Circular No. 3928 — Amends Circular No. 3,924 of December 19, 2018, regarding the use of payment arrangement receivables as collateral for credit operations

The Collegiate Board of the Central Bank of Brazil, in an extraordinary session held on February 12, 2019, based on art. 9, items I, II and X, of Law No. 12,865, of October 9, 2013, and having in view the provisions of Resolution No. 4,707, of December 19, 2018,

R E S O L V E:

Art. 1 The Circular No. 3,924, of December 19, 2018, shall enter into force with the following alterations:

"Art. 2 ......

......

II - make available the agenda of receivables of its final receiving users to:

a) financial institutions with which these users maintain credit operations secured by receivables of payment arrangement, during their validity; or

b) any financial institution, provided that upon express request by these users.

§ 1 The making available of the agenda of receivables referred to in the main text for purposes exclusively of granting an unconditional and unilateral non-cancellable credit limit by the financial institution must be carried out upon express request by the final receiving users.

§ 2 Accrediting institutions, in the celebration of partnership contracts with sub-accredited entities, must:

I - include in the contracts clauses that oblige the sub-accredited entities linked to them to comply with the provisions of this article; and

II - ensure that the controls adopted by the sub-accredited entities enable compliance with the provisions of this article.

§ 3 Accrediting institutions are exempted, until August 9, 2019, from compliance with the provisions of § 2, in the celebration of partnership contracts with sub-accredited entities whose participation in the centralized settlement referred to in Circular No. 3,682, of November 4, 2013, is optional in the role of payer to final receiving users.

§ 4 The request for making available the agenda mentioned in item "b" of item II of the main text and in § 1 may be made through the financial institution receiving the information, upon express authorization formalized through a specific contractual instrument." (NR)

"Art. 2-A New credit operation contracts with guarantee of payment arrangement receivables, referred to in art. 3 of Resolution No. 4,707, of December 19, 2018, must be formalized through a specific contractual instrument." (NR)

"Art. 2-B Financial institutions must make available to all their customers, in a timely manner, information regarding the values subject to retention referred to in § 1 of art. 4 of Resolution No. 4,707, of 2018." (NR)

"Art. 2-C The exchange of information referred to in art. 5 of Resolution No. 4,707, of 2018, must be carried out according to a standard to be disclosed by the Central Bank of Brazil." (NR)

"Art. 2-D The exchange of information referred to in item II of the main text of art. 2 of this Circular and art. 5 of Resolution No. 4,707, of 2018, must be carried out in a manner to:

I - make information available in a non-discriminatory manner to interested participants;

II - ensure the continuity of services and the protection of processed data; and

III - preserve the legal confidentiality of information, in accordance with the law." (NR)

Art. 2 The sole paragraph of art. 2 of Circular No. 3,924, of 2018, is hereby repealed.

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

Otávio Ribeiro Damaso Carlos Viana de Carvalho Director of Regulation Director of Monetary Policy