will consider the demonstration, by the appellant, of the non-existence of risk to the institution or to the stability of the system, in case there is the continuity of activities or operations or the permanence of the penalized person in the position.

Sole paragraph. For the granting of suspensive effect to the appeal regarding the application of the penalty of cancellation of authorization to operate, only the risk to the stability of the system shall be evaluated.

Art. 37. The penalized person may appeal the decision that denies the attribution of suspensive effect, within 5 (five) days, counted from the notification of the decision that denied the request.

Sole paragraph. The appeal referred to in the caput shall be decided by a specific collegiate body.

CHAPTER III

APPLICATION OF PENALTIES

Section I

General Provisions

Art. 38. The following shall not constitute causes for the extinction of punishability:

I - the correction of the irregularity by the offender; and

II - the allegation of ignorance or wrong understanding of the legislation.

Art. 39. In cases of permanent or continuing offense, the norm in force on the day the permanence ceased or the last offense was committed shall apply.

Section II

Infractions Committed by Consortium Administrators

Art. 40. For the purposes of the gradation of penalties provided for in art. 36, item I, of Law No. 13,506, of 2017, the following constitute punishable infractions within the scope of the Consortium System:

I - selling consortium quotas, including through representatives, in a manner incompatible with current legislation;

II - using consortium group resources for purposes other than those admitted in current legislation;

III - diverting group resources for the benefit of the administrator or third parties;

IV - failing to deposit in a financial institution the resources of consortium groups or to apply them in the manner established in current legislation;

V - promoting or failing to promote contemplations, in disagreement with the requirements of current legislation;

VI - failing to convene or hold ordinary or extraordinary general assemblies, in accordance with current legislation;

VII - failing to provide, in a clear, objective, and adequate manner, the information necessary for the free choice and decision-making by consortium members;

VIII - carrying out operations without observing operational limits or minimum standards of paid-in capital and adjusted net worth; or

IX - failing to maintain the patrimonial autonomy of consortium groups.

Section III

Infractions Against Compliance with Law No. 9,613, of March 3, 1998

Art. 41. The following constitute serious infractions regarding compliance with the obligations contained in arts. 10 and 11 of Law No. 9,613, of 1998, those that produce or may produce any of the following effects:

I - contribute to the distortion of the purposes of the instruments and operations used within the scope of activities subject to the supervision of the Central Bank of Brazil;

II - cause damage to the image of the institution or the segment in which it operates;

III - contribute to generating indiscipline in the financial market or to affecting the stability or regular functioning of the National Financial System, the Consortium System, or the Brazilian Payments System;

IV - severely affect the continuity of activities or operations within the scope of the National Financial System, the Consortium System, or the Brazilian Payments System; and

V - contribute to stimulating irregular conduct in the segment in which it operates.

Art. 42. For the purposes of the gradation of penalties provided for in art. 36, item I, of Law No. 13,506, of 2017, the following constitute punishable infractions based on art. 12 of Law No. 9,613, of 1998:

I - absence of registration information that does not compromise the identification and evaluation of the financial capacity of clients referred to in art. 10, item I, of Law No. 9,613, of 1998;

II - identification or updating of client registration referred to in art. 10, item I, of Law No. 9,613, of 1998, in disagreement with sub-legal regulation or absence of such identification;

III - maintenance of records of transactions referred to in art. 10, item II, of Law No. 9,613, of 1998, with incomplete information, which does not prejudice the identification of date, value, origin, and destination of resources;

IV - maintenance of records of transactions referred to in art. 10, item II, of Law No. 9,613, of 1998, in disagreement with sub-legal regulation or absence of such record;

V - absence or inadequacy of internal policies, procedures, and controls to comply with the provisions of art. 10, item III, of Law No. 9,613, of 1998, in accordance with sub-legal regulation;

VI - non-compliance with the duty to abstain from knowledge of the communication referred to in art. 11, item II, of Law No. 9,613, of 1998;

VII - non-communication of operations that exceed the limit fixed by the Central Bank of Brazil based on art. 10, item II, of Law No. 9,613, of 1998;

VIII - communication carried out in an inadequate manner or out of deadline, regarding operations that exceed the limit fixed by the Central Bank of Brazil based on art. 10, item II, of Law No. 9,613, of 1998;

IX - non-communication of the totality of proposals or operations that contain indications of the crimes provided for in Law No. 9,613, of 1998, or related to them;

X - non-communication of a relevant portion of proposals or operations that contain indications of the crimes provided for in Law No. 9,613, of 1998, or related to them;

XI - communication carried out in an inadequate manner or out of deadline, regarding proposals or operations that contain indications of the crimes provided for in Law No. 9,613, of 1998, or related to them;

XII - omission of the duty of communication referred to in art. 11, item III, of Law No. 9,613, of 1998;

XIII - communication regarding the non-occurrence of communicable operations, referred to in art. 11, item III, of Law No. 9,613, of 1998, carried out out of deadline or in disagreement with the form and conditions established by the Central Bank of Brazil.

Section IV

Penalties of Public Admonition and Warning

Art. 43. In the infractions provided for in art. 3º, items II, III, VI, VIII, IX, X, XI, XII, XIII, XV, and XVI, of Law No. 13,506, of 2017, in art. 40, items I, II, III, IV, VIII, and IX, of this Resolution, and in infractions that produce or may produce any of the effects provided for in art. 4º of Law No. 13,506, of 2017, the penalty of public admonition may only be applied cumulatively with the penalties of fine, prohibition of providing certain services, prohibition of carrying out certain activities or modalities of operation, or ineligibility.

Sole paragraph. In other infractions provided for in art. 3º of Law No. 13,506, of 2017, and in art. 40 of this Resolution, the penalty of public admonition may be applied separately or cumulatively with the penalty of fine, provided that the infraction does not produce or may produce any of the effects provided for in art. 4º of Law No. 13,506, of 2017.

Art. 44. The text of the penalty of public admonition shall be published on the website of the Central Bank of Brazil.

§ 1º The Central Bank of Brazil may, additionally, determine the publication of the text referred to in the caput, at the offender's expense, in a medium of easy access and visibility, for a period of not less than 5 (five) days and not more than 15 (fifteen) days, to be determined in the decision imposing the penalty.

§ 2º The decision determining the publication referred to in § 1º shall observe the provisions of art. 91 of this Resolution.

Art. 45. The penalty of warning shall be applied for the offenses provided for in items I and III of art. 42 of this Resolution.

Section V

Of Penalties of Fine, Prohibition, and Disqualification

Art. 46. In applying the penalties of fine, prohibition of providing certain services, prohibition of carrying out certain activities or modalities of operation, and disqualification, the base penalty shall initially be fixed, considering in its calculation, to the extent that they can be determined:

I - the economic capacity of the offender;

II - the degree of harm or danger of harm to the National Financial System, the Consortium System, the Brazilian Payments System, the institution, or third parties;

III - the degree of reproval of the offender's conduct;

IV - the significance of the values of the irregular operations;

V - the duration of the offense or the systematic or repeated practice; and

VI - the offender's antecedents.

