Circular No. 3857 of 14 November 2017

BANCO CENTRAL DO BRASIL

CIRCULAR No. 3.857, OF 14 NOVEMBER 2017

Provides for the rite of the administrative sanctioning process, the application of penalties, the commitment agreement, the precautionary measures, the coercive fine and the administrative agreement in the supervision process provided for in Law No. 13.506, of 13 November 2017.

The Board of Governors of the Banco Central do Brasil, in a session held on 14 November 2017, based on art. 36 of Law No. 13.506, of 13 November 2017,

R E S O L V E S :

CHAPTER I PRELIMINARY PROVISIONS

Art. 1 This Circular governs:

I - the rite of the administrative sanctioning process within the scope of the Banco Central do Brasil;

II - the application of the penalties of:

a) public admonition;

b) fine;

c) prohibition to provide certain services to institutions supervised by the Banco Central do Brasil and to members of the Brazilian Payment System;

d) prohibition to carry out certain activities or types of operation;

e) disqualification to act as administrator and to hold office in a body provided for in the articles of association or in the social contract of institutions supervised by the Banco Central do Brasil and members of the Brazilian Payment System; and

f) revocation of authorization to operate;

III - the procedures relating to the execution of the commitment agreement;

IV - the procedures relating to the imposition of precautionary measures;

V - the procedures relating to the application of the coercive fine; and

VI - the procedures relating to the execution of the administrative agreement in the supervision process.

Sole paragraph. The provisions of Chapter IV of this Circular do not apply to infractions of Law No. 9.613, of 3 March 1998.

CHAPTER II PROCEDURAL RITE

Section I Preliminary Provisions

Art. 2 The administrative sanctioning process, a supervision instrument intended to maintain discipline, stability and regularity in the functioning of the National Financial System, the Consortium System and the Brazilian Payment System, shall obey, among others, the principles of legality, purpose, motivation, reasonableness, proportionality, morality, full defense, adversarial proceedings, legal certainty, public interest and efficiency.

Art. 3 The Banco Central do Brasil shall consider the following guidelines for not initiating an administrative sanctioning process:

I - low harm to the protected legal interest; and

II - effectiveness and efficiency of the alternative supervision instrument or measure used both to remedy the administrative irregularity and to deter recurrence.

§ 1 The following constitute protected legal interests, for the purposes of this Circular:

I - the stability and soundness of the National Financial System, the Consortium System and the Brazilian Payment System;

II - the regular functioning of institutions supervised by the Banco Central do Brasil; and

III - the adequate relationship of institutions supervised by the Banco Central do Brasil with clients and users of financial products and services.

§ 2 The degree of harm to the protected legal interest must be verified, in the specific case, based on the nature, scope, severity, relevance, repetition of the irregular conduct and recurrence.

Art. 4 In the case of succession of a legal entity authorized to operate by the Banco Central do Brasil, the administrative sanctioning process shall not be initiated in relation to the successor legal entity, when it concerns an irregularity prior to the reorganization, unless fraud or simulation is verified.

Art. 5 Procedural acts and terms shall be formalized, communicated and transmitted by electronic means.

Sole paragraph. Procedural acts may, exceptionally, be formalized and communicated in physical medium while the electronic process is not fully implemented at the Banco Central do Brasil.

Art. 6 The following must have registration in the Banco Central Electronic Mail System (BC Correio):

I - institutions supervised by the Banco Central do Brasil and members of the Brazilian Payment System;

II - legal entities that provide independent audit services to institutions supervised by the Banco Central do Brasil and members of the Brazilian Payment System; and

III - cooperative audit entities and independent audit firms accredited by the Banco Central do Brasil for the execution of cooperative audit activities.

Section II Summonses and Notifications

Art. 7 The summons, issued to notify the accused of the irregularities imputed to him and to enable him to exercise the right to adversarial proceedings and full defense, shall contain, in addition to the elements listed in § 1 of art. 20 of Law No. 13.506, of 13 November 2017:

I - the legal or regulatory provision infringed and the penalty provided;

II - the process number;

III - the conditions for access to the process; and

IV - the name and signature of the public servant responsible for the act.

Art. 8 The omission or incorrectness in the legal or regulatory classification or in the penalty provided does not invalidate the summons carried out, provided that the fact described therein constitutes a punishable infraction.

Art. 9 The notification, an act by which the accused is informed of the acts and terms of the process that result in the imposition of duties, burdens, sanctions or restrictions on the exercise of rights and activities, shall contain:

I - the identification of the accused;

II - the process number;

III - the legal basis of the decision, when applicable;

IV - the operative part of the decision, when applicable;

V - the indication of the deadline for filing an appeal, when applicable;

VI - the conditions for access to the process; and

VII - the name and signature of the public servant responsible for the act.

BANCO CENTRAL DO BRASIL

Art. 10 The summons may be effected by notification in the process, by mail or by electronic means.

§ 1 The summons addressed to a person who has registration for access to BC Correio shall be effected by electronic communication sent through that system.

§ 2 The citation by mail shall be carried out with acknowledgment of receipt and sent to the address of the accused contained in databases existing at the Central Bank of Brazil.

§ 3 When the place where the accused is located is unknown, uncertain or inaccessible, or in case of evasion, the citation shall be effected by means of publication of a notice on the electronic site of the Central Bank of Brazil.

Art. 11. The notification of procedural acts shall be carried out by making them available on the electronic site of the Central Bank of Brazil.

Sole paragraph. The notification intended for persons who have registration for access to BC Correio may be effected by means of electronic communication sent through that system.

Section III On the Conduct of the Process

Art. 12. In cases where the practice of several infractions is verified or where there is more than one accused, the Central Bank of Brazil may investigate responsibilities through one or several processes.

Art. 13. The process shall be conducted in any of the locations where there is a representation of the Central Bank of Brazil, at the discretion of the Administration.

Sole paragraph. The accused may perform procedural acts in any representation of the Central Bank of Brazil.

Art. 14. The right to consult and obtain copies of the process, for which the Central Bank of Brazil may require reimbursement of expenses, shall be restricted to the parties, their legal representatives or attorneys.

Art. 15. Procedural incidents raised and not expressly regulated in this Circular shall be decided by the processing authority and shall not suspend the running of the time limit nor prevent the performance of procedural acts or ongoing or subsequent procedures.

Art. 16. The nullity of any procedural act shall only affect subsequent acts that depend on or derive from it.

Sole paragraph. Acts that present remediable defects and that do not cause harm to the accused may be validated by the Central Bank of Brazil.

