BCB Resolution No. 374 — Establishes the Liquidity Financial Lines (LFL) of the Central Bank of Brazil and approves the regulations governing their operation — BCB — BR

BCB RESOLUTION
NO. 374, OF MARCH 27, 2024

Provides for the Liquidity Financial Lines (LFL) of the Central Bank of Brazil and approves the regulations that govern their operation.

The Collegiate Board of Directors of the Central Bank of Brazil, in a session held on March 26, 2024, based on art. 10, item V, of Law No. 4.595, of December 31, 1964, and on art. 1º-A of Law No. 11.882, of December 23, 2008, having in view the provisions of art. 66-B of Law No. 4.728, of July 14, 1965, on art. 68, sole paragraph, of Law No. 9.069, of June 29, 1995, and on arts. 26, § 1º, and 28, § 2º, of Complementary Law No. 101, of May 4, 2000,

R E S
O L V E S:

Art.
1º This Resolution provides for the Liquidity Financial Lines (LFL) of the Central Bank of Brazil and approves the regulations for their operation.

Art.
2º The following Regulations governing the operation of the LFL are approved, in the form of Annexes I to IV to this Resolution:

Annex I: provides for the object, modalities, access, contracting and other
general aspects of loan operations carried out under the support of the LFL;

Annex II: regulates the admissibility, eligibility, pricing, haircuts and other aspects related to debentures and commercial notes offered as collateral to generate credit limits within the scope of the LFL;

III

Annex III: regulates the admissibility of credit operations and the eligibility,
pricing, haircuts and other aspects related to bank credit notes offered as collateral to generate credit limits within the scope of the LFL; and

Annex IV: provides for the financial credit limits, the withdrawal of
collateral, the restoration of these limits and the procedures for contracting and payment of loan operations carried out under the support of the LFL.

Sole paragraph. The provisions of the regulations referred to in the main text shall be observed by financial institutions from July 1, 2024.

Art.
3º Financial institutions, including those that are already LFL Participants, in accordance with item I of art. 6 of the Regulation Annexed to BCB Resolution No. 110, of July 1, 2021, must adhere to the LFL, by means of the celebration, with the Central Bank of Brazil, of a Contract for the Opening of a Credit Limit Secured by Alienation or by Fiduciary Assignment of Assets and by Pledge of Cash Resources for the Purpose of Loans within the scope of the Liquidity Financial Lines, according to the model made available on the website of the Central Bank of Brazil.

Art.
4º The attribution of new financial limits for the Term Liquidity Line (LLT) under this Resolution depends on the prior completion of homologation tests, necessary for the qualification of a financial institution as an LFL Participant, in accordance with item I of art. 6 of the Regulation Annex I to this Resolution, observing the following system:

financial institutions that are already LFL Participants and, in accordance with item I of art. 6 of the Regulation Annexed to BCB Resolution No. 110, of 2021, that have already had their approval in tests with usage scenarios involving, as collateral, debentures and commercial notes, only need to perform tests with usage scenarios for bank credit notes (CCB); and

financial institutions in the process of first adherence and operational qualification must perform tests with usage scenarios, as collateral, of all classes of eligible assets.

Art.
5º LFL Participants who have not completed, by July 1, 2024, the adherence referred to in art. 3 and the homologation tests referred to in art.
4, are temporarily in an operational condition of Inactive Participant, not being able to contract operations within the scope of the LFL.

Sole paragraph. After the completion of the stages referred to in the main text, LFL Participants may become eligible to contract operations within the scope of the LFL, once the conditions to qualify as an Active Participant are met.

Art.
6º The Department of Banking Operations and Payment Systems (Deban) and the Department of Information Technology (Deinf), within their respective competences, are authorized to adopt the necessary measures for the execution of the provisions of this Resolution, including the ability to determine operating hours, windows for adherence and homologation tests, test scenarios, gradual availability of new procedures and functionalities for the full functioning of the LFL management system.

Art.
7º BCB Resolution No. 110, of 2021, is revoked.

Art. 8º
This Resolution enters into force:

I - on
May 2, 2024, except as provided in item II;

II - on
July 1, 2024, with respect to the provisions of art. 7.

GABRIEL MURICCA GALÍPOLO AILTON DE AQUINO SANTOS

Monetary Policy Director Supervision Director

RODRIGO
ALVES TEIXEIRA

Administration Director

REGULATION ANNEXED TO BCB RESOLUTION NO.
374, OF MARCH 27, 2024

Provides for the object, the modalities, the access, the contracting and other general aspects of loan operations carried out under the support of the Liquidity Financial Lines (LFL).

CHAPTER I

OF THE OBJECT AND
OF THE SCOPE OF APPLICATION

Art.
1º The Liquidity Financial Lines (LFL) of the Central Bank of Brazil, permanently available, comprise loan operations granted by the Central Bank of Brazil, in national currency, to financial institutions, under the conditions established in this Regulation.

Art.
2º The LFL consist of the following operational modalities:

I -
Immediate Liquidity Line (LLI), intended for the management of short-term cash flow mismatches, covering operations for a term of up to 45 (forty-five) business days, through an automatic request, approval and grant procedure;

II -
Term Liquidity Line (LLT), aimed at meeting liquidity needs derived from mismatches between active and passive operations of financial institutions, covering operations for a term of up to 359 (three hundred and fifty nine) calendar days.

Sole paragraph. The operations referred to in items I and II may be settled before the maturity date, partially or fully, by the financial institutions participating in the LFL.

Art.
3º LFL Participants with Full Access may perform LLT operations up to a maximum principal stock of outstanding operations, in accordance with art. 10 of the Regulation Annexed IV to this Resolution, for an indefinite period, and the value of this stock may be updated periodically by the Central Bank of Brazil.

§ 1º The
Central Bank of Brazil may grant specific authorization to LFL Participants with Full Access, in accordance with art. 11 of the Regulation Annexed IV to this Resolution, for the temporary expansion of the maximum principal stock of outstanding LLT operations, in addition to the value referred to in the main text, in which case it will fix:

I - the additional authorized value for the principal stock of outstanding operations;

II - the start and end dates for the authorization, which together encompass the period of execution and the term of the operations.

§ 2º The authorization referred to in § 1º may be granted in a staggered manner with respect to the values added to the maximum principal stock, in a progressive or regressive manner, considering the term for its closure.

§ 3º The specific authorization referred to in § 1º considers the classification of the LFL Participant with regard to the minimum requirements for Reference Equity (PR), Level I, Core Capital and Additional Core Capital referred to in CMN Resolution No. 4.958, of October 21, 2021.

§ 4º The financial institution that requests a temporary expansion of the maximum principal stock of outstanding LLT operations, referred to in § 1º, must justify the effective liquidity need derived from mismatches between active and passive operations.

Art.
4º Financial institutions, to qualify for the LFL, must:

I - be participants in the Reserve Transfer System (STR);

~~II - meet the requirements established for contractual adherence to the LFL; and~~

II - meet the requirements established for contractual adherence to the LFL; (Revised, effective 2/2/2026, by BCB Resolution No. 543, of 18/12/2025.)

III - undergo homologation tests in usage scenarios considering the use of all classes of assets eligible to the LFL as collateral, demonstrating that they are able to perform the operational procedures established by the Central Bank of Brazil.

IV - possess their own custody account or mechanism for identifying ownership of assets, in a central depository or registrar entity with authorization to constitute liens on assets eligible to secure operations of the LFL. (Included, effective 2/2/2026, by BCB Resolution No. 543, of 18/12/2025.)

Art.
5º The loan operations referred to in this Resolution are subject to the charging of daily financial charges, in the form established in art. 20.

CHAPTER II

OF THE
DEFINITIONS

Art.
6º For the purposes of this Resolution, consider:

I -
LFL Participant: financial institution qualified to perform loan operations within the scope of the LFL, under the conditions established in this Regulation;

II -
LFL System: information and communication technology system operated by the Central Bank of Brazil, responsible, within the scope of the LFL, for the management of loan operations and financial credit limits, for the dissolution of liens on financial assets and securities delivered as collateral, and for the movement of resources in the Cash Guarantee Account at the Central Bank of Brazil;

III -
Cash Guarantee Account at the Central Bank of Brazil (CGE): sub-account of the Bank Reserves Account or the LFL Participant's Settlement Account, according to the ownership condition of the institution, established in arts. 35 and 36 of the Regulation Annexed to BCB Resolution No. 105, of June 9, 2021, where cash resources pledged in favor of the Central Bank of Brazil are maintained, as collateral for loan operations carried out under the support of this Resolution;

IV - central depository: legal entity authorized, by the Central Bank of Brazil and by the Securities and Exchange Commission, within their respective competences, to exercise the activity of centralized deposit of financial assets and securities, where liens are constituted on financial assets or securities deposited therein, in accordance with the provisions of Law No. 12.810, of May 15, 2013, and current regulation;

V - registrar entity: legal entity authorized, by the Central Bank of Brazil and by the Securities and Exchange Commission, within their respective competences, to exercise the activity of registration of financial assets and securities, where liens are constituted on financial assets or securities registered therein, in accordance with the provisions of Law No. 12.810, of 2013, and current regulation;

VI - pre-positioning: the constitution of a lien on financial assets or securities, in favor of the Central Bank of Brazil, prior to the contracting of a loan operation, by transferring assets to a lien account titled by the Central Bank of Brazil at the entity where the guarantee assets are deposited or registered;

VII - guarantee basket: set of financial assets and securities maintained in a lien account owned by the Central Bank of Brazil at a central depository or registrar entity, and cash resources, maintained in the CGE;

VIII

financial event: payment obligation established in financial assets or securities, such as, but not limited to, interest, amortizations and redemptions;

IX - event schedule: set of information maintained in the central depository or registrar entity, made available to the Central Bank of Brazil, in which financial events of financial assets or securities, occurred in the past or expected for the future, are presented, containing their type, their identification, the date of occurrence, the settlement status and other information established by the central depository or registrar entity;

X -
Note Agent: legal entity that, according to the commercial note, represents the unity of the holders before the issuer of the commercial note;

XI -
Trustee: legal entity that, in accordance with current regulation and as established by the documents or records of issuance, represents the unity of investors before the issuer;

XII -
Payment Agent: legal entity participant of a registrar entity or central depository, responsible for collecting financial events incident on financial assets and securities and for delivering the proceeds of the collection to a settlement system, for payment to the holders of these assets;

XIII

incentivized debentures: debentures issued with the purpose of financing investment projects in infrastructure, with tax treatment in the form of art. 2 of Law No. 12.431, of June 24, 2011;

XIV - infrastructure debentures: debentures issued with the purpose of financing investment projects in infrastructure or in economic production intensive in research, development and innovation considered as priorities in the form regulated by the Federal Executive Branch, under the conditions and tax treatment defined in Law No. 14.801, of January 9, 2024;

XV - withdrawal of collateral: operation authorized by the LFL System, upon request of the LFL Participant, in which the lien is cancelled, the guarantee assets are unlinked from the lien account of the Central Bank of Brazil and returned to the custody of the LFL Participant, or, in the case of request for withdrawal of cash collateral, the transfer of resources from the CGE to the Bank Reserves Account or to the LFL Participant's Settlement Account;

XVI

asset admissibility: verification of conditions and characteristics considered
necessary, but not sufficient, for assets to be eligible as collateral in loan operations under the support of the LFL;

XVII - asset eligibility: verification of conditions and characteristics considered sufficient for admitted assets to be able to generate credit limits for contracting loan operations under the support of the LFL;

XVIII

asset amendment: alteration of characteristics and conditions of an asset by initiative of the debtor or jointly with the creditor, which generates expectation of impact on the flow of financial events, with the obligation to alter information pertaining to the asset with the central depository or registrar entity;

XIX - amortization of an operation: a discount corresponding to the application, on the initially contracted value or on the principal stock of an operation, of the ratio between the partial payment value of an operation and its balance prior to this payment;

XX - principal stock: amount corresponding to the initially contracted value of an operation, discounted by its amortizations, disregarding accumulated financial charges.