Art. 47. The base penalty of fine applicable to each offense shall obey the following grading:

I - from R$20,000.00 (twenty thousand reais) to R$500,000.00 (five hundred thousand reais), multiplied by the weighting factor contained in Annex I, for offenses provided for:

a) in items I, IV, V, VII, XIV, XV, and XVII of art. 3º of Law No. 13.506, of 2017;

b) in items I, II, IV, V, VI, and VIII of art. 40 and in items VI, VIII, XI, and XIII of art. 42 of this Resolution; or

c) in Law No. 14.286, of December 29, 2021, except for offenses provided for in arts. 10, 11, and 12 of the same Law; (Amended, effective from 12/31/2022, by BCB Resolution No. 274, of 12/13/2022.)

II - from R$40,000.00 (forty thousand reais) to R$1,000,000.00 (one million reais), multiplied by the weighting factor contained in Annex I, for offenses provided for:

a) in items II, III, VI, VIII, XII, XIII, and XVI of art. 3º of Law No. 13.506, of 2017;

b) in items VII, X, and XII of art. 42 of this Resolution; or

c) in items I and III of art. 42 of this Resolution, when there is recidivism in the offense punished with a warning;

III - from R$60,000.00 (sixty thousand reais) to R$1,500,000.00 (one million five hundred thousand reais), multiplied by the weighting factor contained in Annex I, for offenses provided for:

a) in items IX, X, and XI of art. 3º of Law No. 13.506, of 2017; or

b) in items III, VII, and IX of art. 40 and in items II, IV, V, and IX of art. 42 of this Resolution;

IV - from R$100,000.00 (one hundred thousand reais) to R$2,500,000.00 (two million five hundred thousand reais), multiplied by the weighting factor contained in Annex I, for offenses referred to:

a) in items I, IV, V, VII, XIV, XV, and XVII of art. 3º of Law No. 13.506, of 2017, and in items I, II, IV, V, VI, and VIII of art. 40 of this Resolution, when they produce or may produce any of the effects provided for in art. 4º of Law No. 13.506, of 2017; or

b) in items VI, VIII, XI, and XIII of art. 42 of this Resolution, when it is a serious offense, in the terms of art. 41 of this Resolution; and (Amended, effective from 12/31/2022, by BCB Resolution No. 274, of 12/13/2022.)

c) in Law No. 14.286, of 2021, when they produce or may produce any of the effects provided for in art. 4º of Law No. 13.506, of 2017, except for offenses provided for in arts. 10, 11, and 12 of the aforementioned Law No. 14.286, of 2021; (Added, effective from 12/31/2022, by BCB Resolution No. 274, of 12/13/2022.)

V - from R$200,000.00 (two hundred thousand reais) to R$5,000,000.00 (five million reais), multiplied by the weighting factor contained in Annex I, for offenses provided for:

a) in items II, III, VI, VIII, XII, XIII, and XVI of art. 3º of Law No. 13.506, of 2017, when they produce or may produce any of the effects provided for in art. 4º of Law No. 13.506, of 2017;

b) in items VII, X, and XII of art. 42 of this Resolution, when it is a serious offense, in the terms of art. 41 of this Resolution;

VI - from R$300,000.00 (three hundred thousand reais) to R$7,500,000.00 (seven million five hundred thousand reais), multiplied by the weighting factor contained in Annex I, or up to 50% (fifty percent) of the value calculated in the terms of item I of art. 7º of Law No. 13.506, of 2017, multiplied by the weighting factor contained in Annex I, whichever is greater, for offenses provided for:

a) in items IX, X, and XI of art. 3º of Law No. 13.506, of 2017, and in items III, VII, and IX of art. 40 of this Resolution, when they produce or may produce any of the effects provided for in art. 4º of Law No. 13.506, of 2017;

b) in items II, IV, V, and IX of art. 42 of this Resolution, when it is a serious offense, in the terms of art. 41 of this Resolution;

c) (Revoked, effective from 12/31/2022, by BCB Resolution No. 274, of 12/13/2022.)

d) in art. 12 of Law No. 14.286, of 2021. (Amended, effective from 12/31/2022, by BCB Resolution No. 274, of 12/13/2022.)

e) (Revoked, effective from 12/31/2022, by BCB Resolution No. 274, of 12/13/2022.)

Art. 48. The base penalty of prohibition of providing certain services for institutions supervised by the Central Bank of Brazil and for members of the Brazilian Payments System shall be fixed in an integer number of years in the range of 3 (three) to 10 (ten) years.

Art. 49. The base penalty of prohibition of carrying out certain activities or modalities of operation for institutions supervised by the Central Bank of Brazil and for members of the Brazilian Payments System shall be fixed in an integer number of years in the range of 1 (one) to 5 (five) years.

Art. 50. The base penalty of disqualification to act as an administrator and to hold a position in a body provided for in the statutes or social contract of an institution supervised by the Central Bank of Brazil or a member of the Brazilian Payments System applicable to each offense shall be fixed in an integer number of years and shall obey the following grading:

I - from 3 (three) to 6 (six) years, for offenses provided for:

a) in items I, IV, V, VII, XIV, and XV of art. 3º of Law No. 13.506, of 2017; or

b) in items I, II, IV, V, VI, and VIII of art. 40 and in items VII, VIII, XI, and XII of art. 42 of this Resolution; and (Amended, effective from 12/31/2022, by BCB Resolution No. 274, of 12/13/2022.)

c) in Law No. 14.286, of 2021, except for offenses provided for in arts. 10, 11, and 12 of the same Law; (Added, effective from 12/31/2022, by BCB Resolution No. 274, of 12/13/2022.)

II - from 3 (three) to 10 (ten) years, for offenses provided for:

a) in item XVII of art. 3º of Law No. 13.506, of 2017; or

b) in items VI, X, and XIII of art. 42 of this Resolution;

III - from 6 (six) to 10 (ten) years, for offenses provided for:

a) in items II, III, VI, VIII, XII, XIII, and XVI of art. 3º of Law No. 13.506, of 2017; or

b) in items II, IV, V, and IX of art. 42 of this Resolution; and

IV - from 10 (ten) to 15 (fifteen) years, for offenses provided for:

a) in items IX, X, and XI of art. 3º of Law No. 13.506, of 2017; or

b) in items III, VII, and IX of art. 40 of this Resolution.

Art. 51. The following are circumstances that aggravate the penalties of fine, prohibition of providing certain services, prohibition of carrying out certain activities or modalities of operation, and disqualification, when they do not constitute autonomous offenses:

I - recidivism;

II - occurrence of damage to the image of the institution or the segment in which it operates;

III - the advantage obtained or sought by the offender; and

IV - the commission of an offense through fraud or simulation.

§ 1º The penalty of fine shall be increased by 20% (twenty percent) for each aggravating circumstance verified.

