Central Bank of Brazil Instruction Normative No. 596 of March 24, 2025

Resolution No. 222

INSTRUCTION NORMATIVE
BCB No. 596, OF MARCH 24, 2025

Amends
Instruction Normative No. 374, of April 26, 2023, which published the procedures, deadlines, documents, and information necessary for the processing of authorization requests related to the operation of Financial Market Infrastructures (FMIs) within the scope of the Brazilian Payments System (SPB), and the types of changes in FMIs and their regulations that represent relevant risk to their safety, efficiency, or solidity and normal operation of the SPB or the National Financial System (SFN).

The heads of the Departments of Financial System Organization (Deorf) and of Banking Operations and Payment Systems (Deban), in the exercise of the powers conferred upon them by Arts. 23, item I, letter “a”, 96, item XII, and 111, item II, letter “a”, of the Internal Regulations of the Central Bank of Brazil, annexed to Ordinance No. 84.287, of February 27, 2015, based on Arts. 4, § 1, and 6 of BCB Resolution No. 304, of March 20, 2023, and Art. 41 of BCB Resolution No. 339, of August 24, 2023,

R E S O L V E:

Art. 1. Instruction Normative BCB No. 374, of April 26, 2023, published in the Official Gazette of the Union on April 27, 2023, shall enter into force with the following alterations:

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

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

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I - direct or indirect participations of the contracting company in the share capital of the contracted company, or of the contracted company in the contracting company, in a percentage that exceeds 15% (fifteen percent) of the net equity of the entity; and

II - link between a member of the statutory body of the requesting institution and the contracted company or link between a member of the statutory body of the contracted company and the requesting entity.”

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

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VII - documents and information regarding the contracting of relevant services of processing, data storage, and cloud computing provided abroad, in accordance with the provisions of Annex IV, when involving the contracting of relevant services of processing, data storage, and cloud computing provided abroad, in cases where there is no agreement for the exchange of information between the Central Bank of Brazil and the supervisory authorities of the countries where the services will be provided, as provided in § 1 of Art. 71 of BCB Resolution No. 304, of 2023.”

“Art. 6. .....................................................................................................................

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§ 1. The deadline referred to in the caput may be extended, at the discretion of the Central Bank of Brazil, upon justified request by the interested party.

§ 2. The Central Bank may waive the presentation of one or more documents provided for in Phase 2 when there is sufficient evidence, by other means or documents presented, of compliance with the requirements for authorization. (NR)”

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

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VII - evaluation, carried out by a qualified independent company, in accordance with the provisions of Annex II, which ensures the compliance of the regulation referred to in item V of the caput with the regulation applicable to the exercise of the activity of centralized deposit of financial assets and with the regulation applicable to the financial assets that will be eligible for centralized deposit by the system, as well as with the Convention referred to in Chapter VII of BCB Resolution No. 339, of 2023, in the case of requests involving book-entry promissory notes; and

VIII - documents and information regarding the contracting of relevant services of processing, data storage, and cloud computing provided abroad, in accordance with the provisions of Annex IV, when involving the contracting of relevant services of processing, data storage, and cloud computing provided abroad, in cases where there is no agreement for the exchange of information between the Central Bank of Brazil and the supervisory authorities of the countries where the services will be provided, as provided in § 1 of Art. 71 of BCB Resolution No. 304, of 2023.”

“Art. 8. .....................................................................................................................

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V - evaluation, carried out by a qualified independent company, in accordance with the provisions of Annex III, which ensures operational and functional fitness regarding the adequate level of security and reliability of the implemented operational infrastructure and the adherence of the implemented system to its regulation; and

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§ 1. The deadline referred to in the caput may be extended, at the discretion of the Central Bank of Brazil, upon justified request by the interested party.

§ 2. The Central Bank may waive the presentation of one or more documents provided for in Phase 2 when there is sufficient evidence of compliance with the authorization requirements.

§ 3. In requests involving book-entry promissory notes, the document provided for in item V of the caput shall be replaced by the declaration of success in the homologation tests referred to in Chapter VIII of BCB Resolution No. 339, of 2023, in the form of model Sisorf 8.24.20.10.”(NR)

“Art. 9. .....................................................................................................................

