BCB Resolution No. 308 — Conditions for Recording and Centralized Deposit of Real Estate Receivables

Resolution No. 308

BCB RESOLUTION NO. 308,
OF MARCH 28, 2023

Establishes the conditions for the exercise of activities related to the recording and centralized deposit of real estate receivables by registrars and central depositories of financial assets.

The Collegiate Board of the Central Bank of Brazil, in a session held on March 28, 2023, based on arts. 9 of Law No. 4.595, of December 31, 1964, 22, item II, and 28, item II, of Law No. 12.810, of May 15, 2013, and having in view the provisions of arts. 18, § 4º-A, and 22 of Law No. 10.931, of August 2, 2004, 2º, item II, clause "a", and § 1º of Resolution No. 4.593, of August 28, 2017, and 7º-A to 7º-C, 25-B and 26 of Resolution No. 4.676, of July 31, 2018,

RESOLVES:

CHAPTER I

OBJECT AND SCOPE OF APPLICATION

Art. 1. This Resolution establishes the conditions for the exercise of activities related to the recording and centralized deposit of real estate receivables by registrars and central depositories of financial assets.

CHAPTER II

DEFINITIONS

Art. 2. For the purposes of this Resolution, the following are considered:

I - real estate receivable: credit right constituted or to be constituted originating from a purchase and sale contract or a promise of purchase and sale, with or without the issuance of a Real Estate Credit Note (Cédula de Crédito Imobiliário), as provided for in Law No. 10.931, of August 2, 2004, entered into between a developer or land subdivider and a buyer or prospective buyer of an autonomous real estate unit or lot;

II - constituted credit right: credit right originating from a purchase and sale contract or a promise of purchase and sale already entered into between a developer or land subdivider and a buyer or prospective buyer, referring to each autonomous real estate unit or lot;

III - credit right to be constituted: credit right of future existence, referring to each autonomous real estate unit or lot that has not yet been the subject of a purchase and sale contract or a promise of purchase and sale;

IV - trading of real estate receivables: operation by which the transfer of ownership of real estate receivables is effected, with or without co-obligation, or the constitution of liens and encumbrances on these receivables;

V - real estate receivables agenda: set of real estate receivables linked to a specific development;

VI - development: real estate incorporation, governed by Law No. 4.591, of December 16, 1964, or land subdivision, governed by Law No. 6.766, of December 19, 1979.

CHAPTER III

RECORDING AND CENTRALIZED DEPOSIT OF REAL ESTATE RECEIVABLES

Art. 3. The service contract for recording or centralized deposit of real estate receivables related to a development, entered into between the registrar or central depository and the developer or land subdivider, must establish that:

I - the real estate receivables of the development will be recorded or deposited exclusively in the contracted registrar or central depository, with portability being admitted;

II - the buyer or prospective buyer's consultation of information regarding the real estate receivables linked to them, such as paid installments, overdue installments, due installments, outstanding balance, and payment instrument, will be conducted through the recording or centralized deposit system;

III - the payment instruments agreed upon by the parties for the financial settlement of the real estate receivable installments by the buyer or prospective buyer must comply with the provisions of Chapter IV of this Resolution;

IV - the receipts of settlement of the real estate receivable installments, issued by the creditor or by a person with powers to do so, will be made available to the buyer or prospective buyer through the recording or centralized deposit system; and

V - the developer or land subdivider:

a) will carry out and keep updated the recording or deposit of all real estate receivables associated with the development for which the registrar or central depository was contracted, observing the provisions of Art. 5;

b) will include in the purchase and sale contracts or promises of purchase and sale with buyers and prospective buyers the provisions of items II, III, and IV of the caput;

c) will inform buyers or prospective buyers about the control of real estate receivables and their settlement, as dealt with in items II, III, and IV of the caput, through the recording or centralized deposit system, guiding them on their registration in said system;

d) will send to the recording or centralized deposit system, whenever requested, for the purposes of the provision in clause "a" of item VIII of Art. 8, documentation that allows for the reconciliation of information on real estate receivables recorded or deposited; and

e) will periodically send to the recording or centralized deposit system information on the progress of the construction or land subdivision, according to a standard defined by the recording or centralized deposit system, observing the provisions in the convention referred to in Chapter VI.