§ 2º The penalties of disqualification, prohibition of providing certain services, and prohibition of carrying out certain activities or modalities of operation shall be increased by 1 (one) year for each aggravating circumstance verified.

§ 3º Recidivism occurs when the agent commits a new offense after having been punished by virtue of a final administrative decision, unless 3 (three) years have elapsed since the fulfillment of the respective punishment or the extinction of the penalty.

§ 4º Specific recidivism occurs when the agent commits the same offense after having been punished by virtue of a final administrative decision, unless 3 (three) years have elapsed since the fulfillment of the respective punishment or the extinction of the penalty.

§ 5º In the cases provided for in art. 12, § 2º, item I, and § 3º, final part, of Law No. 9.613, of 1998, the circumstance provided for in item I of the caput shall not be used to aggravate the penalty.

§ 6º The circumstance provided for in item II of the caput shall not be used to aggravate the penalties related to the irregularities provided for in Law No. 9.613, of 1998.

§ 7º In the case of offenses related to independent audit or cooperative audit, the occurrence of damage to the image of the audited institution or the segment in which it operates shall also be considered as an aggravating circumstance.

Art. 52. The following are circumstances that mitigate the penalties of fine, prohibition of providing certain services, prohibition of carrying out certain activities or modalities of operation, and disqualification:

I - the offender's collaboration that results in the identification of other parties involved in the offense, if applicable, and in the obtaining of information and documents that prove the commission of an offense punishable under the legislation in force, provided that they are not previously known to the Central Bank of Brazil;

II - the regularization of the offense before its detection by the Central Bank of Brazil; and

III - the repair of damages caused, provided that it is proven by the offender through documentary evidence presented until the publication of the date of judgment of the administrative sanctioning process.

§ 1º The incidence of mitigating circumstances does not negate the seriousness of the conduct.

§ 2º The penalty of fine shall be reduced by 20% (twenty percent) for each mitigating circumstance verified.

§ 3º The penalties of disqualification, prohibition of providing certain services, and prohibition of carrying out certain activities or modalities of operation shall be reduced by 1 (one) year for each mitigating circumstance verified.

§ 4º The mitigating circumstance provided for in item I of the caput shall not be applied in the dosimetry of the penalty regarding an offender who has entered into an administrative agreement in a supervision process regarding the facts treated in the process, when a reduction of the same nature provided for in art. 102 of this Resolution is applied.

Art. 53. In the calculation of the penalty to be applied, the following shall apply, in this order:

I - the aggravating circumstances; and

II - the mitigating circumstances.

§ 1º In the occurrence of aggravating circumstances, mitigating circumstances, or a concurrence of both, the increase or decrease of the penalty may not exceed half of the value or period fixed for the base penalty.

§ 2º When the application of aggravating circumstances and mitigating circumstances results in a fractional period of disqualification or prohibition, the final period of the penalty shall be rounded down to the integer number of years immediately below.

Art. 54. The sum of the fine penalties applied to each offender in a single administrative sanctioning process shall be limited:

I - for the institutions referred to in the caput of art. 2º of Law No. 13.506, of 2017, and for legal entities that incur the penalties of Law No. 9.613, of 1998, to the higher value among the following:

a) 25% (twenty-five percent) of the social capital, calculated in the last balance sheet available at the Central Bank of Brazil;

b) 50% (fifty percent) of the minimum capital required, when applicable; or

c) 25% (twenty-five percent) of Net Equity (NE), calculated in the last balance sheet available at the Central Bank of Brazil;

II - for natural persons, to the value of R$5,000,000.00 (five million reais);

III - for other legal entities, to the value of R$10,000,000.00 (ten million reais).

Art. 55. Penalties of the same species imposed on the same natural or legal person shall be summed.

Art. 56. The time of fulfillment of the disqualification penalty may not exceed 20 (twenty) years.

§ 1º When the accused, in the same process or in distinct processes, is sentenced to more than one disqualification penalty whose sum exceeds the limit provided in the caput, they must be unified to meet the maximum limit provided therein.

§ 2º The period of fulfillment of the cautionary measure applied based on items I and II of the caput of art. 17 of Law No. 13.506, of 2017, shall be counted for the purpose of fulfilling the disqualification penalty.

§ 3º If a conviction for a subsequent fact occurs after the start of the fulfillment of the penalty, a new unification shall be made, disregarding, for this purpose, the period already fulfilled.

§ 4º When the basis for the disqualification penalties imposed on the same accused is exclusively the provision of Law No. 9.613, of 1998, the limits referred to in the caput and § 1º of this article shall be 10 (ten) years.

§ 5º The provisions of §§ 1º, 2º, and 3º of this article apply to the penalties provided for in items III and V of art. 5º of Law No. 13.506, of 2017, when the prohibition refers to the same service, activity, or modality of operation.

Section VI

Of the Penalty of Revocation of Operating Authorization

Art. 57. The penalty of revocation of operating authorization may be applied by the Central Bank of Brazil for offenses that produce any of the effects provided for in art. 4º of Law No. 13.506, of 2017, and that justify the application of the cautionary measures provided for in art. 84 of this Resolution.

Section VII

Of the Efficacy and Execution of Decisions

Art. 58. Decisions imposing the penalty of fine shall be subject to notification for payment within 30 (thirty) days, after which the charges provided for in Law No. 10.522, of July 19, 2002, shall be added.

§ 1º For the purpose of calculating the value referred to in art. 7º, § 6º, of Law No. 13.506, of 2017, the sum of the fine penalties imposed, by the punished party, in the same administrative sanctioning process shall be considered.

§ 2º If partial payment is made, the charges referred to in the caput shall apply to the remaining value if the period provided therein is exceeded.

Art. 59. The condemning decision that applies the penalties provided for in items IV, V, and VI of art. 5º of Law No. 13.506, of 2017, shall begin to produce effects:

I - after the deadline for appeal established in the caput of art. 29 of Law No. 13.506, of 2017, has expired, without the appeal having been filed or without the request for suspension of the appeal having been presented;

II - after the deadlines for filing the appeal referred to in art. 37 of this Resolution have expired, without the appeal having been filed; and

III - after notification of the final decision of the Central Bank of Brazil denying suspension of the appeal.

Art. 60. Filing an appeal against a decision that imposes cumulative penalties does not prevent the execution of penalties that do not obtain suspension effect.

Art. 61. The notification referred to in § 1º of art. 8º of Law No. 13.506, of 2017, shall be sent to the disqualified person and to the institutions supervised in which he holds a position subject to authorization by the Central Bank of Brazil.

Art. 62. If the punished party does not act as an administrator in an institution supervised by the Central Bank of Brazil or a member of the Brazilian Payments System, nor holds a position in a body provided for in the statutes or social contract of these entities, the period of fulfillment of the disqualification penalty, calculated in the manner provided for in the caput of art. 24 of Law No. 13.506, of 2017, shall begin:

I - on the date the decision begins to produce effects, in the terms of art. 59 of this Resolution; or

II - on the day of publication of the decision of the Financial System's Appeals Council, in cases where suspension effect is granted to the filed appeal.