Section IV On Time Limits

Art. 17. The time limit for the performance of the procedural act incumbent upon the accused shall be ten days, unless otherwise provided by legal or regulatory provision or a different time limit is set by the Central Bank of Brazil.

Art. 18. If there are two or more accused in the same process, the time limits shall be counted individually.

Art. 19. The first of the events mentioned in § 1 of art. 24 of Law No. 13.506, of 2017, is considered the day of the beginning of the time limit.

Sole paragraph. The first day of the counting of the time limit and the day of the expiration of the time limit shall be extended to the first following business day, if they coincide with a weekend, holiday, optional point or day on which the office is closed before or started after the normal hour or there is unavailability of the electronic process system of the Central Bank of Brazil.

Art. 20. The date of delivery of documents to the Central Bank of Brazil is considered as:

I - date of protocol, when the documentation is delivered directly to a representation of the Central Bank of Brazil, or of receipt in the electronic system of the Central Bank of Brazil; or

II - date of posting in the Post Office or in another regular service of dispatch and delivery of parcels and documents.

Art. 21. The Central Bank of Brazil shall analyze a request for granting a new time limit for the performance of a procedural act, in the event of an unforeseen event, beyond the will of the accused, that prevents him from performing the act, by himself, by his representative or by attorney.

Sole paragraph. Once the occurrence of the event mentioned in the caput is proven, the Central Bank of Brazil shall set a new time limit for the performance of the act.

Art. 22. The accused may waive the time limit established exclusively in his favor, provided that he does so expressly.

Art. 23. The appeal, attached to the respective process, must be forwarded by the Central Bank of Brazil to the Board of Appeals of the National Financial System, within thirty days.

Section V On Preclusion and Default

Art. 24. The act performed after preclusion shall be considered non-existent.

Art. 25. Default does not imply confession as to the matter of fact, and the defaulter may intervene at any stage, receiving the process in the state in which it is found, without the right to repetition of acts already performed.

Section VI On Defense

Art. 26. The defense may be signed by the accused or by an attorney constituted by him.

§ 1 The defense signed by an attorney to which no instrument of mandate has been attached shall be considered valid, provided that it is presented to the Central Bank of Brazil within the following ten days.

§ 2 After the time limit referred to in § 1 has elapsed, without the instrument of mandate being exhibited, the defense shall be considered non-existent and removed from the records, with default occurring.

Section VII On Evidence

Art. 27. It is incumbent upon the accused, in the defense, to attach the documents intended to prove his allegations and to indicate the other evidence he intends to produce, under penalty of preclusion.

§ 1 Any cost for the production of evidence requested by the party shall be borne by it.

§ 2 The accused who requests the production of evidence based on facts and data recorded in the Central Bank of Brazil must specify the documents he intends to be attached to the process.

§ 3 The Central Bank of Brazil shall reject, with reasons, illicit, impertinent, unnecessary or dilatory evidence.

§ 4 Illicit evidence may not be part of the process and, if produced, shall be removed.

Art. 28. If witness evidence is requested, the list of witnesses must be presented together with the defense and contain the name, profession, registration number in the Individual Taxpayer Registry and the indication of the link of each listed witness with the facts addressed in the process.

§ 1 The number of witnesses listed may not exceed three for each irregularity and ten for each accused.

§ 2 The Central Bank of Brazil shall reject the production of witness evidence on facts that can be proven by document.

§ 3º Once the production of witness evidence is granted, the Central Bank of Brazil shall notify the day, time, manner and place of the scheduled hearing, and the accused shall be responsible for ensuring the attendance of the witness.

§ 4º The witnesses shall be heard at any of the representations of the Central Bank of Brazil.

§ 5º The testimony shall, at the discretion of the Central Bank of Brazil, be recorded on digital media or in writing, and in either case shall be accompanied by a term of production of witness evidence signed by the witness, by the civil servants designated to conduct the hearing and by the accused, legal representative or attorney.

Art. 29. The Central Bank of Brazil may, in the course of the proceedings, produce the evidence and carry out the diligences it deems necessary.

Art. 30. The accused shall be allowed to comment on new evidence gathered by the Central Bank of Brazil after the defense phase.

Section VIII Of the Decision of the Central Bank of Brazil

Art. 31. Once the procedural instruction is completed, the case records shall be submitted for decision:

I - by a specific collegiate body, when the administrative proceeding is initiated against a person mentioned in art. 2 of Law No. 13.506, of 2017; or

II - monocratically, in the other cases.

Sole paragraph. The decision shall also be monocratic when the administrative proceeding is initiated against a natural person mentioned in art. 2 of Law No. 13.506, of 2017, and the indication of the facts imputed to the accused does not present a relation with the activity exercised by him in the institutions referred to in the caput of art. 2 of Law No. 13.506, of 2017.

Art. 32. The essential requirements of the decision are:

I - the report, which shall contain the qualification of the accused, the summary of the facts that motivated the initiation of the proceeding and of the defense allegations;

II - the grounds of fact and of law; and

III - the operative part, in which the judging authority shall decide for the acquittal or conviction of the accused, establishing, in the latter case, the applicable penalties.

Art. 33. The decision shall be final:

I - convicting, when the time limit for appeal has expired without it having been filed; and

II - acquitting.

Sole paragraph. The decision shall also be final in the part that has not been subject to appeal.

Circular No. 3.857, of 14 November 2017
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Art. 34. The summary of the decision published on the website of the Central Bank of Brazil shall contain:

I - the identification of the accused;

II - the case number;

III - the legal basis of the decision;

IV - the operative part of the decision; and

V - the name of the authority that issued the decision.

Section IX Of the Request for Suspensive Effect

Art. 35. The filing of an appeal against a decision that imposes the penalties of public admonition, of fine or of prohibition to provide certain services to the institutions mentioned in the caput of art. 2 of Law No. 13.506, of 2017, cumulatively with the other penalties provided for in item II of art. 1 of this Circular, does not prevent the execution of the latter penalties.

Art. 36. The penalized party may submit a request for the appeal filed against a decision that imposes the penalties provided for in subitems "d", "e" or "f" of item II of art. 1 of this Circular to also be received with suspensive effect, pursuant to § 5 of art. 29 of Law No. 13.506, of 2017, within ten days, counted from the notification of the decision that applied the penalty.

Art. 37. The request shall be addressed to the authority that issued the decision, which shall decide on the attribution of suspensive effect within ten days, counted from the receipt of the request.

Sole paragraph. The consideration of the request for suspensive effect shall take place in separate case records from the original proceeding.

Art. 38. The penalized party may appeal the decision that denies the attribution of suspensive effect, within five days, counted from the notification of the decision that denied the request.