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VII - evaluation, carried out by a qualified independent company, in accordance with the provisions of Annex II, which ensures the compliance of the regulation referred to in item V of the caput with the regulation applicable to the exercise of the activity of registration of financial assets and with the regulation applicable to the financial assets that will be eligible for registration by the system, as well as with the Convention referred to in Chapter VII of BCB Resolution No. 339, of 2023, in the case of requests involving book-entry promissory notes; and

VIII - documents and information regarding the contracting of relevant services of processing, data storage, and cloud computing provided abroad, in accordance with the provisions of Annex IV, when involving the contracting of relevant services of processing, data storage, and cloud computing provided abroad, in cases where there is no agreement for the exchange of information between the Central Bank of Brazil and the supervisory authorities of the countries where the services will be provided, as provided in § 1 of Art. 71 of BCB Resolution No. 304, of 2023.”

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

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V - evaluation, carried out by a qualified independent company, in accordance with the provisions of Annex III, which ensures operational and functional fitness regarding the adequate level of security and reliability of the implemented operational infrastructure and the adherence of the implemented system to its regulation; and

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§ 1. The deadline referred to in the caput may be extended, at the discretion of the Central Bank of Brazil, upon justified request by the interested party.

§ 2. The Central Bank may waive the presentation of one or more documents provided for in Phase 2 when there is sufficient evidence of compliance with the authorization requirements.

§ 3. In requests involving book-entry promissory notes, the document provided for in item V of the caput shall be replaced by the declaration of success in the homologation tests referred to in Chapter VIII of BCB Resolution No. 339, of 2023, in the form of model Sisorf 8.24.20.10.” (NR)

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

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IV - evaluation, carried out by a qualified independent company, in accordance with the provisions of Annex II, which ensures the compliance of the system regulation referred to in item III with the regulation applicable to the exercise of the activity of registration or centralized deposit of financial assets, as the case may be, and with the regulation applicable to the financial asset to be included in the list of assets eligible for registration or for centralized deposit by the system, as well as with the Convention referred to in Chapter VII of BCB Resolution No. 339, of 2023, in the case of requests involving book-entry promissory notes.”

“Art. 12. ....................................................................................................................

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V - evaluation, carried out by a qualified independent company, in accordance with the provisions of Annex III, which ensures operational and functional fitness regarding the adequate level of security and reliability of the implemented operational infrastructure and the adherence of the implemented system to its regulation.

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§ 1. The deadline referred to in the caput may be extended, at the discretion of the Central Bank of Brazil, upon justified request by the interested party.

§ 2. The Central Bank may waive the presentation of one or more documents provided for in Phase 2 when there is sufficient evidence of compliance with the authorization requirements.

§ 3. In requests involving book-entry promissory notes, the document provided for in item V of the caput shall be replaced by the declaration of success in the homologation tests referred to in Chapter VIII of BCB Resolution No. 339, of 2023, in the form of model Sisorf 8.24.20.10.” (NR)

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

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§ 1. The deadline referred to in the caput may be extended, at the discretion of the Central Bank of Brazil, upon justified request by the interested party.

§ 2. The Central Bank may waive the presentation of one or more documents provided for in Phase 2 when there is sufficient evidence of compliance with the authorization requirements.” (NR)

“Art. 16. ....................................................................................................................

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§ 1. The deadline referred to in the caput may be extended, at the discretion of the Central Bank of Brazil, upon justified request by the interested party.

§ 2. The Central Bank may waive the presentation of one or more documents provided for in Phase 2 when there is sufficient evidence of compliance with the authorization requirements.” (NR)

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

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§ 2. The deadline referred to in the caput may be extended, at the discretion of the Central Bank of Brazil, upon justified request by the interested party.

§ 2. The Central Bank may waive the presentation of one or more documents provided for in Phase 2 when there is sufficient evidence of compliance with the authorization requirements.”(NR)

“Art. 20. ....................................................................................................................

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§ 1. The deadline referred to in the caput may be extended, at the discretion of the Central Bank of Brazil, upon justified request by the interested party.

§ 2. The Central Bank may waive the presentation of one or more documents provided for in Phase 2 when there is sufficient evidence of compliance with the authorization requirements.” (NR)

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

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III - the contracting of relevant services of processing, data storage, and cloud computing provided abroad, in cases where there is no agreement for the exchange of information between the Central Bank of Brazil and the supervisory authorities of the countries where the services will be provided, as provided in § 1 of Art. 71 of BCB Resolution No. 304, of 2023;”

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

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§ 1. The deadline referred to in the caput may be extended, at the discretion of the Central Bank of Brazil, upon justified request by the interested party.