Art. 4. In the event of issuance, by the developer or land subdivider, of a Real Estate Credit Note representing the real estate receivable, compliance with the provision of Art. 3, item V, clause "a", will be met with the recording or centralized deposit of the title.

Art. 5. The recording and centralized deposit systems of real estate receivables must allow the inclusion of information and documents that enable the perfect characterization:

I - of the development; and

II - of the real estate receivables associated with the development.

§ 1º. The information or documents referred to in item I of the caput, regarding the development, must cover or contain, at minimum:

I - the number:

a) of registration in the National Registry of Legal Entities (CNPJ) of the developer or land subdivider;

b) of registration in the CNPJ of the Special Purpose Entity (SPE) associated with the incorporation or land subdivision, if any;

c) of registration in the CNPJ of the real estate incorporation, if any;

d) of the National Code of Notary Services of the real estate registry office in which the lands where the incorporation or land subdivision will occur are registered; and

e) of the registration(s) in the real estate registry office of the land(s) where the incorporation or land subdivision will occur;

II - the incorporation memorial or description, in digitized copy; and

III - the table of autonomous units or lots, with information on their individual characteristics and their commercial status.

§ 2º. The information referred to in item II of the caput must:

I - include any type of lien and encumbrance incident on the real estate receivables; and

II - be in accordance with the corresponding contractual instruments.

CHAPTER IV

FINANCIAL SETTLEMENT OF REAL ESTATE RECEIVABLES

Art. 6. The payment by the buyer or prospective buyer of the financial obligations associated with the real estate receivables in favor of their respective holders or beneficiaries of guarantees constituted on these receivables must be made through a payment instrument whose:

I - informational content contains the identification of the real estate receivable and, if applicable, the installment of the receivable subject to settlement, based on information generated by the recording or centralized deposit system; and

II - informational flow regarding the settlement of the instrument includes the sending of this information to the recording or centralized deposit system, in order to allow the update of information on the real estate receivable in these systems.

§ 1º. If available, a payment instrument should be used whose settlement flow includes, in addition to the provisions of items I and II of the caput:

I - the capture, in the recording or centralized deposit systems, of the information of the holders of the real estate receivables or their beneficiaries and the destination accounts of the paid resources; and

II - the direction of the resources paid by the buyer or prospective buyer directly to the corresponding holders or beneficiaries.

§ 2º. The provision of item II of the caput may be met through an operational agreement between the recording or centralized deposit system and the holders or beneficiaries of guarantees constituted on the real estate receivables, for the sending of settlement information.

Art. 7. Registrars and central depositories must keep updated information in their systems regarding valid payment instruments for the payment of the real estate receivable.

Sole Paragraph. For the purposes of the provision in the caput, the recording or centralized deposit systems must, whenever necessary, exchange information with the institutions responsible for controlling the issuance or settlement of the payment instrument with the aim of:

I - linking the payment instrument to the real estate receivable;

II - receiving requests for cancellation of a payment instrument linked to a real estate receivable;

III - receiving information on the settlement of a payment instrument as referred to in item II of the caput of Art. 6; and

IV - sending the information referred to in item I of § 1º of Art. 6, when applicable.