Sole paragraph. The appeal shall be addressed to the specific collegiate body, which shall decide within fifteen days, counted from the receipt of the appeal.

Section X Of the Effectiveness and Execution of Decisions

Art. 39. The convicting decision of first instance that applies the penalties provided for in items IV, V and VI of art. 5 of Law No. 13.506, of 2017, shall only begin to produce effects:

I - after the time limit for appeal established in the caput of art. 29 of Law No. 13.506, of 2017, has expired without the appeal having been filed;

II - after the time limits for submitting the request provided for in art. 36 of this Circular or for filing the appeal referred to in art. 38 of this Circular have expired, without the request having been submitted or the appeal having been filed; and

III - after the notification of the final decision of the Central Bank of Brazil that denies suspensive effect to the appeal.

Art. 40. The penalty of public admonition is exhausted with the publication of the news about the imposition of the penalty and of the text specified in the convicting decision.

§ 1º In addition to the publication referred to in the caput on the website of the Central Bank of Brazil, this Autarchy may also determine its disclosure in a place of easy access and visibility, for a period of no less than five days and no more than fifteen days, in:

I - website(s) of the penalized institution or of the institution with which the penalized party has a current link at the time of the sanction; and

II - news vehicle of large circulation.

§ 2º The penalized party shall bear the burden of the disclosures referred to in items I and II of § 1º.

§ 3º The decision that determines the disclosures referred to in items I and II of § 1º shall observe the provisions of art. 75 of this Circular.

Art. 41. The decisions that apply the penalty of fine shall be subject to notification for payment within thirty days, after which the charges provided for in Law No. 10.522, of 19 July 2002, shall be added to the fine.

§ 1º For the purposes of calculating the amount referred to in art. 7, § 6, of Law No. 13.506, of 2017, the sum of the fine penalties imposed, per penalized party, in the same administrative sanctioning proceeding is considered.

§ 2º Once partial payment is made, the charges referred to in the caput shall apply to the remaining amount.

Art. 42. The term for compliance with the penalty of disqualification, calculated as provided in the caput of art. 24 of Law No. 13,506 of 2017, shall begin:

I - on the date on which the decision begins to take effect, under the terms of art. 39 of this Circular, if the penalized party does not act as an administrator in an institution supervised by the Central Bank of Brazil or a member of the Brazilian Payment System, nor holds a position in a body provided for in the bylaws or articles of association; and

II - on the day of publication of the decision of the Board of Appeals of the National Financial System, in cases where suspensive effect is granted to the appeal filed against the decision of the Central Bank of Brazil that applies the penalty of disqualification and the penalized party does not act as an administrator in an institution supervised by the Central Bank of Brazil or a member of the Brazilian Payment System, nor holds a position in a body provided for in the bylaws or articles of association.

Sole paragraph. The period of compliance with the precautionary measure applied on the basis of items I and II of the caput of art. 17 of Law No. 13,506 of 2017 shall be counted for the purposes of compliance with the penalty of disqualification.

Art. 43. In cases where an appeal is filed against the decision of the Central Bank of Brazil that applies the penalty of prohibition from providing certain services to the institutions mentioned in the caput of art. 2 of Law No. 13,506 of 2017, the term for compliance with that penalty shall begin on the day of publication of the decision of the Board of Appeals of the National Financial System.

Art. 44. The term for compliance with the penalty of prohibition from carrying out certain activities or types of operation, calculated as provided in the caput of art. 24 of Law No. 13,506 of 2017, shall begin on the date on which the decision begins to take effect, under the terms of art. 39 of this Circular.

§ 1º In cases where suspensive effect is granted to the appeal filed against the decision of the Central Bank of Brazil that applies the penalty of prohibition from carrying out certain activities or types of operation, the term for compliance with the penalty shall begin on the day of publication of the decision of the Board of Appeals of the National Financial System.

§ 2º The period of compliance with the precautionary measure applied on the basis of item III of the caput of art. 17 of Law No. 13,506 of 2017 shall be counted for the purposes of compliance with the penalty of prohibition from carrying out certain activities or types of operation.

Art. 45. Once the penalty of revocation of authorization to operate is applied, the penalized institution shall immediately notify its clients of the fact and shall adopt the following measures within ninety days:

I - closure or transfer of the operations and contracts exclusive to an institution supervised by the Central Bank of Brazil or to members of the Brazilian Payment System to an institution regularly authorized to operate; and

II - amendment of its name and its corporate purpose, with the respective registration with the Board of Trade and proof thereof to the Central Bank of Brazil.

§ 1º The penalized party shall use the available communication channels to inform its clients about the impediment to continuing its operations at the institution, the procedures and the term for closure or transfer of the operations.

§ 2º Any omission of action or opposition on the part of the client in relation to the provisions of item I of the caput does not prevent the adoption of the determination of item II of the caput, and the penalized party shall be responsible for complying with its contractual obligations before third parties.

§ 3º The new corporate name to be adopted under the terms of item II of the caput may not contain the original name of the institution, the trade name used by it up to the date of revocation, or any expression that may indicate the carrying out of activities exclusive to an institution supervised by the Central Bank of Brazil or a member of the Brazilian Payment System.

§ 4º In cases where suspensive effect is granted to the appeal filed against the decision of the Central Bank of Brazil that applies the penalty of revocation of authorization to operate, the term for adopting the measures established in the caput shall begin on the day of publication of the decision of the Board of Appeals of the National Financial System, observing the provisions of the caput of art. 24 of Law No. 13,506 of 2017.

Art. 46. Penalties of the same type shall be calculated cumulatively.

CHAPTER III ON INFRACTIONS COMMITTED BY CONSORTIUM ADMINISTRATORS

Art. 47. For the purposes of the gradation of penalties provided for in art. 36, item I, of Law No. 13,506 of 2017, the following constitute punishable infractions within the scope of the Consortium System:

I - selling consortium quotas, including through representatives, in a manner incompatible with the legislation in force;

II - using funds from a consortium group for a purpose other than those permitted in the legislation in force;

III - misappropriating funds from the group for the benefit of the administrator or third parties;

IV - failing to deposit the funds of the consortium groups in a financial institution or to apply them in the manner established in the legislation in force;

V - promoting or failing to promote allotments, in disagreement with the requirements of the legislation in force;

VI - failing to convene or hold an ordinary or extraordinary general meeting, under the terms of the legislation in force;

VII - failing to provide, in a clear, objective and adequate manner, the information necessary for the free choice and decision-making by the consortium members;

VIII - carrying out operations without observing the operational limits or the minimum standards of paid-in capital and adjusted equity; or

IX - failing to maintain the patrimonial autonomy of the consortium groups.

