BCB Resolution No. 440 — Recovery and Resolution Planning for Payment Institutions and the Recovery and Organized Exit Plan (PRSO)

Resolution No. 440

BCB RESOLUTION NO. 440, OF NOVEMBER 28, 2024

Provides for the process of planning the recovery and resolution of payment institutions and on the content, preparation, and submission of the Recovery and Organized Exit Plan – PRSO.

The Collegiate Board of the Central Bank of Brazil, in a session held on November 28, 2024, based on the provisions of Articles 9, 10, caput, item IX, and 11, caput, item VII, of Law No. 4,595, of December 31, 1964, Articles 9 and 13 of Law No. 12,865, of October 9, 2013, and Article 3, caput, items III and VIII, of Resolution No. 4,282, of November 4, 2013, and in view of the provisions of CMN Resolution No. 5,187, of November 28, 2024,

R E S O L V E S:

CHAPTER I
OF THE OBJECT AND SCOPE OF APPLICATION

Article 1. This Resolution provides for:

I - the process of planning the recovery and resolution of payment institutions, with the objective of contributing to the maintenance of the solidity, stability, and regular functioning of the National Financial System – SFN, the Brazilian Payments System – SPB, and the real economy; and

II - the content, preparation, and submission of the Recovery and Organized Exit Plan – PRSO, as addressed by this Resolution and CMN Resolution No. 5,187, of November 28, 2024.

CHAPTER II
OF THE PROCESS OF PLANNING THE RECOVERY AND RESOLUTION OF PAYMENT INSTITUTIONS

Article 2. Payment institutions that perform critical functions must, by determination of the Central Bank of Brazil:

I - implement, in whole or in part, the recovery and resolution planning to respond to scenarios that compromise their viability; and

II - prepare and submit the PRSO to the Central Bank of Brazil.

§ 1. Recovery and resolution planning and the preparation of the PRSO must cover:

I - all entities comprising the same prudential conglomerate; and

II - entities that perform main business lines, essential services, critical functions, or critical services, belonging to the economic group of the institution covered by the caput.

§ 2. The Central Bank of Brazil:

I - will make public, by making it available on its website, the determination referred to in the caput; and

II - will set a deadline, not less than twelve months, for compliance with the determination provided in the caput.

Article 3. The definitions provided by Article 4 of CMN Resolution No. 5,187, of November 28, 2024, apply to the process of planning the recovery and resolution of payment institutions.

Section I
Of the support structure for recovery and resolution planning

Subsection I
General provisions

Article 4. Recovery and resolution planning must be integrated into information management, risk management, and capital processes.

Sole paragraph. Recovery and resolution planning presupposes the existence of:

I - management information systems aligned with strategies and planned measures; and

II - monitoring program.

Subsection II
Management information systems

Article 5. The institution must have management information systems capable of providing accurate and timely information, during normal operational periods and during crisis periods, including in the course of a resolution regime eventually decreed, within the prudential conglomerate and the entities covered by the scope of recovery and resolution planning that compose it, which are essential to adequately implement the strategies and measures provided for in the PRSO, including, at a minimum, information necessary:

I - to assess the value of business units and relevant entities, regarding which a strategy of alienation or partial transfer of assets and liabilities has been defined; and

II - to identify the operational and financial interconnections existing between entities covered by the scope of recovery and resolution planning, including interconnections related to:

a) sharing of support services, personnel, and support infrastructure; and

b) provision of guarantees and exposures resulting from transactions between related parties, in Brazil and abroad.

§ 1. The institution must perform, within its own programming or as determined by the Central Bank of Brazil, simulation exercises to test data production capacity, in normal and stress situations, evidencing the results and respective corrective actions.

§ 2. The institution must be able to perform, based on the information referred to in item I of the caput, the assessment of the value of its assets, business units, and entities for purposes of alienation, incorporating, in this process, the time horizon necessary for its realization.