CHAPTER V

RECORDING AND CENTRALIZED DEPOSIT SYSTEMS AND INTEROPERABILITY

Art. 8. The recording and centralized deposit systems of real estate receivables must enable, through an electronic interface:

I - the sending of information on real estate receivables by the developer or land subdivider;

II - the availability of agendas of real estate receivables recorded or deposited in its system, or in other recording or centralized deposit systems, to financing agents and other interested parties, provided it is authorized by the developer, land subdivider, or holder of the receivables;

III - the consultation by buyers, prospective buyers, and financing agents of information regarding the monitoring of the construction execution as referred to in clause "e" of item V of Art. 3;

IV - the consultation by buyers or prospective buyers of information on real estate receivables linked to them, including the payment instruments;

V - the availability of receipts of settlement of the real estate receivable installments to buyers or prospective buyers, issued by the creditor or person with powers to do so;

VI - the reception and processing of information on contracts of trading of real estate receivables recorded or deposited in its system or in other recording or centralized deposit systems;

VII - the sending, for custody to a financial institution, of the private instrument or public deed of the purchase and sale contract, the promise of purchase and sale, or another applicable contract instrument for the autonomous real estate unit or lot related to the issuance of book-entry Real Estate Credit Note;

VIII - the carrying out of reconciliation, observing, at minimum, the frequency established in the regulation that governs the activity of recording and centralized deposit of financial assets, of information on:

a) the real estate receivables of the development, with the developers and land subdividers responsible for their sending;

b) the authorizations for consultation of agendas of receivables and regarding the contracts referred to, respectively, in items II and VI of the caput, with the participants responsible for their sending; and

c) the agendas of real estate receivables and regarding the effects of contracts received through the interoperability environment with other recording and centralized deposit systems involved;

IX - the reception and processing of objections from its participants related to the recording, centralized deposit, consultation, trading, and settlement of real estate receivables; and

X - the carrying out of the necessary procedures for the issuance of book-entry Real Estate Credit Note representing the real estate receivables.

§ 1º. The electronic interface referred to in the caput must be available:

I - on the website of the registrar or central depository on the internet;

II - in an application available on the internet or for mobile devices; or

III - in an integration application with the electronic systems of the interested parties.

§ 2º. For the purposes of providing the services referred to in items III to V of the caput, registrars and central depositories must:

I - provide a mechanism for the registration of buyers and prospective buyers in the recording or centralized deposit system; and

II - inform buyers and prospective buyers, at the time of registration, regarding the provisions of items III to V of Art. 3.

§ 3º. If the reconciliation referred to in item VIII of the caput results in the identification of inconsistencies, the recording or centralized deposit systems must correct them within two business days, counted from their identification.

§ 4º. The reconciliation referred to in clause "a" of item VIII of the caput must cover:

I - the verification of the table of units of the development, including the commercial status of all autonomous units or lots; and

II - the verification, regarding the real estate receivables in stock, of the correspondence between the information on the real estate receivables and the current terms of the purchase and sale contracts or promises of purchase and sale associated with these receivables.

§ 5º. The objection procedure referred to in item IX of the caput must:

I - be documented;

II - have a maximum deadline of up to five business days to attend to the demand; and

III - include standardized processes for the exchange of information between the recording and centralized deposit systems of real estate receivables in situations where the object of the objection involves interoperability operations.

Art. 9. The recording and centralized deposit systems of real estate receivables must implement interoperability mechanisms that enable, through compatible rules, procedures, and technologies:

I - to verify the uniqueness of the recording of the real estate receivable;

II - to exchange information on the real estate receivables and on the agendas of real estate receivables necessary for the fulfillment of their obligations towards participants;

III - to exchange information on the acts or contracts of trading of real estate receivables necessary for the fulfillment of their obligations towards participants;

IV - to exchange information on payment instruments as referred to in Art. 7;

V - to carry out portability, between recording or centralized deposit systems:

a) of the recording or deposit of real estate receivables; and

b) of the contracts of trading of real estate receivables;

VI - to carry out the reconciliation referred to in item VIII of Art. 8;

VII - to exchange information on objections as referred to in item IX of Art. 8; and

VIII - to exchange other information necessary for the fulfillment of their obligations towards participants, to be established in the convention referred to in Chapter VI.

§ 1º. The portability referred to in item V of the caput must be finalized within thirty days from the date of receipt of the request by the destination recording or centralized deposit system, extendable by another fifteen days, with justified reason.