CHAPTER III

OF THE LEGAL
NATURE OF OPERATIONS AND THEIR COLLATERAL, AND OF THE CASH GUARANTEE ACCOUNT AT THE CENTRAL BANK OF BRAZIL

Art.
7º The LFL are made available in the form of loan operations, secured by a guarantee basket integrated by financial assets, securities and cash resources.

§ 1º The financial assets and securities comprising the guarantee basket referred to in the main text will be alienated or fiduciarily assigned to the Central Bank of Brazil, in the form of § 3 of art. 66-B of Law No. 4.728, of July 14, 1965.

§ 2º All loan operations granted to financial institutions within the scope of the LFL are secured by the entirety of the assets comprising the guarantee basket referred to in the main text.

Art.
8º The cash resources comprising the guarantee basket referred to in art. 7 are pledged, in favor of the Central Bank of Brazil, in the CGE, and may be derived from:

I - payments of financial events related to the guarantee assets deposited in central depositories or registered in registrar entities, including those corresponding to interest, amortizations and redemptions, settled in the environment of the central depositories and registrar entities or in settlement systems defined by them; and

~~II - voluntary transfers, by the LFL participant, to constitute cash collateral at the Central Bank of Brazil.~~

II - voluntary transfers, by the LFL participant, to constitute cash collateral at the Central Bank of Brazil; and (Revised, effective 2/2/2026, by BCB Resolution No. 543, of 18/12/2025.)

III - remuneration credit, in the form provided for in §§ 2, 3 and 4. (Included, effective 2/2/2026, by BCB Resolution No. 543, of 18/12/2025.)

§ 1º The movements in the CGE by order of LFL Participants are carried out through the LFL System, using messages from the Catalog of Services of the National Financial System.

§ 2º On the balance corresponding to the lower value between the CGE balance and the total balance of operations contracted within the scope of the LFL (S), remuneration corresponding to the application of the Selic Rate, defined according to current regulation, calculated for each business day of the period in which there is a balance, will be charged, through the following formula:

R:
remuneration to be credited, expressed with two decimal places, with mathematical rounding; and

Selic:
Annual Selic Rate, in unit format, expressed with four decimal places, referring to the date of the balance to be remunerated.

§ 3º The remuneration referred to in the main text is credited to the respective CGE by 4:30 PM on the next business day.

§ 4º The partial results of multiplication, division and exponentiation used in the algebraic expression for the calculation of the remuneration referred to in § 2 must contain eight decimal places, with mathematical rounding.

Art.
9º The contracting of loan operations under this Resolution is conditioned on the pre-positioning, by the LFL Participant, of financial assets or securities that are registered in a registrar entity or deposited in central depositories.

§ 1º The pre-positioning is the constitution of a lien on financial assets or securities, in favor of the Central Bank of Brazil, prior to the contracting of a loan operation, or to restore the sufficiency of collateral in the form established in arts. 28 and 29 of the Regulation Annexed IV to this Resolution, at the entity where the guarantee assets are deposited or registered.

§ 2º The pre-positioning of assets will result in the opening or updating of a specific financial credit limit for each operational modality of the LFL, according to the access eligibility of the participant referred to in art. 11, and the conditions for granting credit relative to each of these modalities and the eligibility rules for each class of assets eligible to the LFL must be observed.

CHAPTER IV

OF
OPERATIONAL PARTICIPATION, ACCESS AND ADHERENCE

Section I

Of operational participation

Art.
10. Operational participation of a financial institution in the Liquidity
Financial Lines is conditioned on the observance of the provisions of art. 4 and the eligibility requirements for access for each modality of the LFL referred to in art. 11, being:

~~I - mandatory for at least one financial institution holding a Bank Reserves Account part of a prudential conglomerate of segments S1 and S2;~~

I - mandatory for one financial institution participating in the STR, part of a prudential conglomerate of segments S1 and S2; (Revised, effective 2/2/2026, by BCB Resolution No. 543, of 18/12/2025.)

II - optional for financial institutions eligible for access to the LFL not included in item I.

Sole paragraph. Operational participation does not imply an obligation to pre-position assets as collateral for the LFL or to contract loan operations.

Section II

Of access to the LFL

Art.
11. The following are eligible for access to the LFL:

I - in the LLT modality: multiple banks, commercial banks, investment banks, savings banks, credit, financing and investment companies and single credit cooperatives, with the exception of cooperatives classified in the capital and loan category;

II - in the LLI modality: in addition to the financial institutions referred to in item I, development banks, foreign exchange banks, securities brokerage companies, securities distribution companies, credit cooperatives classified in the capital and loan category, real estate credit companies, mortgage companies, savings and loan associations, microentrepreneur credit companies, direct credit companies and peer-to-peer lending companies.

Section III

Of adherence to the LFL

Art.
12. For contractual adherence to the LFL, observing the provisions of art. 11, financial institutions must present to the Department of Banking Operations and Payment Systems (Deban) the following documents:

I -
Contract for the Opening of a Credit Limit Secured by Alienation or by Fiduciary Assignment of Assets and by Pledge of Cash Resources for the Purpose of Loans within the scope of the Liquidity Financial Lines, according to the model published by Deban and made available on the website of the Central Bank of Brazil on the internet, signed by the financial institution and by the Central Bank of Brazil;

II - documents proving that the powers of the signatories of the contract, referred to in item I, comply with the provisions of § 2º;

III - documentation issued by the Brazilian Federal Revenue Secretariat and the Attorney General's Office of the National Treasury certifying tax regularity with respect to Social Security, for the purposes of observing § 3º of art. 195 of the Federal Constitution, and federal taxes, as provided for in art. 62 of Decree-Law No. 147, of February 3, 1967, and in art. 1º, § 1º, of Decree-Law No. 1.715, of November 22, 1979;

IV - documentation issued by the Federal Savings Bank certifying the absence of debts with the Severance Indemnity Fund, for the purposes of observing art. 27 of Law No. 8.036, of May 11, 1990; and

V - standard form containing the identification of the director responsible for operations within the scope of the LFL, of the representatives signatories of the contract referred to in item I of the caput, of the representatives indicated for operational contacts, and of the own custody account number, at the central depository or the originating registration entity, for the pre-positioning of collateral assets.

§ 1º The contract referred to in item I of the caput must be signed by means of a digital certificate issued by a certification authority of the Brazilian Public Key Infrastructure (ICP-Brasil).

§ 2º Two representatives of the LFL Participant are necessary to sign the contract referred to in item I of the caput, with full powers, without restrictions or limits regarding the values of the contracted operations, regarding their charges, and regarding the nature or values of the assets given as collateral.

§ 3º All constitutions and deconstitutions of liens, carried out within the scope of the registration entity or the central depository, on assets given as collateral for operations contracted under the aegis of the LFL, constitute, for all legal purposes, amendments to the contract referred to in item I of the caput.

§ 4º Deban will publish, through a specific act, the procedures necessary for obtaining, filling out, and sending, electronically, the documents referred to in the caput.

§ 5º The
LFL Participant whose documentation provided for in items III and IV of the caput has expired dates is prohibited from contracting new operations under the aegis of the LFL until valid new documentation is presented to Deban.

§ 6º The
Central Bank of Brazil will consult the situation of the LFL Participant in the Informative Register of Unpaid Credits of the Federal Public Sector (Cadin), referred to in Law No. 10.522, of July 19, 2002, without any eventual registration in this register, by itself, constituting a barrier to contracting operations within the scope of the LFL.

§ 7º The financial institution in the process of adhering to the LFL must carry out the necessary confirmations for the registration of the contract referred to in item I of the caput, according to the regulatory procedures of the registration entity or the central depository.

§ 8º Deban will inform the representatives indicated by the LFL Participants of the identification of the lien account owned by the Central Bank of Brazil, in order to allow the constitution of guarantees, according to the operational procedures provided for by the central depository or the registration entity.

§ 9º The provisions of this article apply to any alterations in the terms of the contract referred to in item I of the caput, including cases of amendments or its replacement.

Section IV

Of the classification of participants

Art.
13. The financial institution that concludes the procedures for adherence to the
LFL, in accordance with art. 12, becomes an LFL Participant and is classified:

I - regarding access to the operational modalities provided for in items I and II of art. 11, as:

a)
Participant with Immediate Access, eligible, exclusively, to LLI; or

b)
Participant with Full Access, eligible to LLI and LLT;

II - regarding operational status, as:

a)
Inactive Participant: that one who, temporarily or permanently, isolated or cumulatively:

does not present the necessary operational aptitude for acting in the LFL;
does not observe the requirements established in art. 12;
is suspended from the STR, the central depository, or the registration entity;
is submitted to extrajudicial liquidation in accordance with Law No. 6.024, of March
13, 1974; or

b)
Active Participant: that one who, after having been approved in the homologation tests and having made adherence in the manner of art. 12, does not incur in any of the situations indicated in the "a" clause of this item;

III - regarding financial status in the LFL, as:

a)
Debtor Participant: that one who does not settle an operation, in full, until the deadline for its maturity or who does not meet the requests for recomposition of Available Limits until the closing time of the STR for fund transfer orders on the same day the notification is received;

b)
Non-compliant Participant: that one who, in the prior condition of Debtor Participant, is considered, by decision of the Central Bank of Brazil, non-compliant in accordance with arts. 18 and 19; or

c)
Compliant Participant: that one who does not incur in any of the hypotheses provided for in the "a" and "b" clauses of this item.

§ 1º Only participants classified as Active and Compliant, simultaneously, can contract operations under the aegis of the LFL.

§ 2º The participants may settle their open operations, in whole or in part, independently of the classification provided for in items II and III of the caput, or carry out the pre-positioning of collateral assets for the LFL, provided there is no operational impediment in the STR or in the central depository or in the registration entity.

§ 3º The
Central Bank of Brazil may alter the operational classification of the Active Participant to Inactive Participant if any exceptional condition is identified that poses risks to the Central Bank of Brazil or to the National Financial System (SFN).

§ 4º The removal of collateral by a Debtor or Non-compliant Participant will not be permitted.

§ 5º The
Non-compliant Participant is subject, in addition to the prohibition provided for in § 4º, to the application of the provisions of arts. 18 and 19.