Sole paragraph. The provisions of this article do not apply in the case of unification referred to in § 1º of art. 56 of this Resolution.

Art. 63. The period of fulfillment of the penalty of prohibition of carrying out certain activities or modalities of operation, calculated in the manner provided for in the caput of art. 24 of Law No. 13.506, of 2017, shall begin on the date the decision begins to produce effects, in the terms of art. 59 of this Resolution.

§ 1º In cases where suspension effect is granted to the appeal filed against the decision of the Central Bank of Brazil imposing the penalty of prohibition of carrying out certain activities or modalities of operation, the period of fulfillment of the penalty shall begin on the day of publication of the decision of the Financial System's Appeals Council.

§ 2º The period of fulfillment of the cautionary measure applied based on item III of the caput of art. 17 of Law No. 13.506, of 2017, shall be counted for the purpose of fulfilling the penalty of prohibition of carrying out certain activities or modalities of operation.

Art. 64. In cases where an appeal is filed against the decision of the Central Bank of Brazil imposing the penalty of prohibition of providing certain services for the institutions mentioned in the caput of art. 2º of Law No. 13.506, of 2017, the period of fulfillment of this penalty shall begin on the day of publication of the decision of the Financial System's Appeals Council.

Art. 65. If the penalty of revocation of operating authorization is applied, the punished institution shall immediately notify its clients and adopt the following measures within 90 (ninety) days:

I - closure or transfer of operations and contracts specific to an institution supervised by the Central Bank of Brazil or members of the Brazilian Payments System to an institution regularly authorized to operate; and

II - alteration of its name and corporate purpose, with the respective registration at the Commercial Registry and proof to the Central Bank of Brazil.

§ 1º The punished party shall use the available communication channels to inform its clients about the impediment to continue operations in the institution, the procedures, and the deadline for closure or transfer of operations.

§ 2º The eventual omission of measures or opposition by the client regarding what is determined in item I of the caput does not remove the obligation to adopt the determination of item II of the caput, with the punished party being responsible for fulfilling its contractual obligations towards third parties.

§ 3º The new corporate name to be adopted in the manner of item II of the caput may not contain the original name of the institution, the trade name used by it until the date of revocation, or any expression that may indicate the exercise of activities specific to an institution supervised by the Central Bank of Brazil or a member of the Brazilian Payments System.

§ 4º In cases where suspension effect is granted to the appeal filed against the decision of the Central Bank of Brazil imposing the penalty of revocation of operating authorization, the deadline for adopting the measures established in the caput shall begin on the day of publication of the decision of the Financial System's Appeals Council, observing the provisions of the caput of art. 24 of Law No. 13.506, of 2017.

CHAPTER IV

OF THE FINE RELATIVE TO THE REGISTRATION AND CENSUS OF FOREIGN CAPITALS IN THE COUNTRY AND TO THE DECLARATION OF BRAZILIAN CAPITALS ABROAD

OF THE FINE RELATIVE TO THE PROVISION OF INFORMATION ON BRAZILIAN CAPITALS ABROAD AND FOREIGN CAPITALS IN THE COUNTRY AND ON INFORMATION NECESSARY FOR THE COMPILATION OF OFFICIAL MACROECONOMIC STATISTICS

(Title amended, effective from 12/31/2022, by BCB Resolution No. 274, of 12/13/2022.)

Section I

Of Penalties

Art. 66. The fine penalties to which those responsible for failing to provide the regulatory information required or for providing false, incomplete, incorrect, or untimely information are subject, due to the provisions of Laws Nos. 4.131, of 1962, and 11.371, of November 28, 2006, Provisional Measure No. 2.224, of September 4, 2001, and Decree-Law No. 1.060, of October 21, 1969, regarding Foreign Capital in the Country and Brazilian Capital Abroad, shall be applied in accordance with the following criteria:

Art. 66. The fine penalties to which those responsible for failing to provide the regulatory information required or for providing false, incomplete, incorrect, or untimely information are subject, due to the provisions of Law No. 14.286, of 2021, regarding the provision of information on Brazilian capital abroad and foreign capital in the country and on information necessary for the compilation of official macroeconomic statistics, shall be applied in accordance with the following criteria: (Amended, effective from 12/31/2022, by BCB Resolution No. 274, of 12/13/2022.)

I - to register or submit a declaration out of compliance with the deadlines provided for in the respective norms: 1% (one percent) of the value subject to registration or declaration, limited to R$25,000.00 (twenty-five thousand reais);

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II - providing incorrect or incomplete information: 2% (two percent) of the value subject to registration or declaration, limited to R$50,000.00 (fifty thousand reais);

III - failing to register, failing to submit a declaration, or failing to present supporting documentation for the information provided to the Central Bank of Brazil: 5% (five percent) of the value subject to registration or declaration, limited to R$125,000.00 (one hundred and twenty-five thousand reais); or

IV - providing false information in a registration or declaration: 10% (ten percent) of the value subject to registration or declaration, limited to R$250,000.00 (two hundred and fifty thousand reais).

§ 1º The fine referred to in item I of the main text shall be reduced in the following situations:

I - delay of 1 (one) to 30 (thirty) days, in which case it shall correspond to 10% (ten percent) of the stipulated value; or

II - delay of 31 (thirty-one) to 60 (sixty) days, in which case it shall correspond to 50% (fifty percent) of the stipulated value.

§ 2º The penalty of fine referred to in items I, II, and III of the main text shall be increased by 50% (fifty percent) in cases where the regulated party fails to register, correct, or supplement a registration or declaration when requested by the Central Bank of Brazil.

§ 3º The decision imposing a penalty due to the infractions provided for in the main text shall not be considered for the purposes of the antecedents referred to in item VI of art. 46 and of the recidivism referred to in § 3º of art. 51 of this Resolution.

Section II

Simplified Procedure for Administrative Sanctioning Processes Regarding Delay in Submitting Information to the Central Bank of Brazil of Registration and Census of Foreign Capital in the Country and of Declaration of Brazilian Capital Abroad

Simplified Procedure for Administrative Sanctioning Processes Regarding Delay in Submitting Information to the Central Bank of Brazil regarding Brazilian capital abroad and foreign capital in the Country and information necessary for the compilation of official macroeconomic statistics

(Title altered, from 31/12/2022, by BCB Resolution No. 274, of 13/12/2022.)

Art. 67. The simplified procedure is applicable to the declarant who wishes to voluntarily acknowledge the commission of the offense of late submission of information to the Central Bank of Brazil of Registration and Census of Foreign Capital in the Country and of Declaration of Brazilian Capital Abroad and to fulfill the applied penalty, in order to conclude the administrative sanctioning process summarily.