§ 2º. The counting of the period mentioned in § 1º may be suspended if the participant of the recording or centralized deposit system that requested the portability does not comply, within the deadline established by the origin or destination recording or centralized deposit system, with any step provided for in the portability process.

§ 3º. The common components of the interoperability mechanisms must be subject to joint management by the recording and centralized deposit systems, including the establishment and observance of procedures for incident management and curation of the information to be exchanged.

Art. 10. Registrars and central depositories must, regarding the charging of fees for services related to the recording or deposit of real estate receivables:

I - publish the current version of the fee table charged;

II - observe isotropic and transparent criteria for its definition;

III - define fees based on economic foundations that justify any differences in the values of the services provided;

IV - discriminate the components of fee charges, including those related to interoperability fees, if any;

V - provide cost estimates for services whose total fee value to be charged cannot be defined in advance; and

VI - observe the standardization referred to in item II of § 3º of Art. 13 for the charging of fees from their direct participants regarding services and events that are equivalent to those provided for in the interoperability mechanism.

§ 1º. Changes to the current table referred to in item I of the caput must be communicated to the Central Bank of Brazil and to participants, with a minimum advance notice of thirty days from their entry into force.

§ 2º. It is prohibited for registrars and central depositories to charge buyers or prospective buyers for any reason for the provision of the specific services provided for in this Resolution.

Art. 11. Entities that exercise the activities of recording and centralized deposit of real estate receivables must promptly report to other entities that exercise the same activities and to the Central Bank of Brazil any operational incidents that may affect the exercise of such activities and the trading of real estate receivables.

CHAPTER VI

CONVENTION FOR THE EXERCISE OF ACTIVITIES OF RECORDING AND CENTRALIZED DEPOSIT OF REAL ESTATE RECEIVABLES

Art. 12. The exercise of activities of recording and centralized deposit of real estate receivables must observe the provisions in self-regulation norms formalized in a convention entered into by registrars and central depositories.

Art. 12. The exercise of activities of recording and centralized deposit of real estate receivables must observe the provisions in self-regulation norms formalized in a convention and in the respective operational technical manuals by registrars and central depositories. (Wording given by BCB Resolution No. 456, of 25/2/2025.)

§ 1º. The rights and obligations established in the convention referred to in the caput bind unconditionally and uniformly the entities that exercise the activities of recording and centralized deposit of real estate receivables, without any form of discrimination.

§ 2º. Only entities that cumulatively:

I - are authorized to exercise the activity of recording or centralized deposit of financial assets or that, on the date of publication of this Resolution, are in the process of authorization to exercise these activities; and

II - have sent to the Central Bank of Brazil, within a period of up to thirty days counted from the date of entry into force of this Resolution, a statement of interest to exercise the activity of recording or deposit of real estate receivables.

may participate in the process of elaborating the convention.

§ 3º. The Central Bank of Brazil will publish information on the institutions eligible to participate in the process of elaborating the convention.

§ 4º. The process of elaborating the convention must include formal consultation:

I - to the operators of the settlement systems, regarding the aspects referred to in clause "b" of item I of the caput of Art. 13;

II - to the national representative associations of financial institutions, securitization companies, and investment funds in credit rights, regarding the aspects referred to in item V of the caput of Art. 13; and

III - to registrars and central depositories of financial assets that do not meet the provision of item II of § 2º.

§ 5º. Registrars and central depositories of financial assets that do not participate in the process of elaborating the convention must adhere to the terms agreed upon in it as a condition for the exercise of the activities of recording and centralized deposit of real estate receivables, upon submission of an authorization request to the Central Bank of Brazil.

§ 5º. Registrars and central depositories of financial assets that are not signatories to the convention must adhere to the terms agreed upon in it as a condition for the exercise of the activities of recording and centralized deposit of real estate receivables, upon submission of an authorization request to the Central Bank of Brazil. (Wording given, from 1/4/2024, by BCB Resolution No. 371, of 26/3/2024.)

