Circular No. 3439 — Amends provisions regarding fund transfer orders in the Reserve Transfer System

CIRCULAR N. 003439

Amends provisions regarding fund transfer orders in the Reserve Transfer System present in the regulation annexed to Circular No. 3,057, of August 31, 2001, in the regulation annexed to Circular No. 3,100, of March 28, 2002, and in Circular No. 3,115, of April 18, 2002.

The Collective Board of Directors of the Central Bank of Brazil, in a session held on February 27, 2009, having regard to the provisions of Law No. 10,214, of March 27, 2001, and Article 11 of Resolution No. 2,882, of August 30, 2001,

D E C I D E D:

Art. 1. Item II of Article 4 and Items I and II of Article 5 of the regulation annexed to Circular No. 3,057, of August 31, 2001, shall henceforth read as follows:

"Art. 4. .............................................

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

II - interbank financial settlement is final at the moment when the resulting movements in the Reserve Bank Accounts or in the Settlement Accounts maintained at the Central Bank of Brazil are effected." (NR)

"Art. 5. .............................................

I - it must be made directly in the Reserve Bank Accounts or in the Settlement Accounts maintained by the participants at the Central Bank of Brazil;

II - it is final at the moment when the movements in the Reserve Bank Accounts or in the Settlement Accounts maintained by the participants at the Central Bank of Brazil are effected." (NR)

Art. 2. Article 13 of the regulation annexed to Circular No. 3,057, of August 31, 2001, shall henceforth read with the following alterations:

"Art. 13. ............................................

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

III - to the settlement of financial obligations with the Central Bank of Brazil.

§ 1. Movements are accepted in the titled account by the entities referred to in the caput, exclusively:

I - to credit, in counterpart to a debit commanded by the holder of a Reserve Bank Account, by the Central Bank of Brazil, or by the holder of a Settlement Account that is not a clearing house or a provider of clearing and settlement services;

II - to debit, commanded by the holder, in counterpart to a credit in a Reserve Bank Account, in a Settlement Account not titled by a clearing house or by a provider of clearing and settlement services, or in favor of the Central Bank of Brazil." (NR)

Art. 3. The regulation annexed to Circular No. 3,100, of March 28, 2002, shall henceforth read with the following alterations:

"Art. 2. For the purposes of this regulation, the related expressions and terms are defined as follows:

I - fund transfer order: order by means of which a transfer of funds between participant accounts is commanded;

II - credit order: fund transfer order whose issuer is the participant holder of the account from which the resources subject to the transfer originate;

III - direct fund transfer order: fund transfer order sent directly by the participant to the STR;

IV - indirect fund transfer order: fund transfer order sent to the STR, on behalf of the participant, through another system managed by the Central Bank of Brazil;

V - issuing participant: participant that issues the fund transfer order;

VI - receiving participant: participant to whose account the transfer of funds is commanded;

VII - settlement optimization routine: procedure for optimizing the settlement of fund transfer orders held in the waiting queue, which may involve, among other things, offsetting between them;

VIII - fund transfer in favor of client: fund transfer in which the beneficiary of the transfer is a client of the receiving participant;

IX - fund transfer in favor of the receiving participant: fund transfer in which the beneficiary of the transfer is the receiving participant itself;

X - fund transfer in own name: fund transfer made in the name of the issuing participant itself; and

XI - fund transfer on behalf of third parties: fund transfer made in the name of a client of the issuing participant." (NR)

"Art. 12 ..............................................

I - ...................................................

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

b) holders of Reserve Bank Accounts;

c) holders of Settlement Accounts.

................................................." (NR)

"Art. 17 ..............................................

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

II - ..................................................

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

c) the balance of its account at the end of the operating period of each day.

§ 1. .................................................

I - the balance of its account during the operating period of each day or at the end of periods of previous days;

II - the statement of its account in a given period; and

................................................." (NR)

"Art. 19. On each operating day of the STR, the participant must also:

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

II - make efforts to anticipate the registration of its direct fund transfer orders, avoiding the concentration of these orders in the final operating period; and

III - promote adequate management of its account, with the purpose of minimizing the average time spent in the waiting queue of direct and indirect fund transfer orders issued by it." (NR)

"Art. 21 ..............................................

I - for requests regarding the contingency operation regime, referred to in Chapter VIII, at least three representatives; and

................................................." (NR)

CHAPTER V

REGISTRATION OF SETTLED FUND TRANSFER ORDERS

Art. 22. Fund transfer orders settled in the STR are registered:

I - in the Reserve Bank Accounts;

II - in the Settlement Accounts; and

III - in the National Treasury Single Account.

Sole paragraph. The opening and closing of the accounts referred to in Items I and II observe specific regulation." (NR)

"Art. 31. The settlement of a fund transfer order is conditioned on the existence of sufficient resource balance in the issuing participant's account, observing the provisions in Section V of this chapter.

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

§ 2. The registration of the settlement of indirect fund transfer orders, relating to each operation that comprises the associated, combined, or group of operations referred to in paragraph 1, is carried out individually in the participants' accounts." (NR)

"Art. 32 ..............................................

Sole paragraph. The fund transfer order is considered settled at the moment when the balances of the involved accounts are altered in the records at the Central Bank of Brazil." (NR)

"Art. 34 ..............................................

I - insufficiency of resources in the issuing participant's account; and

................................................." (NR)

"Art. 36 ..............................................

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

I - there is an inflow of resources into its account;

................................................." (NR)

"Art. 37. During the operating period of each day and with a view to greater efficiency of the payment system, the Central Bank of Brazil may activate, if and when it deems necessary, a settlement optimization routine, which may:

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

II - involve the offsetting of obligations, without prejudice to the registration of the settlement of the orders, in the participants' accounts, being made one by one; and

................................................." (NR)

"Art. 39. On each operating day, fund transfer orders held in the waiting queue are rejected by the STR:

................................................." (NR)

Art. 4. Circular No. 3,115, of April 18, 2002, shall henceforth read with the following alterations:

"Art. 1. ..............................................

§ 1. The fund transfer settlement system to which the TED will be submitted for settlement is at the free choice of the institution holding a Reserve Bank Account or a Settlement Account.

................................................" (NR)

"Art. 3. Holders of Reserve Bank Accounts or Settlement Accounts, except for clearing houses and providers of clearing and settlement services, may offer the TED, as the sender of the funds.

§ 1. Only commercial banks, multiple banks with commercial portfolios, Caixa Econômica Federal, and credit cooperatives may:

I - execute TED issued by a client involving different holders; and

II - receive TED, sent on behalf of an institution, for credit to a client account.

§ 2. As recipients of the TED, the institutions referred to in the caput are obliged to process the order, observing the provisions of § 1, provided that:

I - the beneficiary is perfectly identified; and

II - the purpose is consistent with their activities.

................................................." (NR)

Art. 5. This circular enters into force on the date of its publication.

Art. 6. Circular No. 3,392, of June 30, 2008, is hereby revoked.

São Paulo, March 2, 2009.

Mario Torós
Director