Circular No. 3925 — Amending the Regulation Annexed to Circular No. 3,682 of November 4, 2013, Which Governs Payment Services Within Arrangements of the Brazilian Payments System

The Collegiate Board of the Central Bank of Brazil, in a session held on December 20, 2018, based on the provisions of Articles 9, item I, and 15 of Law No. 12,865, of October 9, 2013, and Resolution No. 4,282, of November 4, 2013,

RESOLVES:

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

“Art. 3. ......

§ 1. The payment arrangement initiator must possess:

I - technical-operational, organizational, administrative, and financial capabilities to fulfill the obligations listed in Article 4; and

II - effective and transparent governance mechanisms that contemplate, among other things, the interests of participants and end users.

§ 2. The governance mechanisms of payment arrangement initiators not classified as closed payment arrangements, under item I of Article 2 of this Regulation, must provide a specific communication channel for participants to send proposals, suggestions, and statements to the initiator regarding matters that impact their activity and business model.

§ 3. For arrangements with a total accumulated transaction value over the last twelve months exceeding BRL 20,000,000,000.00 (twenty billion reais), the channel referred to in § 2 must be constituted through an electronic system, in which the statements of participants and the respective responses of the initiator must be recorded.” (NR)

“Art. 4. ......

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§ 3-A. The payment arrangement initiator is permitted to establish obligations for the acquirer regarding the monitoring by sub-acquirers of the requirements established in this Article.

§ 3-B. In the event of the exercise of the option established in § 3-A, the payment arrangement initiator must specify the information that sub-acquirers must provide to acquirers, which may not be used by them except for the exclusive fulfillment of the monitoring responsibility assigned to them.

......” (NR)

“Art. 14-A. The payment arrangement regulation must allow for the linkage of the sub-acquirer and home institution participation modalities, if the participant acting as a sub-acquirer also offers prepaid payment accounts to end-user payees.”

“Art. 30. ......

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III - the responsibilities assigned to payment arrangement initiators;

IV - the limitations imposed on payment arrangements by the Central Bank of Brazil; and

V – the information referred to in items X, XI, XIII, XVIII, XIX, and XXI of Article 17, applied to relationships arising from interoperability.

§ 5. The open payment arrangement initiator must enable closed payment arrangements to interoperate with it through bilateral agreements, which must be embodied exclusively through a standardized contract model.” (NR)

Art. 2. Payment arrangement initiators must adapt their regulations to comply with the provisions of Article 14-A of the Regulation Annexed to Circular No. 3,682, of 2013, by March 29, 2019.

Art. 3. This Circular enters into force on the date of its publication.

Reinaldo Le Grazie
Director of Monetary Policy