BCB Resolution No. 447 of December 19, 2024

BCB RESOLUTION NO. 447, OF DECEMBER 19, 2024

Amends Circulars Nos. 3,634, 3,635, 3,636, 3,637, 3,638, 3,639 and 3,641, of March 4, 2013, 3,809, of August 25, 2016, 3,846, of September 13, 2017, 3,861 and 3,863, of December 7, 2017, 3,876, of January 31, 2018, and 3,979, of January 30, 2020, and BCB Resolutions Nos. 54, of December 16, 2020, 111, of July 6, 2021, 139, of September 15, 2021, 199, 200, 201 and 202, of March 11, 2022, 229, of May 12, 2022, 265, of November 25, 2022, 291, of February 8, 2023, 303, of March 16, 2023, 307, of March 23, 2023, 313, of April 26, 2023, 319, of May 18, 2023, 331, of June 27, 2023, and 356, of November 28, 2023, to include in their scope of application securities brokerage firms, securities distribution companies and foreign exchange brokerage firms authorized to operate by the Central Bank of Brazil.

The Collegiate Board of the Central Bank of Brazil, in a session held on December 19, 2024, based on arts. 9º-A, caput, items I and II, of Law No. 4,728, of July 14, 1965, and having in view the provisions of CMN Resolution No. 5,105, of September 28, 2023,

RESOLVES:

Art. 1º Circular No. 3,634, of March 4, 2013, published in the Official Gazette of the Union on March 6, 2013, shall enter into force with the following alterations:

“Art. 1º .....................................................................................................................

I - F = 8% (eight percent);

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

Art. 2º Circular No. 3,635, of March 4, 2013, published in the Official Gazette of the Union on March 6, 2013, shall enter into force with the following alterations:

“Art. 1º .....................................................................................................................

I - F = 8% (eight percent);

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

Art. 3º Circular No. 3,636, of March 4, 2013, published in the Official Gazette of the Union on March 6, 2013, shall enter into force with the following alterations:

“Art. 1º .....................................................................................................................

I - F = 8% (eight percent);

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

Art. 4º Circular No. 3,637, of March 4, 2013, published in the Official Gazette of the Union on March 6, 2013, shall enter into force with the following alterations:

“Art. 1º .....................................................................................................................

I - F = 8% (eight percent);

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

Art. 5º Circular No. 3,638, of March 4, 2013, published in the Official Gazette of the Union on March 6, 2013, shall enter into force with the following alterations:

“Art. 1º .....................................................................................................................

Sole Paragraph. .......................................................................................................

I - F = 8% (eight percent);

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

Art. 6º Circular No. 3,639, of March 4, 2013, published in the Official Gazette of the Union on March 6, 2013, shall enter into force with the following alterations:

“Art. 1º .....................................................................................................................

I - F = 8% (eight percent);

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

Art. 7º Circular No. 3,641, of March 4, 2013, published in the Official Gazette of the Union on March 6, 2013, shall enter into force with the following alterations:

“Art. 1º .....................................................................................................................

I - F = 8% (eight percent);

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

Art. 8º Circular No. 3,809, of August 25, 2016, published in the Official Gazette of the Union on August 26, 2016, shall enter into force with the following alterations:

“Art. 2º .....................................................................................................................

...................................................................................................................................

§ 5º For the purposes of this Circular, non-compliant assets are those for which at least one of the events referred to in art. 24 of Resolution No. 4,557, of February 23, 2017, and art. 22 of BCB Resolution No. 265, of November 25, 2022, as applicable, is verified.

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

Art. 9º Circular No. 3,846, of September 13, 2017, published in the Official Gazette of the Union on September 15, 2017, shall enter into force with the following alterations:

“Art. 1º This Circular provides for the Internal Capital Adequacy Assessment Process – Icaap and the Simplified Internal Capital Adequacy Assessment Process – IcaapSimp, referred to in Resolution No. 4,557, of February 23, 2017, and BCB Resolution No. 265, of November 25, 2022, applicable to Type 3 institutions.

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

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

...................................................................................................................................

§ 2º The Icaap and the IcaapSimp must additionally consider projections of asset and liability values, exposures not recorded on the balance sheet, and revenues and expenses forecast in the capital plan defined in Resolution No. 4,557, of February 23, 2017, and BCB Resolution No. 265, of November 25, 2022, for Type 3 institutions.

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

Art. 10. Circular No. 3,861, of December 7, 2017, published in the Official Gazette of the Union on December 11, 2017 and corrected in the Official Gazette of the Union on December 12, 2017, shall enter into force with the following alterations:

“Art. 2º .....................................................................................................................

I - ...............................................................................................................................

a) minimum requirement of PRS5, as established in art. 12 of Resolution No. 4,606, of October 19, 2017, for Type 1 institutions opting for the simplified methodology;

b) 17% (seventeen percent) for Type 3 institutions opting for the simplified methodology; and

c) 12% (twelve percent) for Type 2 institutions;

...................................................................................................................................

§ 5º The classification by type for the purposes of applying the rules under the competence of the Central Bank of Brazil is defined in BCB Resolution No. 436, of November 28, 2024.” (NR)

Art. 11. Circular No. 3,863, of December 7, 2017, published in the Official Gazette of the Union on December 11, 2017 and corrected in the Official Gazette of the Union on December 12, 2017, shall enter into force with the following alterations:

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

I - ...............................................................................................................................

a) minimum requirement of PRS5, as established in art. 12 of Resolution No. 4,606, of October 19, 2017, for Type 1 institutions opting for the simplified methodology; or

b) 17% (seventeen percent) for Type 3 institutions opting for the simplified methodology;

...................................................................................................................................

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

a) ...............................................................................................................................

b) Type 3 institution that belongs to group III referred to in art. 2º, caput, item II, of BCB Resolution No. 201, of March 11, 2022; and

...................................................................................................................................

Sole Paragraph. The classification by type for the purposes of applying the rules under the competence of the Central Bank of Brazil is defined in BCB Resolution No. 436, of November 28, 2024.” (NR)

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

...................................................................................................................................

§ 3º The institution subject to the calculation of RWASP, as provided in art. 11 of Resolution No. 4,606, of October 19, 2017, and art. 9º of BCB Resolution No. 201, of March 11, 2022, must exclude from the BISimp calculation the revenues and expenses related to the following payment services:

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

“Art. 6º The institution resulting from a merger or acquisition process must perform the calculation of the RWAROSimp portion using the sum of the subcomponents mentioned in art. 4º, §§ 1º and 2º, of each original institution, to determine the BISimp of the resulting institution.” (NR)

“Art. 7º The institution resulting from a spin-off process must perform the calculation of the RWAROSimp portion using values for the subcomponents mentioned in art. 4º, §§ 1º and 2º, in proportion to the division verified in the assets of the original institution.” (NR)

“Art. 10. ....................................................................................................................

