BCB Resolution No. 409 — Amends the Selic Special Settlement and Custody System Regulations to Govern Liens and Encumbrances in the Tesouro Direto Program and Credit Guarantee Funds

RESOLUTION
BCB No. 409, OF AUGUST 29, 2024

Amends the Regulation of the Special Settlement and Custody System – Selic, annex to BCB Resolution No. 55, of December 16, 2020, to provide for the constitution of liens and encumbrances within the scope of the Tesouro Direto program, the participation of credit guarantee funds, and the update of procedures and nomenclatures.

The Collegiate Board of the Central Bank of Brazil, in a session held on August 29, 2024, having regard to the provisions of Art. 11, caput, item VII, of Law No. 4,595, of December 31, 1964, Art. 10 of Law No. 10,214, of March 27, 2001, and Art. 26 of Law No. 12,810, of May 15, 2013,

R E S O L V E:

Art. 1º The Regulation of the Special Settlement and Custody System – Selic, annex to BCB Resolution No. 55, of December 16, 2020, published in the Official Gazette of the Union on December 17, 2020, and corrected in the Official Gazette of the Union on December 21, 2020, shall enter into force with the following alterations:

“Art. 4º .....................................................................................................................

I - Public Offering – Ofpub;

II - Offering to Dealers – Ofdealers; and

III - Collateral of Repo Operations – Collateral.

.........................................................................................................................” (NR)

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

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VIII - participant: financial institution, government entity, clearinghouse, trading platform administrator, credit guarantee fund, or entity operationalizing Tesouro Direto, that executes or facilitates the carrying out of operations with securities issued by the National Treasury and that submits to the Selic Regulation;

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XVI - regulatory body: government entity responsible for establishing norms and supervising their compliance within its sphere of competence;

XVII - intervener: third party elected by the parties to a lien or encumbrance on securities issued by the National Treasury to manage the accounts related to the registration in Selic;

XVIII - credit guarantee fund: entity constituted in accordance with Art. 28, § 1º, of Complementary Law No. 101, of May 4, 2000, whose purposes are to protect depositors and investors within the financial system, including the cooperative segment, and to contribute to the maintenance of stability and the prevention of crises in the said system;

XIX - Tesouro Direto: program of the National Treasury intended for the purchase and sale of federal public securities by individuals, operationalized by the entity defined in item XX of the caput;

XX - entity operationalizing Tesouro Direto: entity responsible for the operationalization of the Tesouro Direto systems, in accordance with the regulation of the Ministry of Finance; and

XXI - participant responsible for Tesouro Direto: entity defined in item XX of the caput, which acts as a transmitter of commands, in accordance with item XII of the caput, of operations carried out within the scope of the program.” (NR)

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

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II - other financial institutions;

III - clearinghouses, regulatory bodies, trading platform administrators, and credit guarantee funds, at the discretion of Demab; and

IV - entity operationalizing Tesouro Direto.

§ 1º ...........................................................................................................................

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II - in the case of the entity mentioned in item III or IV of the caput, by a representative with management powers.

.........................................................................................................................” (NR)

“Art. 12. The non-settling participant, including those under temporary special administration, intervention, extrajudicial or ordinary liquidation, who comes to be without a standard settling liquidator due to the decision referred to in Art. 11 or for any other reason, must indicate its new standard settling liquidator to Demab, in a timely manner, in the manner established by it.

.........................................................................................................................” (NR)

“Art. 14. ....................................................................................................................

§ 1º ...........................................................................................................................

§ 2º The provisions of Art. 12, sole paragraph, are applied:

I - in the absence of a standard settling liquidator performing that function on the date of the declaration of bankruptcy; or

II - in the occurrence of issuer events related to the securities custodied in the participant’s accounts or those of its clients on a date prior to the transfer mentioned in the caput or in § 1º.” (NR)

“Art. 15. ....................................................................................................................