CHAPTER V

OF THE
TECHNICAL ACCESS TO THE LFL SYSTEM, ITS CONTINGENCY AND SERVICES PROVIDED

Art.
14. Technical access to the LFL System is made through the National Financial
System Network (RSFN) or via the internet.

Art. 15. LFL Participants who do not have technical access to the STR via the RSFN may use the LFL Service Group via the STR-Web application, made available by the Central Bank of Brazil, and observe the provisions of the STR Regulation.

Art. 16. For participants with technical access to the STR via the RSFN, the contingency for using the LFL Service Group will occur via the internet through the STR-Web.

Art. 17. The LFL System presents, in addition to services related to collateral movements, contracting, and payments of operations, specific services for inquiries, communications, and simulations for Participants, contained in the SFN Services Catalog.

CHAPTER VI

OF
NON-COMPLIANCE AND EXECUTION OF GUARANTEES

Art.
18. The Debtor Participant who remains in arrears in the settlement of the
operations contracted by him or who does not meet, in a repeated manner, the requirement to recompose limits, thereby causing risks not tolerated by the Central Bank of Brazil, may be declared non-compliant.

Art. 19. The declaration of non-compliance will be carried out by decision of the Central Bank of Brazil and may entail, at its discretion, the early maturity of all future and unpaid operations by the financial institution, with the execution, total or partial, alienation of the financial assets or securities that guarantee them, and the use of resources maintained in the CGE for the settlement of unpaid operations.

§ 1º In the execution and alienation of the financial assets and securities, offered as collateral in accordance with § 1º of art. 7º, the result of any excess of collateral will be returned to the contracting financial institution.

§ 2º The contracts that will formalize the adherence of financial institutions to the LFL, in accordance with art. 12, must contain a clause providing for the possibility of the Central Bank of Brazil, at its discretion, receiving the guarantee financial assets or securities in payment of the debt if their alienation does not materialize, without prejudice to the provisions of § 3º.

§ 3º If, after the excussion of the guarantees constituted on the financial assets or securities guaranteeing them, the resulting product is not sufficient to settle the debt arising from the loan operations, contracted and unpaid, plus the collection expenses, judicial and extrajudicial, the financial institution will continue to be obligated for the remaining debtor balance, with the provisions of art. 1º-A of Law No. 11.882, of December 23, 2008, applicable to it.

§ 4º The non-compliant financial institution will be prohibited from contracting new loan operations under the aegis of the LFL while the non-compliance persists, with the provisions of art. 21 applying.

CHAPTER VII

OF FINANCIAL
AND PENALTY CHARGES

Art.
20. The operations of LLI and LLT are subject to daily financial charges
corresponding to the application, on the debtor balance of the loan, of the rate obtained by the composition of the Selic Rate, defined according to the regulation in force, calculated for each business day of the operation period, with additions fixed on the date of contracting the operation, thus defined:

I -
0.65% p.a. (sixty-five hundredths percent per annum) for LLI operations;

II -
0.90% p.a. (ninety hundredths percent per annum) for LLT operations in the course of the 1st business day up to the 21st business day following the date of contracting or until the date of payment settlement, if this occurs first;

III -
0.65% p.a. (sixty-five hundredths percent per annum) for LLT operations in the course between the 22nd business day and the 126th business day following the date of contracting or until the date of payment settlement, if this occurs first;

IV -
0.55% p.a. (fifty-five hundredths percent per annum) for LLT operations in the course between the 127th business day following the date of contracting and the date of payment settlement of the operations.

§ 1º On loan operations of LLI and LLT whose payments are settled on the same date on which the operations are contracted, no financial charges apply.

§ 2º The charges referred to in the caput cease to be charged from the Non-compliant Participant from the date of declaration of non-compliance.

Art.
21. On the balance of LLI or LLT operations:

I - of Debtor Participants, not settled until maturity, daily financial charges for late payment apply, in addition to the financial charges established in the manner of art. 20, starting from the maturity date, of 2.50% p.a. (two and fifty hundredths percent per annum);

II - of Non-compliant Participants, including operations whose maturity was accelerated by declaration of non-compliance, will apply from the date of declaration of non-compliance, penalty interest and late fee in the manner of art. 37 of Law No. 10.522, of 2002.

§ 1º The charges referred to in item I of the caput cease to be charged from the Non-compliant Participant from the date of declaration of non-compliance.

§ 2º The debtor balance of each loan operation on which the charges referred to in item II of the caput will apply will be the closing balance on the date of declaration of non-compliance of the LFL Participant.

CHAPTER VIII

OF
PRE-POSITIONING OF ASSETS AND CONSTITUTION OF SPECIES GUARANTEES

Art.
22. To obtain a credit limit for contracting operations within the scope of the
LFL, participating financial institutions must, previously, constitute a lien on financial assets and securities, in accordance with art. 9º, observing the elegibility conditions established by the Central Bank of Brazil.

§ 1º The constitution of the lien will occur through transfer, by a single command of the financial institution, of assets owned by it, free and clear of any encumbrances, liens, or other forms of constraint, to the specific lien account of the Central Bank of Brazil, maintained at a registration entity or at a central depository.

§ 2º The financial assets and securities to be transferred to the lien account of the Central Bank of Brazil must be maintained, before the constitution of the lien, in a custody account owned by the LFL Participant at the registration entity or at the central depository.

§ 3º The
LFL Participant is the guaranteeing party, and, upon constituting the lien on financial assets or securities, must indicate, observing the procedures of the central depository or the registration entity and based on the class of asset eligible for the LFL, how the financial events incident on the assets with lien will be allocated: whether to the Central Bank of Brazil, in the capacity of the guaranteed party, or to the LFL Participant itself, in the capacity of the guaranteeing party.

Art. 23. Participants may constitute a guarantee in kind by transferring funds, from the Bank Reserves account or the Settlement Account owned by them, to the CGE, through a message from the LFL Service Group of the SFN Services Catalog.

Sole
Paragraph. The funds referred to in the caput will be pledged in favor of the Central Bank of Brazil at the CGE and can only be withdrawn from the account by the LFL Participant with the authorization of the Central Bank of Brazil, observing the specific provisions for the withdrawal of guarantees.

Art. 24. While the assets remain in the lien account owned by the Central Bank of Brazil, at the central depository or the registration entity, it is the responsibility of the LFL Participant to act diligently in the defense and preservation of the rights and economic interests underlying the encumbered assets, and to exercise, in accordance with the contract referred to in art. 12, item I:

I - the right to attend and vote in debentureholder and creditor assemblies, or in other deliberative spheres, from which the owner of the assets should or may participate; and

II - the prerogative to file protests and extrajudicial and judicial collections and to take all administrative or judicial measures necessary for the preservation of the rights and economic interests underlying the encumbered assets that are in a state of default, partial or total.

CHAPTER IX

PROVISIONS
APPLICABLE TO CENTRAL DEPOSITORIES AND REGISTRATION ENTITIES

Art.
25. The Central Bank of Brazil will exercise custody at the central depository
or registration entity of the financial assets and securities related to it within the scope of the LFL in its own name or in the capacity of the guaranteed party.

Art. 26. The registration entities and central depositories, in order to have assets and securities registered or deposited in them eligible for use as collateral in the LFL, must previously adjust with the Central Bank of Brazil:

I - the provision of information regarding the assets, in a manner that allows the identification of the characteristics of the assets, within the scope of the registration entity or the central depository, necessary for the verification of the eligibility conditions of the assets and the determination of their cash flows, in the manner and conditions established between the parties;

II - communication and information regarding the constitution and deconstitution of liens on assets for the guarantee of LFL operations;

III - the procedure for delivery to the CGE of funds resulting from financial events on the guaranteeing assets, in accordance with the allocation provisions established for each class of asset included in the collateral basket;

IV - the procedures aimed at ensuring the integrated functioning of the systems of the registration entity or the central depository with the LFL System, with efficiency and security.

CHAPTER X

OF THE CLASSES
OF ELIGIBLE ASSETS, OF THE CATEGORIZATION OF ELIGIBLE ASSETS AND OF THE CREDIT QUALITY OF THE ASSET ISSUER

Section I

Of the classes of eligible assets

Art.
27. The classes of assets capable of generating credit limits for the
operations contracted under the aegis of the LFL are:

I - debentures;

II - commercial paper;

III - bank credit notes; and

IV - funds in kind maintained at the CGE.

Section II

Of the categorization of eligible assets

Art. 28. The assets eligible for the generation of credit limits for contracting loans under the aegis of the LFL are categorized into one of the following baskets:

I -
Basket A: comprises assets eligible for the generation of a financial credit limit for LLI and for LLT; or

II -
Basket B: comprises assets eligible for the generation of financial credit limits only for LLT.

Section III

Of the credit quality of asset issuers

Art.
29. Only assets for which credit quality can be evaluated, based on the credit
risk classification of their issuers, will be able to generate a credit limit for contracting loan operations under the aegis of the LFL.

Sole
Paragraph. Assets issued by clients not found in the Credit Information System (SCR), from the last available month of the sending calendar, are ineligible for the LFL.

Art. 30. The issuer of the guaranteeing assets is classified, in addition to the credit risk classification, for the purposes of calculating asset eligibility rules and applying risk mitigators to the price of assets (haircuts), regarding the diversification of credit risk rating entities, as:

I - exclusive client, when the issuer has credit operations contracted, disregarding the operations excluded from the risk classification calculation referred to in §§ 3º and 4º of art. 31, in only one financial institution or in institutions of a single financial conglomerate, in the SCR, corresponding to the last available month of the sending calendar;

II - common client, when the issuer has credit operations contracted in the SFN, disregarding the operations excluded from the risk classification calculation referred to in §§ 3º and 4º of art. 31, in more than one independent financial institution or in institutions of more than one financial conglomerate, in the SCR, corresponding to the last available month of the sending calendar; or

III - client not found, when the issuer does not have credit operations contracted in the SFN, disregarding the operations excluded from the risk classification calculation referred to in §§ 3º and 4º of art. 31, reported in the SCR, corresponding to the last available month of the sending calendar.

Art. 31. The credit risk classification in which the issuer is a legal entity is calculated based on the weighted average of provisions, applied to the value of the credit operations effectively contracted by its issuers and the securities issued by them, within the scope of the SFN, reported, processed, and incorporated into the SCR data repository.

~~§ 1º For deenture and commercial paper issuers, the provisions referred to in the caput are the minimum provisions, used in accordance with Resolution No. 2.682, of December 21, 1999.~~

§ 1º For deenture, commercial paper, and bank credit note issuers, the provisions referred to in the caput are the provisions constituted, according to concepts, criteria, methodologies, and accounting procedures established for the calculation and constitution of provisions for expected losses associated with credit risk, in accordance with the regulation in force. (Amended, effective from 2/2/2026, by BCB Resolution No. 543, of 18/12/2025.)

§ 2º For bank credit note issuers, the provisions referred to in the caput correspond to the greater value between the constituted accounting provisions and the minimum provisions, used in accordance with Resolution No. 2.682, of 1999.

§ 2º For the calculation referred to in the caput, credit operations and securities, not written off as loss, in which the percentage of provision constituted relative to the value of the operations is less than 0.01% (one hundredth of a percent) will be disregarded. (Amended, effective from 2/2/2026, by BCB Resolution No. 543, of 18/12/2025.)

