BCB Resolution No. 392 — Establishes the Financial Assets Catalog – CAF

BCB RESOLUTION NO. 392, OF JUNE 12, 2024

Establishes the Financial Assets Catalog – CAF.

The Collegiate Board of the Central Bank of Brazil, in a session held on June 12, 2024,

Based on Art. 9 of Law No. 4,595, of December 31, 1964, Arts. 22 and 28 of Law No. 12,810, of May 15, 2013, and Art. 13 of Resolution No. 4,593, of August 28, 2017,

RESOLVES:

CHAPTER I

DEFINITION AND OBJECTIVE

Art. 1 This Resolution establishes the Financial Assets Catalog – CAF, which lists the types of financial assets subject to registration and central depository services and establishes rules for standardization, in self-regulation norms, of the exercise of these activities regarding each type of financial asset.

§ 1 The financial assets mentioned in the caput are those so qualified by legislation or current regulation for the purpose of registration and central depository services.

§ 2 The CAF does not cover securities, as defined by current legislation.

Art. 2 The CAF must be prepared and updated jointly, in a single document, according to procedures and deadlines indicated in the terms of this Resolution, by:

I - authorized registrars and central depositories of financial assets; and

II - other institutions with authorization requests pending at the Central Bank of Brazil to exercise the activities of registration or central depository of financial assets.

CHAPTER II

CONTENT

Art. 3 The CAF must contain, for each type of financial asset included in it, at minimum, the following information:

I - regarding the basic characteristics of the financial asset:

a) code of the type of financial asset;

b) unique nomenclature;

c) description;

d) mandatory informational content provided for by law or regulation, if applicable; and

e) additional informational content to enable complementary services;

II - regarding the rules applicable to the financial asset:

a) methodology for forming a unique identifier code for each issuance of the financial asset;

b) indication of the legal and regulatory framework governing it;

c) indication of the convention or corresponding agreement entered into between registrars or central depositories, if any;

d) indication of documents related to interoperability, if any;

e) identification of the type of regime applicable, if registration or central depository;

f) identification of the conditions and minimum maturity period, when applicable;

g) identification of the conditions for repurchase or redemption, when applicable; and

h) identification of the existence of mandatory registration in public registries and of registration or central depository in registrars or central depositories of financial assets;

III - regarding the formalization of the financial asset:

a) identification of the formalization instrument, if a credit instrument or contract;

b) identification of the conditions and forms of issuance of the credit instrument or celebration of the contract applicable, if book-entry or certificate-based;

c) identification of the types of issuers of the credit instrument, if applicable; and

d) identification of the types of entities qualified to book-entry the credit instrument, if applicable;

IV - regarding the operations, guarantees, and collateral linked to the financial asset:

a) identification of the nature and effects of operations capable of being performed, such as endorsement, definitive assignment, fiduciary assignment, among others;

b) identification of the nature of the guarantee, if real or personal, when existing, and the form of its constitution, if via pledge, in public registries, among others;

c) identification of the types of financial assets or securities eligible as collateral, when applicable; and

d) description of the rules for unique identification, control, and updating of the financial assets and securities formalized as collateral or guarantee, when applicable;

V - regarding the certificates of the financial asset:

a) identification of the types of certificates; and

b) description of its minimum informational content; and

VI - regarding the life cycle of the financial asset, identification of each stage through a flowchart.

§ 1 The information referred to in the caput must be in compliance with the specific laws and regulations that govern each type of financial asset.

§ 2 The mandatory informational content mentioned in item I, letter "d", of the caput must allow for the complete characterization of each type of financial asset.

§ 3 The methodology for forming a unique identifier code for each issuance of the financial asset, referred to in item II, letter “a”, of the caput, must:

I - consider the set of information about the financial asset that allows for the unequivocal identification of each issuance and the differentiation from other issuances of the same type of financial asset; and

II - ensure that the code is independent of the registration or central depository systems in which the financial asset is registered or deposited.

§ 4 The flowchart referred to in item VI of the caput must graphically and simply describe:

I - stages of issuance, registration or deposit, trading, and settlement of the financial asset;

II - institutions and agents involved in the stages referred to in item I; and

III - other relevant events directly associated with the financial asset.

CHAPTER III

PREPARATION, APPROVAL, AND AMENDMENT OF THE CAF

Art. 4 The proposal for the CAF must be submitted for approval by the Central Bank of Brazil by the institutions referred to in Art. 2 jointly and through a single document.

Sole paragraph. The proposal referred to in the caput must cover all financial assets for which registration and central depository services are provided or conventions approved or in the approval process as of the date of entry into force of this Resolution.