Art. 67. The simplified procedure is applicable to the declarant who wishes to voluntarily acknowledge the commission of the offense of late submission of information to the Central Bank of Brazil regarding Brazilian capital abroad and foreign capital in the Country and information necessary for the compilation of official macroeconomic statistics and to fulfill the applied penalty, in order to conclude the administrative sanctioning process summarily. (Wording given, from 31/12/2022, by BCB Resolution No. 274, of 13/12/2022.)

Art. 68. The simplified procedure shall be initiated by the option of the declarant and conducted in the Central Bank of Brazil's electronic system, comprising, at minimum, electronic citation, acknowledgment of the unlawfulness of the conduct practiced, waiver of the defense period, decision, electronic notification, and payment of the fine.

§ 1º The administrative sanctioning process in the simplified procedure shall begin with the declarant's option for electronic citation, which shall be effected through validation of the identification of the holder of the declaration.

§ 2º If the declarant does not opt for electronic citation at the time of submitting the declaration, they may do so within 60 (sixty) days counted from the date of submission of the declaration.

§ 3º The holder of the declaration must register the acknowledgment of the unlawfulness of the conduct practiced and the waiver of the defense period electronically.

§ 4º Following the registrations referred to in § 3º, the decision applying the fine shall be issued through the electronic system with electronic notification to the declarant for payment of the fine.

§ 5º The decision shall be published in accordance with art. 33 of this Resolution.

Art. 69. The administrative sanctioning process shall follow its course through the ordinary procedure in the event of failure to formalize the acknowledgment of the unlawfulness of the conduct practiced or the waiver of the defense period within 30 (thirty) days, counted from the date of electronic citation.

Art. 70. The simplified procedure shall only be adopted from the availability, by the Central Bank of Brazil, of the electronic system referred to in art. 68 of this Resolution.

CHAPTER V

OF THE COMMITMENT TERM

Art. 71. At any time before the issuance of the first-instance decision, it is permissible to submit a proposal for a commitment term regarding infractions to the legal and regulatory norms governing the National Financial System, the Consortium System, the Brazilian Payments System, and other legal norms whose compliance is supervised by the Central Bank of Brazil.

§ 1º The proposal for a commitment term may be submitted before the initiation of the administrative sanctioning process.

§ 2º If an administrative sanctioning process has been initiated, the proposal for a commitment term shall proceed in separate records.

Art. 72. The proposal for a commitment term shall be submitted by the interested party by simple petition, containing a detailed account of the facts, as well as:

I - the declaration of cessation of the practice under investigation and, if applicable, also of its harmful effects, or, if not possible to do so immediately, the commitment to cease it according to the conditions established in the commitment term;

II - the measures that will be adopted to correct the irregularities pointed out and the deadline provided for such;

III - the description and quantification of damages possibly caused and the manner and deadline for their effective indemnification; and

IV - the value of the pecuniary contribution to be paid to the Central Bank of Brazil.

Sole paragraph. The proposal must indicate a phone number and e-mail address for contact.

Art. 73. For the purposes of the provision of art. 72 of this Resolution, damages are understood as the harm caused, by the practice of the irregularity, to the clients and users of the products and services offered by the proposing institution.

Art. 74. Upon receiving the proposal for a commitment term, the Central Bank of Brazil shall decide, in a summary cognition, whether to proceed with its analysis or to reject it.

§ 1º The proposal for a commitment term shall be rejected if:

I - it concerns:

a) facts that represent indications of a serious infraction; or

b) infractions related to the Registration and Census of Foreign Capital in the Country or to the Declaration of Brazilian Capital Abroad, regulated by Laws No. 4,131, of 1962, and 11,371, of 2006, by Provisional Measure No. 2,224, of 2001, and by Decree-Law No. 1,060, of 1969; or

b) infractions related to the provision of information on Brazilian capital abroad and foreign capital in the Country and information necessary for the compilation of official macroeconomic statistics, regulated by Law No. 14,286, of 2021; or (Wording given, from 31/12/2022, by BCB Resolution No. 274, of 13/12/2022.)

II - there is no interest on the part of the Central Bank of Brazil in its execution.

§ 2º For the purposes provided for in § 1º, item I, letter “a”, serious infractions are considered, in addition to those defined in art. 4º of Law No. 13,506, of 2017, those established in art. 41 of this Resolution.

Art. 75. Upon issuing the decision to proceed with the analysis of the commitment term proposal, the Central Bank of Brazil, within a period of up to 210 (two hundred and ten) days counted from the receipt of the proposal, shall decide on the execution of the commitment term.

§ 1º The Central Bank of Brazil shall consider, for the purposes of negotiating the obligations to be assumed in the commitment term, among other elements, the nature and repercussions of the infractions, the timing of the submission of the proposal, and the antecedents of the interested party.

§ 2º The Central Bank of Brazil may propose adjustments to the interested party in the proposal.

§ 3º The decision on the execution of the commitment term does not involve an examination of the merits regarding the factual matter or the unlawfulness of the conduct that originated the proposal.

Art. 76. A request for reconsideration may be filed with the authority that issued the unfavorable decisions in the cases referred to in arts. 74 and 75 of this Resolution.

Sole paragraph. The request referred to in the main text shall be submitted within 10 (ten) days counted from the knowledge of the decision that rejected the proposal and may not be renewed.

Art. 77. The commitment term shall contain a penalty clause in the event of delay by the promisor, without prejudice to the establishment, at the discretionary judgment of the Central Bank of Brazil, in the event of total or partial non-compliance with the committed obligations or in special security of a specific clause.

Sole paragraph. The commitment term may contain clauses that stipulate instrumental obligations, understood as those established in order to facilitate verification regarding the compliance with the other obligations agreed upon.

Art. 78. The conditions of the commitment term may not be altered, except by a new deliberation of the Central Bank of Brazil, upon request by the interested party.

Art. 79. Upon expiration of the period established in the commitment term, the Central Bank of Brazil shall declare whether the conditions established therein were satisfactorily fulfilled by the promisor.

§ 1º The Central Bank of Brazil may declare the fulfillment of the commitment term if it verifies that, although there was no compliance with the instrumental obligations possibly established, the other obligations provided for in the term were fulfilled satisfactorily.

§ 2º The approval referred to in § 1º shall not exempt the promisor from paying the daily fine or the compensatory penalty clause possibly established in security of the unfulfilled clause.

§ 3º The total or partial non-compliance with the obligations assumed or the finding of the falsity of the declaration of cessation of the irregular conduct shall imply the non-compliance with the commitment term and the adoption of the measures provided for in art. 15, § 2º, of Law No. 13,506, of 2017, respecting the provision of § 1º of this article.

Art. 80. The promisor who incurs delay may purge it until the Central Bank of Brazil manifests on the fulfillment of the obligations provided for in the commitment term in accordance with art. 79 of this Resolution, provided that they offer the due performance plus any charges that may apply.

Art. 81. Procedural acts regarding the commitment term shall be formalized, communicated, and transmitted electronically.

§ 1º The proposal and the documents derived from it must be submitted via Digital Protocol.

