CMN Resolution No. 4805 - Amends Resolution No. 4,222 and the FGC Regulations to Authorize Special Guarantee Time Deposits Between Associated Financial Institutions

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on April 23, 2020, based on Articles 3, item VI, and 4, items VIII and XXXII, of the aforementioned Law, Article 28, paragraph 1, of Complementary Law No. 101 of May 4, 2000, and Article 1, paragraph 1, item XIII, of Complementary Law No. 105 of January 10, 2001,

R E S O L V E S:

Article 1. Resolution No. 4,222 of May 23, 2013, shall enter into force with the following alteration:

“Article 3. ...................................................... ................................................................ § 13. In the event that the depositor is an associated financial institution, the contracts relating to the deposits referred to in the main text must observe the provisions of this Resolution and, where applicable, the regulation applicable to interfinancial deposits.” (NR)

Article 2. Annex II to Resolution No. 4,222 of 2013 shall enter into force with the following alterations:

“Article 10. The total credits of each holder against the same institution associated with the FGC, or against all institutions associated with the same financial conglomerate, relating to Special Guarantee Time Deposits (DPGE), shall be guaranteed:

I - up to a maximum value of R$400,000,000.00 (four hundred million reais) in operations where the credit holder is an institution associated with the FGC; and

II - up to a maximum value of R$40,000,000.00 (forty million reais) for other holders.

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

I - the credit holder is the person in whose name the credit is registered in the accounting records of the associated institution or the person designated in a title issued or accepted by it, prevailing, in any case, the ownership registration maintained by the registering entity referred to in Article 12 of the FGC Regulations; and

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

Article 3. Item III of the sole paragraph of Article 10 of Annex II to Resolution No. 4,222 of 2013 is hereby repealed.

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

Roberto de Oliveira Campos Neto President of the Central Bank of Brazil