Circular No. 3842 — Amends the Regulation annexed to Circular No. 3,682 of November 4, 2013, to segregate the implementation of centralized clearing and settlement and to exclude the release of credit related to future financial flows from said centralized clearing and settlement

The Collegiate Board of Directors of the Central Bank of Brazil, in a session held on July 27, 2017, based on the provisions of Articles 9, items I and IX, and 15 of Law No. 12,865 of October 9, 2013, and Resolution No. 4,282 of November 4, 2013,

R E S O L V E:

Art. 1º Articles 24-B and 26 of the Regulation annexed to Circular No. 3,682 of November 4, 2013, shall enter into force with the following alterations:

“Art. 24-B. Sponsors of payment arrangements covered by Chapter VI of this Regulation must implement the centralized clearing and settlement referred to in Art. 26, regardless of the conclusion of the authorization process currently underway at the Central Bank of Brazil.

§ 1º With regard to the agents involved in the arrangements referred to in the caput, the procedures necessary to adhere to the centralized clearing and settlement must be implemented by:

I - September 4, 2017, by arrangement sponsors, issuers and acquirers of payment instruments, as well as by financial institutions acting as domicile institutions; and

II - September 28, 2018, by the other participants through which the financial flow originating from the receipts of payment transactions passes.

§ 2º With regard to the positions of the participants involved, referred to in § 3º of Art. 26 of this Regulation, the determination stated in the caput must occur by March 5, 2018.” (NR)

“Art. 26. ......

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§ 3º ......

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III – (Revoked);

IV - to the settlement of credit operations carried out with end-users receiving payments based on the expectation of financial flows originating from the receipts of payment transactions within the scope of the payment arrangement.

......” (NR)

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

Art. 3º Item III of § 3º of Art. 26 of the Regulation annexed to Circular No. 3,682 of November 4, 2013, is hereby revoked.

Reinaldo Le Grazie
Director of Monetary Policy