CIRCULAR LETTER NO. 3,934, OF FEBRUARY 21, 2019

Clarifies provisions of Resolution No. 4,707 and Circular No. 3,924, both dated December 19, 2018, which provide for the use of payment arrangement receivables as collateral for credit operations.

The Head of the Department of Regulation of the Financial System (Denor), in the exercise of the attribution conferred upon him by Art. 23, item I, letter "a", of the Internal Regulations of the Central Bank of Brazil, annexed to Ordinance No. 84,287, of February 27, 2015, and having in view the provisions of Resolution No. 4,707 and Circular No. 3,924, both dated December 19, 2018,

RESOLVES:

Art. 1º The retention referred to in §1º of Art. 4 of Resolution No. 4,707, of December 19, 2018, refers exclusively to the financial flows resulting from operations of advance of receivables of post-paid payment arrangements, carried out with accredited and sub-accredited institutions.

Art. 2º The maximum daily value of the payment arrangement receivable agenda subject to retention (VDMR) referred to in item II, of Art. 3 of Resolution No. 4,707, of 2018, refers to the maximum value that the financial institution can retain, on the same day, of the financial flow resulting from the settlement, on that day, of advance operations of receivables.

§ 1º The retained values constitute guarantee of the credit operation, and must be treated as specified in Art. 4 of Resolution No. 4,707, of 2018.

§ 2º The retention, on a given day, of values resulting from advance operations will not impact the VDMR for other days in which the credit operation is in force, which is renewed and must respect the upper limit given by the debtor balance of the credit operation.

Art. 3º The value of the excess balance available at the beginning of date t for free movement in advance operations referred to in item II of the caput of Art. 3 of Resolution No. 4,707, of 2018, must be calculated as follows:

Excess Balance (t) = Max [ 0; Agenda Value (t) – VDMR (t) ], where:
o Agenda Value (t) consists of the total value of the set of receivables resulting from transactions to be settled, calculated at the beginning of date t.

Sole Paragraph. The retention of the financial flow coming from advance operations on a certain day may only occur after the financial institution makes available for free movement of the final receiving user, on this same day, a financial amount coming from advance operations equivalent to the excess balance referred to in the caput of this article.

Art. 4º The exchange of information referred to in Art. 5 of Resolution No. 4,707, of 2018, must be carried out according to the layouts and dictionaries available in the Annexes of this Circular Letter, without prejudice to the duty of confidentiality and free competition.

Circular Letter No. 3,934, of February 21, 2019 Page 2 of 8

Sole Paragraph. The exchange of information mentioned in the caput can be carried out bilaterally between the interested institutions or in a centralized manner, through any centralized information system that complies with the provisions of Art. 2º-D of Circular No. 3,924, of December 19, 2018.

Art. 5º The exchange of information referred to in Art. 2, item II, of Circular No. 3,924, of 2018, must be carried out according to the standardization criteria dealt with within the scope of Circular No. 3,721, of September 25, 2014, without prejudice to the duty of confidentiality and free competition.

Art. 6º This Circular Letter enters into force on the date of its publication.

João André Calvino Marques Pereira

This text does not replace the one published in the DOU of 2/22/2019, Section 1, p. 24, and in Sisbacen.

Circular Letter No. 3,934, of February 21, 2019 Page 3 of 8

ANNEX I

Credit Operation Contracting Information

Description: Intended for the FI to inform the contracting of credit operations guaranteed by payment arrangement receivables, including data necessary for financial settlement. Issuer: FI Recipient: Centralizer/Acquirer Transmission Type: External File Format: XML