CHAPTER IV ON THE APPLICATION OF PENALTIES

Section I General Provisions

Art. 48. The following shall not constitute a cause for extinction of punishability:

I - the correction of the irregularity by the offender; or II - the claim of ignorance or misunderstanding of the legislation.

Section II Of the Public Admonition

Art. 49. In the cases of infractions provided for in art. 3, items II, III, VI, VIII, IX, X, XI, XII, XIII, XV, XVI and XVII, of Law No. 13.506, of 2017, in art. 47, items I, II, III, IV, VIII and IX, of this Circular and of infractions that produce or may produce any of the effects provided for in art. 4 of Law No. 13.506, of 2017, the penalty of public admonition may only be applied cumulatively with the penalties of fine, of prohibition to provide certain services, of prohibition to carry out certain activities or types of operation or of disqualification.

Section III Of the Penalties of Fine, of Prohibition and of Disqualification

Art. 50. In the application of the penalties of fine, of prohibition to provide certain services, of prohibition to carry out certain activities or types of operation and of disqualification, the base penalty shall initially be set, considering in its calculation, to the extent that they can be determined:

I - the economic capacity of the offender;

II - the degree of harm or the danger of harm to the National Financial System, to the Consortium System, to the Brazilian Payment System, to the institution or to third parties;

III - the reprehensibility of the offender's conduct;

IV - the amounts of the irregular operations; and

V - the duration of the infraction.

Art. 51. The base penalty of fine applicable to each infraction shall obey the following gradation:

I - from R$20,000.00 (twenty thousand reais) up to R$500,000.00 (five hundred thousand reais), multiplied by the weighting factor contained in Annex I, for the infractions provided for in items I, IV, V, VII, XIV, XV and XVII of art. 3 of Law No. 13.506, of 2017, in items I, II, IV, V, VI and VIII of art. 47 of this Circular, in Law No. 4.131, of 3 September 1962, except as provided in item VI, and in the infralegal norms relating to exchange;

II - from R$40,000.00 (forty thousand reais) up to R$1,000,000.00 (one million reais), multiplied by the weighting factor contained in Annex I, for the infractions provided for in items II, III, VI, VIII, XII, XIII and XVI of art. 3 of Law No. 13.506, of 2017;

III - from R$60,000.00 (sixty thousand reais) up to R$1,500,000.00 (one million five hundred thousand reais), multiplied by the weighting factor contained in Annex I, for the

infractions provided for in items IX, X and XI of art. 3 of Law No. 13.506, of 2017, and in items III, VII and IX of art. 47 of this Circular;

IV - from R$100,000.00 (one hundred thousand reais) up to R$2,500,000.00 (two million five hundred thousand reais), multiplied by the weighting factor contained in Annex I, for the infractions referred to in items I, IV, V, VII, XIV, XV and XVII of art. 3 of Law No. 13.506, of 2017, and in items I, II, IV, V, VI and VIII of art. 47 of this Circular, when they produce or may produce any of the effects provided for in art. 4 of Law No. 13.506, of 2017;

V - from R$200,000.00 (two hundred thousand reais) up to R$5,000,000.00 (five million reais), multiplied by the weighting factor contained in Annex I, for the infractions provided for in items II, III, VI, VIII, XII, XIII and XVI of art. 3 of Law No. 13.506, of 2017, when they produce or may produce any of the effects provided for in art. 4 of Law No. 13.506, of 2017; and

VI - from R$300,000.00 (three hundred thousand reais) up to R$7,500,000.00 (seven million five hundred thousand reais), multiplied by the weighting factor contained in Annex I, or up to 50% (fifty percent) of the amount calculated under item I of art. 7 of Law No. 13.506, of 2017, multiplied by the weighting factor contained in Annex I, whichever is greater, for the infractions provided for in items IX, X and XI of art. 3 of Law No. 13.506, of 2017, and in items III, VII and IX of art. 47 of this Circular, when they produce or may produce any of the effects provided for in art. 4 of Law No. 13.506, of 2017, and for the infractions provided for in arts. 1 and 2 of Decree No. 23.258, of 19 October 1933, in art. 10 of Decree-Law No. 9.025, of 27 February 1946, and in art. 23 of Law No. 4.131, of 1962.

Art. 52. The base penalty of prohibition to provide certain services for institutions supervised by the Central Bank of Brazil and for members of the Brazilian Payment System shall be set in a whole number of years in the range of three to ten years.

Art. 53. The base penalty of prohibition to carry out certain activities or types of operation for institutions supervised by the Central Bank of Brazil and for members of the Brazilian Payment System shall be set in a whole number of years in the range of one to five years.

Art. 54. The base penalty of disqualification to act as administrator and to hold a position in a body provided for in the constitutive act of an institution supervised by the Central Bank of Brazil and member of the Brazilian Payment System applicable to each infraction shall be set in a whole number of years and shall obey the following gradation:

I - from three to six years, for the infractions provided for in items I, IV, V, VII, XIV and XV of art. 3 of Law No. 13.506, of 2017, and in items I, II, IV, V, VI and VIII of art. 47 of this Circular;

II - from three to ten years, for the infractions provided for in item XVII of art. 3 of Law No. 13.506, of 2017;

III - from six to ten years, for the infractions provided for in items II, III, VI, VIII, XII, XIII and XVI of art. 3 of Law No. 13.506, of 2017; and

IV - from ten to fifteen years, for the infractions provided for in items IX, X and XI of art. 3 of Law No. 13.506, of 2017, and in items and in items III, VII and IX of art. 47 of this Circular.

CENTRAL BANK OF BRAZIL

Art. 55. The following are circumstances that aggravate the penalties of fine, of prohibition to provide certain services, of prohibition to carry out certain activities or types of operation and of disqualification, when they do not constitute autonomous infractions:

I - recidivism;

II - systematic or repeated practice;

III - the occurrence of damage to the image of the institution or of the segment in which it operates;

IV - the advantage obtained or intended by the offender; and

V - the commission of an infraction by means of fraud or simulation.

§ 1º The fine penalty shall be increased by 20% (twenty percent) for each aggravating circumstance verified.

§ 2º The penalties of disqualification, of prohibition to provide certain services and of prohibition to carry out certain activities or types of operation shall be increased by one year for each aggravating circumstance verified.

§ 3º Recidivism occurs when the agent commits a new infraction after having been punished by virtue of a final administrative decision, unless three years have elapsed from the compliance with the respective punishment or from the extinction of the penalty.