I - ...............................................................................................................................

...................................................................................................................................

b) 10% (ten percent) in the case of:

1. Type 1 institution that belongs to group I or group II, referred to in art. 2º,
   caput, items I and II, of Resolution No. 4,606, of October 19, 2017; or

2. Type 3 institution that belongs to group II, referred to in art. 2º,
   caput, item I, of BCB Resolution No. 201, of March 11, 2022; or

c) 160% (one hundred and sixty percent) in the case of:

1. Type 1 institution that belongs to group III, referred to in art. 2º,
   caput, item III, of Resolution No. 4,606, of October 19, 2017; or

2. Type 3 institution that belongs to group III, referred to in art. 2º,
   caput, item II, of BCB Resolution No. 201, of March 11, 2022; and

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

Art. 12. Circular No. 3,876, of January 31, 2018, published in the Official Gazette of the Union on February 5, 2018 and corrected in the Official Gazette of the Union on February 6, 2018 and February 9, 2018, shall enter into force with the following alterations:

“Art. 2º The provisions of this Circular apply to institutions classified in Segment 1 – S1, Segment 2 – S2, Segment 3 – S3 or Segment 4 – S4, in accordance with art. 2º of Resolution No. 4,553, of January 30, 2017, and art. 5º of BCB Resolution No. 436, of November 28, 2024.” (NR)

Art. 13. Circular No. 3,979, of January 30, 2020, published in the Official Gazette of the Union on January 31, 2020, shall enter into force with the following alterations:

“Art. 2º The following financial institutions and other institutions authorized to operate by the Central Bank of Brazil must constitute an operational risk database according to the criteria established in this Circular:

I - classified in Segment 1 – S1 or Segment 2 – S2, in accordance with Resolution No. 4,553, of January 30, 2017, for Type 1 institutions; or

II - classified in Segment 2 – S2, in accordance with BCB Resolution No. 436, of November 28, 2024, for Type 3 institutions.

§ 1º Starting June 1, 2026, the obligation referred to in this article must also be complied with by institutions classified in Segment 3 – S3, in accordance with the Resolutions referred to in items I and II of the caput.

§ 2º The classification by type for the purposes of applying the rules under the competence of the Central Bank of Brazil is defined in BCB Resolution No. 436, of November 28, 2024.” (NR)

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

I - operational risk: according to the definition established in art. 32 of Resolution No. 4,557, of February 23, 2017, and art. 34 of BCB Resolution No. 265, of November 25, 2022;

II - operational loss: according to the definition established in § 1º of art. 34 of Resolution No. 4,557, of February 23, 2017, and § 1º of art. 36 of BCB Resolution No. 265, of November 25, 2022;

...................................................................................................................................

§ 1º The definition referred to in item IV of the caput includes incidents related to the cyber environment referred to in CMN Resolution No. 4,893, of February 26, 2021, and BCB Resolution No. 85, of April 8, 2021, for Type 3 institutions.

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

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

...................................................................................................................................

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

I - ...............................................................................................................................

...................................................................................................................................

b) to social risk, environmental risk and climate risk, according to definitions established by Resolution No. 4,557, of February 23, 2017, and BCB Resolution No. 265, of November 25, 2022, for Type 3 institutions; and

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

“Art. 5º .....................................................................................................................

...................................................................................................................................

§ 6º The definitions of the risks mentioned in item IX of the caput are those established by Resolution No. 4,557, of February 23, 2017, BCB Resolution No. 265, of November 25, 2022, for Type 3 institutions, and by art. 3º, caput, item III, of this Circular.” (NR)

“Art. 11. ....................................................................................................................

...................................................................................................................................

§ 8º Starting June 1, 2026, for institutions classified in S3, the use of the following data coverage periods is admitted, alternatively to that provided in item II of § 1º:

I - five years, until June 30, 2026;

II - six years, until June 30, 2027;

III - seven years, until June 30, 2028;

IV - eight years, until June 30, 2029; and

V - nine years, until June 30, 2030.” (NR)

Art. 14. BCB Resolution No. 54, of December 16, 2020, published in the Official Gazette of the Union on December 17, 2020, shall enter into force with the following alterations:

“Art. 2º Institutions classified in Segment 1 – S1, Segment 2 – S2, Segment 3 – S3 or Segment 4 – S4, in accordance with Resolution No. 4,553, of January 30, 2017, or in accordance with BCB Resolution No. 436, of November 28, 2024, must publish a document called Pillar 3 Report.

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

“Art. 17. ....................................................................................................................

I - qualitative information on the remuneration policy, according to current regulation (REMA);

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

Art. 15. BCB Resolution No. 111, of July 6, 2021, published in the Official Gazette of the Union on July 8, 2021, shall enter into force with the following alterations:

“Art. 2º .....................................................................................................................

...................................................................................................................................

§ 1º The securitization referred to in item II, letter “a”, of the caput, is defined as the process in which the cash flow associated with a set of underlying assets is used to remunerate securitization titles structured in, at least, two classes of payment prioritization, in which there is the transfer of the underlying assets, according to the definition established by BCB Resolution No. 229, of May 12, 2022.

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

“Art. 3º Institutions classified in Segment 1 – S1, Segment 2 – S2, Segment 3 – S3 or Segment 4 – S4, in accordance with Resolution No. 4,553, of January 30, 2017, and Type 3 institutions, in accordance with BCB Resolution No. 436, of November 28, 2024, must observe the minimum criteria referred to in this Chapter in the classification of instruments in the trading book or banking book, as defined in Resolution No. 4,557, of February 23, 2017, and BCB Resolution No. 265, of November 25, 2022.” (NR)

“Art. 11. ....................................................................................................................

...................................................................................................................................

II - incorporate, in the review provided for in art. 48, caput, item II, letter “i”, of Resolution No. 4,557, of February 23, 2017, and, for Type 3 institutions, in art. 56, caput, item II, letter “i”, of BCB Resolution No. 265, of November 25, 2022, the result of the analysis of all reclassification events that occurred in the period;

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

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

...................................................................................................................................

III - specific trading books, as defined in art. 25-A of Resolution No. 4557, of February 23, 2017, and, for Type 3 institutions, in art. 24 of BCB Resolution No. 265, of November 25, 2022;

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

“Art. 24. ....................................................................................................................

I - two desks for operations of instruments subject to market risk, according to the definition established in art. 25-A of Resolution No. 4557, of February 23, 2017, and, for Type 3 institutions, in art. 24 of BCB Resolution No. 265, of November 25, 2022; and

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

Art. 16. BCB Resolution No. 139, of September 15, 2021, published in the Official Gazette of the Union on September 16, 2021, shall enter into force with the following alterations:

“Art. 2º Institutions classified in Segment 1 – S1, Segment 2 – S2, Segment 3 – S3 and Segment 4 – S4, in accordance with Resolution No. 4,553, of January 30, 2017, or in accordance with BCB Resolution No. 436, of November 28, 2024, must publish the GRSAC Report.