§ 3º The following are not considered, for the purposes of calculating the risk classification referred to in the caput and for the issuer client classification referred to in art. 30, credit operations or securities that present guarantees or risk coverage through:

I - assignment of credit rights of fixed and variable income financial applications;

II - fiduciary alienation of vehicles and real estate;

III - guarantees provided by the Federal Government or the National Treasury;

IV - insurance and similar;

V - funds or any other credit risk coverage mechanisms established by the Constitution or by federal law, by law of the Federal District, by state law, or by municipal law, or created by official organizations, or administered by a financial institution controlled, directly or indirectly, by the Union, and by Law No. 9.531, of December 10, 1997; or

VI - agreements for compensation and settlement.

§ 4º The following are not considered, for the purposes of calculating the risk classification referred to in the caput and for the issuer client classification referred to in art. 30, the operations reported in the SCR, in the following modalities:

I - co-obligations;

II - credit instruments outside the classified portfolio, except in the submodalities of debentures and commercial paper;

III - credit limits; and

IV - risk retention.

§ 5º The credit risk classification of the issuer of debentures and commercial paper used for the purposes of identifying the credit quality of the asset will be calculated daily, and it must be the one with the highest risk, among those calculated based on the information:

I - from the last available month in the SCR;

II - from the average of the last three available months in the SCR; or

III - from the average of the last six available months in the SCR.

§ 6º The credit risk classification of the issuer of bank credit notes used for the purposes of identifying the credit quality of the asset will be calculated and updated monthly, on the penultimate day of the month following the last available base date in the SCR.

§ 7º The credit risk classification referred to in the caput will be attributed as follows:

~~I - AA, when the weighted average provision is 0 (zero);~~

I -
AA, when the weighted average provision is less than or equal to 0.1% (one tenth of a percent) and the weighted average delay of the operations is zero; (Amended, effective from 2/2/2026, by BCB Resolution No. 543, of 18/12/2025.)

~~II - A, when the percentage of the weighted average provision is greater than 0 (zero) and less than or equal to 0.5% (five tenths of a percent);~~

II - A, when the conditions of item I are not met, the weighted average provision percentage is less than or equal to 0.5% (five tenths of one percent) and the weighted average delay of operations is less than fifteen days; (Amended, effective 2/2/2026, by Resolution BCB No. 543, of 12/18/2025.)

~~III - B, when the weighted average provision percentage is greater than 0.5% (five tenths of one percent) and less than or equal to 1% (one percent);~~

III - B, when the conditions of item II are not met, the weighted average provision percentage is less than or equal to 1.4% (one and four tenths percent) and the weighted average delay of operations is less than or equal to thirty days; (Amended, effective 2/2/2026, by Resolution BCB No. 543, of 12/18/2025.)

~~IV - C, when the weighted average provision percentage is greater than 1% (one percent) and less than or equal to 3% (three percent);~~

IV - C, when the conditions of item III are not met, the weighted average provision percentage is less than or equal to 3.5% (three and five tenths percent) and the weighted average delay of operations is less than or equal to sixty days; (Amended, effective 2/2/2026, by Resolution BCB No. 543, of 12/18/2025.)

~~V - D, when the weighted average provision percentage is greater than 3% (three percent) and less than or equal to 10% (ten percent);~~

V - D, when the conditions of item IV are not met, the weighted average provision percentage is less than or equal to 15% (fifteen percent) and the weighted average delay of operations is less than or equal to ninety days; and (Amended, effective 2/2/2026, by Resolution BCB No. 543, of 12/18/2025.)

~~VI - E, when the weighted average provision percentage is greater than 10% (ten percent) and less than or equal to 30% (thirty percent);~~

VI - E, when the conditions of item V are not met. (Amended, effective 2/2/2026, by Resolution BCB No. 543, of 12/18/2025.)

~~VII - F, when the weighted average provision percentage is greater than 30% (thirty percent) and less than or equal to 50% (fifty percent);~~

VII - (Revoked, effective 2/2/2026, by Resolution BCB No. 543, of 12/18/2025.)

~~VIII - G, when the weighted average provision percentage is greater than 50% (fifty percent) and less than or equal to 70% (seventy percent);~~

VIII - (Revoked, effective 2/2/2026, by Resolution BCB No. 543, of 12/18/2025.)

~~IX - H, when the weighted average provision percentage is greater than 70% (seventy percent).~~

IX - (Revoked, effective 2/2/2026, by Resolution BCB No. 543, of 12/18/2025.)

Art. 32. From the reference date of January 2025 of the calendar for sending information to the SCR, the reference date of December 2024 shall be considered the last available reference date of information from this system, for the following purposes: ~~(Included, effective 12/2/2024, by Resolution BCB No. 439, of 11/28/2024.)~~

~~I - verification of ineligibility of issuer assets not found in the SCR, as provided in the sole paragraph of Art. 29;~~ ~~(Included, effective 12/2/2024, by Resolution BCB No. 439, of 11/28/2024.)~~

~~II - classification of the asset issuer regarding diversification of entities assessing credit risk, as provided in Art. 30; and~~ ~~(Included, effective 12/2/2024, by Resolution BCB No. 439, of 11/28/2024.)~~

~~III - determination of the credit risk classification of issuers that are legal entities, as provided in Art. 31.~~ ~~(Included, effective 12/2/2024, by Resolution BCB No. 439, of 11/28/2024.)~~

Art. 32. (Revoked, effective 2/2/2026, by Resolution BCB No. 543, of 12/18/2025.)

REGULATION ANNEX II TO RESOLUTION BCB NO. 374, OF MARCH 27, 2024

Regulates the admissibility, eligibility, pricing, haircuts, and other aspects related to debentures and commercial paper offered as collateral for the generation of credit limits within the scope of the Liquidity Financial Lines.

CHAPTER I

ON THE ADMISSIBILITY OF DEBENTURES AND COMMERCIAL PAPER

Art. 1º Debentures and commercial paper, to be admissible for the generation of credit limits for lending operations under the Liquidity Financial Lines (LFL), must:

I - be denominated in reais;

II - be deposited in a central depository or registered with a registrar entity, authorized to operate by the Central Bank of Brazil or by the Securities and Exchange Commission;

III - have as issuer a legal entity whose registration in the National Registry of Legal Entities (CNPJ) is classified in the "active" status referred to in Art. 9, item I, of Normative Instruction RFB No. 2,119, of December 6, 2022;

IV - provide for a determined date for their maturity;

V - provide for the settlement of their financial events in the environment of the central depository or the corresponding registrar entity or in a settlement system defined by them, obligatorily with the mediation of a Payment Agent;

~~VI - present a schedule of financial events, reported to the central depository, with information allowing the verification of eligibility as well as the adequate pricing of the asset;~~

VI - present a schedule of events with information allowing the verification of eligibility as well as the adequate pricing of the asset; (Amended, effective 2/2/2026, by Resolution BCB No. 543, of 12/18/2025.)

VII - present, for the purpose of determining their cash flow and present value, remuneration structures referenced to:

a) a fixed percentage on the floating rate of Interbank Deposits for 1 (one) day (“DI Percentage”);

b) 100% (one hundred percent) of the floating rate of Interbank Deposits for 1 (one) day, plus a fixed percentage (“DI + increase”);

c) post-fixed rate corresponding to the National Consumer Price Index Broad (IPCA), plus a fixed percentage (“IPCA + increase”); or

d) pre-fixed rates;

VIII - have as issuer a legal entity with a risk classification equivalent to levels “AA”, “A”, or “B”, obtained in the manner of Arts. 29 and 31 of the Regulation Annex I to this Resolution.

§ 1º Observing the provisions of the caput, debentures and commercial paper that, individually or cumulatively:

I - have as issuer:

a) holdings of financial institutions;

b) leasing company;

c) mortgage company;

d) entities that act as vehicles for credit securitization;

e) commercial financing company; or

f) payment institutions;

~~II - present a cash flow in the schedule of financial events of the central depository or registrar entity where there is occurrence of:~~

II - present a cash flow in the schedule of events where there is occurrence of: (Amended, effective 2/2/2026, by Resolution BCB No. 543, of 12/18/2025.)

a) maturity or amortization, unaccompanied by interest payment, for the same date; or

b) maturity and amortization, for the same date;

III - present pending issues or restrictions, related to the asset itself or its issuer, in the central depository or registrar entity;

IV - present in the history or future cash flow of financial events the occurrence of events that:

a) denote a characteristic of variable income present in the asset; or

b) result from the activation of clauses in the issuance instrument or decision-making by the issuer or by asset holders that imply extraordinary payments not originally provided for in the schedule of events or that do not correspond to interest, amortization, and redemption;

V - present in the history of financial events the occurrence of default;

VI - have as issuer a legal entity that holds the risk classification at level “B” and is an exclusive client, calculated in the manner of Arts. 29, 30, and 31 of the Regulation Annex I to this Resolution, within the scope of the National Financial System (SFN).

§ 2º The Central Bank of Brazil may, at its exclusive discretion, render inadmissible debentures and commercial paper from issuers that show signs of inability to pay their obligations, according to public information and not used in the regular procedure for determining the credit risk classification of issuers referred to in Arts. 29 and 31 of the Regulation Annex I to this Resolution.

Art. 2º In addition to the provisions of Art. 1º, to be admissible for generating credit limits for LFL operations, debentures must:

I - have the indication of a Fiduciary Agent, reported to the central depository or registrar entity;

II - have a remaining maturity period, counted from the date of evaluation of their admissibility, less than 40 (forty) years;

III - present a unit price calculation formulation according to standards established by the central depository or registrar entity and have a unit price at par calculated by the central depository or registrar entity;

IV - have as the reference date for unit price correction a day indicated between the 15 (fifteenth) and 28 (twenty-eighth) of the month, when the remuneration structure of the debenture is indexed to IPCA;

V - adopt a systematic calculation of interest in exponential form, with a temporal basis of 252 (two hundred and fifty-two) business days.

Sole paragraph. Observing the provisions of the caput, debentures that, individually or cumulatively:

I - contain clauses of subordination or convertibility into equity instruments;

II - present participation events reported in the schedule of events;

III - present the incorporation of interest into the nominal value in the unit price calculation formulation;

IV - have been subject to renegotiation within 90 (ninety) calendar days prior to the date of evaluation of the asset's admissibility.

Art. 3º In addition to the provisions of Art. 1º, commercial paper, to be admissible for generating credit limits for LFL operations, must have the indication of a Paper Agent or Fiduciary Agent, reported to the central depository or registrar entity.

CHAPTER II

ON THE ELIGIBILITY OF DEBENTURES AND COMMERCIAL PAPER (BASKETS A AND B)

Art. 4º For classification in Basket A, debentures and commercial paper must be admissible and, cumulatively:

I - have been issued through a public offering or a public offering with restricted efforts;

II - present an average market concentration index (IMm), in a rolling period of 21 (twenty-one) business days, less than or equal to 0.7 (seven tenths);

III - be deposited in a securities central depository; and

IV - have as issuers companies that present a risk classification, calculated in the manner of Arts. 29 and 31 of the Regulation Annex I to this Resolution, at levels “AA” or “A”, observing the provisions of §§ 3º and 4º.