§ 2º The notification of decisions regarding the commitment term shall be carried out through the Central Bank of Brazil's electronic systems or by viewing the records.

Art. 82. The deadlines in commitment term processes shall be counted continuously, excluding the start day and including the due date.

§ 1º The first day of the count of the deadline and the due date shall be extended to the next business day if they coincide with a weekend, holiday, optional point at the location of the promisor's domicile or headquarters, or if there is unavailability of the Central Bank of Brazil's electronic process system.

§ 2º Deadlines in months and years expire on the day of equal number to the start day, or on the immediate next day if there is no exact correspondence.

Art. 83. The confidentiality of the commitment term proposal referred to in art. 13, § 1º, of Law No. 13,506, of 2017, includes the negotiation between the proposer and the Central Bank of Brazil and the corresponding documents, which accompany the process and define the merits of the instrument to be executed.

CHAPTER VI

OF CAUTIONARY MEASURES

Art. 84. The cautionary measures provided for in art. 17 of Law No. 13,506, of 2017, may be decreed by the Central Bank of Brazil before the initiation or during the course of the administrative sanctioning process, provided that the following requirements are met:

I - presence of indications of authorship and materiality of the infraction; and

II - actuality or imminence of harm to the National Financial System, the Consortium System, the Brazilian Payments System, the institution, or third parties.

Art. 85. The decision applying the cautionary measure shall contain:

I - the report, with the qualification of the regulated party and the summary of the facts that motivated the application of the measure;

II - the grounds of fact and law, with the demonstration of the fulfillment of the requirements of art. 84 of this Resolution; and

III - the provision, in which the authority shall determine the conduct to be adopted, the deadline for its compliance, and the amount or percentage of the daily coercive fine imposed in case of non-compliance.

Art. 86. The notification of the application of the cautionary measure shall be directed to the supervised institution and, in the cases provided for in items I and II of art. 17 of Law No. 13,506, of 2017, also to the natural person.

Sole paragraph. In the cases provided for in items I and II of art. 17 of Law No. 13,506, of 2017, it is also permissible to impose a coercive fine on the natural person, independent of that applied to the supervised institution.

Art. 87. The decision applying any of the measures provided for in art. 17 of Law No. 13,506, of 2017, shall be published on the Central Bank of Brazil's website.

Sole paragraph. The Central Bank of Brazil, by a reasoned decision, may not publish the cautionary decision if it verifies that publication may entail risks to the stability or solidity of the institution, the National Financial System, the Brazilian Payments System, or the Consortium System.

Art. 88. The challenge to the cautionary measure or to the coercive fine associated with it shall be directed to the authority that issued the decision within 10 (ten) days, counted from the receipt of the notification referred to in art. 86 of this Resolution.

Art. 89. The appeal against the decision that adjudicates the challenge referred to in art. 88 of this Resolution shall be submitted before the authority issuing the decision, shall proceed in separate records, and, within 5 (five) days counted from its receipt, shall be forwarded to the Financial System Resources Council for judgment.

Art. 90. The administrative sanctioning process in which a cautionary measure has been decreed shall be decided, in the first instance, within 120 (one hundred and twenty) days, counted from the end of the period for presenting the defense of the accused who was cited last.

Sole paragraph. In the case of a cautionary measure decreed after the period for presenting the defense, the period referred to in the main text shall be counted from the date of the notification referred to in art. 86 of this Resolution.

CHAPTER VII

OF THE COERCIVE FINE

Art. 91. The decisions and determinations of the Central Bank of Brazil whose non-compliance results in the application of the coercive fine provided for in art. 18 of Law No. 13,506, of 2017, shall also contain the following:

I - the warning that its non-compliance within the fixed period subjects the regulated party to the payment of a coercive fine;

II - the indication of the dailyvalue of the coercive fine applied;

III - the norm that grounds its imposition; and

IV - the indication of the deadline for presenting the challenge.

§ 1º The regulated party must prove compliance with the decision or determination referred to in the main text within 2 (two) days, counted from its actual occurrence, except when it concerns the imposition of the penalty of disqualification, in which case the deadline of 5 (five) days provided for in § 3º of art. 8º of Law No. 13,506, of 2017, shall be observed.

§ 2º The coercive fine shall apply from the first business day following the end of the period established by the Central Bank of Brazil for compliance with the decision or determination.

§ 3º If there is more than one recipient, the deadlines for compliance with the determination and its proof to the Central Bank of Brazil shall be counted independently, and in case of non-compliance by any of them, each recipient shall be subject to the payment of a coercive fine, with no discussion of joint liability.

§ 4º In the case provided for in § 3º of this article, compliance with the determination by only one of its recipients benefits the omitted recipient, but does not exempt them from paying the fine that may have applied up to that date.

§ 5º In the cases of § 4º of art. 8º and items I and II of art. 17 of Law No. 13,506, of 2017, the regulated party shall be subject to the payment of as many coercive fines as there are supervised institutions in which they hold a position subject to authorization by the Central Bank of Brazil.

Art. 92. The fixation of the value of the coercive fine shall observe the following limits:

I - up to R$10,000.00 (ten thousand reais) per day, when the recipient of the determination is:

a) consortium administrator;

b) cooperative audit entity;

c) administrator, member of the Board of Directors, Board of Administration, Fiscal Council, Audit Committee, and other bodies provided for in the statutes or social contract of an institution referred to in the main text of art. 2º of Law No. 13,506, of 2017;

d) natural person who provides independent audit services;

e) securities distribution company;

f) classic credit cooperative or capital and loan credit cooperative;

g) mortgage company;

h) foreign exchange brokerage company;

i) microentrepreneur and small business credit company;

j) real estate credit company;

k) payment institution authorized exclusively to operate as a payment transaction initiator; or

l) real estate credit securitization companies authorized to exercise the function of fiduciary agent in the issuance of Guaranteed Real Estate Notes in the form of Circular No. 3,891, of March 28, 2018;

II - up to R$25,000.00 (twenty-five thousand reais) per day, when the recipient of the determination is:

a) savings and loan association;

b) leasing company;

c) full credit cooperative, central credit cooperative, or confederation of central;

d) development agency;

e) credit, financing, and investment company;

f) securities brokerage company;

g) legal entity that provides independent audit services, including cooperative audit;

h) administrator or technical responsible for a legal entity that provides independent audit services or cooperative audit;

i) direct credit company;

j) peer-to-peer lending company; or

k) payment institution not authorized to operate as an electronic money issuer, with the exception of the institutions referred to in letter “k” of item I;

III - up to R$50,000.00 (fifty thousand reais) per day, when the recipient of the determination:

a) is not classified in Segment 1 (S1), in accordance with Resolution No. 4,553, of January 30, 2017, and is a multiple bank, commercial bank, investment bank, exchange bank, or federal savings bank;

b) is a development bank or payment institution authorized to operate as an electronic money issuer;

c) is a clearinghouse or provider of clearing and settlement services, registry entity, or central depository not considered systemically important; or

d) is the initiator of payment arrangements integrated into the Brazilian Payments System;

IV - up to R$100,000.00 (one hundred thousand reais) or 1/1000 (one thousandth) of the revenue from services and financial products, whichever is greater, per day, when the recipient of the determination:

a) is classified in Segment 1 (S1), in accordance with Resolution No. 4,553, of 2017; or

b) is a clearinghouse or provider of clearing and settlement services, registry entity, or central depository considered systemically important.

