Circular No. 3.704

The Collegiate Board of the Central Bank of Brazil, in a session held on 16 April 2014, based on arts. 14 and 15 of Law No. 12.865, of 9 October 2013, and on arts. 9 and 11 of Resolution No. 2.882, of 30 August 2001, and in view of the provisions of arts. 12 of Circular No. 3.681 and 5 of Circular No. 3.682, both of 4 November 2013,

R E S O L V E :

Of the Electronic Money Correspondent Account

Art. 1 The specific account referred to in art. 12, § 1, item I, of Circular No. 3.681, of 4 November 2013, held at the Central Bank of Brazil, hereinafter called the Electronic Money Correspondent Account (CCME), is owned by payment institutions, financial institutions and other institutions authorized to operate by the Central Bank of Brazil, when electronic money issuing institutions (IEME), and is intended exclusively for maintaining cash resources corresponding to the value of electronic money held in prepaid payment accounts managed by them.

Art. 2 Debit or credit transfers to the CCME are carried out by means of the messages of the Electronic Money-Related Payment Services Group (SME Services Group), of the Catalog of Services of the National Financial System (SFN), observing the operating schedule of the Reserve Transfer System (STR) for settlement of fund transfer orders.

• Sole paragraph. The debit transfer from the CCME is commanded by the IEME holding the respective account.

Art. 3 Returns of undue transfers involving the CCME must be commanded by the institutions within sixty minutes after the respective credit.

• Sole paragraph. The return must occur in a single command and correspond to the total amount originally received.

Art. 4 The fund transfer messages of the SME Services Group are available for sending during operation under the Internet Contingency and Telephone Contingency regimes referred to in art. 7-A of the STR Regulation, annexed to Circular No. 3.100, of 28 March 2002.

Of Participation in the STR

Art. 5 Payment institutions, members of the Brazilian Payment System (SPB), that opt for holding a Settlement Account at the Central Bank of Brazil are participants in the STR, referred to in Circular No. 3.100, of 2002, and are subject to the rules governing the operation of that system.

Art. 6 The CCME of an IEME that holds a Settlement or Bank Reserve Account may only be moved under its command:

• I - by debit to credit in its Settlement or Bank Reserve Account; and

• II - by credit from debit in its Settlement or Bank Reserve Account.

Of IEMEs Not Participating in the STR

Art. 7 An IEME that does not hold a Bank Reserve account or a Settlement Account must request from the Department of Banking Operations and Payment System (Deban) the release of access to the STR-Web application, as regulated by Circular No. 3.489, of 18 March 2010, for the purpose of moving and managing the CCME it holds.

• § 1 An IEME that does not hold a Bank Reserve account or a Settlement Account is not subject to the fees for making STR-Web available and for normal operation in the STR.

• § 2 The institution must inform Deban and keep updated in that Department the registration of the director responsible for compliance with the rules relating to the payment account and of at least two persons responsible for managing the CCME it holds.

Art. 8 The CCME of an IEME that does not hold a Bank Reserve account or a Settlement Account may be moved:

• I - by debit, under the command of the IEME, exclusively for credit to a bank checking account it holds, except when there is a need to return funds received unduly, in which case the credit occurs in the account of the originator of the transfer;

• II - by credit, only from debit in a bank checking account held by the IEME, under the command of the banking institution where the said account is held.

Art. 9 An IEME that does not hold a Bank Reserve account or a Settlement Account and is unable to use STR-Web may use the Telephone Contingency service to request withdrawals or returns involving the CCME it holds.

§ 1 When using the service referred to in the caput, the following is observed:

• I - the operation under the contingency regime, as well as its termination, depend on a request from the institution, through a representative registered by it with the Central Bank of Brazil for that purpose;

• II - the institution that does not request termination of the operation under the contingency regime by the close of the STR will return to normal operating condition;

• III - during the period of operation under the contingency regime, the institution's access to STR-Web will be blocked;

• IV - the institution must inform the Central Bank of Brazil of all data necessary to fill out the message, under its full and exclusive responsibility;

• V - the orders and instructions issued by the STR Management and Monitoring Division (Gemon) or received by it from the institutions, by telephone, are recorded and considered firm and valid for all purposes.

§ 2 Electronic money issuing institutions must register with Deban, for requests referring to the Telephone Contingency operating regime, at least three representatives.

Art. 10. The use of the Telephone Contingency referred to in art. 9 of this Circular subjects the electronic money issuing institution not participating in the STR to payment of a fee in the amount of R$250.00 (two hundred and fifty reais) for each message request.

• § 1 The amount corresponding to the fee due must be paid by the first business day of each month following the use of the service.

• § 2 The institutions mentioned in the caput must inform Deban, in the form established by it, of the financial institution holding a Banking Reserves account with which it has an agreement for the purposes of collection and payment of the aforementioned fee.

• § 3 The amount of the fee not paid by the due date will be updated by the Selic Rate, in the form of the legislation in force.

• § 4 The institution may request a review of the amount charged, and must, for this purpose, submit a substantiated request directly to Deban.

• § 5 In the event of a review of the amount charged to a higher or lower amount, the respective difference will be refunded or charged with updating by the Selic Rate, in the form of the legislation in force.

Final Provisions

Art. 11. Art. 3 of Circular No. 3.489, of 2010, shall take effect with the following wording:

“Art. 3 ........................................................

• I - on a full-time basis, respecting the operating hours of the STR time schedules for consultations and registration of orders:

  • a) to participants that use the internet as the main means of access to the STR;

  • b) to electronic money issuing institutions that are not STR participants, obliged to maintain funds at the Central Bank of Brazil under the terms of art. 12 of Circular No. 3.681, of 4 November 2013;

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

Art. 12. The sole paragraph of art. 7-D of the STR Regulation, annexed to Circular No. 3.100, of 2002, shall take effect with the following amendment:

“Art. 7-D ......................................................

Sole paragraph. ................................................

..................................................................

• IX - transfers involving the specific account used in the maintenance of cash resources at the Central Bank of Brazil corresponding to the value of electronic money maintained in a payment account.” (NR)

Art. 13. This Circular enters into force on 5 May 2014.

Aldo Luiz Mendes Director of Monetary Policy