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V - in the case of cancellation of authorization for operation that makes it impossible to maintain the status of participant; and

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§ 1º The participant that comes to lose its status as a participant in Selic must resolve any pending issues pointed out by Demab and, when necessary, arrange for the transfer of securities owned by it and by its clients to client accounts under another participant, within a period of ten business days.

§ 2º The provisions of Art. 12, sole paragraph, are applied:

I - in the absence of the transfer mentioned in § 1º; or

II - in the occurrence of issuer events related to the securities custodied in the participant’s accounts or those of its clients on a date prior to the transfer mentioned in § 1º.” (NR)

“Art. 20. Access to Selic and its complementary modules, through the network administered by the Telecommunications Network for the Market – RTM, is controlled by the Authentication and Access Control System – Logon, the procedures for which are described in the Selic User Manual – MUS.

§ 1º The initial password that enables the Selic participant to Logon is provided to the administrator responsible for Selic affairs by electronic mail, using a digital certificate.

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§ 3º Access for system-to-system communication will be based on credentials granted to the participant through Logon.” (NR)

“Art. 22. ....................................................................................................................

Sole paragraph. .......................................................................................................

I - authenticates itself before any of the participants with a single password; and

II - always acts in accordance with the competencies defined by the participant responsible for its registration.

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“Art. 23. ....................................................................................................................

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§ 2º Client custody accounts are exclusive to the participants cited in Art. 7º, caput, items I and IV.

§ 3º Brokerage accounts are exclusive to the participants cited in Art. 7º, caput, item I.” (NR)

“Art. 25. ....................................................................................................................

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§ 2º The procedures for opening and closing the other accounts provided for in Art. 23 are described in the MUS.” (NR)

“Art. 50. ....................................................................................................................

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II - by the standard settling participant, for the registration and settlement of its own operations, client operations, and operations of a non-settling participant that has given it this responsibility;

III - by Demab, for the registration and settlement of the operations of the Central Bank of Brazil, of operations as administrator of Selic, and of the operations of the National Treasury in cases where it has conferred this responsibility upon it;

IV - by the National Treasury, for the registration and settlement of its operations; and

V - by the participant responsible for Tesouro Direto, for the registration and settlement of operations within the scope of the program.

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“Art. 52. ....................................................................................................................

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II - at the time established by Demab, the buy and sell commands on the day of settlement of the corresponding forward, according to the ascending order in which the operations were numbered at the time of registration of the forwards; and

III - .............................................................................................................................

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b) of repurchase or resale with intermediation, the corresponding commands of the intermediaries.

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“Art. 57. ....................................................................................................................

I - commands instructed with divergent data, observing the provisions of Art. 55, except for the command transmitted by the rightful party in the resale or repurchase resulting from the commitment provided for in Art. 29, caput, items V, VI or VII;

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Sole paragraph. .......................................................................................................

I - by the National Treasury or by Demab;

II - by the rightful party in the resale or repurchase resulting from the commitments provided for in Art. 29, caput, items IV, VI or VII; and

III - by the rightful party in the operation provided for in Art. 29, caput, item XV.

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“Art. 67. ....................................................................................................................

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§ 3º The operational limit does not apply to the case of the operation provided for in Art. 52, caput, item I, letter “a”.” (NR)

“Art. 69. ....................................................................................................................

Sole paragraph. The provisions of the caput do not apply to the operations:

I - provided for in Art. 29, caput, item XV;

II - rediscount for liquidity in SPI; and

III - with individualized accounts of Tesouro Direto clients.” (NR)

“Art. 70. ....................................................................................................................

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§ 2º The operations in which one of the commands is transmitted by the National Treasury or by Demab are not subject to cancellation after the expiration of the pending period provided for in item I of the caput, unless the operations are conjugated or associated, in accordance with Arts. 74 to 78.” (NR)

“Art. 80. ....................................................................................................................

I - Ofpub;

II - Ofdealers; and

III - Collateral.

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“Art. 81. ....................................................................................................................