§ 6º. Upon adhering to the convention, in accordance with § 5º, registrars and central depositories of financial assets are equated to the respective signatories for the purposes of this Resolution. (Included, from 1/4/2024, by BCB Resolution No. 371, of 26/3/2024.)

§ 7º. The processes of elaborating and altering the convention, and the respective manuals, must observe the following quorums for the purpose of making decisions on the content to be submitted for approval to the Central Bank of Brazil or communicated to it: (Included, from 1/4/2024, by BCB Resolution No. 371, of 26/3/2024.)

§ 7º. The processes of elaborating and altering the convention submitted for approval to the Central Bank of Brazil, or communicated to it, and the respective operational technical manuals must observe the following quorums for the purpose of making decisions on their contents: (Wording given by BCB Resolution No. 456, of 25/2/2025.)

I - a qualified majority of two-thirds of the institutions eligible to participate in the process of elaborating or altering, in the case of the matters listed in items VII, IX, and XIV of Art. 13; and (Included, from 1/4/2024, by BCB Resolution No. 371, of 26/3/2024.)

II - an absolute majority of the institutions eligible to participate in the process of elaborating or altering, in other cases. (Included, from 1/4/2024, by BCB Resolution No. 371, of 26/3/2024.)

Art. 13. The convention referred to in Art. 12 must provide, at minimum, on:

I - the file layouts, messages, or other forms of communication, as well as the operational procedures to be used for:

a) provision of interoperability services between the recording and centralized deposit systems mentioned in Art. 9; and

b) exchange of information with settlement systems to implement the settlement modality provided for in § 1 of Art. 6, particularly regarding:

1. sending information about the accounts of holders of real estate receivables or beneficiaries of guarantees constituted on real estate receivables, where applicable; and

2. receipt of confirmation of payment of real estate receivables;

II - standardization of the informational content of files, messages, or other forms of communication to be used by recording and centralized deposit systems to exchange information with other participants in these systems, such as developers, land subdividers, financial agents, buyers, and prospective buyers;

III - business rules that impact interoperability, particularly regarding the application and withdrawal of the effects of contracts on real estate receivables;

IV - the procedure for authorization by the developer or land subdivider to make available information about the schedules of real estate receivables referred to in item II of Art. 9;

V - the parameters of acts or contracts of negotiation concerning the specification of the real estate receivables subject to these negotiations;

VI - the hours for the exchange of information between recording entities or central depositaries and between them and direct participants;

VII - the interoperability tariff structure;

VIII - the terms and procedures for adherence to and denunciation of the convention;

IX - the rights and obligations of the convention participants;

X - the operational technical manuals associated with the operation of the interoperability environment;

XI - the mechanisms for resolving objections and disputes involving interoperability processes;

XII - the process for excluding a signatory that has:

a) its request for authorization to exercise the activity of recording or centralized deposit of real estate receivables denied or archived by the Central Bank of Brazil; or

b) its authorization to exercise the activities of recording or centralized deposit of real estate receivables cancelled or revoked by the Central Bank of Brazil;

XIII - the initial term for its mandatory observance by the conventioners; and

XIV - the interoperability governance structure, in accordance with current regulation.

§ 1 Recording entities and central depositaries that are conventioners may provide, in their technical manuals, for informational content of optional completion, in addition to the informational content established in the convention.

§ 2 The optional informational content referred to in § 1 cannot limit the realization of the interoperability procedures specified in Art. 9.

§ 3 The aspects to be agreed upon regarding the tariff structure referred to in item VII of the main text must include:

I - the definition of a common methodology to be used by recording and centralized deposit systems to define their interoperability tariffs; and

II - standardization:

a) of the events related to the interoperability mechanism subject to tariff charges, including nomenclatures; and

b) of the possible forms of tariff charges associated with the events referred to in item "a" of this item, including calculation bases and use of fixed and/or percentage tariffs.

