CMN Resolution No. 4410 — Amending the Regulation Annexed to Resolution No. 3,932 of December 16, 2010, Consolidating Rules on the Allocation of Savings Deposit Funds in the Brazilian Savings and Loan System (SBPE), and Regulating Real Estate and Agribusiness Credit Notes

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on May 28, 2015, based on Articles 4, items VI, VIII, XI, and XIV, of the aforementioned Law, Article 7 of Decree-Law No. 2,291 of November 21, 1986, Article 17 of Law No. 10,931 of August 2, 2004, Article 49 of Law No. 11,076 of December 30, 2004, and Article 95 of Law No. 13,097 of January 19, 2015,

R E S O L V E S:

Article 1. Article 1 of the Regulation annexed to Resolution No. 3,932 of December 16, 2010, shall henceforth read as follows:

"Article 1. ........................................................

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II - 24.5% (twenty-four and a half percent) in mandatory reserve at the Central Bank of Brazil;

III - 5.5% (five and five-tenths percent) in additional mandatory reserve at the Central Bank of Brazil; and

IV - the remaining resources in financial availability and in other operations admitted under the terms of the legislation and regulations in force.

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§ 3. The requirement established in item II of the main text shall be deducted, until June 24, 2016, from the value of R$200,000,000.00 (two hundred million reais), for independent financial institutions or those part of a financial conglomerate, which present, as of December 31, 2014, Reference Equity (RE), Level I, calculated in the manner established by Resolution No. 4,192 of March 1, 2013, lower than R$5,000,000,000.00 (five billion reais)." (NEW)

Article 2. Articles 2, 3, 5, and 6 of the Regulation annexed to Resolution No. 3,932 of 2010 shall henceforth read as follows:

"Article 2. ........................................................

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IX - real receivables certificates issued by real estate credit securitization companies, backed by housing financing operations within the scope of the Housing Financing System (SFH), observing the provisions of Article 5;

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"Article 3. ........................................................

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XIV - financing operations for the production of real estate at market rates, contracted or renegotiated until June 30, 2000, based on Article 2 of Resolution No. 2,623 of 1999;

XV - the values referred to in Articles 1 and 2 of this Resolution, relating to operations contracted at market rates or backed by such operations; and

XVI - real receivables certificates issued by real estate credit securitization companies, backed by real estate financing operations, observing the provisions of Article 5." (NEW)

"Article 5. The total value of real receivables certificates, computed for the purpose of verifying compliance with the requirement established in Article 1, item I, may not exceed 50% (fifty percent) of the limit provided in item 'a' of that item." (NEW)

"Article 6. The resources corresponding to the amount of disbursements referred to in Articles 2, item V, and 3, item IV, must be represented by federal public bonds belonging to the institution's own portfolio, which shall remain unavailable through registration in a specific account in the Special Settlement and Custody System (Selic), while computed for the purpose of meeting the requirement." (NEW)

Article 3. Real receivables certificates, computed in accordance with the provisions of the Regulation annexed to Resolution No. 3,932 of 2010, until the entry into force of this Resolution, may remain computed under the same conditions, for the purpose of verifying compliance with the requirement established in Article 1, item I, of said Regulation, until their respective maturity dates.

Sole Paragraph. The option referred to in the main text does not apply in the event of an extension of the agreed maturity date until the entry into force of this Resolution.

Article 4. The minimum maturity period for the Real Estate Credit Note (LCI) is:

I - 36 (thirty-six) months, when updated monthly by a price index;

II - 12 (twelve) months, when updated annually by a price index; and

III - 90 (ninety) days, when not updated by a price index.

§ 1. The periods referred to in the main text shall be counted from the date on which a third party acquires the LCI from the issuing institution.

§ 2. The issuing institution is prohibited from:

I - repurchasing or redeeming, in whole or in part, the LCI before the minimum periods established in the main text;

II - making payment of the values relating to the update by price index, accrued since issuance, when the repurchase by the issuing institution, or the redemption, in whole or in part, occurs before the agreed maturity date.

§ 3. The prohibition mentioned in § 2, item I, also applies to repurchases made by institutions affiliated with the issuing institution of the LCI, except in the case of operations carried out for the purpose of intermediation.

§ 4. The provisions of item III of the main text do not apply to LCI issued before the entry into force of this Resolution.

Article 5. The minimum maturity period for the Agribusiness Credit Note (LCA) is:

I - 12 (twelve) months, when updated annually by a price index; and

II - 90 (ninety) days, when not updated by a price index.

§ 1. The periods referred to in the main text shall be counted from the date on which a third party acquires the LCA from the issuing institution.

§ 2. The issuing institution is prohibited from:

I - repurchasing or redeeming, in whole or in part, the LCA before the minimum periods established in the main text;

II - making payment of the values relating to the update by price index, accrued since issuance, when the repurchase by the issuing institution, or the redemption, in whole or in part, occurs before the agreed maturity date.

§ 3. The prohibition mentioned in § 2, item I, also applies to repurchases made by institutions affiliated with the issuing institution of the LCA, except in the case of operations carried out for the purpose of intermediation.

§ 4. The provisions of this article do not apply to LCA issued before the entry into force of this Resolution.

Article 6. This Resolution enters into force on the date of its publication, producing effects, for the alteration referred to in Article 1, from the calculation period of June 8 to 12, 2015, whose adjustment will occur on June 22, 2015.

Article 7. Items XI, XIII, XXIV, XXV, and XXVII of Article 2, items IX and X of Article 3, and Articles 8, 12, and 13 of the Regulation annexed to Resolution No. 3,932 of December 16, 2010, are hereby repealed, and, as of June 8, 2015, Resolutions No. 3,023 of October 11, 2002, and No. 3,843 of March 10, 2010.

Alexandre Antonio Tombini
President of the Central Bank of Brazil