§ 3. The institution must keep updated and available to the Central Bank of Brazil:

I - inventory of information technology – IT assets highlighting the main computerized systems supporting the critical functions and critical services performed by entities covered by the scope of recovery and resolution planning, identified with their description, providers, and their different access profiles, including those related to relevant services for data processing and storage and cloud computing, contracted from third parties in Brazil or abroad;

II - list of administrators of the entities covered by the scope of recovery and resolution planning and third-party critical service providers, including their identification, emergency contact information, and description of their functions and responsibilities;

III - data supporting the identification and assessment of critical functions;

IV - description of the methods and processes involved in the assessment of assets, business units, and entities covered by the scope of recovery and resolution planning;

V - assets that can be offered as collateral to obtain liquidity financing, either through liquidity assistance lines by the Central Bank of Brazil, or through access to other liquidity providers in the domestic market; and

VI - liabilities that can be reduced, extinguished, or converted into shares, for purposes of absorbing losses or internal recapitalization, in Brazil and abroad.

§ 4. Internal audit, in its assessment of the reliability, effectiveness, and integrity of management information processes and systems, must apply procedures that ensure these systems produce the information referred to in the caput.

Subsection III
Monitoring program

Article 6. The monitoring program must comprise, at a minimum, indicators and other quantitative and qualitative information that:

I - allow adequate monitoring of the risks incurred by the institution;

II - reflect the magnitude and speed of change in the institution's economic-financial and liquidity situation;

III - allow the timely adoption of recovery and resolution strategies;

IV - consider the horizon necessary for recovery and resolution strategies to produce effects; and

V - consider the business model, nature, complexity, and risk profile of the institution.

§ 1. The monitoring program must establish critical levels for the set of most relevant indicators, with a view to monitoring risks and the eventual execution of recovery and resolution strategies.

§ 2. The indicators referred to in this article must be consistent with the institution's risk management and capital structures.

§ 3. The Central Bank of Brazil may establish indicators and information that must be subject to monitoring by the monitoring program, aiming at the effectiveness of the actions provided for in the PRSO.

Section II
Of the process of planning recovery and resolution

Subsection I
General provisions

Article 7. Recovery planning must be guided by the preservation of the institution's viability, and resolution planning by the operational continuity of its critical functions.

Sole paragraph. Recovery and resolution planning comprises:

I - the prediction of stress scenarios;

II - the definition of strategies to address potential recovery and resolution situations; and

III - the self-assessment of recovery capacity and resolvability.

Subsection II
Stress scenarios

Article 8. Stress scenarios must be comprehensive and include events that may threaten business continuity and the institution's viability.

Sole paragraph. Stress scenarios must be relevant to test the adequacy of critical levels defined in the monitoring program, the viability, and the effectiveness of recovery and resolution strategies.

Article 9. The Central Bank of Brazil may determine the performance of stress tests that include alternative stress scenarios, considered relevant for the recovery and resolution planning process.

Subsection III
Recovery strategies

Article 10. The institution must predict a comprehensive set of recovery strategies, in response to different stress scenarios, with a view to preserving its viability.

Sole paragraph. The definition of recovery strategies must consider the maintenance of service supply, including those provided by third parties, necessary for the institution's operational continuity, and the assessment, at a minimum, of the following measures:

I - strengthening of capital and liquidity position;

II - alienation of assets;

III - refinancing of debts;

IV - restructuring of liabilities;

V - access to financial support from entities comprising the same economic group, if applicable;

VI - access to financial liquidity assistance lines, if applicable, regardless of the source nature; and

VII - changes in corporate or organizational structures, in the operating strategy, or in the institution's business model.

Article 11. The adoption of recovery strategies, initiated by the institution, must be associated with the achievement of critical levels defined in the monitoring program and the potential realization of a stress situation.

Sole paragraph. The institution's decision not to execute the strategies defined in the PRSO, when the occurrence of the provision in the caput is verified, must be duly justified and documented.