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

Art. 17. The summary of BCB Resolution No. 199, of March 11, 2022, published in the Official Gazette of the Union on March 14, 2022, shall enter into force with the following alterations:

“Provides for the methodology for calculating the Reference Equity – PR for an institution classified as Type 3.” (NR)

Art. 18. BCB Resolution No. 199, of March 11, 2022, published in the Official Gazette of the Union on March 14, 2022, shall enter into force with the following alterations:

“Art. 1º This Resolution establishes the calculation methodology for the Reference Equity – PR calculated by an institution classified as Type 3, as established in BCB Resolution No. 436, of November 28, 2024.

§ 1º The provisions of this Resolution apply in a consolidated manner to the prudential conglomerate constituted in accordance with the Accounting Standard for Institutions Regulated by the Central Bank of Brazil – Cosif.

§ 2º The provisions of this Resolution do not apply to Type 3 institutions classified in Segment 5 – S5, in accordance with BCB Resolution No. 436, of November 28, 2024.” (NR)

“Art. 2º .....................................................................................................................

...................................................................................................................................

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

I - subsidiary is the entity that is part of a conglomerate, with the exception of the lead institution and the consolidated investment fund; and

---

"Art. 3º .....................................................................................................................

I - ...............................................................................................................................

...................................................................................................................................

f) to the deposit in a restricted account admitted for the purpose of reclassification of the institution, in situations that constitute disqualification regarding minimum capital requirements, in accordance with specific regulation;

........................................................................................................................." (NR)

"Art. 4º .....................................................................................................................

...................................................................................................................................

III - actuarial assets related to defined benefit pension funds, net of associated deferred tax liabilities to which the institution does not have unrestricted access;

...................................................................................................................................

§ 4º The calculation mentioned in §§ 1º to 3º must be performed only among the tax credits and deferred tax liabilities existing, separately by relevant tax authority, in each jurisdiction in which the institution or the entity part of the conglomerate has a branch or subsidiary.

...................................................................................................................................

§ 8º The deduction of the prudential adjustment referred to in item IV of the caput may be calculated considering the net position in the institution between long and short positions by instrument and by invested institution.

...................................................................................................................................

§ 11. The prudential adjustment provided for in item V, letter 'a', of the caput does not apply to the portion of non-controlling interest held, directly or indirectly, by the controlling entity of the leading institution of the conglomerate.

........................................................................................................................." (NR)

"Art. 5º .....................................................................................................................

...................................................................................................................................

§ 1º In the deduction referred to in item II of the caput, the respective values may be calculated considering the net position in the institution between long and short positions by instrument and by invested institution.

........................................................................................................................." (NR)

"Art. 6º .....................................................................................................................

...................................................................................................................................

§ 2º In the deduction referred to in item II of the caput, the respective values may be calculated considering the net position in the institution between long and short positions by instrument and by invested institution.

........................................................................................................................." (NR)

"Art. 7º .....................................................................................................................

...................................................................................................................................

§ 4º For the purposes of the provisions in §§ 5º to 7º, an interest in an entity mentioned below shall be considered significant when the institution holds more than 10% (ten percent) of the share capital of:

........................................................................................................................." (NR)

"Art. 8º .....................................................................................................................

§ 1º A reciprocal acquisition constitutes the investment in an instrument eligible to compose the Reference Equity – RE or, in the case of the institution mentioned in art. 4º, caput, item IV, letter 'a', in an instrument with characteristics similar to those of instruments eligible for the RE or that is admitted for the purposes of compliance with an analogous requirement to the minimum RE exigibility, in immediate or future counterparty to the raising of resources, by the said institution, through an instrument eligible to compose the RE of the investor.

........................................................................................................................." (NR)

"Art. 9º .....................................................................................................................

...................................................................................................................................

§ 4º For the purposes of the provision in the caput, the exclusion of the full value of the non-controlling interest in the Main Capital, Level I, and RE of the subsidiary is permitted, observed the provisions of art. 4º, § 12.

........................................................................................................................." (NR)

"Art. 10. Not eligible to compose the RE are the resources delivered or placed at the disposal of the institution mentioned in art. 1º by third parties for the purpose of carrying out linked active operations, in accordance with Resolution No. 2,921, of January 17, 2002." (NR)

"Art. 11. ....................................................................................................................

...................................................................................................................................

Sole Paragraph. The amendment, alteration, or revocation of the terms of the Subordination Core mentioned in the caput may only occur when business conditions are verified that, at the discretion of the Central Bank of Brazil, justify the institution's claim."

"Art. 13. ....................................................................................................................

...................................................................................................................................

XV - ............................................................................................................................

a) disclosure by the institution, in the manner established by the Central Bank of Brazil, that its Main Capital is at a level below 5.125% (five and one hundred twenty-five thousandths percent) of the RWA amount, calculated in the manner established by specific regulation;

...................................................................................................................................

XVIII - contain a clause providing that the extinction or conversion referred to in item XV will not occur in the cases of revision or republication of documents that have been used by the institution as a basis for the disclosure of the proportion between the Main Capital and the RWA amount, provided for in item XV, letter 'a'.

........................................................................................................................." (NR)

"Art. 15. ....................................................................................................................

I - the issuing institution complies with the minimum requirements of Main Capital, Level I, and RE, and meets the Main Capital Add-on, defined in specific regulation;

........................................................................................................................." (NR)

"Art. 18 .....................................................................................................................

...................................................................................................................................

X - ..............................................................................................................................

a) disclosure by the issuing institution, in the manner established by the Central Bank of Brazil, that its Main Capital is at a level below 4.5% (four and five tenths percent) of the RWA amount, calculated in the manner established by specific regulation;

...................................................................................................................................

XII - contain a clause providing that the extinction or conversion referred to in item X will not occur in the cases of revision or republication of documents that have been used by the issuing institution as a basis for the disclosure of the proportion between the Main Capital and the RWA amount, provided for in item X, letter 'a'.

........................................................................................................................." (NR)

"Art. 20. ....................................................................................................................

I - the issuing institution complies with the minimum requirements of Main Capital, Level I, and RE, and meets the Main Capital Add-on, defined in specific regulation;

...................................................................................................................................

III - the institution expresses to the Central Bank of Brazil its intention to exercise the option for repurchase or redemption, observed the conditions established in arts. 21 and 22." (NR)

"Art. 21. ....................................................................................................................

...................................................................................................................................