Tag	Field Name	Mult. Or
\<ASCG011>
\<Grupo_ASCG011_InclDomcl>	Inclusion Group Address [1..n]
\<NumCtrlReqIF>	Institution Request Control Number [1..1]
\<Grupo_ASCG011_Cli>	Customer Group [1..1](
\<TpPessoaCli>	Customer Person Type [1..1]
\<CNPJ_CPFCli>	Customer CNPJ or CPF [1..1]
\</Grupo_ASCG011_Cli>	End Customer Group [1..1])OR(
\<CNPJBaseCli>	Customer Base CNPJ [1..1])
\<CodProptEsqm>	Scheme Owner Code [1..1]
\<TpProdt>	Product Type [1..1]
\<NumCodIF>	FI Code Number [1..1]
\<AgCli>	Customer Agency [1..1]
\<CtCli>	Customer Account [1..1]
\<PercGar>	Guarantee Percentage [1..1]
\<DtIniValidd>	Validity Start Date [1..1]
\<DtFimValidd>	Validity End Date [1..1]
\<TpNatuGar>	Guarantee Nature Type [1..1]
\<VlrMaxReten>	Maximum Retention Value [1..1]
\</Grupo_ASCG011_InclDomcl>	End Inclusion Group Address [1..n]
\</ASCG011>

Associated Rules:

• VlrMaxReten equal to 0 (zero) and DtFimValid greater than current date: open and unused credit line, which generates address maintenance, but does not generate obligation to send the agenda.
• VlrMaxReten greater than 0 (zero) and DtFimValid greater than current date: generates address maintenance and obligation to send the agenda to the lending institution and TpNatuGar equal to “A”.
• Other combinations of VlrMaxReten and DtFimValid: must generate business error in the return file.

Circular Letter No. 3,934, of February 21, 2019 Page 4 of 8

ANNEX II

FI Requests Alteration of Data on Financial Settlement

Description: Intended for the FI to inform the alteration of data on financial settlement.
Issuer: FI
Recipient: Centralizer/Acquirer
Transmission Type: External File
Format: XML

Tag	Field Name	Mult. Or
\<ASCG012>
\<Grupo_ASCG012_AltDomcl>	Alteration Group Address [1..n]
\<NumCtrlReqIF>	Institution Request Control Number [1..1]
\<NumCodIF>	FI Code Number [1..1]
\<NumIdentcSCG>	SCG Identification Number [1..1]
\<AgCli>	Customer Agency [1..1]
\<CtCli>	Customer Account [1..1]
\<DtIniValidd>	Validity Start Date [1..1]
\<DtFimValidd>	Validity End Date [1..1]
\<TpNatuGar>	Guarantee Nature Type [1..1]
\<VlrMaxReten>	Maximum Retention Value [1..1]
\</Grupo_ASCG012_AltlDomcl>	End Alteration Group Address [1..n]
\</ASCG012>

Circular Letter No. 3,934, of February 21, 2019 Page 5 of 8

ANNEX III

FI Reports Closure of Credit Operations

Description: Intended for the FI to inform the closure of contracts of credit operations guaranteed by payment arrangement receivables. Issuer: FI Recipient: Centralizer/Acquirer Transmission Type: External File Format: XML

Tag	Field Name	Mult. Or
\<ASCG013>
\<Grupo_ASCG013_BaixaDomcl>	Write-off Group Address [1..n]
\<NumCtrlReqIF>	Institution Request Control Number [1..1]
\<NumIdentcSCG>	SCG Identification Number [1..1]
\<TpBaixaDomcl>	Address Write-off Type [1..1]
\</Grupo_ASCG013_BaixaDomcl>	End Write-off Group Address [1..n]
\</ASCG013>

Circular Letter No. 3,934, of February 21, 2019 Page 6 of 8

ANNEX IV

Field Dictionary

FIELD DICTIONARY

Field Name	Tag	Type	Description
Institution Request Control Number	NumCtrlReqIF	ControleIF	Control number of the request for the FI.
Customer Person Type	TpPessoaCli	TpPessoa	Type of customer person.
Customer CNPJ or CPF	CNPJ_CPFCli	CNPJ_CPF	Customer's CNPJ or CPF
Customer Base CNPJ	CNPJBaseCli	CNPJBase	Customer's base CNPJ.
Scheme Owner Code	CodProptEsqm	CodProptEsqm	Code of the scheme owner.
Product Type	TpProdt	TpProdt	Product Type.
FI Code Number	NumCodIF	CodIF	FI code-number.
SCG Identification Number	NumIdentSCG	NumIdentcDDA	Identification number in the centralizer/acquirer database
Customer Agency	AgCli	Agencia	Customer agency number, without the check digit.
Customer Account	CtCli	CtBancaria	Customer bank account number.
Maximum Retention Value	VlrMaxReten	Valor	The maximum value subject to retention of the payment arrangement receivable agenda.
Validity Start Date	DtIniValidd	Data	Validity start date.
Validity End Date	DtFimValidd	Data	Validity end date.
Guarantee Nature Type	TpNatuGar	TpNatuGar	Type of guarantee nature.