§ 4 The operational technical manuals mentioned in item X of the main text must contain, at least, the description:

I - of business rules that serve as a basis for the standardization of processes and information;

II - of operational resilience mechanisms that ensure the adequate functioning of the market in the event that one or more recording systems are temporarily unavailable;

III - of critical processes in the interoperability environment and contingency mechanisms for the eventuality of failures or unavailability in systems that put their regular functioning at risk;

IV - of mechanisms, procedures, routines, and controls that, within the scope of interoperability, allow for verifying the adequate exchange of information between recording systems, as well as monitoring, identifying, and analyzing any errors that occur during the processing of submitted requests; and

V - of procedures governing the portability of the recording of real estate receivable schedules and negotiation contracts from one recording system or central depositary to another.

§ 5 In the event of a conflict between the provisions in the operational technical manuals mentioned in item X of the main text and the main text of the convention, the provisions in the main text of the convention shall prevail.

Art. 14. The convention must be submitted to the approval of the Central Bank of Brazil within a period of up to one hundred and fifty days, counted from the date of entry into force of this Resolution.

§ 1 Amendments to the convention in force must be submitted to the Central Bank of Brazil for approval only when they refer to aspects related to:

I - the interoperability tariff structure;

II - the rights and obligations of the convention participants; or

III - the governance structure that governs the interaction between the convention participants.

§ 2 Except as provided in § 1, the amendment of the convention must be communicated to the Central Bank of Brazil before the amendment enters into force, not being subject to prior approval.

§ 3 The exemption from prior approval referred to in § 2 does not exempt the recording entities and central depositaries that are conventioners from complying with the norms applicable to the matter.

§ 4 The Central Bank of Brazil may determine adjustments to the convention to the conventioners, at any time. (Wording given by Resolution BCB No. 456, of 2/25/2025.)

§ 5 The conventions and respective amendments submitted for approval by the Central Bank of Brazil, or communicated to it, without observance of the provisions of Art. 12, § 7, and Art. 13, will be returned without merit analysis, in which case the Central Bank of Brazil will set a period of up to ninety (90) days for the resolution of identified pending issues, without prejudice to the eventual application of coercive and sanctioning measures provided for in the legislation. (Wording given by Resolution BCB No. 456, of 2/25/2025.)

§ 6 The signatory institutions must present, upon submission of the convention and its respective amendments for approval by the Central Bank of Brazil, or communicated to it, the following documents: (Wording given by Resolution BCB No. 456, of 2/25/2025.)

I - minutes or equivalent documents that record the votes cast in the decision-making process, according to the quorums provided for in Art. 12, § 7, items I and II; and (Included, from 4/1/2024, by Resolution BCB No. 371, of 3/26/2024.)

II - documents proving the legitimacy and full powers, without restrictions or limits, of the representatives of the signatories of the convention, designated in the bylaws or articles of association. (Included, from 4/1/2024, by Resolution BCB No. 371, of 3/26/2024.)

§ 7 The delivery of the operational technical manuals to the Central Bank of Brazil, provided for in Art. 15, main text, item II, and its subsequent amendments must include the documents referred to in § 6. (Included by Resolution BCB No. 456, of 2/25/2025.)

§ 8 The operational technical manuals, mentioned in Art. 13, main text, item X, and their subsequent amendments delivered to the Central Bank of Brazil without observance of the provisions of § 6 and Art. 12, § 7, will not integrate the convention for the purposes of this Resolution. (Included by Resolution BCB No. 456, of 2/25/2025.)

§ 9 An additional period of up to thirty days may be granted for a new delivery of the operational technical manuals, without prejudice to the Central Bank of Brazil applying any coercive and sanctioning measures provided for in the legislation. (Included by Resolution BCB No. 456, of 2/25/2025.)

Art. 15. Recording entities and central depositaries that participate in the process of elaborating the convention must, within a period of ninety days counted from the date of approval of the convention, referred to in Art. 14, send to the Central Bank of Brazil:

I - the internal regulations and technical manuals for the provision of the recording or centralized deposit service for real estate receivables; and

II - the operational technical manuals for interoperability referred to in Art. 13, main text, item X, after approval by the signatories of the convention and certified by a certification company, observing the provisions of § 3 and Art. 12, § 7. (Wording given by Resolution BCB No. 456, of 2/25/2025.)

