BCB Resolution No. 456 of February 25, 2025

Resolution No. 456

BCB RESOLUTION NO. 456, OF FEBRUARY 25
OF 2025

Amends BCB Resolution No. 264, of November 25, 2022, BCB Resolution No. 308, of March 28, 2023, and BCB Resolution No. 339, of August 24, 2023, to provide for the non-subjection to approval by the Central Bank of Brazil of the content of the operational technical manuals of the respective conventions and to include, in BCB Resolution No. 308, of March 28, 2023, the obligation for signatories to submit the operational technical manuals for certification by an independent audit firm.

The Collegiate Board of Directors of the Central Bank of Brazil, in a session held on February 25, 2025, having regard to the provisions of Law No. 12,810, of May 15, 2013,

RESOLVES:

Art. 1 BCB Resolution No. 264, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022, shall enter into force with the following alterations:

“Art. 18. ....................................................................................................................

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§ 8 The operational technical manuals mentioned in item VIII of the caput must include the description:

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§ 9 The operational technical manuals mentioned in item VIII of the caput, after approved by the signatories of the convention, observed the provisions of art. 23, § 7, and forwarded to the Central Bank of Brazil:

I - integrate the convention, being mandatory observance by all entities that exercise the activities of recording of receivables of a payment arrangement; and

II - are not subject to approval by the Central Bank of Brazil, which, however, may determine to the signatories, at any time, adjustments to their contents.

§ 10. In the event of a conflict between the provisions of the operational technical manuals mentioned in item VIII of the caput and the content of the main text of the convention, the provisions of the main text of the convention shall prevail.” (NR)

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

I - current and historical versions of the convention and the operational technical manuals referred to in art. 18, caput, item VIII;

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§ 1 The operational technical manuals, the information and the documents referred to in items I to III of the caput must:

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(NR)

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

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§ 6 The Central Bank of Brazil may determine to the signatories, at any time, adjustments to the convention instrument.

§ 7 The processes of drafting and amending the convention and its respective operational technical manuals must observe the following quorums for the purpose of making decisions on their content:

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§ 8 The signatory institutions must present, upon submission of the convention and its respective amendments for approval by the Central Bank of Brazil, or communication of amendments to the agency, the following documents:

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§ 9 Conventions and respective amendments submitted for approval by the Central Bank of Brazil, or communicated to it, without observance of the provisions of art. 18 and art. 23, shall be returned without merit analysis, in which case the Central Bank of Brazil shall set a period of up to ninety days for resolution of the identified pending issues, without prejudice to the eventual application of coercive and sanctioning measures provided for in the legislation.” (NR)

Art. 2 BCB Resolution No. 308, of March 28, 2023, published in the Official Gazette of the Union on March 30, 2023, shall enter into force with the following alterations:

“Art. 12. The exercise of the activities of recording and centralized deposit of real estate receivables must observe the provisions in self-regulation norms formalized in a convention and in the respective operational technical manuals by the recording entities and central custodians.

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§ 7 The processes of drafting and amending the convention submitted for approval by the Central Bank of Brazil, or communicated to it, and the respective operational technical manuals must observe the following quorums for the purpose of making decisions on their contents:

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(NR)

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

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§ 4 The Central Bank of Brazil may determine to the signatories, at any time, adjustments to the convention.

§ 5 Conventions and respective amendments submitted for approval by the Central Bank of Brazil, or communicated to it, without observance of the provisions of art. 12, § 7, and art. 13 shall be returned without merit analysis, in which case the Central Bank of Brazil shall set a period of up to ninety days for resolution of the identified pending issues, without prejudice to the eventual application of coercive and sanctioning measures provided for in the legislation.

§ 6 The signatory institutions must present, upon submission of the convention and its respective amendments for approval by the Central Bank of Brazil, or communicated to it, the following documents:

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§ 7 The delivery of the operational technical manuals to the Central Bank of Brazil, provided for in art. 15, caput, item II, and its subsequent amendments must include the documents referred to in § 6.

§ 8 The operational technical manuals, mentioned in art. 13, caput, item X, and its subsequent amendments delivered to the Central Bank of Brazil without observance of the provisions of § 6 and art. 12, § 7, shall not integrate the convention for the purposes of this Resolution.