§ 4º In the case of infractions related to independent audit or cooperative audit, the occurrence of damage to the image of the audited institution or of the segment in which it operates shall also be considered as an aggravating circumstance.

Art. 56. The following are circumstances that mitigate the penalties of fine, of prohibition to provide certain services, of prohibition to carry out certain activities or types of operation and of disqualification:

I - the collaboration of the offender that results in the identification of the other parties involved in the infraction, if applicable, and in obtaining information and documents that prove the commission of a punishable infraction based on the legislation in force, provided that they are not previously known to the Banco Central do Brasil;

II - the good record of the offender; and

III - the regularization of the infraction before its detection by the Banco Central do Brasil.

§ 1º The incidence of mitigating circumstances does not result in the decharacterization of the seriousness of the conduct.

§ 2º The fine penalty shall be reduced by 20% (twenty percent) for each mitigating circumstance verified.

§ 3º The penalties of disqualification, of prohibition to provide certain services and of prohibition to carry out certain activities or types of operation shall be reduced by one year for each mitigating circumstance verified.

§ 4º The mitigating circumstance provided for in item I of the caput shall not be applied in the dosimetry of the penalty applied to an offender who has entered into an administrative agreement in a supervision process regarding the facts addressed in the process.

Art. 57. If the infraction has contributed to leading to the application of recovery measures referred to in Resolution No. 4.502, of 30 June 2016, of the measures provided for in art. 5 of Law No. 9.447, of 14 March 1997, or to the decreeing of any of the regimes provided for in Law No. 6.024, of 13 March 1974, and in Decree-Law No. 2.321, of 25 February 1987, the penalty shall be increased by up to 100% (one hundred percent).

§ 1º The cause of increase of penalty provided for in the caput also applies if the infraction has contributed to the need for assistance or financial support from a credit guarantee fund or a resolution fund.

§ 2º The penalty to which natural persons or legal entities that provide independent audit or cooperative audit services are subject shall be increased by up to 100% (one hundred percent) if the audited institution is subjected to any of the measures or regimes described in the caput or to the hypothesis provided for in § 1º as a result of the infraction.

Art. 58. In calculating the penalty to be applied, the following shall apply, in this order:

I - the aggravating circumstances;

II - the mitigating circumstances; and

III - the cause of increase provided for in art. 57 of this Circular.

§ 1º In the occurrence of aggravating circumstances, mitigating circumstances or concurrence of both, the increase or decrease of the penalty may not exceed half of the value or term set for the base penalty.

§ 2º When the application of the aggravating circumstances, the mitigating circumstances and the cause of increase of penalty results in a fractional period of disqualification or prohibition, the final term of the penalty shall be rounded down to the nearest whole number of years.

Art. 59. The sum of the fine penalties applied in a single administrative sanctioning process shall be limited:

I - for the institutions referred to in the caput of art. 2 of Law No. 13.506, of 2017, to the highest of the following amounts:

a) 25% (twenty-five percent) of the share capital, when applicable, determined in the last balance sheet available at the Banco Central do Brasil;

b) 50% (fifty percent) of the minimum required capital, when applicable; or

c) 25% (twenty-five percent) of the Shareholders' Equity (PL), determined in the last balance sheet available at the Banco Central do Brasil; II - for natural persons or legal entities providing independent audit or cooperative audit services, to the lowest of the following amounts:
a) R$5,000,000.00 (five million reais); or b) 25% (twenty-five percent) of the average monthly value of contracts in force with the institutions referred to in the caput of art. 2 of Law No. 13.506, of 2017, during the period of the irregularity; III - for the natural persons referred to in item III of § 1º of art. 2 of Law No. 13.506, of 2017, for the administrators of legal entities providing independent audit and cooperative audit services and for the technical managers responsible for the independent audit and cooperative audit services, to the amount of R$5,000,000.00 (five million reais); IV - for the other natural persons or legal entities, to the amount of R$10,000,000.00 (ten million reais).

Section IV Of the Fine Penalty relating to the Registration and Census of Foreign Capital in the Country and to the Declaration of Brazilian Capital Abroad

Art. 60. The fine penalties to which those responsible for failing to provide the required regulatory information or for providing false, incomplete, incorrect information, or information outside the deadlines and conditions set forth in the regulations in force regarding foreign capital in the Country and Brazilian capital abroad, by virtue of the provisions of Laws nos. 4.131, of 1962, and 11.371, of 28 November 2006, in Provisional Measure no. 2.224, of 4 September 2001, and in Decree-Law no. 1.060, of 21 October 1969, shall be applied in accordance with the following criteria:

I - to register or submit a declaration in disagreement with the deadlines set forth in the respective rules: 1% (one percent) of the amount subject to registration or declaration, limited to R$25,000.00 (twenty-five thousand reais);

II - to provide incorrect or incomplete information: 2% (two percent) of the amount subject to registration or declaration, limited to R$50,000.00 (fifty thousand reais);

III - to fail to register, fail to submit a declaration, or fail to submit documentation proving the information provided to the Central Bank of Brazil: 5% (five percent) of the amount subject to registration or declaration, limited to R$125,000.00 (one hundred and twenty-five thousand reais); or

IV - to provide false information in a registration or declaration: 10% (ten percent) of the amount subject to registration or declaration, limited to R$250,000.00 (two hundred and fifty thousand reais).

§ 1º The fine referred to in item I of the caput shall be reduced in the following situations:

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I - delay of one to thirty days, in which case it shall correspond to 10% (ten percent) of the provided amount; or

II - delay of thirty-one to sixty days, in which case it shall correspond to 50% (fifty percent) of the provided amount.

§ 2º The fine penalty referred to in items I, II, and III of the caput shall be increased by 50% (fifty percent) in cases where the administered party fails to perform, fails to correct, or fails to complete a registration or declaration when requested by the Central Bank of Brazil.

CHAPTER V OF THE COMMITMENT AGREEMENT

Art. 61. At any time before the rendering of the first-instance decision, it is appropriate to present a proposal for a commitment agreement in relation to infractions of the legal and regulatory rules governing the National Financial System, the Consortium System, the Brazilian Payment System, and other legal rules whose compliance is supervised by the Central Bank of Brazil.

§ 1º The proposal for a commitment agreement may be presented before the initiation of the administrative sanctioning process.

§ 2º The proposal for a commitment agreement shall proceed in separate case files.

§ 3º The Central Bank of Brazil shall not enter into a commitment agreement when serious infractions are verified regarding compliance with the obligations addressed in Law no. 9.613, of 1998.