§ 1º The market concentration index (IM) of a given asset measures the degree of dispersion of these assets among different holders and is calculated, by the Central Bank of Brazil, for a given day, based on the following formula:

Qi: is the quantity of a given asset held by the “i-th” custody position of each holder of the asset;

“n”: is the “n-th” custody position of each holder of the asset.

§ 2º For the purposes of § 1º, custody positions held by the Central Bank of Brazil or by other holders in pledge accounts, individualized positions of principals, and custody positions linked to repurchase agreements in the central depository or registrar entity of the collateral assets are not considered.

§ 3º To be eligible for classification in Basket A, commercial paper must have as issuer a common client, in the terms of item II of Art. 30 of the Regulation Annex I to this Resolution.

§ 4º To be eligible for classification in Basket A, a debenture with a risk classification of level “A” must have as issuer a common client, in the terms of item II of Art. 30 of the Regulation Annex I to this Resolution.

Art. 5º To be eligible for classification in Basket B, debentures and commercial paper must be admissible, observing the provisions of Arts. 1º and 2º, and at the same time not qualify, in the manner of Art. 4º, for Basket A.

Sole paragraph. Debentures and commercial paper that present a risk classification of level “B” and that have as issuer an exclusive client, in the terms of item I of Art. 30 of the Regulation Annex I to this Resolution, are not eligible for Basket B.

Art. 6º The Central Bank of Brazil will publish daily the list of debentures and commercial paper eligible for the LFL, starting from their identification codes in the central depository or registrar entity, and in which of the baskets referred to in the caput of Art. 28 of the Regulation Annex I to this Resolution, they are classified.

Art. 7º Credit limits will not be attributed for the LFL from assets not eligible to integrate Baskets A and B transferred by the LFL Participant to the pledge account of the Central Bank of Brazil in the central depository or registrar entity.

Art. 8º Resources maintained in the Specific Guarantee Account at the Central Bank of Brazil (CGE) are classified in Basket A.

CHAPTER III

ON THE PRICING OF DEBENTURES AND COMMERCIAL PAPER

Art. 9º The Central Bank of Brazil will adopt its own model for pricing debentures and commercial paper eligible to guarantee operations under the LFL, which will take as a basis the financial flows provided for in the schedule of events for each asset, discounted by the composition of a risk-free interest rate and a rate corresponding to a risk premium, adjusted to the term of each flow.

§ 1º The risk-free interest rates will be determined from interest rate reference rates of the future interest rate market and swaps, such as the “pre” rate (DI x Pre) and the IPCA coupon (DI x IPCA), publicly disclosed by a stock exchange or entity administering the organized over-the-counter market.

§ 2º The interest rates corresponding to the risk premium will be determined from a mathematical optimization model aimed at minimizing the observed error between the unit prices assessed in this model and the market reference unit prices for samples of debentures, provided by financial market entities accredited by the Central Bank of Brazil not participating in the LFL.

§ 3º Curves for risk premium interest rates will be defined, based on the segmentation of the issuer's risk classification, in the terms of Arts. 29 and 31 of the Regulation Annex I to this Resolution, and on the classification of the asset within the scope of Art. 2º of Law No. 12,431, of June 24, 2011.

§ 4º Moving windows may be established for the definition of the curves referred to in § 3º with the objective of reducing the volatility of the rates corresponding to the risk premiums.

Art. 10. Each asset included in Baskets A and B will be assigned daily, as a result of applying the procedure provided in Art. 9º, a reference unit price (PUref), used for the purpose of verifying concentration rules in the issuer's collateral basket and for establishing credit limits.

CHAPTER IV

ON THE HAIRCUTS APPLICABLE TO DEBENTURES AND COMMERCIAL PAPER

Art. 11. The Central Bank of Brazil will apply haircuts to the priced values for each debenture and commercial paper included in the collateral basket, observing the concentration conditions of the basket of each eligible asset included in the collateral basket referred to in Art. 3º of the Regulation Annex IV to this Resolution, with the aim of mitigating risks and estimating the recoverable value for the collateral basket, in the event of default of the LFL Participant, according to the characteristics of each eligible debenture or commercial paper to guarantee LFL operations, taking into consideration the credit, market, and pricing risks of the assets.

§ 1º The credit risk referred to in the caput is measured by a percentage representing the possibility that the issuer of the asset, of a certain credit risk classification calculated in accordance with Arts. 29 and 31 of the Regulation Annex I to this Resolution, will have its risk classification migrated to risk classifications greater than or equal to “E”, over a one-year horizon.

§ 2º The market risk, referred to in the caput, is understood as the possibility that variations in the interest rate curve and in the risk premiums of the assets will reduce the unit price of eligible debentures or commercial paper over a recovery horizon of twenty business days.

§ 3º The pricing risk, referred to in the caput, is understood as the possibility that errors inherent to the modeling of asset prices or eventual errors in the data used will lead to incorrect, higher pricing for eligible debentures and commercial paper.

§ 4º The composition of the total haircut percentage (Ht) is defined according to the following formula:

Ht (%) = [ 1 – (1-Hc) × (1-Hm) × (1-Hv ) ] × 100, in which:

Hc: component of haircut for mitigation of credit risk (0<Hc<1);

Hm: component of haircut for mitigation of market risk (0<Hm<1); and

Hv: component of haircut for mitigation of pricing risk (0<Hv<1).

Art. 12. The definition of total haircuts will take into consideration the remaining term to maturity of the asset, the credit quality of the issuer, the diversity of credit evaluation of the issuer in the SFN, and the remuneration structure of the debenture or commercial paper.

Sole paragraph. In the case of debentures, their eventual classification as incentivized debenture, within the scope of Art. 2º of Law No. 12,431, of 2011, or as infrastructure debenture, within the scope of Law No. 14,801, of January 9, 2024, will also be taken into consideration.

Art. 13. The total haircut percentages, referred to in Art. 11, applicable to the Net Concentration Values in the Basket, as defined in Art. 3º of the Regulation Annex IV to this Resolution, for eligible debentures and commercial paper are available in the tables contained in Annexes V and VI to this Resolution.

CHAPTER V

ON THE TREATMENT OF FINANCIAL EVENTS

Art. 14. Resources resulting from financial events related to debentures and commercial paper included in the collateral basket deposited or registered, with financial settlement carried out in the central depository or in a registrar entity or in a settlement system defined by them, including those corresponding to interest, amortizations, and redemptions, must be directed by the central depositories or registrar entities to the Central Bank of Brazil and will constitute specific guarantees of the LFL Participants deposited in the CGE.

Art. 15. The financial settlement of the transfer of resources related to the financial events of debentures and commercial paper included in the collateral basket, by the central depository or registrar entity or by a settlement system defined by them, must be carried out through messages from the LFL Services Group, of the SFN Services Catalog, and occurs on an irrevocable and unalterable basis.

Sole paragraph. If a credit of financial events in the CGE of the LFL Participant is identified as over or under value, the LFL Participant must return the resources to the registrar entity or central depository, through a message from the LFL Services Group, of the SFN Services Catalog, observing the maintenance of positive available limits, once the return is made, for its concretization.

REGULATION ANNEX III
TO RESOLUTION BCB NO. 374,
OF MARCH 27, 2024

Regulates the admissibility of credit operations and the eligibility, pricing, haircuts, and other aspects related to bank credit notes offered as collateral for the generation of credit limits within the scope of the Liquidity Financial Lines.

CHAPTER I

ON THE ADMISSIBILITY OF CREDIT OPERATIONS AND CONSULTATION SERVICES

Section I

On the admissibility of credit operations

Art. 1º Only credit operations reported, processed, and incorporated into the data repository of the Credit Information System (SCR) that cumulatively present the following characteristics are admissible:

I - operations identified with the Standardized Credit Operation Identifier (IPOC);

II - operations granted to legal entities, in one of the following submodalities:

a)
215 - working capital with maturity up to 365 days;

b)
216 - working capital with maturity exceeding 365 days;

c)
401 - acquisition of goods - motor vehicles;

d)
501 - export financing;

e)
599 - other export financings;

f)
601 - import financing;

g)
801 - rural financings - operating;

h)
802 - rural financings - investment;

i)
803 - rural financings - commercialization;

j)
804 - rural financings - industrialization;

III - operations in which the credit quality of the borrowing client is in the following credit risk classifications, calculated in the manner of Art. 31 of the Regulation Annex I to this Resolution, when applicable to issuers of bank credit notes:

a)
AA;

b)
A; or

c)
B, when the borrowing client is a common client, in the terms of item II of Art. 30 of the Regulation Annex I to this Resolution;

IV - operations granted by the LFL Participant itself;

V - operations with the following sources of resources:

a) free, in domain 199 - others, of the SCR; or

b) directed, in the following SCR domains: 208 - funds collected in savings deposits by entities belonging to the SBPE destined for real estate financing operations, or 209 - financing granted under the aegis of controlled resources of rural credit, or 213 - FGTS - Employee Severance Indemnity Fund, or 299 - others.

Sole Paragraph. Observed the provisions of the main text, credit operations possessing one or more of the following characteristics are not admissible:

I - operations whose debtors do not possess a valid registration in the National Registry of Legal Entities (CNPJ);

II - operations granted to holdings of financial institutions, leasing companies, mortgage companies, commercial development companies, payment institutions, and entities that act as vehicles for credit securitization;

~~III - operations considered problematic assets under the terms of Art. 24 of Resolution No. 4.557, of February 23, 2017;~~

III - operations considered problematic assets under the terms of Art. 3 of CMN Resolution No. 4.966, of November 25, 2021; (Amended, effective 2/2/2026, by Resolution BCB No. 543, of December 18, 2025.)

IV - operations recovered from loss;

V - operations renegotiated under the Special Program for Asset Sanitization (Pesa), under the terms of Resolution No. 2.471, of February 26, 1998;

VI - operations renegotiated under the Program for Revitalization of Agricultural Production Cooperatives (Recoop);

VII - operations in judicial collection or whose issuer is in judicial reorganization;

VIII - operations that do not have payments scheduled in the 6 (six) months following the last reference month used to verify the admissibility of the operations;

IX - operations that have values to be released;

X - operations linked to interbank transfers from the National Bank for Economic and Social Development (BNDES), the Special Industrial Financing Agency (Finame), constitutional funds, state or district funds, or special funds or programs of the Federal Government, and operations linked to transfers of any kind from abroad and financing granted under the aegis of controlled resources of rural credit;

XI - operations considered non-matured by force of normative act;

XII - operations with maturity date postponed by force of normative act;

XIII - operations with payment of operation approved by an official body or program awaiting release of resources;

XIV - operations carried out with related parties, under the terms of Art. 2 of Resolution No. 4.693, of October 29, 2018, excepted, in this case, the hypotheses provided for in Art. 8 of that Resolution; or

XV - operations alienated to credit guarantee funds.

Art. 2
The condition of admissibility of a credit operation does not imply its acceptance as collateral in the LFL, and eligibility conditions stipulated in Chapter II must be observed.