§ 9 An additional period of up to thirty days may be granted for a new delivery of the operational technical manuals, without prejudice to the Central Bank of Brazil applying any coercive and sanctioning measures provided for in the legislation.” (NR)

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

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II - the interoperability operational technical manuals referred to in art. 13, caput, item X, after approved by the signatories of the convention and certified by a certifying company, observed the provisions of § 3 and art. 12, § 7.

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§ 2 The operational technical manuals delivered to the Central Bank of Brazil in the manner provided for in item II of the caput:

I - integrate the convention, being mandatory observance by all entities that exercise the activities of recording and centralized deposit of real estate receivables; and

II - are not subject to approval by the Central Bank of Brazil, which, however, may determine to the signatories, at any time, adjustments to their contents.

§ 3 The certification referred to in item II of the caput must be issued by an independent audit firm registered with the Securities and Exchange Commission, with technical, administrative and operational capacity compatible to evaluate the aspects provided for in § 5, based on the following criteria:

I - existence of an operational and administrative structure compatible with the activity to be performed;

II - proof of technical knowledge related to the analysis of the operational technical manuals; and

III - designation of a technical manager with autonomy to perform the certification activities.

§ 4 The Central Bank of Brazil may determine the replacement of the independent audit firm contracted by the signatories if it detects, at any time, that the firm does not meet the requirements of § 3 or the audit norms and procedures established by the Securities and Exchange Commission or the Federal Accounting Council applicable to it.

§ 5 The certification referred to in item II of the caput must evaluate, among other aspects deemed relevant by the signatories:

I - the conformity of the manuals to legal and regulatory provisions and to the convention;

II - the internal consistency and between the manuals;

III - the effectiveness of the procedures defined in the manuals to meet all functionalities necessary for the performance of business related to real estate receivables; and

IV - the absence of rules and procedures that may compromise free competition between the signatories and their participants.” (NR)

Art. 3 BCB Resolution No. 339, of August 24, 2023, published in the Official Gazette of the Union on August 25, 2023, shall enter into force with the following alterations:

“Art. 30. ....................................................................................................................

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§ 9 The operational technical manuals mentioned in item IX of § 1, after approved by the signatories of the convention, observed the provisions of art. 33, § 3, must be delivered to the Central Bank of Brazil within one hundred and twenty days after the act of approval of the convention, necessarily including the description:

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§ 10. The operational technical manuals delivered to the Central Bank of Brazil:

I - integrate the convention, being mandatory observance by all entities that exercise the activities of bookkeeping, recording and centralized deposit of book-entry duplicates; and

II - are not subject to approval by the Central Bank of Brazil, which, however, may determine to the signatories, at any time, adjustments to their contents.

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(NR)

“Art.
33. ....................................................................................................................

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§ 3 The processes of drafting and amending the convention submitted for approval by the Central Bank of Brazil, or communicated to it, and the respective operational technical manuals must observe the following quorums for the purpose of making decisions on their content:

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§ 4 Conventions and respective amendments submitted for approval by the Central Bank of Brazil, or communicated to it, without observance of the provisions of § 3 and art. 30, shall be returned without merit analysis, in which case the Central Bank of Brazil shall set a period of up to ninety days for resolution of the identified pending issues, without prejudice to the eventual application of coercive and sanctioning measures provided for in the legislation.

§ 5 The signatory institutions must present, upon submission of the convention and its respective amendments for approval by the Central Bank of Brazil, or communicated to it, the following documents:

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§ 6 The delivery of the operational technical manuals to the Central Bank of Brazil, provided for in art. 30, § 9, including subsequent amendments to these manuals, must include the documents referred to in § 5.

§ 7 The operational technical manuals and their subsequent amendments delivered to the Central Bank of Brazil without observance of the provisions of § 6 and art. 33, § 3, shall not integrate the convention for the purposes of this Resolution.

§ 8 An additional period of up to thirty days may be granted for a new delivery of the operational technical manuals, without prejudice to the Central Bank of Brazil applying any coercive and sanctioning measures provided for in the legislation.” (NR)

“Art. 34. ....................................................................................................................

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§ 3 The Central Bank of Brazil may determine to the signatories, at any time, adjustments to the convention instrument.” (NR)

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

RENATO DIAS DE BRITO
GOMES GILNEU FRANCISCO ASTOLFI VIVAN

Director of
Organization of the System Director of Regulation

Financial and of
Resolution