BCB Resolution No. 382 — Amending the Management Executive Committee (CEG) and Pilot Project Regulations for the Real Digital Platform (Piloto RD)

BCB RESOLUTION NO. 382, OF MAY 22, 2024

Amends the Regulation of the Management Executive Committee (CEG) of the Pilot Project of the Real Digital Platform (Piloto RD) and the Regulation of the Pilot Project of the Real Digital Platform (Piloto RD), Annexes I and II to BCB Resolution No. 315, of April 27, 2023.

The Collegiate Board of Directors of the Central Bank of Brazil, in a session held on May 15, 2024, based on art. 11, item V, letter “u”, of the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of September 21, 2023, and having in view the provisions of Vote 66/2024–BCB, of May 15, 2024, Vote 73/2023–BCB, of April 26, 2023, and Vote 31/2023–BCB, of February 14, 2023,

R E S O L V E:

Art. 1º The Regulation of the Management Executive Committee (CEG) of the Pilot Project of the Real Digital Platform (Piloto RD), Annex I to BCB Resolution No. 315, of April 27, 2023, shall enter into force with the following alterations:

“Art. 3º ...........................................................................................................

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IV - Department of Regulation of the Financial System (Denor);

V - Department of Competition and Financial Market Structure (Decem); and

VI - Department of Communication (Comun).

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§ 4º The inclusion of other assets on the Piloto RD platform that are not subject to the regulatory competence of the Central Bank of Brazil is conditioned on the participation of the competent regulatory body or entity in the regulation of the asset in the composition of the CEG.

§ 5º The participation of the body or entity referred to in § 4º in the CEG is conditioned on the existence of a cooperation agreement signed between that body or entity and the Central Bank of Brazil.

§ 6º If the CEG has decided on the inclusion of the asset referred to in § 4º on the Piloto RD platform, the following procedures shall be observed:

I - the CEG coordinator shall issue a letter to the head of the competent regulatory body or entity for the regulation of the asset, requesting the designation of three officials from its staff, among whom two shall act as titular members of the CEG and a third, as alternate, who will replace any of the titular members of the originating body or entity in their absences and impediments;

II - the designated officials must have the competence to sign a term in which they express adherence to the Regulation of the CEG and of the Piloto RD on behalf of the body or entity they represent, as well as to exercise the duties provided for in art. 8º of this Regulation; and

III - the officials designated to act as titular or alternate members may participate, including, in the CEG deliberations that do not relate to the exercise of the regulatory competence of the originating body or entity, in this case, however, without the right to vote.” (NR)

“Art. 6º ...........................................................................................................

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XIII - propose the alteration, approved by mutual agreement with the Piloto RD participant, of the Work Plan contained in Annex IV to this Resolution, including to adapt it to the new milestones, phases, and proposed development schedule of this pilot project;

XIV - propose to Dirad, Dipom, and Dinor the submission to the Collegiate Board of Directors of a proposal for updating the guidelines of the Piloto RD; and

XV - convene the Piloto RD participants to present use case proposals, to be evaluated regarding their interest and compatibility with the work to be developed in this pilot project, considering their guidelines, in order to have the own implementation of smart contracts.” (NR)

“Art. 7º ............................................................................................................

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VII - request from the heads of the other units of the Central Bank of Brazil and from the member representatives of other regulatory bodies or entities participating in the CEG the indication of officials to provide technical advice, according to the competence of their organizational components; and

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(NR)

“Art. 8º ...........................................................................................................

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III - communicate to the head of their unit or to the head of the originating body or entity the agenda of the CEG meetings and the result of its deliberations; and

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(NR)

“Art. 10. The CEG must, within 60 (sixty) days from the date of completion of the activities covered in each phase of the Piloto RD, according to the guidelines established for this pilot project by the Central Bank of Brazil, present to the Collegiate Board of Directors a final report of the respective phase of the Piloto RD and a proposal for forwarding its subsequent activities.

§ 1º A copy of the report mentioned in the caput shall be sent by the CEG coordinator to the head of the competent regulatory body or entity referred to in § 4º of art. 3º of this Regulation, for its knowledge and eventual manifestation regarding aspects of its competence, with a minimum advance of 20 (twenty) days relative to the end of the period referred to in the caput.

§ 2º The report mentioned in the caput must be submitted to the General Legal Office of the Central Bank (PGBC), for analysis of legal aspects, with a minimum advance of 15 (fifteen) days relative to the end of the period referred to in the caput.” (NR)

Art. 2º The Regulation of the Pilot Project of the Real Digital Platform (Piloto RD), Annex II to BCB Resolution No. 315, of 2023, shall enter into force with the following alterations:

“Art. 6º The Piloto RD is constituted through the adherence, by its participants, to a cooperation agreement, among them the Central Bank of Brazil and other regulatory bodies or entities that participate in the Piloto RD, with the purpose of building a collaborative environment for testing and development of a platform with distributed ledger technology (DLT) for the Real Digital.

§ 1º The adherence to the aforementioned cooperation agreement is formalized through the subscription, by the representatives of the institutions selected to participate in the Piloto RD, of the Participation Term contained in Annex III to this Resolution, through which they express, voluntarily and unconditionally, their express agreement with the content of this Regulation.

§ 2º The adherence term to be signed by the representatives of the regulatory body or entity participating in the Piloto RD, referred to in art. 3º, § 6º, item II, of the Regulation of the CEG of the Piloto RD, Annex I to this Resolution, shall be negotiated by mutual agreement with the Central Bank of Brazil, adopting as a model, insofar as compatible, the Participation Term contained in Annex III to this Resolution.” (NR)

“Art. 16. ..........................................................................................................

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§ 2º .................................................................................................................

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II - scalability of the technological solution, aimed at retail applications of national scope;

III - privacy of the information used in the use cases, in observance of pertinent Brazilian legislation; and

IV - governance of the implementation and management of smart contracts, whether these are linked to services related to the platform infrastructure or to the accomplishment of any use cases or business models tested in the Piloto RD.

§ 3º The inclusion of assets on the Piloto RD platform that are not subject to the regulatory competence of the Central Bank of Brazil is conditioned on the participation of the respective competent regulatory body or entity in the composition of the CEG, observed the provisions of § 4º of art. 3º of the Regulation of the CEG of the Piloto RD, Annex I to this Resolution.

§ 4º At the discretion of the CEG, digital representations (tokens) of other assets not listed in § 1º, including non-financial assets, may be included on the Piloto RD platform, observed the provisions of § 3º.” (NR)

“Art. 19. ..........................................................................................................

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§ 1º The Central Bank of Brazil or any other regulatory body or entity participating in the Piloto RD shall not, under any circumstances, transfer financial resources to any of the participants within the scope of the execution of the Piloto RD.

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(NR)

Art. 3º The following are revoked:

I - the sole paragraph of art. 10 of the Regulation of the CEG of the Piloto RD, Annex I to BCB Resolution No. 315, of 2023; and

II - the sole paragraph of art. 6º of the Regulation of the Piloto RD, Annex II to BCB Resolution No. 315, of 2023.

Art. 4º This Resolution enters into force on the date of its publication.

GABRIEL MURICCA
GALÍPOLO RODRIGO
ALVES TEIXEIRA
Director of Monetary Policy Director of Administration

OTÁVIO RIBEIRO
DAMASO CAROLINA DE ASSIS BARROS Director of Regulation Director of Relationship, Citizenship and Conduct Supervision