Section II

Services made available for the admissibility of credit operations

Art. 3
The Central Bank of Brazil makes available, to LFL Participants, a file-based query service for admissible credit operations, containing the list of these operations, with the following information:

I -
IPOC of the operation;

II - the identifier of the credit-taking client's contract;

III - the submodalality of the operation;

IV - the identification of the client in a registry maintained by the Brazilian Federal Revenue Service, according to its nature;

V - an estimated value for obtaining a financial limit to compose the total financial limit for the Term Liquidity Line (LLT), in the event that the credit operation, once represented by a bank credit note (CCB), becomes eligible for obtaining financial limits in the LFL.

Sole Paragraph. The value estimate referred to in item V shall be calculated in a manner analogous to the adjusted value referred to in Art. 9, with a discount applied according to the definitions in Chapter IV.

Art.
4. Two files containing the assessments of operations referring to the previous month, already reported via document 3040, processed and made available by the SCR to the LFL System, will be made available monthly for each LFL Participant or financial institution undergoing the adhesion process to the LFL, in the following manner: (Amended, effective 2/2/2026, by Resolution BCB No. 543, of December 18, 2025.)

I - an "preliminary" admissibility file, published on the 14th (fourteenth) business day of the month, containing the preliminary assessment, up to this date;

II - a "definitive" admissibility file, published on the penultimate business day of the month, containing the final assessment, up to this date.

§ 1. The LFL system will communicate the availability of the file via a message from the Service Catalog of the National Financial System.

§ 2. The SCR will process and make available to the LFL System the information sent via Document 3040, or any total or partial substitutions of the information in Document 3040, respecting the order of delivery and the processing time of the documents, available on the Central Bank of Brazil's website.

§ 3. The Department of Banking Operations and Payment Systems (Deban) is authorized to postpone dates or make available more than one admissibility file, preliminary or definitive, in substitution to the previously made available one, in cases of problems with information necessary for the execution of the procedures of this service.

§ 4. The definitive admissibility file will be used by the Central Bank of Brazil to verify the eligibility and pricing of CCBs, throughout the month following its first generation.

Art. 5. For each admissibility file of operations made available, referred to in Art. 4, the LFL Participant may request, via a message from the SFN Service Catalog, a complementary file containing the list of inadmissible operations and the results for the different criteria analyzed, referred to in the sole paragraph of Art. 1.

Art.
5. For each admissibility file of operations made available, referred to in Art. 4, the LFL Participant or the financial institution undergoing the adhesion process to the LFL may request, via a message from the SFN Service Catalog, a complementary file containing the list of inadmissible operations and the results for the different criteria analyzed, referred to in Art. 1, sole paragraph. (Amended, effective 2/2/2026, by Resolution BCB No. 543, of December 18, 2025.)

~~§ 1. The LFL system will inform LFL Participants who request the inadmissible operations file of its availability via a message from the SFN Service Catalog.~~

§ 1. The LFL System will inform those who request the inadmissible operations file of its availability via a message from the SFN Service Catalog. (Amended, effective 2/2/2026, by Resolution BCB No. 543, of December 18, 2025.)

§ 2. Only the results for each credit operation in the portfolio of LFL Participants in the admissible submodalities referred to in item II of the main text of Art. 1 are presented.

CHAPTER II

OF
THE ELIGIBILITY OF BANK CREDIT NOTES

Art. 6
Bank Credit Notes (CCBs) that observe the following conditions are eligible for the generation of credit financial limits for contracting loans under the aegis of the LFL:

I - they must represent admissible credit operations, in the form of Section I of Chapter I;

II - they must have been deposited in a central depository, as established in the depository central regulations;

III - they must have had the IPOCs of the credit operations they represent reported to the central depository, as established in the depository central regulations;

IV - they must not present pending issues or restrictions regarding the title or its issuer, in the central depository; and

V - they must not present indications of default in the central depository.

§ 1. CCBs that are linked as collateral for financial assets, securities, or linked to bank credit note certificates are not eligible.

§ 2. Admissible credit operations that are not represented by CCBs are not eligible.

§ 3. CCBs of cartular or book-entry issuance may be eligible.

Art. 7
The eligible CCBs referred to in Art. 6 are part of Basket B, referred to in item II of Art. 28 of the Regulation Annexed to Resolution No. 374.

CHAPTER III

OF
THE PRICING OF ELIGIBLE BANK CREDIT NOTES

Art. 8
The Central Bank of Brazil will adopt its own methodology for pricing eligible and pre-positioned CCBs, which will be based on:

I - the financial flows expected in the SCR, on the reference date used for the availability of the monthly definitive file of admissible credit operations, represented by the CCBs;

II - the unit price of the CCBs made available to the Central Bank of Brazil by the central depository; and

III - the quantity of asset deposited, in the central depository.

Art.
9. The Adjusted Value (ValorAjust) is defined as the value corresponding to the sum of the maturing flows, disregarding the flows of the next 90 (ninety) days, free of provisions, for each admissible credit operation, on the reference date of the SCR used in the preparation of the definitive admissibility file:

ValorAjust =
( VV - VV90 ) × ( 1 - Pp ), where:

VV: is the sum of the value of the maturing cash flows of an operation;

VV90:
is the sum of the value of the maturing cash flows in up to 90 (ninety) days of an operation; and

Pp: is the provisioning percentage of the operation, obtained by the ratio between the provision constituted and the total value of the active operation.

Art.
10. A reference unit price (PUref) will be assigned daily to each CCB included in the collateral basket, for the purpose of verifying concentration rules in the collateral basket by issuer and establishing credit limits, thus defined:

PUref = minimum
( ValorAjust/QtD , PUd ), where:

ValorAjust:
adjusted value as defined in Art. 9, constant in the month of its use;

QtD:
Total quantity deposited of a specific CCB, in the central depository; and

PUd:
Unit price of a specific CCB made available daily to the Central Bank of Brazil by the central depository.

Sole Paragraph. Financial institutions must update the information on the unit price of pre-positioned CCBs in the central depository in the event of occurrence of unforeseen financial events, including extraordinary amortizations and total early payments.

CHAPTER IV

OF
THE DISCOUNTS APPLICABLE TO CCBs

Art. 11.
The Central Bank of Brazil will apply discounts (haircuts) to the priced values for each CCB, observing the concentration conditions of the basket of each eligible asset included in the collateral basket referred to in Art. 3 of Regulation Annex IV to this Resolution, with the aim of mitigating risks and estimating the recoverable value for the collateral basket, in the event of default of the LFL Participant, according to the characteristics of the CCBs guaranteeing the operations of the LFL.

Art. 12.
The quantification of discounts takes into consideration:

I - the credit submodalality;

II - the risk classification assessed for the asset issuer, attributed to the asset;

III - the estimated time for the Central Bank of Brazil to recover the collateral;

IV - the credit risk, represented by the deterioration, during the expected recovery period, of a homogeneous portfolio in terms of submodalality and risk classification; and

V - the expected median reduction in the value of a portfolio, during the recovery period, due to payments made by the issuers of the CCBs.

§ 1. The credit risk is measured by a percentage representing the possibility that the issuer of the asset, of a certain credit risk classification, will have its risk classification migrated to classifications greater than or equal to "E", within a one-year horizon.

§ 2. The risk corresponding to the value reduction of a CCB portfolio, in the recovery time, is measured by a percentage corresponding to the median value reduction of that portfolio, within a 1 (one) year horizon.

§ 3. The measures referred to in §§ 1 and 2 are constructed from credit migration matrices for institutions of the SFN, with statistical percentiles of 99% (ninety-nine percent) for credit risk and 50% (fifty percent) for portfolio value reduction risk, and are the same used for all LFL Participants.

§ 4. The composition of the total discount percentage (Ht) is defined according to the following formula:

Ht (%) = (Hc + Hr) x 100, where:

Hc:
component of discount for credit risk mitigation (0<Hc<1); and

Hr:
component of discount for mitigating the risk of portfolio value reduction in recovery time (0<Hr<1).

Art. 13.
The definition of total discounts takes into consideration the credit quality of the issuer, the type of issuer, and the credit submodalality, and is available in the Table of Annex VII to this Resolution.

CHAPTER V

OF
THE TREATMENT OF FINANCIAL EVENTS OF CCBs AND AMENDMENTS

Art. 14.
Funds resulting from financial events related to the CCBs included in the collateral basket, with financial settlement processed in the central depository, including those corresponding to interest, amortizations, and redemptions, must be directed by the central depositories to the LFL Participant, in the capacity of the guaranteeing party.

Sole Paragraph. The central depositories may establish mechanisms that prevent the pre-positioning of CCBs for which no indication of financial event flow to the guaranteeing party has been made.

Art. 15.
The LFL Participant must ensure, observing the sufficiency of collateral for operations contracted within the scope of the LFL, the withdrawal of pre-positioned CCBs as collateral in case of need or occurrence of:

I - amendments to CCBs;

II - unforeseen extraordinary financial events in the original CCB event schedule, such as interest payments and extraordinary amortizations;

III - total early settlement or redemption of the CCB;

IV - default on the CCB; and

V - operations involving the CCBs that require, according to the central depository regulation, dual command from the guaranteeing and guaranteed parties.

REGULATION ANNEX IV TO RESOLUTION BCB NO. 374, OF MARCH 27, 2024

Establishes the credit financial limits, the withdrawal of collateral, the restoration of these limits, and the procedures for contracting and paying loan operations conducted under the aegis of the Liquidity Lines.

CHAPTER I

OF
THE CONCENTRATION OF ASSETS BY ISSUER IN THE COLLATERAL BASKET

Art.

The Total Positioned Value of collateral (Vpos) constitutes the value
corresponding to the reference unit price (PUref) of the collateral assets of each of the Baskets A and B, multiplied by the corresponding pre-positioned quantities (Qtd), plus the cash balance (GE) pawned in the Cash Guarantee Account at the Central Bank of Brazil (CGE), under the terms of the following equation:

In which: i represents the i-th eligible asset of the collateral basket.

Art.
2. The Positioned Value of an Issuer (Vpose) constitutes the value
corresponding to the reference unit price (PUref) of the eligible assets of a specific issuer "e", included in the collateral basket, multiplied by the corresponding pre-positioned quantities (Qtd), under the terms of the following equation:

In which:

k represents the k-th asset of the collateral basket of a specific issuer "e";

PUrefk represents the PUrefs of the k-th asset of issuer "e"; and

Qtdk represents the quantities of the k-th asset of the collateral basket of issuer "e".

Art.
3. For the purpose of full utilization of the pre-positioned eligible asset quantities in the collateral basket, a maximum concentration index by issuer (ICe) of 20% (twenty percent) must be observed,
assessed with a tolerance of 0.1 p.p (one tenth of a percentage point), and calculated each time the collateral basket is modified or reference prices are updated, calculated as follows:

In which:

Vpose:
is the positioned value of the collateral of an issuer "e"; and

Vpos:
is the total positioned value of the collateral referred to in Art. 1.

There will be no concentration restriction by issuer for the balance maintained in the CGE.

§ 2. The assessment of ICe exceeding that defined in the main text will result in the application of a Basket Concentration Restriction Factor (Frcce), which will correspond to a reduction factor on the positioned value of the same issuer, used for the purpose of calculating credit limits, for the total of assets included in Baskets A and B.