II - proof of business conditions that, at the discretion of the Central Bank of Brazil, justify the institution's claim." (NR)

"Art. 26. It is the responsibility of the board of directors or, in its absence, the executive board of the issuing institution of instruments eligible for the RE, in the case of a singular institution, or of the leading institution of the conglomerate:

........................................................................................................................." (NR)

Art. 19. The summary of Resolution BCB No. 200, of March 11, 2022, published in the Official Gazette of the Union on March 14, 2022, shall enter into force with the following alterations:

"Provides for the minimum requirements of Reference Equity – RE, Level I, and Main Capital and about the Main Capital Add-on of an institution classified as Type 3." (NR)

Art. 20. Resolution BCB No. 200, of March 11, 2022, published in the Official Gazette of the Union on March 14, 2022, shall enter into force with the following alterations:

"Art. 1º This Resolution provides for the minimum requirements of Reference Equity – RE, Level I, and Main Capital, as defined in Resolution BCB No. 199, of March 11, 2022, and about the Main Capital Add-on – MCA, which must be calculated by an institution classified as Type 3, as established in Resolution BCB No. 436, of November 28, 2024.

...................................................................................................................................

§ 2º The provisions of this Resolution do not apply to the Type 3 institution classified in Segment 5 – S5, in accordance with Resolution BCB No. 436, of November 28, 2024.

§ 3º For a prudential conglomerate, it is the responsibility of the leading institution to comply with the obligations provided for in this Resolution." (NR)

"Art. 2º The Type 3 institution must permanently maintain amounts of RE, Level I, and Main Capital in values higher than the minimum requirements established in this Resolution." (NR)

"Art. 3º .....................................................................................................................

...................................................................................................................................

§ 3º The establishment of a portion related to the risks referred to in the caput does not constitute permission to carry out activities related to that portion, when prohibited by law, regulation, or administrative act, or dependent on prior authorization from the Central Bank of Brazil." (NR)

"Art. 7º The Type 3 institution must allocate the MCA, which corresponds to the sum of the following portions:

........................................................................................................................." (NR)

"Art. 10. The institution that opts for the earmarking of the RE for exclusive application in credit operations with government agencies and entities, in accordance with specific regulation, must deduct the earmarked value of the RE, Level I, and Main Capital for the purpose of verifying compliance with the minimum requirements referred to in arts. 4º, 5º, and 6º respectively and the MCA referred to in art. 7º of this Resolution." (NR)

"Art. 14. The Type 3 institution must also maintain sufficient RE to cover the risk of variation in interest rates for instruments classified in the banking book – IRRBB." (NR)

Art. 21. The summary of Resolution BCB No. 201, of March 11, 2022, published in the Official Gazette of the Union on March 14, 2022, shall enter into force with the following alterations:

"Provides for the optional simplified methodology for calculating the minimum requirement of Simplified Reference Equity – S5RE for institutions classified as Type 3, about the requirements for opting for this methodology, and about the simplified structure for continuous risk management." (NR)

Art. 22. Resolution BCB No. 201, of March 11, 2022, published in the Official Gazette of the Union on March 14, 2022, shall enter into force with the following alterations:

"Art. 1º This Resolution provides, for the Type 3 institution, about:

...................................................................................................................................

§ 1º For a prudential conglomerate, it is the responsibility of the leading institution to comply with the obligations provided for in this Resolution.

§ 2º The provisions of the caput apply in a consolidated manner for institutions part of a prudential conglomerate, in accordance with the Accounting Standard for Institutions Regulated by the Central Bank of Brazil – Cosif.

§ 3º The classification by type for the purposes of applying the norms of competence of the Central Bank of Brazil is defined in Resolution BCB No. 436, of November 28, 2024." (NR)

"Art. 2º The option to use the simplified methodology for calculating the minimum requirement of S5RE is optional for the Type 3 institution that belongs to the following groups:

........................................................................................................................." (NR)

"Art. 3º .....................................................................................................................

...................................................................................................................................

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

...................................................................................................................................

II - in the information contained in the business plan or the respective executive summary submitted to the Central Bank of Brazil, in the case of an institution that requires prior authorization to operate.

§ 2º For the institution authorized to operate by the Central Bank of Brazil after the entry into force of this Resolution, the initial verification of compliance with the requirements referred to in the caput is made based on the information contained in the business plan or the respective executive summary submitted to the Central Bank of Brazil.

§ 3º The requirements referred to in the caput must be met in a consolidated manner for the institutions part of a prudential conglomerate." (NR)

"Section I-A From the S5RE of the prudential conglomerate

Art. 6º-A The calculation of the S5RE must be performed on a consolidated basis for the institutions part of the same prudential conglomerate." (NR)

"Art. 8º .....................................................................................................................

...................................................................................................................................

III - actuarial assets related to defined benefit pension funds, net of associated deferred tax liabilities to which the institution does not have unrestricted access;

........................................................................................................................." (NR)

"Art. 9º The institution opting for the simplified methodology referred to in this Resolution must calculate the amount of risk-weighted assets in the simplified manner – S5RWA, which corresponds to the sum of the following portions:

...................................................................................................................................

§ 2º The sub-delegated service is subject to the calculation of the S5RWA portion, in the manner of item II of § 1º.

...................................................................................................................................

§ 4º The establishment of a portion related to the risks referred to in the caput does not constitute permission to carry out activities related to that portion, when prohibited by law, regulation, or administrative act, or dependent on prior authorization from the Central Bank of Brazil." (NR)

"Art. 10. The minimum requirement of S5RE corresponds to 17% (seventeen percent) of the S5RWA amount." (NR)

"Art. 11. The institution opting for the simplified methodology must permanently maintain an amount of S5RE in a value higher than the minimum requirement established in this Resolution." (NR)

"Art. 15. The institution that opts for the earmarking of the S5RE for exclusive application in credit operations with government agencies and entities, in accordance with specific regulation, must deduct the earmarked value of the S5RE for the purpose of verifying compliance with the minimum requirement referred to in art. 10." (NR)

"Art. 19. The institution opting for the simplified methodology referred to in this Resolution must implement a simplified structure for continuous risk management that is:

I - compatible with its business model, with the nature of its operations, and with the complexity of its products, services, activities, and processes;

II - proportional to the size and relevance of exposure to risks, according to criteria defined by the institution itself; and

III - adequate to its risk profile.

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

§ 2º The management structure must be unified for the institutions part of the same prudential conglomerate." (NR)

"Art. 20. ....................................................................................................................

...................................................................................................................................

VII - the other risks to which the institution is exposed in a relevant manner." (NR)

"Art. 21. ....................................................................................................................

...................................................................................................................................

Sole Paragraph. The processes related to risk management must be periodically evaluated by the internal audit of the institution." (NR)

"Art. 22. ....................................................................................................................

§ 1º The definition referred to in the caput includes the legal risk associated with the inadequacy or deficiency in contracts signed by the institution, the sanctions due to non-compliance with legal provisions, and the indemnities for damages to third parties resulting from the activities developed by the institution.

........................................................................................................................." (NR)

"Art. 23. ....................................................................................................................

