CMN Resolution No. 4,956 — Establishes Maximum Limit for Exposure to Gold, Foreign Currency, and Exchange Rate Variation Operations

CMN RESOLUTION
NO. 4,956, OF OCTOBER 21, 2021

Establishes maximum limit for the amount of exposure to gold, foreign currency, and operations subject to exchange rate variation.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on October 21, 2021, considering the provisions of Article 4, items VIII and XI, of the aforementioned Law,

RESOLVES:

Article 1. This Resolution establishes the maximum limit for exposure to gold, foreign currency, and operations subject to exchange rate variation for financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

Sole Paragraph. The following are not subject to the provisions of this Resolution:

I - consortium administrators and payment institutions, which must observe the regulation issued by the Central Bank of Brazil, in the exercise of their legal duties; and

II - institutions classified in Segment 5 (S5), in accordance with Resolution No. 4,553 of January 30, 2017.

Article 2. The institutions mentioned in Article 1 must observe the maximum limit of 30% (thirty percent) of their Reference Equity (PR), calculated in accordance with CMN Resolution No. 4,955 of October 21, 2021, for exposure to gold, foreign currency, and operations subject to exchange rate variation.

§ 1. Compliance with the limit referred to in the caput must occur permanently.

§ 2. Compliance with the limit referred to in the caput must occur on a consolidated basis for institutions that are part of the same prudential conglomerate, in accordance with the Accounting Standard for Institutions Regulated by the Central Bank of Brazil (Cosif).

§ 3. The procedures and parameters for calculating the value of exposure to gold, foreign currency, and operations subject to exchange rate variation will be established by the Central Bank of Brazil.

Article 3. The Central Bank of Brazil may alter the limit referred to in Article 2, observing a minimum value of 15% (fifteen percent) and a maximum value of 75% (seventy-five percent) of the PR.

Article 4. The processes and controls related to the limit established in this Resolution constitute the responsibility of the director for risk management (CRO), indicated in accordance with Resolution No. 4,557 of February 23, 2017.

Article 5. The following are revoked:

I - Resolution No. 3,488 of August 29, 2007; and

II - Resolution No. 4,388 of December 18, 2014.

Sole Paragraph. Citations to Resolution No. 3,488 of 2007 shall henceforth refer to this Resolution.

Article 6. This Resolution enters into force on January 3, 2022.

Roberto de
Oliveira Campos Neto
President of the
Central Bank of Brazil