Subsection IV
Resolution strategies

Article 12. The institution must predict a comprehensive set of resolution strategies, in response to different stress scenarios leading to resolution, with a view to ensuring the operational continuity of its critical functions.

§ 1. The definition of resolution strategies must consider the assessment, at a minimum, of the following measures and their adoption before or during a resolution regime:

I - capitalization of the company;

II - transfer of shareholding control;

III - transfer of assets and liabilities;

IV - corporate reorganization, including through merger, consolidation, or spin-off; and

V - expropriation of capital stock shares.

§ 2. The institution must assess the viability of each strategy and indicate the preferred one.

Subsection V
Continuity of critical functions

Article 13. In order to preserve the continuity of critical functions performed by entities covered by the scope of recovery and resolution planning, the institution must be able to ensure the continuity of critical services in the context of realization of scenarios leading to recovery or resolution.

§ 1. Service level agreements formalized for the provision of critical services must provide for the continuity of supply of these services in the context of realization of scenarios leading to resolution, including after the event of declaring a resolution regime.

§ 2. Contracts entered into with third-party critical service providers must include specific clauses that:

I - prevent contract termination motivated exclusively by events of declaring a resolution regime; and

II - facilitate the transfer of the contract to a transition institution or to a definitive acquirer and guarantee the continuity of service provision for a period of not less than twelve months.

§ 3. The institution will have a period of twenty-four months from the expiration of the deadline set by the Central Bank of Brazil based on Article 2, § 2, item II, to promote the adequacy of service level agreements and contracts in accordance with §§ 1 and 2.

Article 14. The institution must maintain mechanisms and instruments to enable, at any time, its operations that may result in liquidation, central deposit, or registration in a financial market system or payment in a payment arrangement to be transferred to a transition institution or to a definitive acquirer that is a participant of the same financial market system or the same payment arrangement.

Subsection VI
Self-assessment of recovery capacity and resolvability

Article 15. The institution must continuously perform the self-assessment of recovery capacity and resolvability, comprising, at a minimum, the following dimensions:

I - data and information generation;

II - financial, in the context of realization of scenarios leading to recovery and resolution;

III - operational continuity of critical functions; and

IV - separability.

Sole paragraph. The self-assessment must identify any barriers to recovery and resolution and the risks associated with their execution, including regarding the compatibility between the organizational structure and recovery and resolution actions.

Article 16. The institution must prepare an Action Plan to Eliminate or Mitigate Barriers and Risks to Recovery and Resolution and adopt measures to eliminate or mitigate the barriers and risks identified in its self-assessment of recovery capacity and resolvability.

Sole paragraph. The plan and adoption of the measures mentioned in the caput must be included in the PRSO and have their execution monitored by internal audit.

Section III
Governance

Article 17. The board of directors and the board of directors, if any, must:

I - ensure the timely identification of those responsible for executing the strategies and measures of the PRSO;

II - have a comprehensive and integrated understanding:

a) of main business lines and essential services;

b) of critical functions and critical services;

c) of indicators and other information contained in the monitoring program;

d) of stress scenarios;

e) of recovery strategies;

f) of resolution strategies;

g) of the self-assessment process of recovery capacity and resolvability; and

h) of barriers and risks identified to recovery and resolution;

III - ensure the preparation of feasible and effective recovery strategies, including those involving other entities comprising the economic group;

IV - ensure the preparation of feasible and effective resolution strategies, including those involving other entities comprising the economic group;

V - ensure the effectiveness of the self-assessment process of recovery capacity and resolvability; and

VI - ensure the compatibility of the Action Plan to Eliminate or Mitigate Barriers and Risks to Recovery and Resolution with the institution's strategic planning and its timely execution.

Article 18. The board of directors and the board of directors, if any, are responsible for adopting the strategies provided for in the PRSO, except those executed under a resolution regime.

