Circular No. 3621 — Amends Circular No. 3,614 of November 14, 2012, Regarding Conditions for Issuance of Real Estate Credit Notes (LCI) and Authorizes Issuance by Investment Banks

The Collegiate Board of the Central Bank of Brazil, in a session held on December 26, 2012, based on Article 10, item VI, of Law No. 4,595 of December 31, 1964, and Article 17 of Law No. 10,931 of August 2, 2004,

R E S O L V E:

Article 1. Articles 4, 5, 6, and 7 of Circular No. 3,614 of November 14, 2012, shall henceforth have the following wording:

"Article 4. From March 30, 2013, the registration of LCI issued on or after November 19, 2012, in asset registration and financial settlement systems authorized by the Central Bank of Brazil, must allow for the identification:

I - of the issuance conditions of the LCI, as provided for in Articles 12 to 15 of Law No. 10,931 of August 2, 2004, including their redemption, repurchase, endorsement, and guarantee conditions;

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§ 4. The information provided for in item III must enable reconciliation with that sent to the Credit Information System (SCR), in accordance with Resolution No. 3,658 of December 17, 2008, even if data regarding the credit or credits referenced therein are not provided to the SCR individually.

§ 5. The identification of the credit or credits backing the issuance of the LCI under item II must include the identification of the corresponding bank credit notes, real estate credit notes, or other titles representing the credit or credits, if they exist." (NR)

"Article 5. Financial institutions must, by June 28, 2013, supplement the registration, in asset registration and financial settlement systems authorized by the Central Bank of Brazil, of real estate credit notes issued on or before November 19, 2012, exclusive, and not yet redeemed, with the information specified in Article 4, with only the classification of the respective backing in the categories listed in item II, letters 'a' through 'd', of the same article being exempted." (NR)

"Article 6. The registration referred to in Articles 4 and 5 must be carried out in an asset registration and financial settlement system that ensures:

I - access by the Central Bank of Brazil to the information and documents necessary for the performance of its legal duties; and

II - the exchange of information with other similar systems, allowing for queries with a single and automatic response, covering information of national scope." (NR)

"Article 7. The Department of Norms of the Financial System (Denor) and the Department of Monitoring of the Financial System (Desig) are authorized to establish the operational procedures necessary to comply with the provisions of Article 6 of this Circular." (NR)

Article 2. This Circular enters into force on the date of its publication.

Sidnei Correa Marques
Deputy Director of Financial System Regulation Deputy Director of Supervision