Circular No. 3445 — Dispenses on the Submission of Information Regarding Credit Operations for Registration in the Credit Information System (SCR)

CIRCULAR NO. 003445

Dispenses on the submission of information regarding credit operations for registration in the Credit Information System (SCR), as provided for in Resolution No. 3,658, of 2008.

The Collegiate Board of the Central Bank of Brazil, in a session held on March 25, 2009, taking into account the provisions of Resolution No. 3,658, of December 17, 2008,

DECIDED:

Art. 1. The institutions mentioned in Art. 4 of Resolution No. 3,658, of December 17, 2008, must submit to the Department of Monitoring of the Financial System and Information Management (Desig), for registration in the Credit Information System (SCR), information regarding the credit operations covered by Art. 3 of that resolution:

I - in an aggregated manner, including when carried out by branches and by companies located abroad whose consolidated statements are prepared in accordance with Resolution No. 2,723, of May 31, 2000, and complementary regulations;

II - in an individualized manner regarding each of the operations, when the total of the client's operations is equal to or greater than R$5,000.00 (five thousand reais).

§ 1º Financial institutions must continue submitting information regarding credit operations that fall below the value referred to in item II of this article, until they have been settled or negotiated without substantial retention of risk and benefits or control.

§ 2º The aggregated information mentioned in item I regarding credit operations carried out by branches and companies located abroad is intended for the purpose mentioned in item I of Art. 2 of Resolution No. 3,658, of 2008.

Art. 2. The institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, must submit to Desig, for registration in the SCR, additional individualized data regarding clients who are part of economic conglomerates.

Art. 3. Information regarding credit operations carried out by the companies referred to in item I of Art. 5 of Resolution No. 3,658, of 2008, which are subject to proportional consolidation by more than one of the institutions mentioned in Art. 4 of that resolution, in accordance with Resolution No. 2,723, of May 31, 2000, and complementary regulations, must be submitted for registration in the SCR by one of the controlling institutions, as agreed upon with the other institutions.

Sole paragraph. The controlling institutions referred to in this article must communicate to Desig the data of the institution responsible for submitting the information regarding the controlled companies.

Art. 4. Information regarding credit operations subject to negotiation with substantial retention of risks and benefits or control by the intervenor or the assignor, relative to the drawee, debtor, or ultimate borrower, as provided for in Resolution No. 3,533, of January 31, 2008, must be submitted for registration in the SCR in the name of the intervenor or the assignor.

§ 1º The institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, must identify the drawee, debtor, or ultimate borrower of the credit operations granted through the negotiation referred to in this article, observing item II of Art. 8 of that resolution and item II of Art. 1 of this circular.

§ 2º The provisions of this article also apply to negotiations carried out between the institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, and by the companies and funds referred to in Art. 5 of that resolution.

Art. 5. Information regarding credit operations subject to negotiation without substantial retention of risks and benefits or control by the intervenor or the assignor, as provided for in Resolution No. 3,533, of 2008, must be submitted for registration in the SCR in the name of the drawee, debtor, or ultimate borrower.

Sole paragraph. The provisions of this article also apply to:

I - credits resulting from the commercialization of goods and services, acquired by a mercantile funding company (factoring) controlled by one of the institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, in accordance with Resolution No. 2,723, of 2000, and complementary regulations; and

II - negotiations carried out between the institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, and by the companies and funds referred to in Art. 5 of that resolution.

Art. 6. Negotiable instruments issued by individuals or legal entities in favor of the institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, resulting from credit operations of any modality, which represent a promise of payment in money or in kind, must be reported for registration in the SCR in the name of their issuer, and the provisions of item II of Art. 7 of this circular shall not apply.

Art. 7. The following shall not be reported for registration in the SCR:

I - credits resulting from the commercialization of goods and services carried out by the companies referred to in Art. 5 of Resolution No. 3,658, of 2008, except those referred to in item I of the sole paragraph of Art. 5 of this circular;

II - operations carried out through the acquisition or intermediation of securities and marketable assets, including those with a commitment to repurchase or resell;

III - operations with financial derivative instruments;

IV - interbank deposits;

V - credits resulting from insurance, co-insurance, reinsurance, capitalization bonds, consortiums, supplementary pension plans, and health plans.

Art. 8. For the purposes of this circular, substantial retention of risks and benefits or control in the negotiation of credit operations is characterized when the institutions mentioned in Art. 4 of Resolution 3,658, of 2008, carry out:

I - the acquisition of the following financial instruments that grant the acquiring institution significant participation in the risks and benefits regarding credit operations:

a) shares of investment funds in credit rights (FIDC);

b) shares of exclusive investment funds;

c) real estate receivables certificates (CRI);

d) debentures issued by credit securitization companies;

e) real estate credit notes (CCI), certificates of bank credit notes (CCCB), or other financial instruments representing the negotiation of the negotiable instruments referred to in Art. 6; and

f) other financial instruments representing the negotiation of credit operations.