§ 1 The aspects referred to in items I, II, VI, VIII, and IX of the main text of Art. 13 must integrate the regulation of the recording or centralized deposit system.

§ 2 The operational technical manuals delivered to the Central Bank of Brazil in the manner provided for in item II of the main text: (Wording given by Resolution BCB No. 456, of 2/25/2025.)

I - integrate the convention, being mandatory for all entities that exercise the activities of recording and centralized deposit of real estate receivables; and (Included by Resolution BCB No. 456, of 2/25/2025.)

II - are not subject to approval by the Central Bank of Brazil, which, however, may determine adjustments to their contents to the conventioners, at any time. (Included by Resolution BCB No. 456, of 2/25/2025.)

§ 3 The certification referred to in item II of the main text must be issued by an independent audit company registered with the Securities and Exchange Commission (Comissão de Valores Mobiliários), with technical, administrative, and operational capacity compatible with the evaluation of the aspects provided for in § 5, based on the following criteria: (Included by Resolution BCB No. 456, of 2/25/2025.)

I - existence of an operational and administrative structure compatible with the activity to be performed; (Included by Resolution BCB No. 456, of 2/25/2025.)

II - proof of technical knowledge related to the analysis of the operational technical manuals; and (Included by Resolution BCB No. 456, of 2/25/2025.)

III - designation of a technical manager with autonomy to perform the certification activities. (Included by Resolution BCB No. 456, of 2/25/2025.)

§ 4 The Central Bank of Brazil may determine the replacement of the independent audit company hired by the signatories if it detects, at any time, that the company does not meet the requirements of § 3 or the audit norms and procedures established by the Securities and Exchange Commission or the Federal Council of Accountancy applicable to it. (Included by Resolution BCB No. 456, of 2/25/2025.)

§ 5 The certification referred to in item II of the main text must evaluate, among other aspects deemed relevant by the signatories: (Included by Resolution BCB No. 456, of 2/25/2025.)

I - the compliance of the manuals with legal and regulatory provisions and the convention; (Included by Resolution BCB No. 456, of 2/25/2025.)

II - internal consistency and consistency among the manuals; (Included by Resolution BCB No. 456, of 2/25/2025.)

III - the effectiveness of the procedures defined in the manuals to meet all functionalities necessary for the performance of business related to real estate receivables; and (Included by Resolution BCB No. 456, of 2/25/2025.)

IV - the absence of rules and procedures that may compromise free competition among the signatories and their participants. (Included by Resolution BCB No. 456, of 2/25/2025.)

CHAPTER VII

OF HOMOLOGATION TESTS

Art. 16. The Central Bank of Brazil will conduct homologation tests with the objective of verifying the compliance, integrity, and adequacy of the systems of entities in the process of authorization to carry out the activity of recording or centralized deposit of real estate receivables.

§ 1 Participation in the homologation tests is conditioned:

I - to the forwarding to the Central Bank of Brazil of the regulations and manuals referred to in items I and II of Art. 15;

II - to the designation of a director appointed in the bylaws or articles of association responsible for carrying out the homologation tests; and

III - to the presentation of a joint test plan, elaborated by the recording entities and central depositaries referred to in the main text, for approval by the Central Bank of Brazil.

§ 2 The director mentioned in item II of § 1 may perform other functions in the recording entity or central depositary, provided there is no conflict of interest.

Art. 17. The homologation tests referred to in Art. 16 will be carried out in cycles, according to a schedule, phases, and documentation to be defined by the Central Bank of Brazil.

§ 1 Participation in the cycles of homologation tests is limited to the recording entities and central depositaries that are signatories of the convention and meet the requirements established in Art. 16. (Wording given, from 4/1/2024, by Resolution BCB No. 371, of 3/26/2024.)

