BCB Resolution No. 492 — Amends Resolutions BCB No. 278 and 279 to regulate external credit operations, including sustainable bonds, and information reporting

Resolution No. 492

BCB RESOLUTION NO. 492,
OF AUGUST 14, 2025

Amends
Resolution BCB No. 278, of December 31, 2022, to regulate external credit operations, including in the form of sustainable bonds, and Resolution BCB No. 279, of December 31, 2022, to regulate the reporting of information on Brazilian capital abroad in the form of sustainable bonds.

The Collegiate Board of the Central Bank of Brazil, in a session held on August 13, 2025, based on arts. 1, 5, caput, items VIII and IX, and § 4, 10, 11 and 18 of Law No. 14.286, of December 29, 2021, and considering art. 8 of Law No. 14.286, of December 29, 2021,

R E S O L V E :

Art. 1 Resolution BCB No. 278, of December 31, 2022, published in the Official Gazette of the Union on December 31, 2022, shall enter into force with the following amendments:

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

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

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f) advance receipt of exports, understood as the raising of external resources in advance of future exports of goods or services that will be made in payment of the debt contracted;

g) external financial lease, understood as the operation in which a non-resident legal owner of an asset (lessor) transfers substantially all the risks and advantages of ownership of the asset to a resident (lessee) in exchange for payment of installments; or

(h) issuance of a sustainable bond in the international market;

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Sole Paragraph. Sustainable bonds issued in the international market may be:

I - Green Bonds: debt instruments in which the use of the raised resources is restricted to financing or refinancing activities or projects that generate benefits for the environment;

II - Social Bonds: debt instruments in which the use of the raised resources is restricted to financing or refinancing activities or projects that generate social benefits;

III - Sustainability Bonds:
debt instruments in which the use of the raised resources is restricted to financing or refinancing activities or projects that generate social and environmental benefits; or

IV - Sustainability-Linked Bonds: debt instruments in which the raised resources have free allocation, but the issuer commits to achieving pre-defined sustainability objectives – which improve the conditions of the environment, society or both.” (NR)

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

I - direct loan and financing, including from international organizations, issuance of bonds in the international market, with identification of sustainable bonds, and issuance of bonds for private placement in the domestic market, whenever the value of the external credit operation is equal to or greater than US$1,000,000.00 (one million United States dollars) or its equivalent in other currencies;

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(NR)

“Art. 25-A. Conversions between foreign direct investment operations and external credit operations, and vice versa, as well as between external credit operations, including interest and charges in principal, must be reported in SCE-Crédito within thirty days after their occurrence.” (NR)

Art.
2 Resolution BCB No. 279, of December 31, 2022, published in the Official Gazette of the Union on December 31, 2022, shall enter into force with the following amendments:

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

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IX - virtual assets;

X - derivatives traded abroad; and

XI - sustainable debt instruments issued by non-residents.

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§ 3 For the purposes of this Resolution, sustainable bonds may be:

I - Green Bonds: debt instruments in which the use of the raised resources is restricted to financing or refinancing activities or projects that generate benefits for the environment;

II - Social Bonds: debt instruments in which the use of the raised resources is restricted to financing or refinancing activities or projects that generate social benefits;

III - Sustainability Bonds:
debt instruments in which the use of the raised resources is restricted to financing or refinancing activities or projects that generate social and environmental benefits; or

IV - Sustainability-Linked Bonds:
debt instruments in which the raised resources have free allocation, but the issuer commits to achieving pre-defined sustainability objectives – which improve the conditions of the environment, society or both.” (NR)

Art. 3 This Resolution enters into force on October 1, 2025.

GILNEU FRANCISCO ASTOLFI VIVAN
Director of Regulation