§ 1. The specific responsibilities of each director and member of the board of directors, if any, must be detailed in the PRSO.

§ 2. The director responsible under Article 19 must immediately communicate to the board of directors and, if applicable, to the board of directors and the audit committee the achievement of critical levels established for the indicators referred to in Article 6, § 1.

Article 19. The institutions mentioned in Article 2, caput, must indicate a director responsible for meeting the requirements established in this Resolution.

Section IV
Recovery and Organized Exit Plan

Article 20. The PRSO, referred to in Article 2, caput, item II, must address:

I - organizational profile;

II - support structure;

III - governance of the recovery and resolution process;

IV - recovery and resolution strategies;

V - self-assessment of recovery capacity and resolvability;

VI - Action Plan to Eliminate or Mitigate Barriers and Risks to Recovery and Resolution;

VII - communication plan; and

VIII - other information established by the Central Bank of Brazil.

§ 1. The PRSO must report the results of the simulation exercises referred to in Article 5, § 1.

§ 2. The PRSO must be approved, prior to submission to the Central Bank of Brazil, by the board of directors and the board of directors, if any.

Article 21. The Central Bank of Brazil may determine to the institution:

I - adjustments to the content of the PRSO;

II - evaluation by an independent auditor of the process of preparation, review, and approval of the PRSO;

III - provision of additional information; and

IV - execution of all or part of the strategies provided for in the PRSO.

§ 1. The execution of strategies provided for in the PRSO does not prevent the adoption, by determination of the Central Bank of Brazil, of preventive prudential measures.

§ 2. Scenarios or strategies provided for in the PRSO do not bind the Central Bank of Brazil in declaring a resolution regime.

Article 22. The brief description of the PRSO must be available in the specific section of the institution's website containing information regarding risk management, as defined by the Central Bank of Brazil under current regulations.

Sole paragraph. The location of the information mentioned in the caput must be informed together with the published financial statements.

Section V
Communications to the Central Bank of Brazil

Article 23. The following must be subject to timely communication to the Central Bank of Brazil:

I - the achievement of a critical level established in the monitoring program;

II - the decision to adopt a recovery strategy;

III - the justified decision not to adopt any of the recovery strategies, when the occurrence of the provision in item I is verified; and

IV - the perspective of an unviable situation.

Sole paragraph. The Central Bank of Brazil may set a specific deadline for each type of communication provided for in the caput.

CHAPTER III
OF THE CONTENT, PREPARATION, AND SUBMISSION OF THE RECOVERY AND ORGANIZED EXIT PLAN

Section I
Content of the Recovery and Organized Exit Plan

Subsection I
Structure of the Recovery and Organized Exit Plan

Article 24. The PRSO must contain, at a minimum, the detailed description of the following items:

I - organizational profile;

II - support structure;

III - governance of the recovery and resolution process;

IV - recovery and resolution strategies;

V - self-assessment of recovery capacity and resolvability;

VI - Action Plan to Eliminate or Mitigate Barriers and Risks to Recovery and Resolution; and

VII - communication plan.

Subsection II
Organizational profile

Article 25. The institution's organizational profile must identify, at a minimum:

I - the structure of the prudential conglomerate, identifying entities that perform main business lines, essential services, critical functions, or critical services;

II - entities that perform main business lines, essential services, critical functions, or critical services, belonging to the economic group and external to the prudential conglomerate;

III - entities of the prudential conglomerate considered systemically important by the resolution authority in other jurisdictions;

IV - main business lines, pointing out, if applicable, those that represent a critical function;

V - essential services, pointing out the provider and beneficiary entities of the referred services, in Brazil and abroad;

VI - critical functions performed by entities comprising the prudential conglomerate in Brazil and the criteria used for their identification;

VII - critical services and critical shared services, pointing out the provider and beneficiary entities of the referred services, in Brazil and abroad; and

VIII - other relevant financial and operational interconnections to recovery and resolution.