...................................................................................................................................

III - IT infrastructure that ensures integrity, security, and availability of data and information systems used; and

IV - business continuity policy.

...................................................................................................................................

§ 1º In the case of outsourcing of IT services, the respective service provision contract must stipulate that:

I - the contractor must have a business continuity policy, as provided for in item IV of the caput;

...................................................................................................................................

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

...................................................................................................................................

c) contractor's dependencies; and

IV - in the case of outsourcing of IT services related to payment services, the contractor must also comply with the provisions of item IV of the caput and items I to XVII of § 3º.

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

...................................................................................................................................

II - strategies to ensure the continuity of the institution's activities and limit losses resulting from the interruption of critical business processes; and

...................................................................................................................................

§ 3º For the institution opting for the simplified methodology referred to in this Resolution that carries out payment activities, the structure referred to in the caput must additionally provide for payment activities:

---"

I - mechanisms for the protection and security of data stored, processed, or transmitted;

II - mechanisms for the protection and security of networks, websites, servers, and communication channels, with a view to reducing vulnerability to attacks;

III - procedures to monitor, track, and restrict access to sensitive data, networks, systems, databases, and security modules;

IV - monitoring of data security failures and user complaints regarding such failures;

V - review of data security and confidentiality measures, especially after the occurrence of failures and prior to changes in infrastructure or procedures;

VI - preparation of reports indicating procedures for correcting identified failures;

VII - conducting tests that ensure the robustness and effectiveness of the adopted data security measures;

VIII - segregation of functions in information technology environments intended for development, testing, and production;

IX - proper identification of the end user;

X - mechanisms for authenticating end users and authorizing payment transactions;

XI - processes to ensure that all payment transactions can be adequately tracked;

XII - mechanisms for monitoring and authorizing payment transactions, with the objective of preventing fraud, detecting, and blocking suspicious transactions in a timely manner;

XIII - specific assessments and filters to identify transactions considered high risk;

XIV - notification to the end user regarding any failure to execute a transaction;

XV - mechanisms that allow the end user to verify whether the transaction was executed correctly;

XVI - identification, assessment, management, monitoring, and mitigation of the risk arising from the participation of a sub-acquirer in the settlement process of payment transactions, in the case of an acquiring institution; and

XVII - mechanisms for monitoring and controlling failures in the initiation of payment transactions, segregating, at a minimum, the following events:

a) initiation of an unauthorized payment transaction;

b) failure to initiate a payment transaction;

c) incorrect execution of a payment transaction initiation; and

d) delay in the initiation of a payment transaction.” (NR)

“Art. 29. ....................................................................................................................

...................................................................................................................................

II - the identification of significant risk factors for the purposes of concentration risk management, according to criteria defined by the institution itself;

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

“Art. 35. The institution opting for the simplified methodology referred to in this Resolution must designate to the Central Bank of Brazil a director responsible for the simplified structure for continuous risk management.

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

“Art. 36. ....................................................................................................................

...................................................................................................................................

VI - to comprehensively understand the risks that can impact the institution’s capital and liquidity; and

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

“Art. 37. In the absence of a board of directors, the powers attributed to it by this Resolution shall apply to the institution’s executive board.” (NR)

Art. 23. Resolution BCB No. 202, of March 11, 2022, published in the Official Gazette of the Union on March 14, 2022, shall enter into force with the following amendments:

“Art. 2º .....................................................................................................................

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

I - ...............................................................................................................................

a) for an institution subject to the regulation mentioned in the caput of Article 1, item I, the factor F provided therein;

b) for a Type 3 institution opting for the simplified methodology for calculating the minimum PRS5 requirement, the value established in Article 10 of Resolution BCB No. 201, of March 11, 2022;

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

Art. 24. Resolution BCB No. 229, of May 12, 2022, published in the Official Gazette of the Union on May 16, 2022, and corrected in the Official Gazette of the Union on September 2, 2022, shall enter into force with the following amendments:

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

..................................................................................................................................

IX - the exposure associated with counterparty credit risk, as defined by Article 21, § 3º, of Resolution No. 4.557, of February 23, 2017, and by Article 19, § 3º, of Resolution BCB No. 265, of November 25, 2022, as applicable;

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

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

..................................................................................................................................

IV - underlying assets in default are those for which at least one of the events described in Article 24 of Resolution No. 4.557, of February 23, 2017, and Article 22 of Resolution BCB No. 265, of November 25, 2022, as applicable, is verified;

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

“Art. 21. ....................................................................................................................

..................................................................................................................................

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

..................................................................................................................................

II - unilaterally by the institution due to deterioration of the borrower’s credit risk profile, according to criteria defined in the institution’s credit risk management policy, in accordance with Resolution No. 4.557, of February 23, 2017, and Resolution BCB No. 265, of November 25, 2022, as applicable.

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

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

..................................................................................................................................

§ 1º If the estimation of expected losses associated with credit risk, as defined by Resolution No. 4.557, of February 23, 2017, and Resolution BCB No. 265, of November 25, 2022, as applicable, indicates that the external credit risk rating conferred is not compatible with the risk of the exposure, the classification referred to in item VI of the caput must have its risk degree increased within the respective scale, so as to reflect the estimation performed.

..................................................................................................................................

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

..................................................................................................................................

II - non-financial private legal entities that are connected counterparties through a control relationship, in accordance with Article 22, § 2º, of Resolution No. 4.557, of February 23, 2017, and Article 20, § 2º, of Resolution BCB No. 265, of November 25, 2022, as applicable; and

III - natural and legal persons, classified under the retail exposure criteria, in accordance with Article 46, considered connected counterparties, in accordance with Article 22 of Resolution No. 4.557, of February 23, 2017, and Article 20 of Resolution BCB No. 265, of 2022, as applicable.

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

“Art. 29. ...................................................................................................................

..................................................................................................................................

Sole Paragraph. The classification of the institutions mentioned in the caput, as well as the application of the respective RPF, in accordance with Article 33, must be aligned with the institution’s risk management structure, as defined by Resolution No. 4.557, of February 23, 2017, and Resolution BCB No. 265, of November 25, 2022, as applicable, including with respect to documentation procedures and credit risk management.” (NR)

“Art. 32. ...................................................................................................................

§ 1º Without prejudice to the adoption of the processes and procedures provided for in Resolution No. 4.557, of February 23, 2017, and Resolution BCB No. 265, of November 25, 2022, as applicable, the following events imply high credit risk:

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

“Art. 35. ...................................................................................................................

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

..................................................................................................................................

III - not to be a counterparty in an exposure characterized as a problematic asset in the institution, in accordance with Resolution No. 4.557, of February 23, 2017, and Resolution BCB No. 265, of November 25, 2022, as applicable; and

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

“Art. 49. ...................................................................................................................

..................................................................................................................................

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

..................................................................................................................................