Circular Letter No. 3,934, of February 21, 2019 Page 7 of 8

ANNEX V

Type Dictionary

TYPE DICTIONARY

Type	Format	Min Len	Max Len	Min Val I/E	Max Val I/E	Description
Agencia	Numeric -	4				Agency number, without the check digit
CNPJ_CPF	Numeric -	14				Legal Entity Identification Number in the National Registry of Legal Entities or the Individual Taxpayer Registry Number
CNPJBase	Alphanumeric	8	8			Base CNPJ: first 8 positions of the CNPJ
CodIF	Alphanumeric	3	3			FI Code used in clearing
CodProptEsqm	Alphanumeric	3	3			Scheme Owner / Payment Arrangement Initiator
ControleIF	Alphanumeric	1	20			FI Control Number
CtBancaria	Numeric -	13				Bank account number, with check digit. If the check digit is alpha, it should be replaced by "0" (zero)
Data	Alphanumeric	10	10			Format: YYYY-MM-DD; where: YYYY-year; MM-month (01 to 12); DD-day (01 to 31)
NumIdentcDDA	Numeric -	17				Identification number in the unique address database maintained at the centralizer or acquirer
Percentual	Numeric -	3,02		-1000E	1000E	Percentage number. Up to three integers and two decimals. The separator point must be informed. Example: for 25% inform 25; for 40.5% inform 40.5; for 98.75% inform 98.75
TpBaixaDomcl	Alphanumeric	1	1			Address Write-off Type
TpNatuGar	Alphanumeric	1	1			Guarantee Nature. Assign S-Simple, M - Mandatory (judicial block), A-Authorization Received by the Domicile Institution or P-Authorization pending.
TpPessoa	Alphanumeric	1	1			Person Type
TpProdt	Alphanumeric	1	1			Product Type
Valor	Numeric -	17,02				Value. Up to seventeen integers and two decimals and signed. For values less than zero, the value will be preceded by the sign "-". Example: for negative 20 inform -20 . The separator point must be informed if there are decimals. Example: for R$100.00 inform 100; for R$100.10 inform 100.1; for R$100.11 inform 100.11; for negative R$100.11 inform -100.11

Circular Letter No. 3,934, of February 21, 2019 Page 8 of 8

ANNEX VI

Domain Dictionary

DOMAIN DICTIONARY

Type	Domain	Description
CodProptEsqm	003	MasterCard
CodProptEsqm	004	Visa
CodProptEsqm	005	Diners
CodProptEsqm	006	Elo
CodProptEsqm	007	American Express
CodProptEsqm	008	Hipercard
CodProptEsqm	009	Banese
CodProptEsqm	010	Banricompras
CodProptEsqm	011	Cabal
CodProptEsqm	012	CredZ
CodProptEsqm	013	Sicredi
CodProptEsqm	014	Sorocred
CodProptEsqm	015	VerdeCard
CodProptEsqm	016	CredSystem
CodProptEsqm	017	Banestes
TpBaixaDomcl	1	Write-off by bank domicile request
TpBaixaDomcl	2	Write-off by record error
TpBaixaDomcl	3	Write-off by substitution
TpBaixaDomcl	4	Write-off by expiration of term
TpBaixaDomcl	5	Write-off due to lack of Proof
TpNatuGar	S	Simple
TpNatuGar	M	Mandatory
TpNatuGar	A	Authorization Received by the Domicile Institution
TpNatuGar	P	Authorization pending
TpPessoa	F	Natural Person - (CPF)
TpPessoa	J	Legal Entity (CNPJ)
TpProdt	D	Debit
TpProdt	C	Credit
TpProdt	A	Both