Art. 62. The proposal for a commitment agreement shall be presented by the interested party by simple petition and contain objectively verifiable obligations delimited in time, in particular:

I - the declaration of cessation of the practice under investigation and, if applicable, also of its harmful effects;

II - the measures that will be adopted to correct the irregularities pointed out and the deadline set for such;

III - the description and quantification of any damages caused and the manner and deadline for their effective indemnification; and

IV - the amount of the pecuniary contribution to be collected.

Sole paragraph. The commitment agreement shall contain a penalty clause in the event of default by the proposer and of total or partial non-performance of the committed obligations, without prejudice to the establishment of a penalty clause as special security for a specific clause.

Art. 63. The Central Bank of Brazil may propose adjustments to the interested party in the proposal.

Art. 64. The Central Bank of Brazil shall decide on the acceptance or rejection of the proposal for a commitment agreement within ninety days, counted from its receipt.

Sole paragraph. The Central Bank of Brazil shall consider, in its examination, among other elements, the convenience and opportunity in entering into the commitment, the nature and seriousness of the infractions, and the background of the interested party, observing the provisions of § 4º of art. 11 of Law no. 13.506, of 2017.

Art. 65. The commitment agreement shall stipulate the frequency with which the committing party shall provide the Central Bank of Brazil with information regarding compliance with the obligations assumed by it.

Art. 66. The deadline for compliance with the commitment agreement shall not be extendable, except due to a supervening fact not attributable to the committing party and recognized as such with reasons by the Central Bank of Brazil.

§ 1º Once the Central Bank of Brazil recognizes the occurrence of a supervening fact not attributable to the committing party, the penalty clause established, if any, shall be disregarded.

§ 2º The conditions of the commitment agreement may not be altered, except by a new deliberation of the Central Bank of Brazil, upon request of the interested party.

Art. 67. Upon the expiration of the deadline established in the signed commitment agreement, the Central Bank of Brazil shall declare whether the conditions set forth therein have been complied with by the committing party.

Sole paragraph. Total or partial non-compliance with the assumed obligations shall entail the revocation of the commitment agreement and the adoption of the measures provided for in art. 15, § 2º, of Law no. 13.506, of 2017.

CHAPTER VI OF PRECAUTIONARY MEASURES

Art. 68. The precautionary measures provided for in art. 17 of Law no. 13.506, of 2017, may be decreed by the Central Bank of Brazil before the initiation or during the course of the administrative sanctioning process, provided that the following requirements are met:

I - presence of evidence of authorship and materiality of the infraction; and

II - current or imminent harm to the National Financial System, the Consortium System, the Brazilian Payment System, the institution, or third parties.

Art. 69. The decision that applies the precautionary measure shall contain:

I - the report, with the qualification of the administered party and the summary of the facts that motivated the application of the measure;

II - the factual and legal grounds, with demonstration of compliance with the requirements of art. 68 of this Circular; and

III - the operative part in which the authority will determine the conduct to be adopted and the deadline for its compliance and the amount or percentage of the daily fine imposed in case of non-compliance.

Art. 70. The notification of the application of the precautionary measure shall be addressed to the supervised institution and, in the cases provided for in items I and II of art. 17 of Law No. 13.506, of 2017, also to the natural person.

Sole paragraph. In the cases provided for in items I and II of art. 17 of Law No. 13.506, of 2017, the imposition of a coercive fine on a natural person shall also be applicable, regardless of that applied to the supervised institution.

Art. 71. The decision that applies any of the measures provided for in art. 17 of Law No. 13.506, of 2017, shall be published on the website of the Central Bank of Brazil.

Art. 72. The challenge to the precautionary measure shall be addressed to the authority that issued the decision within ten days, counted from receipt of the notification referred to in art. 70 of this Circular.

Sole paragraph. The authority shall decide the challenge within ten days, counted from its receipt.

Art. 73. The appeal against the decision that reviews the challenge shall be filed with the authority that issued the decision and addressed to the Board of Appeals of the National Financial System, for judgment.

§ 1º The appeal shall proceed in separate case files.

§ 2º The Central Bank of Brazil shall forward the appeal to the Board of Appeals of the National Financial System within five days.

Art. 74. The administrative sanctioning proceeding in which a precautionary measure has been decreed must be decided, at first instance, within 120 days, counted from the end of the deadline for the defense of the accused who is summoned last.

Sole paragraph. In the case of a precautionary measure decreed after the deadline for the presentation of defense, the period referred to in the caput shall be counted from the date of the notification referred to in art. 70 of this Circular.

CHAPTER VII OF THE COERCIVE FINE

Art. 75. The determination of the Central Bank of Brazil, whose non-compliance results in the application of the coercive fine provided for in art. 18 of Law No. 13.506, of 2017, shall also contain the following:

I - the warning that its non-compliance within the established deadline subjects the administered party to the payment of a coercive fine;

II - the indication of the daily amount of the coercive fine;

III - the norm that grounds its imposition; and

IV - the indication of the deadline for presenting a challenge.

§ 1º The administered party shall prove compliance with the determination referred to in the caput within two days, counted from the end of the deadline established for its compliance, except in the case of imposition of the penalty of disqualification, in which the five-day period provided for in § 3º of art. 8º of Law No. 13.506, of 2017, shall be observed.

§ 2º The coercive fine shall apply from the first business day following the end of the deadline established by the Central Bank of Brazil for compliance with the determination.

Art. 76. The setting of the amount of the coercive fine shall observe the following limits:

I - up to R$10,000.00 (ten thousand reais) per day, when the recipient of the determination is:

a) consortium administrator;

b) cooperative audit entity;

c) administrator, member of the board of directors, fiscal council, audit committee and other bodies provided for in the bylaws or articles of association of the institution referred to in the caput of art. 2º of Law No. 13.506, of 2017;

d) natural person who provides independent audit services;

e) securities distribution company;

f) classic credit cooperative or capital and loan credit cooperative;

g) mortgage company;

h) foreign exchange brokerage firm;

i) microentrepreneur and small business credit company; or

j) real estate credit company;

II - up to R$25,000.00 (twenty-five thousand reais) per day, when the recipient of the determination is:

a) savings and loan association;

b) leasing company;

c) full credit cooperative, central credit cooperative or confederation of central cooperatives;

d) development agency;

e) credit, financing and investment company;

f) securities brokerage firm;

g) legal entity that provides independent audit services, including cooperative audit; or

h) administrator or technical officer of a legal entity that provides independent audit or cooperative audit services;

III - up to R$50,000.00 (fifty thousand reais) per day, when the recipient of the determination:

a) is not classified in Segment 1 (S1), under Resolution No. 4.553, of January 31, 2017, and is a multiple bank, commercial bank, investment bank, exchange bank or federal savings bank; or

b) is a development bank, payment institution or payment arrangement initiator;

IV - up to R$100,000.00 (one hundred thousand reais) or one thousandth of the revenue from services and financial products, whichever is greater, per day, when the recipient of the determination is classified in Segment 1 (S1), under Resolution No. 4.553, of 2017.

