CMN Resolution No. 4,986 — Amends and Consolidates Rules on the Application of Funds from Own Revenues of Public Companies and Mixed-Economy Societies

Resolution No. 4,986

CMN RESOLUTION NO. 4,986, OF FEBRUARY 17, 2022

Amends and consolidates the rules governing the manner of application of funds derived from the own revenues of public companies and mixed-economy societies that are part of the Indirect Federal Administration.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes it public that the National Monetary Council, in a session held on February 17, 2022, considering the provisions of Articles 3 and 4, caput and item "c", of Decree-Law No. 1,290, of December 3, 1973,

R E S O L V E D:

Article 1. The situation described in Article 4, caput and item "c", of Decree-Law No. 1,290, of December 3, 1973, is recognized for the purpose of applying, in the manner established in this Resolution, funds derived from the own revenues of public companies and mixed-economy societies that are part of the Indirect Federal Administration and of legal entities under the shareholding control of any of them.

Article 2. The application of the funds referred to in Article 1, within the country, may only be carried out in over-the-counter (OTC) investment funds administered by Caixa Econômica Federal, Banco do Brasil S.A., or by an institution part of the financial conglomerate led by them, constituted in observance of the provisions of this Resolution.

Article 3. For the specific purpose of accommodating the application of the funds referred to in Article 2, the constitution of the following is authorized:

I - common over-the-counter (OTC) investment funds;

II - exclusive over-the-counter (OTC) investment funds.

Sole Paragraph. The funds referred to in this article are governed, insofar as applicable, by the regulations issued by the Securities and Exchange Commission (CVM) applicable to investment funds, and the expression "over-the-counter" (OTC) must appear in their name.

Article 4. The portfolios of common or exclusive over-the-counter (OTC) investment funds must contain:

I - securities issued by the National Treasury, in a percentage not less than 75% (seventy-five percent), acquired in purchases without commitment to resell;

II - certificates or bank deposit receipts issued by an institution part of the financial conglomerate referred to in Article 2, in a percentage not exceeding 25% (twenty-five percent).

§ 1. The remaining resources of the over-the-counter (OTC) investment funds may be allocated to committed operations with securities issued by the National Treasury, kept in checking deposit accounts or, subject to the provisions of § 2, directed towards the execution of operations in derivatives markets.

§ 2. Operations in derivatives markets:

I - are permitted only for exclusive over-the-counter (OTC) investment funds;

II - must be carried out with the primary objective of minimizing risks associated with mismatches in terms and indexers between the fund's assets and the condominium holder's liabilities; and

III - cannot have a notional value higher than the value of the securities issued by the National Treasury that are part of the fund's portfolio.

§ 3. Of the resources derived from the placement of certificates or bank deposit receipts in the portfolios of over-the-counter (OTC) investment funds, 70% (seventy percent), at a minimum, must be applied in rural credit operations.

§ 4. The investment policy of OTC funds, regarding the applications provided for in item I of the caput, must be referenced to one of the sub-indices of the Anbima Market Index (IMA) or the Anbima Constant Duration Index (IDkA), with the exception of any sub-index that includes securities linked to the interest rate of 1 (one) day.

Article 5. In the common over-the-counter (OTC) investment fund:

I - the redemption of quotas must be effected based on the quota value resulting from the division of the net asset value by the number of fund quotas, both calculated at the close of the day;

II - the remuneration of the administering institution for the provision of management and administration services of the fund cannot exceed the equivalent of 0.5% a.a. (five tenths percent per year), calculated pro rata die on the net asset value of this fund.

Article 6. The constitution of an exclusive investment fund depends on the initiative of one of the legal entities referred to in Article 1, observed that the management and performance fees, respecting the remuneration limit provided for in item II of Article 5, must be established by mutual agreement between the administering institution and the condominium holder.

Article 7. The provisions of this Resolution, with the exception of Article 1, do not apply:

I - to the legal entities referred to therein that carry out activities subject to supervision by the Central Bank of Brazil, nor to the wholly-owned subsidiaries of the National Bank for Economic and Social Development (BNDES); and

II - to mixed-economy societies with open capital directly controlled by the Union that do not fall under the concept of dependent state-owned enterprise, as referred to in item III of Article 2 of Complementary Law No. 101, of May 4, 2000, and to the legal entities under their shareholding control.

Article 8. The Central Bank of Brazil and the Securities and Exchange Commission are authorized, within their respective areas of competence, to adopt measures and issue complementary norms necessary for the execution of the provisions of this Resolution.

Article 9. The following are revoked:

I - Resolution No. 3,284, of May 25, 2005;

II - Article 1 of Resolution No. 4,034, of November 30, 2011; and

III - Resolution No. 4,540, of November 24, 2016.

Article 10. This Resolution enters into force on March 1, 2022.

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