§ 1º Other segments supervised by the Central Bank of Brazil, their administrators and members of bodies provided for in the statutes or social contract, and natural or legal persons who exercise, without due authorization, activity subject to supervision or surveillance by the Central Bank of Brazil are subject to a coercive fine of up to R$50,000.00 (fifty thousand reais) per day.

§ 2º If the content of the determination referred to in art. 91 of this Resolution is an obligation not to do, the Central Bank of Brazil may impose a daily fine of up to R$100,000.00 (one hundred thousand reais) or 1/1000 (one thousandth) of the revenue from services and financial products of the recipient institution, whichever is greater, even if it concerns an entity not mentioned in item IV of the main text.

§ 3º The fine provided for in art. 18 of Law No. 13,506, of 2017, shall have its incidence limited to 60 (sixty) days.

§ 4º In fixing the coercive fine, the Central Bank of Brazil shall observe, where applicable, the factors provided for in art. 46 of this Resolution.

Art. 93. The decisions and determinations issued by the Central Bank of Brazil based on art. 16 of Law No. 13,506, of 2017, whose non-compliance results in the application of a coercive fine, shall be subject to the challenge referred to in § 2º of art. 18 of that Law and shall be decided by the authority issuing the decision or determination.

Art. 94. The appeal filed against the decision that adjudicates the challenge referred to in art. 93 of this Resolution shall be directed to the authority that issued the appealed decision, who shall forward it to the competent authority for its judgment, as defined in the Internal Regulations of the Central Bank of Brazil.

CHAPTER VIII

OF THE ADMINISTRATIVE AGREEMENT IN SUPERVISION PROCESS

Art. 95. At any time before the initiation of the administrative sanctioning process, it is permissible to submit a proposal for an administrative agreement in a supervision process regarding infractions to the legal and regulatory norms governing the National Financial System, the Consortium System, the Brazilian Payments System, and other legal norms whose compliance is supervised by the Central Bank of Brazil.

Sole paragraph.
If an administrative sanctioning proceeding has been initiated, the proposal for an administrative agreement in a supervisory process may be presented at any time before the issuance of the first-instance decision, provided it identifies the offenders or presents information and documents proving the infraction that are unknown to the Central Bank of Brazil.

Art. 96. The proposal for an administrative agreement in a supervisory process may only be submitted to the Central Bank of Brazil in writing and must contain:

I - the full qualification of the proposer and a detailed description of the reported infraction, including its known duration, the identification of its authors, and the list of information and documents that will be presented to prove the truthfulness of the narrated facts;

II - the indication of a single representative, and their contact means for the purposes set forth in § 6 of Art. 99 of this Resolution, even if the proposal is submitted jointly; and

III - information regarding the submission of a proposal for an agreement on the same infraction to another authority, if applicable and provided there is no prohibition against it.

§ 1º Until the electronic protocol for administrative agreements in supervisory processes is implemented, the proposer must submit the proposal physically, registered at any location where the Central Bank of Brazil has representation, in a sealed envelope, and clearly identified with the terms “PROPOSTA DE ACORDO ADMINISTRATIVO EM PROCESSO DE SUPERVISÃO - CONFIDENCIAL” (PROPOSAL FOR ADMINISTRATIVE AGREEMENT IN SUPERVISORY PROCESS - CONFIDENTIAL).

§ 2º After the implementation of the electronic protocol for administrative agreements in supervisory processes, the proposer may only submit the proposal through this means, observing the instructions contained on the website of the Central Bank of Brazil.

Art. 97. The submission of a proposal for an administrative agreement in a supervisory process shall not hinder:

I - the processing of the already initiated administrative sanctioning proceeding to investigate the conduct narrated in the proposal; and

II - the initiation of an administrative sanctioning proceeding to investigate the conduct narrated in the proposal, provided it results from elements identified during the regular course of the Central Bank of Brazil’s supervisory activity.

Art. 98. The Central Bank of Brazil’s analysis of proposals for administrative agreements in supervisory processes will observe the following phases:

I - Qualification Phase; and

II - Negotiation Phase.

§ 1º The proposer may withdraw the proposal for an administrative agreement in a supervisory process at any time before the signing of the agreement.

§ 2º Failure to comply with the determinations of the Central Bank of Brazil, within the established time and manner, and with legal and regulatory requirements will result in the summary rejection of the proposal for an administrative agreement in a supervisory process.

§ 3º The analysis referred to in the main text will always be conducted separately from the Central Bank of Brazil’s supervisory process, to ensure the confidentiality of the information and documents presented by the proposer in the context of an administrative agreement in a supervisory process.

Art. 99. Upon receipt of the proposal for an administrative agreement in a supervisory process, the Central Bank of Brazil will verify the existence of:

I - a proposal for an administrative agreement in a supervisory process on the same facts that has been previously qualified;

II - prior knowledge of the reported infraction; and

III - sufficient evidence to ensure the administrative conviction of the individuals or entities involved.

§ 1º Proposals concerning the same facts will be analyzed in the order of receipt.

§ 2º The order of receipt of proposals will be established considering the day and time of registration.

§ 3º Proposals submitted by legal entities in the situation foreseen in § 4 of Art. 30 of Law No. 13,506 of 2017, and by individuals who were not the first to qualify, may only be qualified if they identify the offenders or present information and documents proving the infraction that are unknown to the Central Bank of Brazil and were not included in previously qualified proposals.

§ 4º For the purposes of this Chapter, it shall be considered that the Central Bank of Brazil has prior knowledge of the reported infraction when, on the date of receipt of the proposal, there is a record of occurrences or findings resulting from supervisory procedures related to the reported infraction.

§ 5º The proposal will be summarily rejected if the Central Bank of Brazil possesses sufficient evidence to ensure the administrative conviction of the individuals or entities involved.

§ 6º Based on the information listed in the items of the main text, the Central Bank of Brazil, within a period of 15 (fifteen) days counted from the receipt of the fully documented proposal, will decide on its qualification or summary rejection, subsequently communicating its decision to the proposer.

Art. 100. Once the proposal is qualified, the negotiation phase will begin, with the Central Bank of Brazil having up to 90 (ninety) days counted from the communication to the proposer of its qualification to issue a decision on the celebration of the administrative agreement in the supervisory process.

§ 1º The period mentioned in the main text may be extended once, for an equal period, by reasoned decision.

§ 2º During the negotiation phase, the proposer must present the information and documents mentioned in item I of the main text of Art. 96 of this Resolution, which will form, together with the other elements provided for in Art. 103 of this Resolution, the conduct history prepared by the Central Bank of Brazil.

