Circular No. 3980 — Amending Regulations Annexed to Circulars No. 3,057, No. 3,682, and No. 3,743 Regarding Communication of Changes Not Subject to Prior Authorization in Financial Market Infrastructure Regulations

The Collegiate Board of the Central Bank of Brazil, in a session held on January 30, 2020, having regard to the provisions of Law No. 10,214, of March 27, 2001, and Article 11 of Resolution No. 2,882, of August 30, 2001; and based on Articles 9, items I and IV, and 15 of Law No. 12,865, of October 9, 2013, Resolution No. 4,282, of November 4, 2013, Articles 22, 26, and 28 of Law No. 12,810, of May 15, 2013, and Articles 6 and 7 of Law No. 11,795, of October 8, 2008,

R E S O L V E:

Article 1. The regulation annexed to Circular No. 3,057, of August 31, 2001, shall enter into force with the following amendments:

“Article 22. .......................................................

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§ 1. The other changes in regulations do not depend on prior authorization, and must be communicated to the Central Bank of Brazil by the date of their entry into force.

§ 2. The exemption from prior authorization referred to in § 1 does not exempt the clearing or settlement service provider from complying with the applicable norms on the matter, nor from making changes to the regulation, at any time, by determination of the Central Bank of Brazil.” (NR)

Article 2. The regulation annexed to Circular No. 3,682, of November 4, 2013, shall enter into force with the following amendments:

“Article 18. .......................................................

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§ 1. The changes in the other documents and information do not depend on prior authorization, and must be communicated to the Central Bank of Brazil by the date of their entry into force.

§ 2. The exemption from prior authorization referred to in § 1 does not exempt the payment arrangement sponsor from complying with the applicable norms on the matter, nor from making changes to the regulation, at any time, by determination of the Central Bank of Brazil.” (NR)

Article 3. The regulation annexed to Circular No. 3,743, of January 8, 2015, shall enter into force with the following amendments:

“Article 3. ........................................................

I - ..............................................................

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f) the procedures related to the establishment, alteration, and dissolution of liens and encumbrances on financial assets;

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h) the list of financial assets eligible for deposit by the system; and

II - .............................................................

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e) the mechanisms and safeguards adopted by the system for the administration of operational risk;

f) the procedures related to the establishment, alteration, and dissolution of liens and encumbrances on financial assets; and

g) the list of financial assets eligible for registration by the system.

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§ 3. Prior authorization from the Central Bank of Brazil is required for changes to the regulation of the system mentioned in the caput that provide for the inclusion of a new financial asset in the list of assets eligible for registration or for deposit by the system.

§ 4. Except for the changes provided for in § 3, the other changes to the regulation of the system mentioned in the caput related to the registration or deposit of financial assets do not depend on prior authorization, and must be communicated to the Central Bank of Brazil by the date of their entry into force.

§ 5. The exemption from prior authorization referred to in § 4 does not exempt the registration entity or the central depository from complying with the applicable norms on the matter, nor from making changes to the regulation, at any time, by determination of the Central Bank of Brazil.” (NR)

Article 4. The following are revoked:

I - the sole paragraph of Article 22 of the regulation annexed to Circular No. 3,057, of 2001;

II - the sole paragraph of Article 18 of the regulation annexed to Circular No. 3,682, of 2013;

III - § 2 of Article 3 of the regulation annexed to Circular No. 3,743, of 2015; and

IV - Circular No. 3,875, of January 23, 2018.

Article 5. This Circular enters into force on the date of its publication.

         João Manoel Pinho de Mello            Otávio Ribeiro Damaso Director of Organization of the System     Director of Regulation Financial and Resolution