§ 2. The Central Bank may waive the presentation of one or more documents provided for in Phase 2 when there is sufficient evidence of compliance with the authorization requirements.” (NR)

Art. 2. Annex II to Instruction Normative BCB No. 374, of April 26, 2023, published in the Official Gazette of the Union on April 27, 2023, shall enter into force with the following alterations:

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

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VII - list of the documents of the requesting institution and the system that were subject to comparison with the norms referred to in items II and VI, and with the convention referred to in Chapter VII of BCB Resolution No. 339, of 2023, in the case of requests involving book-entry promissory notes;

§ 2. The report referred to in the caput shall be accompanied by the working papers, relating to the requesting institution and the system, that supported it.”

“Art. 2-A. When the authorization request involves book-entry promissory notes, the report shall also contemplate the following aspects:

I - table that relates, for each of the obligations imposed on the requesting institution or its system by the convention:

a) location in the convention (for example: title, chapter, section, article, item, letter, etc.) where the obligation to be fulfilled is found;

b) obligation to be fulfilled;

c) excerpts from the documents of the requesting institution and the system that attest to compliance with the obligation;

d) locations (document, section, article, item, page, etc.) where the excerpts referred to in letter “c” are found;

e) additional information that the contracted company deems pertinent in order to clarify the compliance referred to in letter “c”;

II - conclusion of the contracted company regarding the compliance of the system regulation with the convention.” (NR)

“Art. 4. If the report presents a reservation that does not allow the contracted company to conclude on the total compliance of the system regulation with the applicable regulation or with the convention referred to in Chapter VII of BCB Resolution No. 339, of 2023, in the case of requests involving book-entry promissory notes, and there is a disagreement between the contracted company and the requesting institution regarding the reservation, a report with the said reservation may be presented by the requesting institution to the Central Bank of Brazil, provided that:

I - the report of the contracted company identifies for which normative obligations or of the convention referred to in Chapter VII of BCB Resolution No. 339, of 2023, in the case of requests involving book-entry promissory notes, the condition of compliance was not fully satisfied, explaining the reasons for such; and

II - the requesting institution sends a document containing its arguments regarding the reservation pointed out, clarifying the reasons that led it to maintain in its documents the aspects that, according to the reservation of the contracted company, are not in total compliance with the normative obligations or with the convention referred to in Chapter VII of BCB Resolution No. 339, of 2023, in the case of requests involving book-entry promissory notes.” (NR)

Art. 3. Annex III to Instruction Normative BCB No. 374, of April 26, 2023, published in the Official Gazette of the Union on April 27, 2023, shall enter into force with the following alterations:

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

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§ 4. The report referred to in the caput shall be accompanied by the working papers, relating to the requesting institution and the system, that supported it.”

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

CAROLINA PANCOTTO BOHRER FÁBIO MARTINS TRAJANO DE ARRUDA Head of Deorf Head of Deban

NOTE

This Instruction Normative BCB (IN BCB) aims to amend Instruction Normative BCB No. 374, of April 26, 2023, in order to publish the procedures, documents, deadlines, and information necessary for the processing of authorization requests provided for in BCB Resolution No. 339, of August 24, 2023.

2. The aforementioned resolution provides for the activity of book-entry promissory note registration and establishes, in its Art. 21, authorization requirements related to the activities of registration or centralized deposit of book-entry promissory notes. The proposed regulatory amendment aims to define how compliance with the requirements and conditions established in the higher norm will be demonstrated. The proposal also includes editorial adjustments to correct errors and to provide greater clarity to the text already in force.

3. At this time, the possibility of waiving documents in Phase 2 of the authorization requests provided for in the norm was included, in cases where there is sufficient evidence to attest to the fulfillment of authorization requirements provided for in the regulation in force, in order to promote the more efficient use of resources employed in the examination of authorization requests and the reduction of regulatory costs, conferring greater speed, security, and efficiency to the authorization processes.

4. Decree No. 10.411, of June 30, 2020, regulates the carrying out of regulatory impact analysis (RIA) as a prerequisite for the issuance of a normative act. However, in its Art. 4, the aforementioned decree establishes the hypotheses for dispensing with the carrying out of RIA. This IN BCB falls under the hypothesis provided for in item II, as it does not bring any additional requirement to that contained in the regulation in force and is intended to clarify the manner of fulfillment of obligations defined in a hierarchically superior norm. Thus, based on item II of Art. 4 of Decree No. 10.411, of 2020, I understand that the issuance of this IN BCB dispenses with the carrying out of RIA.

CAROLINA PANCOTTO BOHRER FÁBIO MARTINS TRAJANO DE ARRUDA Head of Deorf Head of Deban