§ 1º Other segments supervised by the Central Bank of Brazil, their administrators and members of bodies provided for in the bylaws or articles of association, and natural or legal persons that carry out, without due authorization, activity subject to the supervision or oversight of the Central Bank of Brazil, are subject to a coercive fine of up to R$50,000.00 (fifty thousand reais) per day.

§ 2º The fine provided for in art. 18 of Law No. 13.506, of 2017, shall have its incidence limited to sixty days.

Art. 77. The challenge referred to in § 2º of art. 18 of Law No. 13.506, of 2017, shall be addressed to the authority that issued the decision.

Sole paragraph. The authority shall decide the challenge within ten days, counted from its receipt.

Art. 78. The appeal referred to in § 3 of art. 18 of Law No. 13,506, of 2017, shall be addressed to the authority that issued the decision, which shall forward it to the competent authority for its judgment.

Sole paragraph. The authority shall decide the appeal within ten days, counted from its receipt.

CHAPTER VIII OF THE ADMINISTRATIVE AGREEMENT IN SUPERVISION PROCEEDINGS

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Art. 79. At any time before the initiation of the administrative sanctioning proceeding, it is possible to submit a proposal for an administrative agreement in supervision proceedings in relation to violations of the legal and regulatory rules governing the National Financial System, the Consortium System, the Brazilian Payment System, and other legal rules whose compliance is supervised by the Central Bank of Brazil.

§ 1 If an administrative sanctioning proceeding has been initiated, the proposal for an administrative agreement in supervision proceedings may be submitted until the first-instance decision.

§ 2 The proposal for an administrative agreement in supervision proceedings must contain information about other agreement proposals regarding the same practice submitted to other authorities, provided there is no prohibition to do so.

Art. 80. The proposal for an administrative agreement in supervision proceedings may only be submitted to the Central Bank of Brazil in writing and must observe the following procedure:

I - the proponent must submit the proposal by physical means or by electronic system; and

II - the proponent shall present their complete qualification and detail the reported infraction, including its estimated duration and the identification of its authors, presenting the information and documents capable of proving the veracity of their allegations.

Sole paragraph. In the event the proponent chooses to submit the proposal in physical form, the petition must be filed in a sealed envelope clearly identified with the terms "proposal for administrative agreement in supervision proceedings" and "restricted access".

Art. 81. The proposal for an administrative agreement in supervision proceedings shall not hinder the processing of the administrative sanctioning proceeding that may have been initiated to investigate the conducts described in the proposal.

Art. 82. The proponent may withdraw the proposal for an administrative agreement in supervision proceedings at any time before the signing of the respective instrument.

Sole paragraph. Failure to comply with the determinations of the Central Bank of Brazil, within the time and manner established, shall result in the rejection of the proposal for an administrative agreement in supervision proceedings.

Art. 83. If more than one proposal for an administrative agreement in supervision proceedings is submitted, they shall be analyzed in the order in which they were received, observing the requirements established in art. 30 of Law No. 13,506, of 2017.

Sole paragraph. The guarantees provided in § 1 of art. 30 and in § 1 of art. 31 of Law No. 13,506, of 2017, apply to the information provided by the proponent whose proposal for an administrative agreement in supervision proceedings was not the first to be submitted.

CENTRAL BANK OF BRAZIL

Art. 84. The Central Bank of Brazil, through a specific collegiate body, shall decide on the administrative agreement in supervision proceedings within 45 days, counted from the date of receipt of the proposal.

Art. 85. If the agreement is not reached, all documents shall be returned to the proponent, if submitted in physical form, or discarded, if submitted in electronic form.

§ 1 In the event of the caput, the use of said documents for purposes of accountability is prohibited, except when the federal public administration has knowledge of them independently of the submission of the proposal for the administrative agreement in supervision proceedings.

§ 2 The provisions of § 1 shall not prevent the opening of an administrative sanctioning proceeding by the Central Bank of Brazil, with a view to investigating the same facts related to the proposal for an administrative agreement in supervision proceedings, based on autonomous evidence or proof.

Art. 86. Acceptance of the proposal implies the execution of an administrative agreement in supervision proceedings and the preparation, by the Central Bank of Brazil, of a conduct history.

Art. 87. In the administrative agreement in supervision proceedings, the necessary conditions to ensure the effectiveness of the proponent's collaboration and the useful result of the administrative sanctioning proceeding shall be established.

§ 1 The effects of the administrative agreement in supervision proceedings shall be extended to the companies of the same group and to their administrators and former administrators involved in the infraction who sign the respective instrument together with the proponent legal entity.

§ 2 Adherence to the administrative agreement in supervision proceedings, even if formalized in a separate document and at a subsequent moment, when admitted by the authority, according to criteria of convenience and opportunity, shall have the same effect as signing together.

§ 3 If the legal entity is not a proponent of an administrative agreement in supervision proceedings, this shall not prevent its administrator or former administrator from proposing it, in which case, if the agreement is signed, the benefits shall not extend to the legal entity.

§ 4 The signing of the administrative agreement in supervision proceedings does not exempt the legal entity from the obligation to fully repair any damage caused.

Art. 88. The administrative agreement in supervision proceedings must contain:

I - complete qualification of the signatories;

II - succinct exposition of the facts related to the reported infraction;

III - express confession of the participation of the signatory of the administrative agreement in supervision proceedings in the illicit act;

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IV - declaration by the signatory of the administrative agreement in supervision proceedings that their involvement in the reported or under-investigation infraction has ceased;

V - declaration by the signatory of the administrative agreement in a supervisory process that the information and documents contained in the conduct history provided by him are true;

VI - obligations of the signatory of the administrative agreement in a supervisory process to:

a) provide to the Central Bank of Brazil all and any information, documents or other materials of which it has possession, custody or control, capable of proving the reported or under-investigation infraction, including those of which it becomes aware in the course of the investigations;

b) cooperate fully and permanently with the investigations and with the administrative sanctioning process related to the reported infraction;

c) appear, when requested, at its own expense, at all procedural acts until the final decision on the reported infraction; and

d) inform the Central Bank of Brazil of any and all changes to the data contained in the agreement instrument, including qualifiers; and

VII - warning that the failure by the signatory to comply with the obligations set forth in the administrative agreement in a supervisory process, including with regard to the veracity of the information and documents contained in the conduct history, will result in loss of the benefits inherent thereto, including with respect to the reduction or extinction of penalties.