VI - the information regarding the credit granting process, including those related to the evaluation of the collateral and the borrower’s payment capacity, are documented by the institution, in a manner aligned with that established by Resolution No. 4.557, of February 23, 2017, and Resolution BCB No. 265, of November 25, 2022, as applicable.

§ 2º To comply with the requirement established by item IV of § 1º, objective metrics must be adopted to evaluate the borrower’s payment capacity and their limits specified, in a manner aligned with the institution’s risk management structure, as defined by Resolution No. 4.557, of February 23, 2017, and Resolution BCB No. 265, of November 25, 2022, as applicable, including with respect to the establishment of documentation and procedures for credit risk management.

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

..................................................................................................................................

III - the deterioration of the cash flow generated by the property is a sufficient condition for the exposure to be characterized as a problematic asset, in accordance with Resolution No. 4.557, of February 23, 2017, and Resolution BCB No. 265, of November 25, 2022, as applicable.

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

“Art. 59. ...................................................................................................................

..................................................................................................................................

§ 1º The institution is permitted to apply an RPF of 150% (one hundred and fifty percent) to the portion of fund exposures identified in the manner of Article 17, of which the eventual characterization as a problematic asset is unknown, in accordance with Article 24 of Resolution No. 4.557, of February 23, 2017, and Article 22 of Resolution BCB No. 265, of November 25, 2022, as applicable, when cumulatively:

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

“Art. 62. ...................................................................................................................

..................................................................................................................................

§ 1º F corresponds to the factor defined in Article 4 of Resolution CMN No. 4.958, of October 21, 2021, and in Article 4 of Resolution BCB No. 200, of March 11, 2022, as applicable.

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

“Art. 63. ...................................................................................................................

..................................................................................................................................

II - ..............................................................................................................................

...................................................................................................................................

b)
F = factor defined in Article 4 of Resolution CMN No. 4.958, of October 21, 2021, and in Article 4 of Resolution BCB No. 200, of March 11, 2022, as applicable; and

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

“Art. 66. The following RPF must be applied to the exposure characterized as a problematic asset in accordance with Resolution No. 4.557, of February 23, 2017, and Resolution BCB No. 265, of November 25, 2022, as applicable:

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

Art. 25. The summary of Resolution BCB No. 265, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022, shall enter into force with the following amendments:

“Provides for the risk management structure, the capital management structure, and the information disclosure policy of an institution classified as Type 3, included in Segment 2 – S2, Segment 3 – S3, or Segment 4 – S4.” (NR)

Art. 26. Resolution BCB No. 265, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022, shall enter into force with the following amendments:

“Art. 1º This Resolution provides for the risk management structure, the capital management structure, and the information disclosure policy of an institution classified as Type 3, included in Segment 2 – S2, Segment 3 – S3, or Segment 4 – S4, in accordance with Resolution BCB No. 436, of November 28, 2024.” (NR)

“Art. 2º A Type 3 institution included in S2, S3, or S4 must implement:

...................................................................................................................................

§ 3º The establishment of risk management requirements does not constitute permission for a Type 3 institution to carry out operations or services prohibited by law, regulation, or administrative act, or dependent on prior authorization from the Central Bank of Brazil.

...................................................................................................................................

§ 5º It is the responsibility of the leading institution of the prudential conglomerate to comply with the obligations provided for in this Resolution.” (NR)

“Art. 5º .....................................................................................................................

...................................................................................................................................

X - timely management reports for the institution’s executive board, the risk committee, and the board of directors, when existing, addressing:

...................................................................................................................................

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

I - necessary authorizations and appropriate and timely actions by the institution’s executive board and, where applicable, the board of directors, in case of exceptions to policies, procedures, limits, and terms of the RAS; and

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

“Art. 16. The institution’s executive board and the board of directors, when existing, must actively participate in the stress testing program, indicating the guidelines to be followed and approving scenarios, when the scenario analysis methodology is used.” (NR)

“Art. 48. ....................................................................................................................

...................................................................................................................................

VII - timely management reports for the institution’s executive board, the risk committee, and the board of directors, when existing, addressing:

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

“Art. 50. If the institution’s capital adequacy assessment indicates a value above the minimum requirements for PR, Level I, and Core Capital, it must maintain capital compatible with the results of its internal assessments.” (NR)

“Art. 52. The institution must designate a director for risk management – CRO – responsible for the specific unit referred to in Article 51.

...................................................................................................................................

§ 4º The institution must establish adequate conditions for the CRO to exercise its duties independently and to report, directly and without the presence of executive board members, to the risk committee, the institution’s chief executive, and the board of directors.

...................................................................................................................................

§ 6º The appointment and dismissal of the CRO must be approved by the institution’s board of directors.

§ 7º The institution must designate the name of the CRO to the Central Bank of Brazil.

§ 8º The dismissal of the CRO must be promptly disclosed on the institution’s website, and the reasons for such dismissal must be communicated to the Central Bank of Brazil, which may request additional information.” (NR)

“Art. 53. The institution must constitute a risk committee.

...................................................................................................................................

§ 8º The executive board of an institution not subject to the constitution of a risk committee under the caput must assume the duties mentioned in items I, II, III, V, and VI of § 1º.” (NR)

“Art. 55. The institution must designate a director responsible for the capital management structure.

...................................................................................................................................

§ 2º The institution must designate to the Central Bank of Brazil the name of the director referred to in the caput.

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

“Art. 56. The institution’s board of directors is responsible, for the purposes of risk management and capital management:

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

“Art. 57. In the absence of a board of directors, the powers attributed to it by this Resolution shall apply to the institution’s executive board.” (NR)

“Art. 64. The institution must designate a director responsible for information disclosure in accordance with Article 63.” (NR)

“Art. 65. The composition and duties of the risk committee must be evidenced on the institution’s website.” (NR)

Art. 27. Resolution BCB No. 291, of February 8, 2023, published in the Official Gazette of the Union on February 10, 2023, shall enter into force with the following amendments:

“Art. 2º .....................................................................................................................

I - F = 8% (eight percent);

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

Art. 28. Resolution BCB No. 303, of March 16, 2023, published in the Official Gazette of the Union on March 20, 2023, shall enter into force with the following amendments:

Art. 1. The use of internal credit risk rating systems (IRB approaches) is permitted for calculating the monthly amount of the portion related to credit risk exposures subject to the capital requirement calculation – RWACIRB, as addressed by CMN Resolution No. 4,958 of October 21 2021, and BCB Resolution No. 200 of March 11 2022, by institutions classified in Segment 1 – S1 or Segment 2 – S2, defined by Resolution No. 4,553 of January 30 2017, and by BCB Resolution No. 436 of November 28 2024. (NR)

Art. 29. The heading of BCB Resolution No. 307, of March 23 2023, published in the Official Gazette of the Union on March 27 2023, shall now apply with the following amendments:

"Establishes the maximum limit for the amount of credit operations with public‑sector bodies and entities to be observed by institutions classified as Type 3." (NR)

Art. 30. BCB Resolution No. 307, of March 23 2023, published in the Official Gazette of the Union on March 27 2023, shall now apply with the following amendments:

"Art. 1. This Resolution establishes the maximum limit for the amount of credit operations with public‑sector bodies and entities to be observed by institutions classified as Type 3, pursuant to BCB Resolution No. 436 of November 28 2024.