Subsection III
Support structure

Article 26. The support structure for recovery and resolution planning must address, at a minimum:

I - description of management information systems; and

II - description of the monitoring program, which must provide for monitoring, at a minimum, indicators that:

a) demonstrate the actual or potential deterioration of the institution's capacity to meet its capital needs;

b) point out the actual or potential deterioration of the institution's capacity to meet its liquidity and financing needs;

c) evidence the actual or potential variation in results or modifications in the pattern of revenue or expense sources;

d) reflect the quality of active operations and relevant concentrations;

e) reflect the concentration of funding sources, their level of stability, and their costs;

f) signal activities or events that may significantly affect image and operational or financial continuity; and

g) point out legal risks, contagion risks, and the effectiveness of internal controls.

§ 1. For the monitoring program referred to in item II of the caput, indicators and other information used in risk and capital management, in accordance with current regulations, must be prioritized.

§ 2. The Central Bank of Brazil may determine the inclusion of other indicators and information in the monitoring program, if it considers that their omission may prejudice the effectiveness of actions provided for in the PRSO.

Subsection IV
Governance of the recovery and resolution process

Article 27. The description of the governance of the recovery and resolution process must address structures and internal processes that:

I - are involved in recovery and resolution planning; and

II - will be activated in the execution of recovery or resolution strategies.

Subsection V
Recovery and resolution strategies

Article 28. Recovery and resolution strategies must address, at a minimum:

I - description of stress scenarios related to recovery and resolution, including, at a minimum, hypotheses of asset devaluation, reduction in funding capacity, deterioration in results generation capacity, or deterioration in liquidity situation, resulting from systemic or idiosyncratic instabilities, of national or external origin, and of the institution's unviability;

II - description of recovery strategies, including:

a) detailed description of each recovery strategy, including deadlines, criteria, assessments, accompanied by a detailed description of the processes and methodologies used, sources of resources, and procedures for their operationalization;

b) a reasoned assessment of the feasibility and analysis of the expected impact of adopting each recovery strategy individually and, where applicable, the joint adoption of more than one strategy;

c) the time required for recovery strategies to produce effects and the expected costs and benefits; and

d) identification of barriers and risks to the application of recovery strategies; and

III - description of resolution strategies, including:

a) detailed description of each resolution strategy, containing the definition of the entry point, whether single or multiple, deadlines, criteria, assessments, accompanied by a detailed description of the processes and methodologies used, sources of resources, and procedures for their operationalization;

b) a reasoned assessment of the feasibility and analysis of the expected impact of adopting each resolution strategy individually and, where applicable, the joint adoption of more than one strategy;

c) the time required for resolution strategies to produce effects and the expected costs and benefits;

d) identification of barriers and risks to the application of resolution strategies; and

e) indication of the preferred resolution strategy proposal.

Sole Paragraph. The hypothesis of infeasibility, referred to in item I of the caput, must consider:

I - the scenario in which domestic financial institutions that meet the criteria provided for in the specific regulation for classification in Segment 1 – S1 are under stress;

II - the failure to implement the recovery plan; and

III - the applicable legislation, including the declaration of a resolution regime.

Subsection VI
Self-assessment of recovery capacity and resolvability

Art. 29. The self-assessment of recovery capacity and resolvability must address, at a minimum:

I - assessment of the capacity to generate data and information, accurately and timely, necessary for the implementation of recovery and resolution actions, including those related to the procedures for assessing the value of business units or relevant entities, for which a strategy of total divestiture or transfer of assets and liabilities has been defined;