§
3. The calculation of Frcce will be done with the aid of an optimization mechanism of the LFL System, which will maximize the utilization of assets from Basket A, for the same issuer that has assets classified in Baskets A and B.

§ 4. After the optimization referred to in § 3, the positioned value of each asset included in the collateral basket will be adjusted to a Net Concentration Value in the Basket (VLCCi), under the terms of the following formula:

VLCCi = (1 -Frcce,i) x PUrefi x Qtdi

In which:

Frcce,i is the basket concentration restriction factor for issuer "e", optimized for asset "i" of the collateral basket, of that issuer.

§ 5. Once the condition established in the main text is met, the value of Frcce,i will be equal to 0 (zero).

§
6. In cases where the assets included in the collateral basket have not been issued by at least 3 (three) distinct issuers, the Central Bank of Brazil will establish an Frcce,i of 100% (one hundred percent) for all assets in the basket.

CHAPTER II

OF
THE CREDIT FINANCIAL LIMITS

Section I

Of the total, utilization, and gross limits

Art.
4. The values free of total discounts for the assets of Baskets A and B (VLDA and VLDB, respectively) consist of the sum of the net concentration values of each of the eligible assets of Baskets A and B, defined in Art. 3, adjusted by the application of the total discounts corresponding to each asset, according to the following formulas:

In which:

VLDA:
is the total value free of discounts for assets of Basket A;

VLDB:
is the total value free of discounts for assets of Basket B;

VLCCi:
is the net concentration value in the basket, for the "i-th" asset included in the basket, as defined in § 4 of Art. 3;

Ht,i:
is the total discount percentage applied to the "i-th" asset included in each basket; and

GE:
is the balance of the CGE.

Art.
5. The Total Financial Limit for operations of the Immediate Liquidity Line (LT.LLI)
corresponds to the total value free of discounts for assets of Basket A (VLDA), according to the following equation:

LT.LLI
= VLDA

Art.
6. The Total Financial Limit for operations of the Term Liquidity Line (LT.LLT)
corresponds to the sum of the total value free of discounts for assets of Basket A (VLDA) and the total value free of discounts for assets of Basket B (VLDB), according to the following equation:

LT.LLT
= VLDA + VLDB

Art.
7. The Financial Limits Used for operations of the LLI (LU.LLI) and of the LLT (LU.LLT) consist of the total balance of open operations of each of these lines, under the terms of the following formulas:

In which:

SLLIi:
is the debtor balance of the "i-th" open operation of the LLI; and

SLLTk:
is the debtor balance of the "k-th" open operation of the LLT.

Art.
8. The Gross Limit for operations of the LLI (LB.LLI) consists of the difference between the Total Financial Limit for operations of the LLI (LT.LLI) and the Limit Used for operations of the LLI (LU.LLI), according to the following equation:

LB.LLI
= LT.LLI – LU.LLI

Art.
9. The Composite Gross Limit (LBC) corresponds to the Total Financial Limit for operations of the LLT (LT.LLT) minus the Financial Limits Used in LLI operations (LU.LLI) and LLT operations (LU.LLT), according to the following equation:

LBC
= LT.LLT – LU.LLI – LU.LLT

Section II

Of the permanent operational value, the temporary additional amount, and the operational limit of the LLT

Art.
10. LFL Participants with Full Access may carry out LLT operations up to a maximum principal stock of open operations, corresponding to the permanent operational value (VO).

The VO will be stipulated as a percentage of the adjusted net worth (PLA) of the Full Access LFL Participant, relative to the annual balance sheet position, and will be updated at the beginning of the second semester of each year.

§
2. The following percentages are established for the VO, depending on the PLA of each LFL Participant:

5% (five percent) for institutions belonging to the prudential segment S1; and

8% (eight percent) for the others.

§ 3. In cases where an LFL Participant is at the beginning of its operation in the National Financial System, or has a change in its prudential segmentation classification, or undergoes mergers, spin-offs, and incorporations, or in the absence of information in the form established in § 1, the Central Bank of Brazil may stipulate the VO with reference to the first available information of the PLA of the financial institution, in the new condition, until the next scheduled update.

Art.
11. The Central Bank of Brazil may grant specific authorization to LFL Participants with Full Access for a temporary increase in the maximum principal stock of open LLT operations ("temporary additional amount"), in addition to the VO, in which the following will be fixed:

a temporary additional value (VV) for the maximum principal stock of open operations allowed; and

II - the start and end dates for the authorization, which represent a period of maintenance of the maximum principal stock of open operations allowed, encompassing, jointly, the period of realization and the maturity term of the operations.

§ 1. The authorization referred to in the main text may be granted in a manner to establish the VV and dates referred to in item II in a staggered manner, including for its termination.

§ 2. It is not permitted to have more than one specific authorization in force for the same LFL Participant for additional temporary expansion of the maximum principal stock allowed for the realization of LLT operations.

§ 3. The VV may be established by initiative of the Central Bank of Brazil, aiming to provide liquidity to LFL Participants comprehensively, or by request of an LFL Participant, with the justification of the effective need for liquidity resulting from mismatches between active and passive operations.

Art. 12. The Maximum Principal Stock of outstanding operations permitted at a given moment “i” (EPmax,i) is the composition of VO and VV during a period “t”, in which there is no update of one or two of these parameters.

[ EPmax,i ]t = [ VO + VV ]t

Sole paragraph. The EPmax may undergo changes due to the end of authorizations for the temporary additional amount, staggered changes in its value, or an update of the VO.

Art. 13. In addition to the Gross Composite Limit, LLT operations are restricted by an Operational Limit (LO.LLT), which indicates maximum values for contracting new operations across different authorization horizons for the temporary additional amount, thus defined:

[ LO.LLTi ]t = [ EPmax,i – EPi ]t

Where:

i: moment at which the LO.LLT is verified for contracting an LLT operation;

t: represents a period in business days in which the VV parameters are maintained; and

EPi: Principal Stock of outstanding operations, at a given moment “i”.

§ 1º The LO.LLT is informed through parameters of deadlines and maximum values permitted for contracting with maturity within these deadlines.

§ 2º The deadlines informed in the LO.LLT establish maintenance periods for the permitted maximum principal stock of outstanding LLT operations and represent joint deadlines for contracting and maturity of operations.

§ 3º The LO.LLT will be made available by the Central Bank of Brazil to LFL Participants for different maintenance periods in which there is constancy of the VV.

§ 4º The LO.LLT is replenished upon partial or total payments of LLT operations.

§ 5º The fixation of the LO.LLT for contracting with maturities subsequent to changes in the VV presupposes the compliance of outstanding operations.

§ 6º The occurrence of a negative value for the LO.LLT of an LFL Participant constitutes a passive operational non-compliance in the LLT, implying the prohibition of contracting new LLT operations.

Section III

Of the limits available for contracting

Art. 14. The Available Limits, by modality of the Liquidity Financial Lines (LFL), constitute the financial credit limits on which LFL Participants, according to the access classification they possess, may contract operations in each modality of the LFL, and are defined as follows:

I - the Available Limit for the Immediate Liquidity Line (LD.LLI) will be the smallest value between the Gross Limit for LLI operations (LB.LLI) and the Gross Composite Limit (LBC), according to the following equation:

LD.LLI = minimum ( LB.LLI, LBC )

II - the Available Limit for the Term Liquidity Line (LD.LLT) will be the smallest value between the Gross Composite Limit (LBC) and the Operational Limit (LO.LLT), according to the following equation:

[ LD.LLT ]t = minimum ( maximum ( 0, [ LO.LLT ]t ), LBC )

Sole paragraph. The LD.LLT will be made available by the Central Bank of Brazil according to the maintenance periods of the maximum principal stock of outstanding LLT operations permitted, established for the Operational Limit of the LLT.

Art. 15. The total financial limits, referred to in arts. 5º and 6º, are updated:

I - upon opening of the LFL System, when the list of eligible assets and unit reference prices are updated; and

II - at each action of the LFL Participant of pre-positioning or withdrawal of guarantees, or of movements of resources in the CGE, authorized by the LFL System.

Art. 16. The financial limits used, referred to in art. 7º, are updated:

I - upon opening of the LFL System, when the debtor balances of outstanding LFL operations are updated, due to the incidence of financial charges; and

II - at each action of the LFL Participant of contracting or payment of an LFL operation, carried out during the operating window of the LFL System.

Art. 17. The Gross Limit for LLI operations (LB.LLI) and the Gross Composite Limit (LBC), referred to in arts. 8º and 9º, respectively, are updated at each alteration in any of the total or used limits that determine them.

Art. 18. The Operational Limit for LLT operations (LO.LLT) is updated:

I - upon opening of the LFL System;

II - at each new specific authorization, referred to in § 1º of art. 3º of the Regulation Annexed to this Resolution, in which the VV and its maintenance periods are stipulated;

III - at each periodic update for the VO;

IV - at each new contracting of an LLT operation; and

V - at each payment, partial or total, of an LLT operation.

Art. 19. The Available Limits are updated at each alteration in any of the limits that determine them, according to arts. 16, 17 and 18.

CHAPTER III

OF CONTRACTING AND PAYMENT

Section I

Of specific provisions for LLI operations

Art. 20. LLI operations are authorized to participants with Immediate and Full access based on the existence of an Available Limit for the LLI, and are contracted through requests from LFL Participants via messages from the LFL Services Group, of the National Financial System Service Catalog, provided that after contracting the LD.LLI remains positive.

§ 1º In the contracting, the message must indicate the LLI as the modality used and the requested financial value.

§ 2º Contracting may be carried out during the operating hours of the Reserve Transfer System (STR) for settlement of fund transfer orders, according to BCB Resolution No. 105, of June 9, 2021.

§ 3º The Department of Banking Operations and Payment Systems (Deban) may establish a minimum positive value necessary to maintain the LD.LLI for the purpose of granting an LLI operation, with the objective of reducing the frequency of notifications for LD.LLI restitution, and a minimum value per operation.

Art. 21. Payments of LLI operations will be carried out individually by operation, at the initiative of the LFL Participant, via messages from the LFL Services Group of the SFN Service Catalog, with the identification of the operation to be paid and the payment value.

§ 1º Early, partial, or total payment is admitted before the maximum deadline defined for LLI operations, including on the same day as contracting.

§ 2º The resources to be used in the payment of LLI operations may only originate from the CGE, the Bank Reserves account, or the Settlement Account of the STR participant.

§ 3º The payment message will indicate in which of the accounts provided for in § 2º the resources used in the payment originated.

§ 4º Payments of LLI operations may be carried out during the operating hours of the STR for settlement of fund transfer orders, as provided in BCB Resolution No. 105, of 2021.

Section II

Of specific provisions for LLT operations

Art. 22. LLT operations may be carried out:

I - independently of specific authorization from the Central Bank of Brazil, for contracting a Maximum Principal Stock of LLT operations, in accordance with art. 3º, caput, of the Regulation Annexed I; or

II - through specific authorizations from the Central Bank of Brazil, granted upon request from LFL Participants, for temporary expansion of the Maximum Principal Stock of outstanding LLT operations, in accordance with art. 3º, § 1º, of the Regulation Annexed I.

