Circular No. 3854 — Amends the Regulation annexed to Circular No. 3,682 of November 4, 2013 regarding the deadline for implementing centralized clearing for arrangements subject to this form of clearing

The Collegiate Board of Directors of the Central Bank of Brazil, in a session held on October 26, 2017, based on the provisions of Article 10 of Law No. 10,214 of March 27, 2001, and Articles 9, item I, and 15 of Law No. 12,865 of October 9, 2013, having in view the provisions of Resolution No. 2,882 of August 30, 2001, and Resolution No. 4,282 of November 4, 2013,

R E S O L V E S:

Article 1. The Regulation annexed to Circular No. 3,682 of November 4, 2013, shall enter into force with the following alterations:

“Article 24-B. ......................................................

§ 1. .............................................................

I - November 20, 2017, by organizers of arrangements, issuers and acquirers of payment instruments, as well as financial institutions acting as home institutions; and

............................................................” (NR)

Article 2. The clearing house or settlement service provider operating the system referred to in Article 26, item I, of the Regulation Annexed to Circular No. 3,682 of 2013, shall establish and enforce an integrated test plan necessary to guarantee the safe entry into operation of the centralized clearing and settlement system.

§ 1. The integrated tests referred to in the main text of this article must be completed by November 10, 2017.

§ 2. The clearing house or settlement service provider referred to in the main text shall send to the Central Bank of Brazil, by November 10, 2017, conclusive information regarding the individualized suitability of the participants of the payment arrangements subject to the centralized clearing and settlement system to operate safely in each of the processes of the aforementioned system.

Article 3. Payment institutions, financial institutions, and other institutions authorized to operate by the Central Bank of Brazil that participate in payment arrangements subject to the centralized clearing and settlement system must:

I - comply with the test plan referred to in Article 2 until the deadline stipulated therein;

II - inform the Central Bank of Brazil, by November 10, 2017, regarding the suitability of their internal processes to operate safely in the centralized clearing and settlement system, whenever these cannot be directly measured by the clearing house or settlement service provider referred to in Article 2.

Article 4. This Circular enters into force on the date of its publication.

                   Reinaldo Le Grazie  
                          Director of Monetary Policy