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Sole paragraph. .......................................................................................................

I - in Ofpub: the financial institutions referred to in Art. 7º, caput, items I and II; and

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“Art. 115. ..................................................................................................................

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§ 3º ...........................................................................................................................

I - by the participant itself, in the case provided for in Art. 50, caput, item I;

II - by its standard settling liquidator, in the case provided for in Art. 50, caput, item II; or

III - by the participant responsible for Tesouro Direto, in the case provided for in Art. 50, caput, item V.

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“Art. 116. ..................................................................................................................

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§ 3º With the authorization of the parties, the securities subject to the registration of liens and encumbrances may be custodied in a special custody account called lien and encumbrance account, in the name of the secured party or the usufructuary, managed by the intervener, registered specifically for this purpose.

§ 4º The effectiveness of liens and encumbrances shall occur exclusively in the universal form when it is:

I - of the type usufruct;

II - managed by an intervener; or

III - within the scope of Tesouro Direto.” (NR)

“Art. 117. ..................................................................................................................

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§ 2º For the registration of liens and encumbrances carried out in universal form, the inclusion of the list of securities provided for in item I of the caput and the transfer of the securities defined in items IV to VII of the caput are dispensed with.

§ 3º In the case provided for in § 2º, the registration and the consequent constitution of the lien or encumbrance shall be perfected with the transfer of the securities from the free-flowing account of the guarantor or the owner, or, in the case provided for in Art. 116, § 3º, from an account in the name of the guarantor or the owner, to the corresponding lien and encumbrance account, in the manner of Art. 119, at which moment the command given to the central depository shall be considered accepted.

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§ 5º In the process of registering liens and encumbrances on Tesouro Direto securities, the participant responsible for Tesouro Direto shall carry out, concomitantly, the steps provided for in items I and II of the caput.” (NR)

“Art. 118. ..................................................................................................................

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§ 3º In the process of amendment or rectification in the registration of liens and encumbrances on Tesouro Direto securities, the participant responsible for Tesouro Direto shall carry out, concomitantly, the steps provided for in items I and II of the caput.” (NR)

“Art. 119. ..................................................................................................................

Sole paragraph. In the case provided for in Art. 116, § 3º, the movement of securities must be authorized by the intervener, through commands, and shall be between the special custody account of liens and encumbrances and the account in the name of the guarantor or the owner, which may be a free-flowing account or a special custody account, called intervener allocation.” (NR)

“Art. 120. ..................................................................................................................

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§ 6º In the case of liens and encumbrances on Tesouro Direto securities, the execution will imply a sale operation to the National Treasury under the conditions established within the scope of that program.” (NR)

“Art. 122. ..................................................................................................................

§ 1º The guarantor does not have access to the identification of the counterparty of the definitive purchase and sale operation related to the execution, except within the scope of Tesouro Direto, in which the National Treasury is the counterparty.

.........................................................................................................................” (NR)

“Art. 123. ..................................................................................................................

§ 1º ...........................................................................................................................

§ 2º Issuer events related to the securities custodied in the normal custody account of liens and encumbrances of Tesouro Direto will be credited to the account in the STR owned by the settling participant of the participant responsible for Tesouro Direto.” (NR)

Art. 2º The following provisions of the Selic Regulation, annex to BCB Resolution No. 55, of December 16, 2020, published in the Official Gazette of the Union on December 17, 2020, and corrected in the Official Gazette of the Union on December 21, 2020, are hereby revoked:

I - item IV of the caput of Art. 4º;

II - item III of the sole paragraph of Art. 22;

III - Art. 40;

IV - item IV of the caput of Art. 52;

V - letters “a” and “b” of item I of the caput of Art. 57;

VI - item IV of the sole paragraph of Art. 57;

VII - item IV of the caput of Art. 80;

VIII - Art. 83; and

IX - Arts. 132 and 133.

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

GABRIEL MURICCA
GALÍPOLO

Monetary Policy Director