CMN Resolution No. 4785 — Amends Resolution No. 4,222/2013 to authorize Time Deposits with Special Guarantee (DPGE) without fiduciary assignment to FGC and adjust additional contributions of associated institutions.

The Central Bank of Brazil, in the form of art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on March 20, 2020, based on arts. 3, item VI, and 4, item VIII, of the aforementioned Law, on art. 28, § 1, of Complementary Law No. 101, of May 4, 2000, and on art. 1, § 1, item XIII, of Complementary Law No. 105, of January 10, 2001, R E S O L V E D :
Art. 1 Resolution No. 4,222, of May 23, 2013, shall come into force with the following amendments:
“Art. 2-A ....................................................
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§ 3 The Reference Value will be calculated considering the FGC's exposure to instruments subject to ordinary guarantee, excluding from the calculation:
I - the instruments listed in art. 2, items I, II and IV of Annex II; and II - the instruments listed in art. 2, items III, V, VI, VII, VIII and IX of Annex II, without special guarantee, whose transfer of ownership requires the intervention of the issuer, up to the limit of R$5,000.00 (five thousand reais) per client. § 4 The additional contribution must be collected starting from July 1, 2021. ...........................................................” (NR) “Art. 3 As a condition for having the special guarantee referred to in Chapter IV of the Regulation, associated institutions must pay the FGC a special contribution equivalent to 0.03% per month (three hundredths of a percent per month) of the balance of Time Deposits with Special Guarantee (DPGE) of the FGC. § 1 The contribution referred to in the caput of this article will be 0.02% per month (two hundredths of a percent per month):
I - for DPGEs in which the FGC accepts as fiduciary assignment receivables from credit operations and financial leasing originated by the issuing institution; II - for the stock of DPGEs referred to in the caput of this article for which the FGC accepts as fiduciary assignment receivables from credit operations and financial leasing originated by the issuing institution.
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§ 3 Contracts related to the deposits referred to in the contribution provided for in the caput must have a minimum value of R$1,000,000.00 (one million reais) and provide for a minimum term of twelve months and a maximum term of twenty-four months.
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§ 8 ..........................................................
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II - the raising of new DPGEs when the limit set in art. 4 is reached.
...........................................................”(NR) “Art. 4 The amount of funds raised through DPGEs is limited to the greater of the following values, not exceeding R$2,000,000,000.00 (two billion reais):
I - the total PLA; or
II - the result of the difference between five times the PLA and the Reference Value referred to in art. 2-A.
§ 1 The PLA value used in calculating the limit referred to in the caput of this article must correspond to the greater of the last available PLA and the result of the arithmetic average of the PLA over the last 12 (twelve) months or the number of months available, if less than 12 (twelve). § 2 The Reference Value used in calculating the limit referred to in the caput of this article must be that of the month of the last available PLA. § 3 The limit referred to in the caput of this article must be calculated on a consolidated basis by FGC-associated institutions that are part of the same financial conglomerate.” (NR) “Art. 5 The limit for raising DPGEs without fiduciary assignment must be reduced according to the following schedule:
I - by 50% (fifty percent), starting from January 1, 2021; II - by 80% (eighty percent), starting from July 1, 2021; and III - by 100% (one hundred percent), starting from January 1, 2022. Sole Paragraph. The schedule for reducing the DPGE fundraising limit refers to operations contracted from each of the base dates on which this reduction will be applied, respecting the balances of ongoing contracts.” (NR) Art. 2 The following provisions of Resolution No. 4,222, of 2013, are hereby revoked:
I - items I and II of the caput of art. 3; II - subparagraphs “a” and “b” of item II of § 8 of art. 3; III - § 11 of art. 3; IV - subparagraphs “a”, “b” and “c” of item I of art. 4; V - subparagraphs “a” and “b” of item II of art. 4; VI - items I and II of § 1 of art. 4; VII - items I, II and III of § 2 of art. 4; VIII - § 4 of art. 4; IX - item IV of art. 5; and X - art. 5-A. Art. 3 This Resolution enters into force on the date of its publication. Roberto de Oliveira Campos Neto President of the Central Bank of Brazil