Art. 5 In the process of preparing the CAF proposal, deliberations regarding each financial asset must involve the participation of the authorized registrars and central depositories authorized to perform the registration or central depository of the type of financial asset subject to deliberation.

§ 1 Other entities participating in the CAF preparation process that formally express, before the institutions referred to in the caput and before the BCB, their interest in offering the registration or depository service for a specific financial asset may participate in its deliberations, subject to the provisions of § 2.

§ 2 In the case of financial assets for which there is already an approved convention or one in the approval process, participation in deliberations is restricted to the convention parties.

Art. 6 The proposal referred to in Art. 4 must be sent in two stages:

I - the first, within one hundred and twenty days from the date of entry into force of this Resolution, containing the information referred to in Art. 3, caput, item I; and

II - the second, within one hundred and eighty days from the act of approval of the first stage by the Central Bank of Brazil, containing the remaining information referred to in Art. 3, caput, items II to VI.

Art. 7 After the approval of the CAF, the entities referred to in Art. 2 may, individually or jointly, submit to the Central Bank of Brazil, for approval, a proposal to include new types of financial assets in the CAF, observing the requirements listed in Art. 3.

§ 1 Prior to the submission referred to in the caput, the inclusion proposal must be submitted for review by the entities referred to in Art. 2, which will have thirty days, from the submission, to formally express their views, before the proposers, regarding the terms of the proposal.

§ 2 After the deadline referred to in § 1 has elapsed, proposers may submit the inclusion proposal to the Central Bank of Brazil, which must be accompanied by the views of the other entities, if any, in a compiled and standardized form.

Art. 8 Amendments to the registration and central depository standards of the financial assets included in the CAF must be communicated to the Central Bank of Brazil by the date of their entry into force, with the submission of relevant information, without the need for prior authorization for the production of effects.

Sole paragraph. The Central Bank of Brazil may determine amendments to the CAF, with the entities mentioned in Art. 2 responsible for making such amendments to the catalog within a determined period.

Art. 9 The processes of preparation and amendment of the CAF must observe the following decision rules:

I - within the preparation process:

a) regarding the general aspects of the CAF, not associated with specific assets, deliberations must occur by simple majority among the registrars and central depositories mentioned in Art. 2, caput, items I and II; and

b) regarding the specific aspects of each financial asset, deliberations must occur by simple majority among the registrars and central depositories mentioned in Art. 5, caput and § 1; and

II - within the amendment process:

a) regarding the general aspects of the CAF, not associated with specific assets, deliberations must occur by simple majority among the registrars and central depositories mentioned in Art. 2, caput, item I; and

b) regarding the specific aspects of each financial asset, deliberations must occur by simple majority among the registrars and central depositories mentioned in Art. 5, caput.

Sole paragraph. In the case of financial assets for which there is already an approved convention or one in the approval process, only the convention parties or those with a formal agreement must deliberate, by simple majority, regarding the aspects set forth in items I, letter “b”, and II, letter “b”, of the caput.

CHAPTER IV

GENERAL AND TRANSITIONAL PROVISIONS

Art. 10 The authorization request for registration or central depository of a financial asset submitted after the approval of the CAF must:

I - indicate the type of financial asset listed in the CAF for which authorization is sought; and

II - be in compliance with the CAF, including with regard to interoperability requirements.

Art. 11 Registrars and central depositories must, within a period of two years from the act of approval of the CAF, make the necessary adjustments to their regulations, operational manuals, and financial asset registration and central depository systems, in order to align them with the CAF, regardless of any eventual amendments referred to in Art. 9, caput, item II, letter “b”.

Sole paragraph. Registrars and central depositories must send to the Central Bank of Brazil, individually, within a period of up to one hundred and eighty days from the act of approval of the CAF:

I - an implementation plan for the adjustments mentioned in the caput; and

II - a document containing the correspondence between the nomenclature used internally for types of financial assets and that established in the CAF.

Art. 12 Registrars and central depositories must make an updated version of the CAF available on their websites, open to the general public, indicating the types of financial assets for which they provide registration and central depository services.

Art. 13 The Department of Financial System Regulation – Denor, the Department of Competition and Financial Market Structure – Decem, the Department of Financial System Organization – Deorf, and the Department of Financial System Monitoring – Desig are authorized to adopt the necessary measures to comply with the provisions of this Resolution.

Art. 14 This Resolution enters into force on July 1, 2024.

RENATO DIAS DE BRITO GOMES AILTON DE AQUINO SANTOS

Director of Financial System Organization Director of Supervision and Resolution Acting Director of Regulation