Circular No. 3.440

CIRCULAR No. 003440 ------------------ Amends the rules for participation in the Check Clearinghouse - Compe and for the financial settlement of the results determined therein and provides other measures. The Board of Directors of the Central Bank of Brazil, in a session held on 27 February 2009, having regard to the provisions of art. 11, item VI and art. 19, item IV, of Law No. 4.595, of 31 December 1964, and of Law No. 10.214, of 27 March 2001, D E C I D E D: Art. 1 The financial settlement of interbank obligations determined in the Check Clearinghouse - Compe shall comply with the provisions of this Circular. Sole paragraph. References to the Check and Other Documents Clearinghouse - Compe in regulations issued by the Central Bank of Brazil shall refer to the name established in the caput. Art. 2 The financial settlement of the results of Compe, for which institutions holding a Bank Reserves account and a Settlement Account are responsible, is recorded in a linked account at the Central Bank of Brazil. § 1 The linked account receives a deposit by means of a transfer of funds instructed by the holder through the Reserve Transfer System - STR, using a specific message from the Brazilian Payment System Message Catalog. § 2 The financial settlement of the obligations referred to in the caput is: I - carried out exclusively using the funds deposited in the linked account; and II - irrevocable and unconditional, when the Central Bank of Brazil carries out the corresponding transfer of funds from the linked account to the appropriate Bank Reserves accounts or Settlement Accounts, through the STR. § 3 Institutions holding a Bank Reserves account and those holding a Settlement Account that issue administrative checks shall mandatorily participate, directly, in the system that settles the respective payment instrument. Art. 3 The financial settlement of the obligations referred to in art. 1, relating to the clearing sessions indicated below, occurs at the following times: I - night session of the previous business day: 9:00 a.m.; and II - day session of the same day: 5:15 p.m. Art. 4 The results determined in Compe, relating to the night session, may be adjusted before their effective settlement at the Central Bank of Brazil, in accordance with the rules and procedures established by the operator. § 1 The adjustments referred to in the caput are intended to correct, in the same clearing session, improper entries of amounts starting from R$5,000.00 (five thousand reais). § 2 The adjustment shall always be carried out with the formal manifestation, before the operator, of the two institutions involved. Art. 5 The processing of the settlement referred to in art. 3 observes the following procedures: I - Banco do Brasil S.A., as operator of the Compe services, informs the Central Bank of Brazil and each participant of Compe, by the times and according to the clearing sessions indicated below, of the respective bilateral and multilateral results of the
participants: a) night session of the previous business day: 7:00 a.m.; and b) day session of the same day: 4:40 p.m. II - the institutions shall provide the linked account referred to in art. 2 with sufficient funds for the financial settlement of their interbank obligations arising from the respective session, according to the following times: a) night session of the previous business day: 8:30 a.m.; and b) day session of the same day: 5:00 p.m. III - if the amount available in the linked account of any participant, at the times indicated in item II, is insufficient for the corresponding settlement, the Central Bank of Brazil excludes it from the settlement process and informs each of the other participants of this occurrence and of the new multilateral net result determined. IV - in the event provided for in item III, the participants not excluded shall provide, whenever necessary, the linked account with sufficient funds for the financial settlement of their interbank obligations arising from the respective clearing session, within ten minutes after the Central Bank discloses the new multilateral result. V - the process established in items III and IV is repeated until the balance available in the linked account of all holders is sufficient for the financial settlement of their interbank obligations of the corresponding session, and the Central Bank of Brazil may, if necessary, postpone the settlement times provided for in art. 3. Art. 6 The Department of Banking Operations and Payment System (Deban) is authorized to adopt the measures deemed necessary for the execution of the provisions of this circular, and may even change the times provided for in arts. 3 and 5 or establish times to be observed on specific dates. Art. 7 The caput of art. 1 of Circular No. 3.103, of 28 March 2002, shall enter into force with the following wording: "Art. 1 Participation in the daily sessions of the Check Clearinghouse - Compe is conditioned, without prejudice to the other regulatory provisions, upon the prior constitution of a deposit at the Central Bank of Brazil." (NR) Art. 8 Item I of § 2 of art. 3 of Circular No. 3.118, of 18 April 2002, shall enter into force with the following wording: "I - to the Bank Reserves account or to the Settlement Account of the institution, in the case of intervention; and" (NR) Art. 9 This circular enters into force on the date of its publication. Art. 10 Circular No. 3.102, of 28 March 2002 and Letter-Circular No. 3.219, of 21 December 2005 are revoked. São Paulo, 2 March 2009. Mario Torós Director