Circular No. 3915 — Provides for the preparation and submission of information relating to financial instruments pledged as guarantee to the Credit Guarantee Fund (FGC)

CIRCULAR NO. 3,915, OF OCTOBER 17, 2018

Provides for the preparation and submission of information relating to financial instruments pledged as guarantee to the Credit Guarantee Fund (FGC).

The Collegiate Board of the Central Bank of Brazil, in a session held on October 17, 2018, based on Art. 9 of Law No. 4,595, of December 31, 1964, Arts. 22 and 28 of Law No. 12,810, of May 15, 2013, and item II of § 1 of Art. 6 of Resolution No. 4,222, of May 23, 2013,

RESOLVES:

Art. 1 This Circular provides for the provision of information to the Credit Guarantee Fund (FGC) by:
I - financial institutions and other institutions authorized to operate by the Central Bank of Brazil associated with it, in accordance with Art. 8 of Resolution No. 4,222, of May 23, 2013, relating to financial instruments guaranteed by the FGC; and II - entities administering systems for centralized registration or deposit of financial assets eligible for FGC guarantee.

Art. 2 The institutions mentioned in item I of Art. 1 must have systems and controls that allow them to produce and provide to the FGC, within a period of two business days, an electronic file with the following data:
I - identification of the holder of the guaranteed credit; II - type of financial instrument representing the credit subject to FGC guarantee, according to Table I of the Annex to this Circular; III - identifier of the financial instrument; IV - date of acquisition of the financial instrument by the credit holder; V - classification of the credit holder and the condition of control of ownership of the financial instrument representing the credit subject to FGC guarantee, according to Table II of the Annex to this Circular; and VI - value of the credit held by the holder.

Sole Paragraph. The systems referred to in the caput must be prepared to maintain records of information relating to the last thirty days.

Art. 3 The entities mentioned in item II of Art. 1 must have systems and controls that allow them to produce and provide to the FGC, within a period of two business days, relating to the financial instruments eligible for guarantee registered or deposited in the aforementioned systems, an electronic file with the following data:
I - identification of the institution issuing the financial instrument; II - identification of the participant responsible for the registration or of the custodian institution of the financial instrument; III - identification of the holder of the credit guaranteed by the fund; IV - type of financial instrument representing the credit subject to guarantee of the fund, according to Table I of the Annex to this Circular; V - identifier of the financial instrument; VI - date of acquisition of the financial instrument by the credit holder; VII - classification of the credit holder and the condition of control of ownership of the financial instrument representing the credit subject to guarantee of the fund, according to Table II of the Annex to this Circular; and VIII - value of the respective credit held by the holder.

Sole Paragraph. The systems referred to in the caput must be prepared to maintain records of information relating to the last thirty days.

Art. 4 The institutions mentioned in item I of Art. 1 must prepare and send monthly to the FGC, by the tenth business day of each month, consolidated information on the credits guaranteed by it, based on the position of the last business day of the previous month, containing, at minimum, data relating to the classification:
I - of the type of financial instrument representing the credit subject to guarantee of the fund, according to Table I of the Annex to this Circular; II - of the type of credit holder and the condition of control of ownership of the financial instrument representing the credit subject to guarantee of the fund, according to Table II of the Annex to this Circular; and III - of the value range of the credit held by the holder, according to Table III of the Annex to this Circular.

§ 1 For each combination of the classifications referred to in items I to III of the caput, the number of clients and the total value of the credits held by them must be reported.

§ 2 Additionally to what is provided in § 1, the number of clients and the total value of the credits held by them must be reported for each combination of the classifications referred to in items II and III of the caput.

§ 3 The information relating to institutions that are part of the same financial conglomerate must be prepared on a consolidated basis and sent to the FGC by the leading institution.

§ 4 The institutions mentioned in item I of Art. 1 must ensure the consistency of the consolidated information referred to in this article with the data collected for the production of the electronic file referred to in Art. 2.

Art. 5 The institutions mentioned in Art. 1 must:
I - keep at the disposal of the Central Bank of Brazil, for a minimum period of five years, the data and the description of the methodology used for the preparation of the information referred to in this Circular; and II - perform, whenever requested by the Central Bank of Brazil, tests to assess their capacity to provide the information referred to in Arts. 2 and 3 within the period mentioned therein.