Sole paragraph. The limit established in the caput does not constitute permission to carry out operations or services prohibited by law, regulation or administrative act for the conglomerate‑leader institution." (NR)

Art. 3. The institution mentioned in art. 1, caput, must observe the maximum limit of 45% (forty‑five percent) of its Reference Equity – RE, determined under the regulations in force, for the amount of credit operations to public‑sector bodies and entities.

..............................................................................................................................

§ 4. Compliance with the limit set out in the caput must occur in a consolidated manner for institutions that are part of the same prudential conglomerate, in accordance with the Accounting Standard for Regulated Institutions of the Central Bank of Brazil – Cosif. (NR)

Art. 4. The institution mentioned in art. 1, caput, may earmark a portion of the RE for exclusive application in credit operations with public‑sector bodies and entities, which shall not be considered for the purpose of the limit set out in art. 3, caput.

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

Art. 5. For the contracting of new credit operations, under this Resolution, the institution mentioned in art. 1, caput, must be within the operational limits established by the regulations in force.

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

Art. 31. BCB Resolution No. 313, of April 26 2023, published in the Official Gazette of the Union on April 28 2023, shall now apply with the following amendments:

"Art. 3. .....................................................................................................................
I – F = 8% (eight percent);" (NR)

Art. 18. ....................................................................................................................

...................................................................................................................................

§ 2. The requirements set out in arts. 2 and 3 of Resolution No. 4,277 of October 31 2013, for Type 1 institutions, and arts. 2 and 3 of BCB Resolution No. 334 of August 16 2023, for Type 3 institutions, apply to the pricing model referred to in § 1. (NR)

Art. 23. ....................................................................................................................

...................................................................................................................................

III – F = 8% (eight percent). (NR)

Art. 29. ....................................................................................................................

...................................................................................................................................

§ 4. The requirements set out in arts. 2 and 3 of Resolution No. 4,277 of October 31 2013, for Type 1 institutions, and arts. 2 and 3 of BCB Resolution No. 334 of August 16 2023, for Type 3 institutions, apply to the pricing model referred to in § 1. (NR)

Art. 32. BCB Resolution No. 319, of May 18 2023, published in the Official Gazette of the Union on May 22 2023, shall now apply with the following amendments:

"Art. 2. Type 3 institutions, defined in BCB Resolution No. 436 of November 28 2024, must observe the maximum exposure limits per client and the maximum concentrated exposure limit, pursuant to the following articles of this Resolution:

I – arts. 3 to 18 and 25, for institutions classified in Segment 2 – S2, Segment 3 – S3 and Segment 4 – S4, according to BCB Resolution No. 436 of November 28 2024; or

II – arts. 19 to 25, for institutions classified in Segment 5 – S5, according to BCB Resolution No. 436 of November 28 2024." (NR)

Art. 3. The institution mentioned in art. 2, caput, item I, must limit the total of its exposures to the same client to a maximum amount of 25% (twenty‑five percent) of Level I of its Reference Equity – RE, defined in BCB Resolution No. 199 of March 11 2022.

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

Art. 5. For the purposes of this Title, a client shall be considered a natural or legal person that is a counter‑party in the institution’s exposure, pursuant to BCB Resolution No. 265 of November 25 2022.

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

Art. 6. Counter‑parties that share credit risk with the institution shall be considered a single client, pursuant to art. 20 of BCB Resolution No. 265 of November 25 2022.

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

Art. 7. The limits set out in arts. 3 and 4 cover each exposure considered in the calculation of the following RWA portions referred to in BCB Resolution No. 200 of March 11 2022, which have as counter‑party a natural or legal person:

...................................................................................................................................

§ 1. ...........................................................................................................................

...................................................................................................................................

V – exposures deducted for the purpose of determining Level I of the RE, pursuant to BCB Resolution No. 199 of March 11 2022;

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

Art. 8. Subject to the provisions for exposures subject to specific treatment, the exposure value in the banking portfolio, defined in BCB Resolution No. 265 of November 25 2022, shall correspond to:

I – its respective value immediately before the application of the Risk Weighting Factor – RWF for the purpose of calculating the RWACPAD portion mentioned in BCB Resolution No. 200 of March 11 2022, in the case of exposure considered in the calculation of the capital requirement using the standardized approach; and

II – its respective value of the credit‑risk exposure indicator parameter used in the calculation of the RWACIRB portion mentioned in BCB Resolution No. 200 of March 11 2022, in the case of exposure considered in the capital requirement calculation using internal credit‑risk rating systems (IRB approaches) authorized by the Central Bank of Brazil.

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

Art. 8‑A. Subject to the provisions for exposures subject to specific treatment, the exposure value for securities or securities‑like instruments in the trading portfolio, defined in BCB Resolution No. 265 of November 25 2022, shall correspond to the value of its gross exposure – JTD used in the calculation of the RWADRC portion pursuant to BCB Resolution No. 313 of April 26 2023.

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

Art. 16. Compensation is allowed between the bought and sold positions relating only to instruments classified in the trading portfolio, pursuant to BCB Resolution No. 265 of November 25 2022, provided the following conditions are met:

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

Art. 19. The institution mentioned in art. 2, caput, item II, must limit the total of its exposures to the same client to a maximum amount of 25% (twenty‑five percent) of its Simplified Reference Equity – SRE5, pursuant to BCB Resolution No. 201 of March 11 2022.

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

Art. 33. The heading of BCB Resolution No. 331 of June 27 2023, published in the Official Gazette of the Union on June 29 2023, shall now apply with the following amendments:

"Provides for the Social, Environmental and Climate Responsibility Policy – PRSAC to be established by institutions classified as Type 3 and for actions aimed at its effectiveness." (NR)

Art. 34. BCB Resolution No. 331 of June 27 2023, published in the Official Gazette of the Union on June 29 2023, shall now apply with the following amendments:

"Art. 1. This Resolution provides for the Social, Environmental and Climate Responsibility Policy – PRSAC to be established by institutions classified as Type 3 and for actions aimed at its effectiveness."

"Art. 2. The Type 3 institution classified in Segment 2 – S2, Segment 3 – S3, Segment 4 – S4 or Segment 5 – S5, as referred to in BCB Resolution No. 436 of November 28 2024, must establish the PRSAC and implement actions aimed at its effectiveness, pursuant to this Resolution.

