Circular No. 3488 Amending the Reserve Transfer System (STR) Regulation on Fund Transfer Orders, Access and Fees

CIRCULAR No. 3.488

Amends provisions of the regulation annexed to Circular No. 3.100 of 28 March 2002, related to the nature of fund transfer orders, the form of access and the fees of the Reserve Transfer System (STR).

The Collegiate Board of the Central Bank of Brazil, in a session held on 18 March 2010, based on art. 10 of Law No. 10.214 of 27 March 2001, and on arts. 10, item I, and 11 of Resolution No. 2.882 of 30 August 2001,

D E C I D E D:

Art. 1 The arts. 2, 7, 8, 9, 11, 25, 26, 27, 28, 30, 35 and 40 of the regulation annexed to Circular No. 3.100 of 28 March 2002, hereinafter "STR Regulation" with the amendments introduced by Circular No. 3.439 of 2 March 2009, shall henceforth be in force with the following amendments:

"Art. 2 ............................................................................................................

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

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

XII - scheduled fund transfer order: order issued by the participant with indication for settlement at a future moment." (NR)

"Art. 7 The technical access of participants to the STR is made through the National Financial System Network (RSFN) or through the worldwide computer network (internet).

§ 1 Participants holding a Banking Reserve account and the chambers and providers of clearing and settlement services, holding a Settlement Account, must use the RSFN as their main access, and may use the internet during operation under the contingency regime referred to in art. 44 of this regulation.

§ 2 The other participants holding a Settlement Account may choose to use as their main access any of the forms of access provided for in this article.

§ 3 Technical access to the STR via the internet shall occur exclusively through an application made available by the Central Bank of Brazil.

§ 4 The means of technical access to the STR referred to in the caput of this article, as well as the application referred to in § 3 of this article, shall comply with specific regulations established by the Central Bank of Brazil." (NR)

Circular No. 3.488 of 18 March 2010
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"Art. 8 The STR is available to participants, for settlement of fund transfer orders, on days considered business days for purposes of operations practiced in the financial market." (NR)

"Art. 9 The operating hours of the STR for settlement of fund transfer orders are from 6:30 a.m. to 6:30 p.m. (Brasília time).

§ 1 For fund transfer orders in favor of a client, the deadline for settlement is 5:30 p.m.

§ 2 ..................................................................................................................

§ 3 When extraordinary facts so justify, the Central Bank of Brazil may, with effect for a given operating day, change the opening and closing times, as well as the times of specific windows of service groups of the STR, communicating the change to the participants.

§ 4........................................................................................................." (NR)

"Art. 11 For requesting the information referred to in § 1 of art. 17 and for the registration of scheduled fund transfer orders, the STR shall be available to participants, on business days and on Saturdays, from 4 a.m. to 11:59 p.m. and, on Sunday, from 12 p.m. to 11:59 p.m.

Sole paragraph. When extraordinary facts so justify, the Central Bank of Brazil may change the times provided for in this article, communicating the change to the participants." (NR)

"Art. 25 ...........................................................................................................

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

II - for immediate settlement, or at a future moment indicated by the participant.

§ 1 The scheduling of an order for settlement at a future moment is permitted for certain service or message groups of the RSFN Message and File Catalog.

§ 2 The scheduling for settlement of a fund transfer order may be made for up to three business days.

§ 3 The time for settlement of a scheduled fund transfer order must coincide with the specific times established for that purpose.

§ 4 The issuance, by the participant, of a fund transfer order scheduled for the same day must comply with a minimum interval of 15 minutes between its issuance and the time indicated for settlement.

§ 5 The scheduled fund transfer order not yet settled:

I - may be canceled by the participant up to 15 minutes before the time indicated for its settlement, without prejudice to the provisions of § 1 of art. 30; and

II - shall be automatically canceled by the system in case of exclusion or suspension of the participant, or at the moment of decreeing intervention or the special administration regime, observing the provisions of art. 15 and item I of the sole paragraph of art. 16, respectively.

§ 6 The fund transfer order is issued by the participant directly or through another system managed by the Central Bank of Brazil, except as provided in art. 46.

§ 7 The Department of Banking Operations and Payment System (Deban) shall disclose the service or message groups and the times referred to in §§ 1 and 3 of this article." (NR)

"Art. 26 ..........................................................................................................

I - the procedures provided for in the RSFN Technical Manual, in the RSFN Security Manual and in the Manual for Access to the STR via Internet; and

II - the formats, standards and specifications contained in the RSFN Message and File Catalog.

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

"Art. 27 The acknowledgment of receipt issued by the Central Bank of Brazil (message "Confirm on Arrival - COA") constitutes, for all purposes, the protocol of receipt of the funds transfer order issued directly by the participant through the RSFN.

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

"Art. 28. ...........................................................................................................