Art. 101. The administrative agreement in a supervisory process, in which the conditions necessary to ensure the effectiveness of the signatory's collaboration and its utility for the administrative sanctioning process are fixed, must contain:

I - full qualification of the signatories;

II - a brief exposition of the facts related to the reported infraction;

III - express confession by the signatory of their participation in the illicit act;

IV - declaration by the signatory that they have ceased their involvement in the reported infraction or investigation;

V - declaration by the signatory that the information and documents contained in the conduct history provided by them are true;

VI - obligations of the signatory to:

a) present to the Central Bank of Brazil all and any information, documents, or other materials in their possession, custody, or control, capable of proving the reported or investigated infraction, including those they come to know during the investigations;

b) cooperate fully and permanently with the investigations and the administrative sanctioning process related to the reported infraction;

c) appear, when requested, at their own expense, at all procedural acts until the final decision on the reported infraction; and

d) communicate to the Central Bank of Brazil any and all changes to the data contained in the agreement instrument, including qualifiers;

VII - warning that failure by the signatory to comply with the obligations provided for in the administrative agreement in a supervisory process and the falsity of the declarations referred to in items IV and V will result in the loss of benefits granted to the signatory; and

VIII - the benefits granted to the signatory.

§ 1º When the legal entity is the proposer of the administrative agreement in a supervisory process, its benefits may be extended to companies within the same group and to their administrators and former administrators who sign the respective instrument jointly with the proposer.

§ 2º Adherence to the administrative agreement in a supervisory process, even if formalized in a separate document and at a subsequent moment, when admitted according to the criteria of convenience and opportunity of the Central Bank of Brazil, will have the same effect as joint signature.

§ 3º If the legal entity is not a proposer of an administrative agreement in a supervisory process, this will not prevent its administrator or former administrator from proposing it, in which case the benefits of the administrative agreement in a supervisory process signed will not extend to the legal entity.

§ 4º The signing of the administrative agreement in a supervisory process does not exempt the legal entity from the obligation to fully repair any damage caused.

Art. 102. The following criteria must be observed for fixing, in the administrative agreement in a supervisory process, the benefit in favor of the signatory who qualifies first:

I - the extinction of the public administration's punitive action, if the proposal for the administrative agreement in a supervisory process was presented without the Central Bank of Brazil having prior knowledge of the reported infraction; or

II - the reduction of one-third to two-thirds of the penalties applicable in the administrative sphere, if the Central Bank of Brazil had prior knowledge of the reported infraction.

§ 1º Individuals who do not qualify first will benefit exclusively from the reduction provided for in item II of the main text.

§ 2º In cases where the Central Bank of Brazil had prior knowledge of the reported infraction in the administrative agreement in a supervisory process, and in the cases of individuals who did not qualify first, the following criteria will be observed for fixing the fraction of reduction of the penalties applicable in the administrative sanctioning process initiated to investigate the infraction covered by the agreement:

I - the importance of the information, documents, and evidence presented by the signatory;

II - the moment when the proposal was presented; and

III - the good faith of the signatory.

Art. 103. The conduct history, a document intended to embody all written collaboration, must contain, at minimum:

I - a detailed exposition of the facts related to the reported infraction;

II - the identification of other offenders and the detailing of each one's participation, where applicable; and

III - other provisions deemed necessary given the circumstances of the concrete case; and

IV - a list of all information and documents, provided by the signatory of the administrative agreement in a supervisory process, that prove the practice of the reported infraction.

Sole paragraph. Reserved treatment and restricted access will be granted to the conduct history, observing the provisions of § 3 of Art. 31 of Law No. 13,506 of 2017.

Art. 104. Upon conclusion of the negotiation phase and acceptance of the terms by the proposer and the Central Bank of Brazil, the administrative agreement in the supervisory process will be celebrated.

Sole paragraph. The conduct history referred to in Art. 103 of this Resolution, prepared during the negotiation phase, will be signed along with the administrative agreement in the supervisory process.

Art. 105. If the proposal is not qualified or the agreement is not reached, all documents presented by the proposer will be returned to them, if presented in physical media, or discarded, if presented in electronic media.

Sole paragraph. In the case of the main text, the use of said documents by the Central Bank of Brazil for other purposes is prohibited, except if it has knowledge of them independently of the presentation of the proposal for the administrative agreement in a supervisory process.

Art. 106. Non-compliance with the administrative agreement in a supervisory process implies the loss of the benefits provided for in Art. 30 of Law No. 13,506 of 2017.

Art. 107. The communication referred to in § 2 of Art. 31 of Law No. 13,506 of 2017 will be regulated by a memorandum of understanding signed with the Public Ministry within the scope of the permanent forum referred to in § 4 of Art. 31 of the aforementioned legal instrument.

CHAPTER IX
FINAL PROVISIONS

Art. 108. The following are revoked:

I - Circular No. 3,857, of November 14, 2017;

II - Circular No. 3,858, of November 14, 2017; and

III - Circular No. 3,910, of August 17, 2018.

Art. 109. This Resolution enters into force on September 1, 2021.

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

ANNEX I TO BCB RESOLUTION NO. 131, OF AUGUST 20, 2021

Table I - Weighting factor of the base fine penalty applicable

Type of institution or activity	Weighting Factor (Legal Entity)	Weighting Factor (Administrators, Members of the Board of Directors, Board of Trustees, Audit Committee, and other bodies provided for in the statutes or social contract of the institution, and natural persons or technical responsible for legal entities providing independent audit or cooperative audit services)
Multiple Bank, Commercial Bank, Investment Bank, Exchange Bank, and Savings Bank that are part of a prudential conglomerate classified in Segment 1 (S1), pursuant to Resolution No. 4,553 of 2017.	100	5
Multiple Bank, Commercial Bank, Investment Bank, Exchange Bank, Development Bank, and Savings Bank, except institutions that are part of a prudential conglomerate classified in Segment 1 (S1), and Payment Arrangement Initiator.	10	3
Payment Institution.	6	1
Leasing Company and Savings and Loan Association.	4	1
Credit Cooperative – Confederation and Credit Cooperative – Central.	3	0.5
Development Agency, Credit, Financing and Investment Company, Securities Brokerage Company, Full Credit Cooperative.	2	0.5
Consortium Administrator – real estate.	2	0.5
Securities Distribution Company and Consortium Administrator – movable assets and services.	2	0.5
Mortgage Company.	2	0.5
Direct Credit Company and Peer-to-Peer Lending Company	2	0.5
Fiduciary Agent in the issuance of Real Estate Credit Letter	2	0.5
Legal entity providing Independent Audit Service, Cooperative Audit Entity, and Legal entity providing Cooperative Audit Service.	0.5 x weighting factor of the audited institution, limited to 10	0.5 x weighting factor of the administrator of the audited institution, limited to 1
Other supervised institutions or activities	2	0.5