Sole paragraph. It is not permitted to have more than one specific authorization for the performance of LLT operations in force for the same LFL Participant.

Art. 23. The requests referred to in item II of art. 22 must be made by the LFL Participant and addressed to Deban, which:

I - will establish the form of sending and receiving these requests;

II - will publish a calendar or procedure that stipulates the dates for receiving requests and for communicating the decision regarding the requests.

Art. 24. The requests referred to in item II of art. 22 must contain:

I - the period in business days for maintaining the VV for expansion of the Maximum Principal Stock of outstanding LLT operations, and, if applicable, staggered periods, within the scope of the intended authorization;

II - the amounts corresponding to the VV in the periods referred to in item I.

Sole paragraph. In the event that there is a specific authorization in force, a new authorization, if granted, will update the LLT contracting parameters for the LFL Participant, ending the original authorization.

Art. 25. The LFL System will provide an update of the Operational Limit for LLT operations (LO.LLT) by the next business day following the date on which authorization referred to in art. 24 is granted.

Sole paragraph. The LFL Participant may consult the Operational Limit for LLT operations (LO.LLT) and the Available Limit for LLT operations (LD.LLT) via a message from the LFL Services Group of the SFN Service Catalog.

Art. 26. Contracting is carried out through requests from LFL Participants via messages from the LFL Services Group of the SFN Service Catalog, and granted financially if, after granting, a positive Available Limit for LLT operations (LD.LLT) is maintained.

§ 1º In the message, referred to in the caput, the following must be indicated:

I - the LLT modality;

II - the operation deadline in business days; and

III - the requested financial value.

§ 2º Deban may establish a minimum positive value necessary to maintain the LD.LLT, for the purpose of granting an LLT operation, with the objective of reducing the frequency of notifications for LD.LLT restitution, and a minimum value per operation.

Art. 27. Payments of LLT operations must be carried out individually by operation, at the initiative of the LFL Participant, via messages from the LFL Services Group of the SFN Service Catalog, with the identification of the operation to be paid and the payment value.

§ 1º Early, partial, or total payment is admitted before the deadline defined for LLT operations, including on the same day as contracting.

§ 2º The resources to be used in the payment of LLT operations may only originate from the CGE or the Bank Reserves account or the Settlement Account of the STR participant.

§ 3º The payment message will indicate from which of the accounts provided for in § 2º the resources used in the payment originated.

§ 4º Payments of LLT operations may be carried out during the operating hours of the STR, established in BCB Resolution No. 105, of 2021.

CHAPTER IV

OF LIMIT RESTITUTION AND WITHDRAWAL OF GUARANTEES

Section I

Of the restitution of available limits

Art. 28. The LFL Participant must maintain the Available Limits, referred to in art. 14, positive, carrying out their prompt restitution, in the form of art. 29, if they become negative.

§ 1º The LFL Participant who fails to observe the provisions of the caput will be notified to carry out the restitution of the Available Limits, in the form of art. 29, and must do so on the same day the notification is received, until the closing time of the STR for fund transfer orders, in accordance with BCB Resolution No. 105, of 2021.

§ 2º The notification referred to in § 1º will be carried out via the message from the LFL Services Group, in which the value for limit restitution is informed, issued in accordance with the SFN Service Catalog.

§ 3º The message referred to in § 2º constitutes notification to the LFL Participant, for all legal purposes.

§ 4º The pre-positioning of assets carried out in the central depository or registrar entity after the time referred to in § 1º will not be considered for the purpose of limit restitution on the same day as the notification.

§ 5º The LFL Participant who fails to comply with the notification for restitution of Available Limits under the conditions established in the caput will be classified as a Debtor Participant.

§ 6º The repeated failure to comply with the duty to restitution of Available Limits may result in the application of the provisions of art. 18 of the Regulation Annexed I to this Resolution.

§ 7º In the event of an operational failure that implies errors in the notification referred to in § 2º, Deban is authorized to cancel it, informing the interested LFL Participant.

Art. 29. The restitution of available limits aims to ensure the sufficiency of guarantees in LFL operations, by maintaining a non-negative value for the available limits of the LLI and LLT, and may be met:

I - by reducing the value of used limits (LU.LLI and LU.LLT), through payment, partial or total, of operations, in the forms established in arts. 21 and 27; or

II - by increasing the value of total limits (LT.LLI and LT.LLT), through the pre-positioning of eligible assets, observing the need for pre-positioning of Basket A assets in the event of a negative available limit for the LLI (LD.LLI < 0), or of transfers of resources to the CGE.

Section II

Of the withdrawal of guarantees

Art. 30. The withdrawal of assets as guarantees for operations within the scope of the LFL may be requested by the LFL Participant only via specific messages from the SFN Service Catalog, which must contain the identification of the assets and quantities intended for return.

§ 1º In the event of a request for withdrawal of resources from the CGE, the LFL Participant must:

I - observe the closing time of the STR for settlement of fund transfer orders, as provided in BCB Resolution No. 105, of 2021; and

II - inform the financial value for withdrawal, which will be delivered to the Bank Reserves Account or the Settlement Account of the LFL Participant.

§ 2º The return of guarantor assets deposited in central depositories or registered in registrar entities will be processed on the same day as the withdrawal request if the specific message referred to in the caput is sent up to sixty minutes before the closing of the STR for the settlement of fund transfer orders.

§ 3º Deban may establish a different deadline from that provided in § 2º in cases where the registrar entity or central depository has a deadline for movement of guarantor assets lower than that of the closing of the STR for the settlement of fund transfer orders.

Art. 31. The requested withdrawal of guarantees will only be authorized and carried out by the LFL System in the central depository or registrar entity if the available limits do not become negative with the withdrawal.

§ 1º Once authorized, the release of encumbrance will be processed by unlinking guarantor assets from the Central Bank of Brazil’s encumbrance account and returning them, in the requested quantities, to the LFL Participant’s own custody account, previously informed in the adherence procedure.

§ 2º The authorization to process the release of encumbrance occurs for the entirety of the guarantor assets with the withdrawal request; there is no release of part of the set of these assets, therefore the requesting LFL Participant must diligently select which assets can be withdrawn as guarantees, making use of services made available by the Central Bank of Brazil for knowledge of their eligible assets.

§ 3º The Central Bank of Brazil may, on its own initiative, carry out the release of encumbrance of guarantor assets when they are due, in default, or are not eligible for 6 (six) consecutive months or more.

Annex V – Table of total hair discount percentages applied to the net basket concentration value for debentures eligible for LFL (%)


				time to maturity
Debentures	Issuer Risk Classification	Remuneration Structure	Issuer Customer Classification in SFN	up to 1 year	between 1 and 2 years	between 2 and 5 years	greater than 5 years
	(365 days)	(366 to 730 days)	(731 to 1825 days)	(greater than 1825 days)
	AA	DI Percentage	Common	6,7	8,6	16,4	22,7
			Exclusive	10,4	12,2	19,7	25,7
		DI + Add-on	Common	8,0	10,2	20,2	23,8
			Exclusive	11,6	13,7	23,3	26,8
		Post-fixed in IPCA	Common	8,9	10,3	20,2	23,8
			Exclusive	12,4	13,8	23,3	26,8
		Pre	Common	9,9	12,3	24,2	31,3
			Exclusive	13,4	15,8	27,3	34,3
A	DI Percentage	Common	15,7	17,4	23,0	29,5
General			Exclusive	24,3	25,9	30,9	36,7
		DI + Add-on	Common	16,8	18,9	26,5	30,5
			Exclusive	25,3	27,1	34,0	37,6
		Post-fixed in IPCA	Common	17,6	18,9	26,5	30,5
			Exclusive	26,0	27,2	34,0	37,6
		Pre	Common	18,6	20,9	31,0	38,5
			Exclusive	27,0	29,2	38,5	45,6
	B	DI Percentage		33,5	35,0	39,2	44,0
		DI + Add-on	Common	34,4	36,1	42,0	44,8
		Post-fixed in IPCA		35,0	36,1	42,0	44,8
		Pre		36,0	38,1	47,0	53,3
	AA	Post-fixed in IPCA	Common	7,4	8,2	15,9	19,3
			Exclusive	10,1	10,8	18,3	21,6
		Pre	Common	9,9	12,3	24,2	31,3
			Exclusive	13,4	15,8	27,3	34,3
Incentivized and Infrastructure*	A	Post-fixed in IPCA	Common	12,6	13,4	22,3	24,9
Infrastructure*			Exclusive	18,1	18,7	27,1	29,5
		Pre	Common	18,6	20,9	31,0	38,5
			Exclusive	27,0	29,2	38,5	45,6
	B	Post-fixed in IPCA	Common	23,9	24,5	31,8	35,1
		Pre		36,0	38,1	47,0	53,3

Art. 2º of Law No. 12.431, of June 24, 2011 and Law No. 14.801, of January 9, 2024.

Annex VI – Table of total hair discount percentages applied to the net basket concentration value for commercial notes eligible for LFL (%)


			time to maturity
Issuer Risk Classification	Remuneration Structure	Issuer Customer Classification in SFN	up to 1 year	between 1 and 2 years	between 2 and 5 years	greater than 5 years
(365 days)	(366 to 730 days)	(731 to 1825 days)	(greater than 1825 days)
AA	DI Percentage	Common	13,2	15,0	22,2	28,1
		Exclusive	17,3	19,0	25,9	31,5
	DI + Add-on	Common	14,5	16,4	25,8	29,1
		Exclusive	18,5	20,4	29,3	32,4
	Pre	Common	16,2	18,5	29,8	36,6
		Exclusive	20,2	22,5	33,3	39,9
A	DI Percentage	Common	22,9	24,5	29,6	35,6
		Exclusive	32,2	33,6	38,1	43,3
	DI + Add-on	Common	24,0	25,8	32,8	36,5
		Exclusive	33,1	34,8	40,9	44,1
	Pre	Common	25,7	27,9	37,3	44,5
		Exclusive	30,5	32,7	41,6	48,6
B	DI Percentage		41,9	43,2	46,9	51,1
	DI + Add-on	Common	42,7	44,2	49,3	51,8
	Pre		44,2	46,3	54,3	60,3

Annex VII – Table of total hair discount percentages applied to the net basket concentration value for CCB eligible for LFL (%)


			Asset Risk Classification
Person Type	Submodality SCR		AA	A	B - Common Customer
	401	acquisition of goods – motor vehicles	30,5	49,5	61,5
	215	working capital with maturity up to 365 d	43,5	55,0	75,0
	216	working capital with maturity exceeding 365 d	43,5	55,0	75,0
	501	export financing	41,5	59,5	67,5
Legal Entity PJ	599	other export financing	41,5	59,5	67,5
	601	import financing	41,5	59,5	67,5
	801	funding	21,5	30,0	40,5
	802	investment	21,5	30,0	40,5
	803	commercialization	21,5	30,0	40,5
	804	industrialization	21,5	30,0	40,5

BCB Resolution No. 374 — Establishes the Liquidity Financial Lines (LFL) of the Central Bank of Brazil and approves the regulations governing their operation

Lineage: Amended

Timeline

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