BCB Resolution No. 381 — Establishes temporary and exceptional measures applicable to the operation of consortium groups

BCB RESOLUTION NO. 381, OF MAY 15, 2024

Establishes temporary and exceptional measures applicable to the operation of consortium groups.

The Collegiate Board of the Central Bank of Brazil, in a session held on May 15, 2024, based on Articles 6 and 7 of Law No. 11,795, of October 8, 2008,

R E S O L V E S:

Article 1. Consortium administrators are permitted, on a temporary and exceptional basis, until December 31, 2024, exclusively for consortium members economically affected by climate events in the state of Rio Grande do Sul, subject to Legislative Decree No. 36, of May 7, 2024, holders of quotas in consortium groups constituted until the date of entry into force of this Resolution:

I - the payment of credit in cash or through credit in deposit accounts or payment accounts owned by consortium members who have been selected and have not yet used the credit to acquire goods or services, upon full settlement of obligations with the group and with the administrator; and

II - the conduct of collection procedures and execution of guarantees provided for consortium operations within timeframes different from those stipulated in Article 21 of Circular No. 3,432, of February 3, 2009, and in Article 27 of BCB Resolution No. 285, of January 19, 2023, under the responsibility of the consortium administrator and its directors, managers, proxies, and partners as referred to in Article 5, paragraph 2, of Law No. 11,795, of October 8, 2008, provided that, cumulatively:

a) the consortium contracts do not stipulate specific timeframes for the adoption of such measures;

b) the postponement of procedures cannot cause prescription, forfeiture, or any prejudice to the collection and execution measures or their effectiveness; and

c) the collection and execution procedures affected by item II of the main text are initiated within one month counted from December 31, 2024.

Article 2. The administrators mentioned in Article 1 must keep available to the Central Bank of Brazil for a period of at least five years the documentation related to the procedures covered by this Resolution, including that which proves the circumstances stipulated in Article 1.

Article 3. This Resolution enters into force on the date of its publication.

OTÁVIO RIBEIRO DAMASO

Director of Regulation