Regulatory Alerts2020-04-30 | Resolução CMN 4809CMN Resolution No. 4809 Amending Resolution No. 4662 on Bilateral Margin Requirements for Derivatives
The Brazilian Central Bank, via CMN Resolution No. 4809, amends Resolution No. 4662 to establish specific notional value thresholds that exempt counterparties from initial margin exchange requirements for derivative transactions. The regulation sets a temporary exemption threshold of R$2.25 trillion for operations between September 2019 and August 2021, which is subsequently reduced to R$160 billion for the period between September 2021 and August 2022. Additionally, the resolution updates Resolution No. 4734 to adjust the effective date of certain provisions to November 3, 2020, with the entire resolution entering into force on June 1, 2020.
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