II - in the form of Art. 4 of this circular, a negotiation in which:

a) the drawee, debtor, or ultimate borrower is not notified about the negotiation, in accordance with Art. 290 of Law No. 10,406, of January 10, 2002 (Brazilian Civil Code); and

b) the intervenor or assignor assumes, even tacitly, the obligation to replace or repurchase, due to default by the drawee, debtor, or ultimate borrower, any of the operations among those negotiated.

§ 1º The provisions of this article also apply to negotiations of credit operations carried out with the funds or companies referred to in item I of this article.

§ 2º The substantial retention or transfer of part of the risks and benefits of credit operations negotiated in accordance with Art. 4 may only be registered proportionally in the SCR by the institutions involved in the negotiation, when it is possible to identify the portion of the operation's value corresponding to the retained or transferred risks and benefits.

Art. 9. The submission of information for registration of credit operations in the SCR must be carried out considering the present value on the base date, observing the provisions of Art. 9 of Resolution No. 2,682, of December 21, 1999.

Sole paragraph. For the purposes of item I of Art. 2 of Resolution No. 3,658, of 2008, the following values must be reported prominently:

I - adjustments resulting from the variation calculated in the fair value of credit operations subject to hedge or trading, including the premium or discount calculated; and

II - the exchange rate variation calculated in foreign exchange contracts that have been subject to advance operations in national currency or foreign currency.

Art. 10. The institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, must submit, at a minimum, the following information regarding judicial decisions related to credit operations:

I - the identification of the client;

II - the credit operation, when specified;

III - the reference base date, when specified;

IV - the period of coverage; and

V - the nature of the decision, specifying the obligation to remove the operation's record from the SCR or to mark it as sub judice.

Sole paragraph. For the purposes of item II of Art. 2 of Resolution No. 3,658, of 2008, the removal of information or the sub judice marking will be performed for the base date object of the judicial decision, according to information submitted by the institution.

Art. 11. The institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, must submit, at a minimum, the following information regarding objections presented by clients regarding credit operations:

I - the identification of the client;

II - the credit operation to which they refer;

III - the reference base date;

IV - the period subject to objection; and

V - the reasons for the objection.

Art. 12. The institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, upon detecting fraud in the granting of an operation, must proceed to eliminate its record in the SCR.

Sole paragraph. The elimination referred to in this article does not constitute an error in the submission of information to the Central Bank of Brazil.

Art. 13. The institutions covered by Art. 4 of Resolution No. 3,658, of 2008, must designate a director responsible for complying with the provisions of this circular and indicate an employee to answer any questions regarding the information registered in the SCR.

§ 1º The designation and indication referred to in this article must be registered in the Information System on Entities of Interest of the Central Bank (Unicad), established by Circular No. 3,165, of December 4, 2002.

§ 2º For the purposes of the responsibility referred to in this article, it is admitted that the designated director performs other functions within the institution, except those related to the administration of third-party resources and treasury operations.

Art. 14. The institutions covered by Art. 4 of Resolution No. 3,658, of 2008, must keep available to the Central Bank of Brazil, for a minimum period of 5 (five) years, the data and the description of the methodology used to prepare the information submitted for registration in the SCR.

Art. 15. The institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, that do not contract a credit operation on the base date, must inform this fact to Desig.

Art. 16. The institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, resulting from processes of transformation, incorporation, merger, or spin-off, assume the obligations of the transformed, incorporated, merged, or spun-off institutions regarding the submission of information for registration in the SCR, including with respect to the provisions of Arts. 10 and 11 of this circular.

Art. 17. Desig is authorized to establish the format, deadlines, and conditions for the submission, by the institutions mentioned in Art. 4 of Resolution No. 3,658, of 2008, of the information covered by this circular.

Art. 18. This Circular enters into force on the date of its publication, producing effects from the base date of March 31, 2009, when Circulars No. 2,957, of December 30, 1999; No. 2,977, of April 6, 2000; No. 2,999, of August 24, 2000; No. 3,098, of March 20, 2002; No. 3,166, of December 4, 2002; No. 3,214, of December 11, 2003; and No. 3,310, of January 11, 2006, are repealed.

Sole paragraph. The citations and validity basis of the repealed circulars, contained in published norms, shall henceforth refer to this circular.

Brasília, March 26, 2009.

Alvir Alberto Hoffmann Mario Magalhães Carvalho Mesquita Director of Supervision Director of Economic Policy

Anthero de Moraes Meirelles
Director of Administration