Sole paragraph. In the case of funds transfer orders issued via the internet, the moment of processing of each order will be considered for the purpose of compliance with the time grids of the service groups." (NR)

"Art. 30 The settlement of funds transfer orders shall follow the chronology of their receipt, observing that:

I - the following shall be submitted to immediate settlement:

a) orders that do not contain an indication of settlement date and time; and

b) orders that do not contain an indication of time and whose settlement date is that of the very day of issuance;

II - orders without an indication of settlement time shall be submitted at the first settlement time for scheduled funds transfer orders, on the indicated future date; and

III - orders without an indication of settlement date shall be submitted at the indicated settlement time on the day of issuance.

§ 1 If there is insufficient balance in the participant's account at the moment the order is submitted for settlement, individually or through an optimization routine, the order will be forwarded to the waiting queue referred to in Section V, Chapter VI, of this regulation, observing the rules for ordering orders in the waiting queue defined in art. 35.

§ 2 At the opening of the STR, the following orders are processed, preceding any other:

I - those forwarded through the Special Settlement and Custody System (Selic) and related to the opening procedures of that system, under the terms of the respective regulation; and

II - those related to cash withdrawals." (NR)

Art. 35. .......................................................................................................... .......................................................................................................................... II - ....................................................................................................................

Sole paragraph. For the purpose of chronological ordering in the waiting queue, scheduled funds transfer orders will be considered by their indicated settlement time." (NR)

"Art. 40. .......................................................................................................... .......................................................................................................................... § 3 .................................................................................................................. ..........................................................................................................................

IV - the fact that the participant is the issuer or the receiver of the order; and

V - the main access method used by the participant.

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

§ 5 The amounts of fees not paid by the due date will be updated by the Selic Rate, in the form of the legislation in force." (NR)

Circular No. 3.488, of 18 March 2010
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Art. 2 The STR fees referred to in art. 40 of the STR Regulation are amended, in the form of the annexed tables.

Art. 3 This circular enters into force on the date of its publication, producing effects:

I - from 22 March 2010, for the amendments referred to in art. 1 of this circular;

II - from 22 April 2010, for the STR-Web fees provided for in annexed Table C and for the fee for operation in the Telephone Contingency regime provided for in Table B for the participant with main access via internet;

III - from 1 May 2010, for the other fees provided for in annexed Tables A and B.

Art. 4 Circular No. 3.337, of 21 December 2006, is revoked as of 1 May 2010.

Brasília, 18 March 2010.

Aldo Mendes
Director

This text does not replace the one published in the DOU and in Sisbacen.

Circular No. 3.488, of 18 March 2010
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Annex II of the STR Regulation – Fee Tables

In R$

Table A – Operation in Normal Regime

Service	Due	Time ranges \1
		6:30 - 9:30	9:30 - 16:30	After 16:30
▪ Settlement of funds transfer order – messages of the STR Service Group of the RSFN Message and File Catalog	▪ By the issuer	0.11	0.44	0.88
	▪ By the receiver	0,44	0,44	0,44
▪ Settlement of funds transfer order – LDL Services Group messages	▪ By the sender	0,62	0,62	0,62
	▪ By the receiver
▪ Settlement of funds transfer order – messages from other service groups	▪ By the sender	0,62	0,62	1,24
	▪ By the receiver
▪ Settlement of scheduled funds transfer order issued on a day prior to the settlement date	▪ By the sender	0,05	0,05	-
	▪ By the receiver	0,44	0,44	-
▪ Rejection of funds transfer order	▪ By the sender	0,31	0,62	1,24
▪ Cancellation of funds transfer order	▪ By the sender	-	-	-
▪ Account balance information, via RSFN	▪ By the requester	1,76	1,76	1,76
▪ Provision of account statement or list of entries, by message via RSFN	▪ By the requester	6,20 per message
▪ Provision of account statement or list of entries, by electronic file requested via RSFN	▪ By the requester	6,20 minimum and 53,00/MB
▪ Provision of account statement or list of entries, by electronic file requested via STR-Web	▪ By the requester	Nihil for the first request of each file type on the day and 6,20 minimum or 53,00/MB, from the 2nd request

[\1] – If the opening time is postponed, the reduced tariff will be applied during the first three hours of STR operation

Table B – Operation in Contingency Regime \2
Service
Due
Time ranges
6h30 -
9h30
9h30 -
16h30
After
16h30
Internet Contingency
▪ For each request to use the service
▪ By the requester
6.000,00
▪ Per message included in a file (PSTA)
▪ By the sender
2,00
5,00
20,00
Telephone Contingency
▪ For each message request, by the participant with primary access via RSFN ▪ By the requester 3.000,00 ▪ For each message request, by the participant with primary access via Internet 500,00

[2] \2 – The receiving participant is subject to the operating fees under normal regime as per Table A.

Table C - Provision of the STR-Web Application as Primary Access to STR \3 \4
Participant issuing up to 100 transfer orders per month 500,00 / month Participant issuing from 101 to 1.000 transfer orders per month 2.000,00 / month Participant issuing more than 1.000 transfer orders per month 4.000,00 / month

[3] \3 – In addition to the fee for providing the application, the participant that uses STR-Web as primary access is subject to the payment of individual per-message fees provided for operation under normal regime.

[4] \4 – The participant will be classified in the specific fee bracket calculated based on the number of fund transfers effected in the month, issued by it directly or through a system managed by the Central Bank of Brazil.