II - assessment of financial capacity in the context of the realization of scenarios leading to recovery and resolution, including:

a) assessment of the sufficiency and adequacy of the capital and available liabilities positioning within the group to absorb losses and for recapitalization, in order to meet the conditions for authorization to operate;

b) assessment of the adequacy of the legal and contractual basis that ensures the recognition and effectiveness of the write-down or conversion of financial instruments;

c) assessment of the adequacy of internal processes that will support the operational execution of the write-down or conversion of liabilities;

d) assessment of the processes and capabilities that allow determining liquidity needs and identifying and mobilizing assets that can be used as collateral to obtain liquidity financing, presenting the time and procedures necessary to mobilize them; and

e) assessment of the existence of intra-group liquidity sources, including cross-border, and mechanisms to overcome potential barriers and risks to transfer;

III - assessment of the capacity to preserve the operational continuity of critical functions, including:

a) continuity of critical services, in the context of the realization of scenarios leading to recovery and resolution;

b) continuity of access to Financial Market Infrastructures – FMIs and to payment, settlement, and custody services provided by intermediaries, even after the declaration of a resolution regime, if applicable;

c) continuity of management information systems and their capacity to timely support specific informational needs in the context of the realization of scenarios leading to recovery and resolution;

d) operational continuity of portfolios, business units, or entities covered by the scope of recovery and resolution planning, transferred to third parties in the context of separation and asset divestiture strategies;

e) assessment of operational continuity risks, associated with factors such as the complexity of the organizational structure, the degree of separability of a business unit or entity covered by the scope of recovery and resolution planning, among others; and

f) assessment of the adequacy of the legal basis and contractual resilience that ensures the operational continuity of critical functions and critical services in a recovery and resolution situation;

IV - assessment of separability;

V - assessment of compatibility between the organizational structure and recovery and resolution actions; and

VI - identification of barriers and risks to recovery capacity and resolvability in the operational, legal, economic, and other relevant dimensions.

§ 1º The assessment referred to in item III, letter “a”, of the caput must verify the feasibility of maintaining or replacing, at a minimum, the following service provision models:

I - provision of the critical service by an entity part of the prudential conglomerate;

II - provision of the critical service by an entity part of the economic group, in the country or abroad, but not part of the prudential conglomerate;

III - provision of the critical service by an external supplier in the country; and

IV - provision of the critical service by an external supplier abroad.

§ 2º In the assessment regarding the continuity of critical service provision by an entity part of the prudential conglomerate or the economic group, in the country or abroad, referred to in items I and II of § 1º, the following aspects shall be considered, where applicable:

I - the existence of Service Level Agreements – SLAs and the feasibility of maintaining the continuity of service provision, as agreed, in the context of the realization of scenarios leading to recovery and resolution; and

II - the existence of an adequate mechanism for establishing internal transfer prices for the provision of the service that are transparent, reasonable, and compatible with market prices.

§ 3º The assessment referred to in item III, letter “b”, of the caput must consider, at a minimum:

I - the existence of conditions for continuous access, by the conglomerate or any successors, to essential services and critical services provided by FMIs and intermediaries in the context of the realization of scenarios leading to recovery and resolution;

II - the existence of potential financial and operational requirements that FMIs and intermediaries may impose before or after the declaration of a resolution regime; and

III - the existence of a specific contingency plan, outlining the measures to be implemented to support continuous access to FMI and intermediary services, the transfer, or the orderly closure of the institution’s activities at the FMI and with intermediaries.

§ 4º The resilience of contracts to recovery and resolution events, referred to in item III, letter "f", of the caput, shall be characterized by the existence of contractual clauses that establish, at a minimum, the following aspects:

I - prohibition of termination, suspension, or modification of the terms and conditions of service provision due to the declaration of a resolution regime;

II - provision for the transfer of service provision to a new recipient, by decision of the current service contractor or by determination of the Central Bank of Brazil, in events of transfer of control over business units, divestiture of entities covered by the scope of recovery and resolution planning, or declaration of a resolution regime, as applicable;

III - provision that, in the case of transfer of service provision due to transfer of control over business units, divestiture of entities covered by the scope of recovery and resolution planning, or declaration of a resolution regime, it is incumbent upon the provider to collaborate with the orderly transition of service provision to a new recipient or new provider, ensuring service continuity by the current provider under the same terms and conditions, for a minimum period of twelve months; and

IV - provision that, in the event of separate divestiture of entities covered by the scope of recovery and resolution planning and beneficiaries of the services provided, the continuity of service provision to the divested entity shall be ensured for a minimum period of twelve months after said divestiture.