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

I – proportional to the business model, the nature of operations and the complexity of the products, services, activities and processes of the institution; and

........................................................................................................................." (NR)

Art. 3. For the purposes of this Resolution, the PRSAC consists of the set of principles and guidelines of a social nature, an environmental nature and a climate nature to be observed by the institution in conducting its business, activities and processes, as well as in its relationship with interested parties.

§ 1. ...........................................................................................................................

...................................................................................................................................

IV – climate nature, the positive contribution of the institution:

V – ..............................................................................................................................

a) the institution’s customers and users of offered products and services;

b) the internal community of the institution;

c) suppliers and relevant third‑party service providers;

d) investors in securities or securities issued by the institution; and

e) other persons impacted by the institution’s products, services, activities and processes, according to criteria defined by it.

§ 2. ...........................................................................................................................

I – the social, environmental or climate nature impact of the institution’s activities and processes, as well as of the products and services it offers;

II – the institution’s strategic objectives, as well as business opportunities related to social, environmental and climate aspects; and

III – competitiveness conditions and the regulatory environment.

Art. 5. The institution must designate a director responsible for compliance with the provisions of this Resolution.

Art. 6. .....................................................................................................................

I – mandatory, for institution classified in S2; and

II – optional, for institution classified in S3, S4 or S5.

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

Art. 7. It is the responsibility of the board of directors, for the purposes of this Resolution:

...................................................................................................................................

II – ensure the institution’s adherence to the PRSAC and the actions aimed at its effectiveness;

III – ensure the compatibility and integration of the PRSAC with other policies established by the institution, including, where existing, credit policies, human‑resources‑management policies, risk‑management policies, capital‑management policies and compliance policies;

...................................................................................................................................

VI – ensure that the remuneration structure adopted by the institution does not incentivize behaviors incompatible with the PRSAC; and

...................................................................................................................................

§ 1. .........................................................................................................................

I – offering of new relevant products or services;

II – significant modifications in products, services, activities or processes;

III – significant changes in the business model;

...................................................................................................................................

V – political, legal, regulatory, technological or market changes, including significant changes in consumer preferences, that materially impact the institution’s business, positively or negatively; and

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

Art. 8. It is the responsibility of the institution’s management to conduct its activities in compliance with the PRSAC and the actions implemented aimed at its effectiveness.

Art. 9. The processes related to the establishment of the PRSAC and the implementation of actions aimed at its effectiveness must be periodically evaluated by the institution’s internal audit.

Art. 10. The following information must be disclosed to the external public, in a single and easily identifiable location on the institution’s website:

...................................................................................................................................

III – .....................................................................................................................

a) the list of economic sectors subject to restrictions in the business conducted by the institution due to social, environmental or climate aspects;

b) the list of products and services offered by the institution that positively contribute to social, environmental or climate aspects;

c) the list of pacts, agreements or national or international commitments of a social, environmental or climate nature of which the institution or, as applicable, its foreign parent is a participant, when such obligations involve the Brazilian subsidiary;

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

Art. 35. BCB Resolution No. 356 of November 28 2023, published in the Official Gazette of the Union on November 30 2023, shall now apply with the following amendments:

"Art. 1. ....................................................................................................................

§ 1. ....................................................................................................................

....................................................................................................................

II – institutions of Type 2, pursuant to BCB Resolution No. 436 of November 28 2024; and

...................................................................................................................." (NR)

"Art. 3. ....................................................................................................................

I – F = 8% (eight percent);" (NR)

"Art. 8. ....................................................................................................................

....................................................................................................................

IV – NTB = net result of the trading portfolio, as referred to in art. 26, caput, of Resolution No. 4,557 of February 23 2017, and, for Type 3 institutions, art. 26, caput, of BCB Resolution No. 265 of November 25 2022, for the annual period “t”;

V – NBB = net result of the banking portfolio, as referred to in art. 26, § 2, of Resolution No. 4,557 of February 23 2017, and, for Type 3 institutions, art. 26, § 2, of BCB Resolution No. 265 of November 25 2022, for the annual period “t”." (NR)

Art. 15. ....................................................................................................................

....................................................................................................................

II – incorporate into the LC the value of operational losses incurred by each original institution over the last ten years, observed the provisions of art. 12 of this Resolution, art. 60, caput, item XVII, of Resolution No. 4,557 of February 23 2017, and art. 67, caput, item XVII, of BCB Resolution No. 265 of November 25 2022, for Type 3 institutions;

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

Art. 36. The following are revoked:

I – items “a” and “b” of item I of the caput of art. 1 of Circular No. 3,634 of March 4 2013, published in the Official Gazette of the Union on March 6 2013;

II – items “a” and “b” of item I of the caput of art. 1 of Circular No. 3,635 of March 4 2013, published in the Official Gazette of the Union on March 6 2013;

III – items “a” and “b” of item I of the caput of art. 1 of Circular No. 3,636 of March 4 2013, published in the Official Gazette of the Union on March 6 2013;

IV – items “a” and “b” of item I of the caput of art. 1 of Circular No. 3,637 of March 4 2013, published in the Official Gazette of the Union on March 6 2013;

V – items “a” and “b” of the single paragraph of art. 1 of Circular No. 3,638 of March 4 2013, published in the Official Gazette of the Union on March 6 2013;

VI – items “a” and “b” of item I of the caput of art. 1 of Circular No. 3,639 of March 4 2013, published in the Official Gazette of the Union on March 6 2013;

VII – items “a” and “b” of item I of the caput of art. 1 of Circular No. 3,641 of March 4 2013, published in the Official Gazette of the Union on March 6 2013;

VIII – art. 28 of BCB Resolution No. 199 of March 11 2022, published in the Official Gazette of the Union on March 14 2022;

IX – arts. 11, 12, 13 and 15 of BCB Resolution No. 200 of March 11 2022, published in the Official Gazette of the Union on March 14 2022;

X – the following provisions of BCB Resolution No. 201 of March 11 2022, published in the Official Gazette of the Union on March 14 2022:

a) arts. 12 and 13; and

b) items V to XXI of the caput of art. 23;

XI – items “a” and “b” of item I of the caput of art. 2 of BCB Resolution No. 291 of February 8 2023, published in the Official Gazette of the Union on February 10 2023;

XII – the following provisions of BCB Resolution No. 313 of April 26 2023, published in the Official Gazette of the Union on April 28 2023:

a) items “a” and “b” of item I of the caput of art. 3; and

b) items “a” and “b” of item III of the caput of art. 23; and

XIII – the following provisions of BCB Resolution No. 356 of November 28 2023, published in the Official Gazette of the Union on November 30 2023:

a) items “a” and “b” of item I of the caput of art. 3; and

b) art. 21.

Art. 37. This Resolution enters into force on January 1 2025.

OTÁVIO RIBEIRO DAMASO

Director of Regulation