Art. 89. The conduct history must contain, at a minimum:

I - a detailed exposition of the facts related to the reported infraction;

II - the identification of the other parties involved in the practice of the infraction and the detailing of each one's participation, when applicable;

III - other provisions that, given the circumstances of the specific case, are deemed necessary; and

IV - a list with all the information and documents, provided by the signatory of the administrative agreement in a supervisory process, that prove the practice of the reported infraction.

Sole paragraph. Reserved treatment and restricted access shall be granted to the conduct history, in compliance with the provisions of § 3 of art. 31 of Law No. 13,506, of 2017.

Art. 90. Once compliance with the administrative agreement in a supervisory process is declared, the Central Bank of Brazil shall decree, in favor of the signatory who first qualifies:

I - the reduction of two thirds of the penalties applicable in the administrative sphere or the extinction of the punitive action of the public administration, in the event that the proposal for the administrative agreement in a supervisory process was presented without the Central Bank of Brazil having prior knowledge of the reported infraction; or

II - the reduction of one third to three fifths of the penalties applicable in the administrative sphere, in the event that the Central Bank of Brazil has prior knowledge of the reported infraction.

§ 1 Natural persons who qualify first shall benefit from the reduction provided for in item II of the caput.

§ 2 For the purposes of the provisions of this article, the Central Bank of Brazil shall be considered to have prior knowledge of the reported infraction when, at the time of the proposal of the administrative agreement in a supervisory process, a supervisory procedure covering the infraction is underway at the Autarchy.

Art. 91. In cases where the Central Bank of Brazil has prior knowledge of the infraction reported in the administrative agreement in a supervisory process, the following criteria shall be observed for setting the percentage of reduction of the penalties applicable in the administrative sanctioning process initiated to investigate the infraction addressed by the agreement:

I - importance of the information, documents and evidence presented by the signatory;

II - the moment at which the proposal was presented; and

III - the good faith of the signatory.

Art. 92. Non-compliance with the administrative agreement in a supervisory process entails the loss of the benefits provided for in art. 30 of Law No. 13,506, of 2017.

CHAPTER IX FINAL AND TRANSITIONAL PROVISIONS

Art. 93. In cases of permanent or continued infraction, the norm in force on the day the last infraction ceased or was practiced shall apply.

Art. 94. The persons mentioned in art. 6 of this Circular who do not have a registration in BC Correio must request it from the Central Bank of Brazil within sixty days counted from the entry into force of this Circular.

Art. 95. The notification of a decision rendered by the Central Bank of Brazil before the entry into force of Law No. 13,506, of 2017, may be made by mail, in the form provided for in art. 10, § 2, of this Circular.

Art. 96. This Circular enters into force on the date of its publication.

Art. 97. The following are revoked:

I - art. 7 of Resolution No. 3,354, of 31 March 2006; and arts. 8, 9 and 10 of Resolution No. 3,854, of 27 May 2010;

II - Resolutions nos. 1,065, of 5 December 1985; 1,970, of 2 October 1992; 1,987, of 30 June 1993; 2,228, of 20 December 1995; 2,901, of 31 October 2001; 3,192, of 30 April 2004; 3,883, of 22 July 2010; and 4,104, of 28 June 2012;

III - Circulars nos. 3,159, of 30 October 2002; and 3,582, of 9 March 2012; and

IV - art. 5 of Circular No. 3,423, of 12 December 2008; art. 12 of Circular No. 3,538, of 1 June 2011; and art. 24-D of the Regulation annexed to Circular No. 3,682, of 4 November 2013.

Sidnei Corrêa Marques
Director of Organization of the Financial System and Resolution

This text does not replace the one published in the DOU of 17/11/2017, Section 1, p. 15-19, rectified in the DOU of 21/8/2018, Section 1, p. 30, and in Sisbacen.

ANNEX I TO CIRCULAR NO. 3,857, OF 14 NOVEMBER 2017

Table I - Weighting factor of the base penalty of applicable fine

Type of institution or activity	Weighting factor (PJ)	Weighting factor (Administrators, members of the board of directors, of the fiscal council, of the audit committee and of other bodies provided for in the bylaws or in the social contract of institution)
Multiple Bank, Commercial Bank, Investment Bank, Exchange Bank and Caixa Econômica classified in Segment 1 (S1), pursuant to Resolution No. 4,553, of 2017.	100	5
Banco Múltiplo, Banco Comercial, Banco de Investimento, Banco de Câmbio, Banco de Desenvolvimento e Caixa Econômica, except the institutions classified in Segment 1 (S1), and Payment Arrangement Initiator.	10	3
Payment institution.	6	1
Leasing Company and Savings and Loan Association.	4	1
Credit Cooperative – Confederation and Credit Cooperative – Central.	2	0,5
Development Agency, Credit, Financing and Investment Company, Securities Brokerage Company, Full-Service Credit Cooperative.	1	0,25
Consortium Administrator – real estate.	1	0,25
Securities Distribution Company and Consortium Administrator – movable assets and services.	1	0,25
Mortgage Company.	1	0,25

Capital and Loan Credit
Cooperative, Classic Credit
Cooperative, Foreign Exchange
Brokerage Company, Microentrepreneur and Small Business Credit Company and Real Estate Credit Company.
1
0,25
Legal entity that provides
Independent Audit services.
Weighting factor of the audited institution audited Natural person who provides Independent Audit services.
Weighting factor of the audited institution audited Cooperative Audit Entity and Legal entity that provides Cooperative Audit services.
Weighting factor of the audited institution audited 0,75 x weighting factor of the administrator of the audited institution Technical Managers responsible for the independent audit service and for the cooperative audit service 0,75 x weighting factor of the administrator of the institution audited Legal entity referred to in art. 2, § 1, item I, of Law No. 13.506, of 2017, and legal entity not subject to the supervision of the Central Bank of Brazil or not part of the SPB that commits the infractions provided for in Decree No. 23.258, of 1933, in Decree-Law No. 9.025, of 1946, and in Law No. 4.131, of 1962. 1
0.25
Natural person referred to in art.
2, § 1, item I, of Law No. 13.506, of 2017, and natural person who commits the infractions provided for in Decree No. 23.258, of 1933, in Decree-Law No. 9.025, of 1946, and in Law No. 4.131, of 1962.
0.5