Circular No. 3.808

The Collegiate Board of the Central Bank of Brazil, in a session held on 10 August 2016, having regard to the provisions of art. 11, item VII, of Law No. 4.595, of 31 December 1964, and art. 10 of Law No. 10.214, of 27 March 2001,

R E S O L V E S :

Art. 1 The Regulation of the Special Settlement and Custody System (Selic), annexed to Circular No. 3.587, of 26 March 2012, shall come into force with the following amendments:

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

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§ 1 Participation in Selic must be requested by means of the “Participant Registration Form”, model 30005 of the Catalog of Documents of the Central Bank of Brazil (Cadoc), to be submitted:

• I - in the case of an institution referred to in item I or II of the caput: by the director responsible for Selic matters; or

• II - in the case of an entity mentioned in item III of the caput: by the representative, with management powers, responsible for Selic matters.

§ 2 The director mentioned in item I of § 1 must be registered in the Information System on Entities of Interest to the Central Bank (Unicad), established by Circular No. 3.165, of 4 December 2002.

§ 3 The director and the representative referred to in § 1 are considered administrators responsible for Selic matters.” (NR)

“Art. 17. Access to Selic and its complementary modules, through the Telecommunications Network for the Market (RTM), is controlled by the Authentication and Access Control System (Logon).

§ 1 The initial password that enables the Selic participant to use Logon is provided to the administrator responsible for Selic matters by electronic mail, using a digital certificate, or in person at a Central Bank branch in Rio de Janeiro.

§ 2 Once initial access is effected, the participant assumes full responsibility for the commands transmitted to Selic and its complementary modules by any of its Logon users.” (NR)

“Art. 18. Logon users are classified as administrator, access manager and operator.

§ 1 The administrator referred to in § 1 of art. 17 has full powers to access all functions of Selic and its complementary modules available to the respective participant, and may register, through Logon itself, other administrators also with full powers.

§ 2 The access manager may be registered by an administrator or by another access manager and has competence limited to Logon functions.

§ 3 The operator may be registered and have its competences defined by an administrator or access manager.

§ 4 The operator, with competence defined for that purpose, may register other operators with competence equal to or more restricted than its own.” (NR)

“Art. 19-A. A user registered by a given participant may act as a user of another participant(s) provided that there is agreement of the administrators of the participants involved.

Sole paragraph. The user referred to in the caput:

• I - authenticates itself before all participants simultaneously and with a single password;

• II - selects the participant on whose behalf it will act; and

• III - always acts in accordance with the competences defined by the participant responsible for its registration.” (NR)

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

Sole paragraph. The consultations and statements referred to in the caput cover all entries in the account, from the date of its opening in Selic, even if there has been a change of the participant holder, in the event of transfer of a client account, or change of the settlement bank.” (NR)

“Art. 62. Involving transfer of securities and financial resources, Selic verifies the financial settlement and makes the debit and credit entries in the custody accounts of the contracting parties, at which point it considers the operation settled.” (NR)

“Art. 64-A. Once it has occurred, the settlement of the operation is considered irrevocable and unconditional.” (NR)

Art. 2 The Open Market Operations Department (Demab) is authorized to establish procedures and guidelines providing for the transition of users and their respective competences to the access control system for Selic referred to in art. 17 of the Selic Regulation, amended in art. 1 of this Circular.

Art. 3 This Circular shall enter into force:

• I - on the date of its publication, in relation to art. 2;

• II - on 12 September 2016, in relation to the other articles.

Art. 4 Arts. 19 and 60 of the Regulation annexed to Circular No. 3.587, of 26 March 2012, are revoked.

Reinaldo Le Grazie Director of Monetary Policy