CMN Resolution No. 4605 — Defines Procedures for Financial Institutions to Contract Credit Operations under the Fiscal Recovery Regime of Law Complementary No. 159 of May 19, 2017

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 October 19, 2017, based on Article 4, items VI and VIII, of Law No. 4,595 of 1964,

R E S O L V E D:

Article 1. Credit operations to be contracted by financial institutions with a state or with the Federal District that has obtained homologation of the Fiscal Recovery Regime provided for in Complementary Law No. 159 of May 19, 2017, are not subject to the procedures of Resolution No. 3,751 of June 30, 2009, while the aforementioned regime is in force, and must observe, in addition to the provisions of the laws governing the matter and the regulation established by the Ministry of Finance, the provisions of this Resolution.

Article 2. For the purpose of contracting the credit operations referred to in Article 1, institutions authorized to operate with the public sector must centralize the receipt of all documents necessary to verify applicable limits and conditions, being responsible for forwarding the request to the Ministry of Finance.

Article 3. The formalization of contractual instruments shall only be effective after:

I - the manifestation of the National Treasury Secretariat, an agency of the Ministry of Finance, regarding the verification of limits and conditions applicable to the credit operations referred to in this Resolution;

II - the verification of the interested party's compliance with financial institutions and other institutions authorized to operate by the Central Bank of Brazil, as well as the non-existence of pending records in the System for Registration of Operations with the Public Sector (Cadip), in accordance with Article 7 of Resolution No. 2,827 of March 30, 2001.

Article 4. The contracting of new credit operations with a global value of up to R$2,900,000,000.00 (two billion and nine hundred million reais) in the manner of items I to VII of Article 11 of Complementary Law No. 159 of 2017 is not subject to the limit defined in Article 9 of Resolution No. 2,827 of 2001.

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

Ilan Goldfajn
President of the Central Bank of Brazil