§ 2 Recording entities and depositaries that do not participate or are not approved in the first cycle of homologation tests may participate in subsequent cycles for the purpose of authorization to exercise the activity of recording or deposit of real estate receivables.

CHAPTER VIII

OF AUTHORIZATION FOR THE EXERCISE OF THE ACTIVITIES OF RECORDING AND CENTRALIZED DEPOSIT OF REAL ESTATE RECEIVABLES

Art. 18. Requests for authorization to exercise the activity of recording or centralized deposit of real estate receivables, without prejudice to the observance of other requirements established in the regulation of the activities of recording and centralized deposit of financial assets, must be accompanied by a document attesting:

I - the adherence of the regulation of the recording or centralized deposit system to the convention referred to in Chapter VI of this Resolution;

II - the compatibility of the recording or centralized deposit system with the convention referred to in Chapter VI of this Resolution; and

III - a readiness declaration, signed by a director appointed in the bylaws or articles of association.

Art. 19. The authorization to exercise the activities of recording and centralized deposit of real estate receivables is subject to prior:

I - presentation by the applicant of the regulations and technical manuals referred to in items I and II of Art. 15;

II - adherence by the applicant to the terms of the convention referred to in Chapter VI, when not a signatory to the instrument; and

III - approval of the applicant in the homologation tests referred to in Chapter VII.

CHAPTER IX

GENERAL PROVISIONS

Art. 20. Recording entities and central depositaries authorized to exercise the activity of recording or centralized deposit of real estate receivables must publish, on a single website on the internet:

I - the current and historical versions of the convention;

II - the manuals referred to in Chapter VI;

III - the other documents established in the convention; and

IV - statistical information related to the functioning of the interoperability environment.

§ 1 The manuals and documents referred to in items I, II, and III of the main text must:

I - be permanently updated and available, at least to the participants of the recording, centralized deposit, and negotiation systems for real estate receivables; and

II - have version control, including detailing of alterations and the start date of validity of each version.

§ 2 The single website mentioned in the main text must be provided for in the convention referred to in Chapter VI.

Art. 21. Recording entities and central depositaries authorized to exercise the activity of recording or centralized deposit of real estate receivables must send to the Central Bank of Brazil a single and consolidated report evaluating the functioning of the interoperability tariff structure referred to in item VII of Art. 13.

Sole Paragraph. The periodicity, the coverage period of the report, its content, and the deadline for sending will be defined by the Central Bank of Brazil.

CHAPTER X

TRANSITIONAL AND FINAL PROVISIONS

Art. 22. The interoperability functionalities referred to in Art. 9 must be implemented within the following deadlines, counted from the start of operations of the first two recording or centralized deposit systems authorized to carry out the recording or centralized deposit of real estate receivables:

I - in the case of item I of Art. 9, at the start of these operations;

II - in the case of items II and VI of Art. 9, within up to one hundred and eighty days;

III - in the case of items III, IV, and VII of Art. 9, within up to three hundred and sixty days; and

IV - in the case of the remaining items, within up to five hundred and forty days.

Sole Paragraph. The Central Bank of Brazil will publish an act informing the date of start of operations of the first two recording or centralized deposit systems authorized to carry out the recording or centralized deposit of real estate receivables for the purpose of counting the period provided for in the main text.

Art. 23. The Central Bank of Brazil will disclose the procedures necessary to comply with the provisions of this Resolution.

Art. 24. The provisions of this Resolution apply to requests for authorization to exercise the activities of recording and centralized deposit of real estate receivables filed with the Central Bank of Brazil before the entry into force of this Resolution.

Sole Paragraph. In reviewing the authorization requests referred to in the main text, the Central Bank of Brazil will accept the documentation filed before the entry into force of this Resolution.

Art. 25. This Resolution enters into force on May 2, 2023.

Otávio Ribeiro Damaso Renato Dias de Brito Gomes Director of Regulation Director of Financial System Organization and Resolution