Art. 6 The provision of the information referred to in this Circular must observe the form and operational conditions published by the FGC.

Art. 7 Responsibility for compliance with the provisions of this Circular is assigned to the director responsible for the provision of information referred to in Circular No. 3,504, of August 6, 2010.

Art. 8 Circular No. 2,912, of July 21, 1999, is revoked, effective February 1, 2020.

Art. 9 This Circular enters into force on December 1, 2019.

Sidnei Corrêa Marques
Director of Financial System Organization and Resolution

Paulo Sérgio Neves de Souza
Director of Supervision

This text does not replace the one published in the DOU of 10/19/2018, Section 1, p. 23/24, and in Sisbacen.

Circular No. 3,915, of October 17, 2018 Page 2 of 5

ANNEX TO CIRCULAR NO. 3,915, OF OCTOBER 17, 2018

Table II - Type of holder and control of ownership of the financial instrument representing the credit subject to FGC guarantee

Obs.

Natural person holder – Financial instrument whose transfer of ownership requires the intervention of the issuer, including financial instrument not registered/deposited, or registered/deposited in the issuer's client accounts (1)

Legal entity holder with FGC guarantee – Financial instrument whose transfer of ownership requires the intervention of the issuer, including financial instrument not registered/deposited, or registered/deposited in the issuer's client accounts

Legal entity holder without FGC guarantee – Financial instrument whose transfer of ownership requires the intervention of the issuer, including financial instrument not registered/deposited, or registered/deposited in the issuer's client accounts

Any holder – Financial instrument whose ownership can be transferred without the intervention of the issuer, including financial instrument registered/deposited in accounts not characterized as the issuer's client accounts (2)

(1) For financial instruments registered or deposited in centralized registration or deposit systems authorized by the Central Bank of Brazil with an account structure, consider only positions maintained in the issuer's client accounts. For financial instruments registered in systems authorized by the Central Bank of Brazil without an account structure, consider only the records where the registration participant is the issuer itself. (2) Use this classification for financial instruments registered or deposited in individualized accounts or in client accounts of an institution distinct from the issuer and for records where the registration participant is not the issuer of the instrument itself, as the case may be.

Table I - Type of financial instrument representing the credit subject to FGC guarantee

Demand deposits
Savings deposits
Time deposits without special guarantee
Time deposits with special guarantee
Promissory Notes
Mortgage Notes
Agricultural Credit Notes
Real Estate Credit Notes
Non-checkable deposits
Committed operations having as object bonds issued by affiliated companies Deposits maintained in inactive accounts

Circular No. 3,915, of October 17, 2018 Page 3 of 5

Table III - Value Range

Value Range | Lower Limit | Upper Limit
1 | 0.01 | 10.00
2 | 10.01 | 100.00
3 | 100.01 | 500.00
4 | 500.01 | 1,000.00
5 | 1,000.01 | 2,000.00
6 | 2,000.01 | 5,000.00
7 | 5,000.01 | 10,000.00
8 | 10,000.01 | 15,000.00
9 | 15,000.01 | 20,000.00
10 | 20,000.01 | 50,000.00
11 | 50,000.01 | 100,000.00
12 | 100,000.01 | 150,000.00
13 | 150,000.01 | 200,000.00
14 | 200,000.01 | 250,000.00
15 | 250,000.01 | 300,000.00
16 | 300,000.01 | 400,000.00
17 | 400,000.01 | 500,000.00
18 | 500,000.01 | 600,000.00
19 | 600,000.01 | 700,000.00
20 | 700,000.01 | 800,000.00
21 | 800,000.01 | 900,000.00
22 | 900,000.01 | 1,000,000.00
23 | 1,000,000.01 | 2,000,000.00
24 | 2,000,000.01 | 5,000,000.00
25 | 5,000,000.01 | 10,000,000.00
26 | 10,000,000.01 | 20,000,000.00
27 | 20,000,000.01 | 999,999,999,999,999.00

Circular No. 3,915, of October 17, 2018 Page 4 of 5

Circular No. 3,915, of October 17, 2018 Page 5 of 5