§ 5º The estimate of financial resources necessary to fulfill contractual obligations related to the provision of critical services must be incorporated into the modeling of liquidity financing needs in the context of the realization of scenarios leading to recovery and resolution, referred to in item II, letter "d", of the caput.

§ 6º The assessments referred to in this article must be reasoned and accompanied by a description of the methods employed and the evidence supporting the conclusions.

Subsection VII
Action Plan for Elimination or Mitigation of Barriers and Risks to Recovery and Resolvability

Art. 30. The Action Plan for Elimination or Mitigation of Barriers and Risks to Recovery and Resolvability must address, at a minimum:

I - barriers and risks identified to the application of recovery and resolution strategies, referred to in Art. 28, caput, item II, letter “d”, and item III, letter “d”;

II - barriers and risks identified in the self-assessment process of recovery capacity and resolvability, referred to in Art. 29, caput, item VI; and

III - actions to eliminate or mitigate identified barriers and risks, indicating priority levels, estimated completion deadlines, and the director responsible for each action.

Subsection VIII
Communication Plan

Art. 31. The communication plan must consider the aspects of relevance, adequacy, confidentiality, and timeliness of communication with relevant stakeholders, with the objectives of avoiding uncertainties, transmitting confidence, and contributing to the effectiveness of the institution's recovery and resolution strategies, in order to mitigate contagion effects.

Sole Paragraph. The communication plan must address, at a minimum:

I - events with the potential to materialize risks to recovery capacity and resolvability;

II - response actions to the materialization of risks;

III - expected results of response actions;

IV - relevant stakeholders, timing, and form of communication; and

V - designation of those responsible for communication.

Section II
Elaboration and Submission of the Recovery and Organized Exit Plan

Art. 32. The PRSO must be:

I - prepared according to models established by the Central Bank of Brazil;

II - prepared biennially, with a base date of December 31;

III - submitted to the Central Bank of Brazil by July 31 of the year following the reference base date year;

IV - updated whenever there are material changes in the conditions and circumstances related to the content of the last PRSO; and

V - reviewed, when determined by the Central Bank of Brazil.

§ 1º The material changes referred to in item IV of the caput are characterized by events whose consequences can be reasonably predicted and result in significant impacts on:

I - the institution's recovery or resolution capacity; or

II - the feasibility of the institution's recovery or resolution strategies.

§ 2º The material changes referred to in item IV of the caput include, but are not limited to:

I - relevant changes in the macroeconomic, regulatory, or competitive context;

II - modifications in the organizational or capital structure of the institution;

III - identification of a new critical function or main line of business; and

IV - significant increases or decreases in business, operations, financing, or interconnections.

§ 3º The institution must update the parts of the PRSO impacted by material changes referred to in item IV of the caput and submit them to the Central Bank of Brazil.

CHAPTER IV
FINAL PROVISIONS

Art. 33. The Central Bank of Brazil may request, in the manner and periodicity to be defined by it, any data and information referred to in this Resolution.

Art. 34. The documentation supporting compliance with the provisions of this Resolution must be kept available to the Central Bank of Brazil for a period of five years counted from the date of submission of the PRSO.

Art. 35. The Central Bank of Brazil will set a date for the delivery of the first PRSO.

Art. 36. This Resolution enters into force on January 1, 2025.

RENATO
DIAS DE BRITO GOMES AILTON DE AQUINO SANTOS Director of System Organization Director of Supervision and Financial Resolution

OTÁVIO RIBEIRO DAMASO
Director of Regulation