CMN Resolution No. 4809 Amending Resolution No. 4662 on Bilateral Margin Requirements for Derivatives

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 April 30, 2020, based on the provisions of Articles 3, items V and VI, and 4, items VI and VIII, of the aforementioned Law, Articles 9 and 10 of Law No. 4,728 of July 14, 1965, Article 20, § 1, of Law No. 4,864 of November 29, 1965, Articles 7 and 23, item "a", of Law No. 6,099 of September 12, 1974, Article 1, § 1, and 12 of Complementary Law No. 130 of April 17, 2009, Article 1, § 2, of Provisional Measure No. 2.192-70 of August 24, 2001, and 26-A of Law No. 12,810 of May 15, 2013,

RESOLVES:

Art. 1. Resolution No. 4,662 of May 25, 2018, shall enter into force with the following amendments:

"Art. 25. Operations covered under which at least one of the contracting parties has, individually or jointly with other entities belonging to the operational group to which it belongs, an aggregate average notional value, calculated in accordance with Article 6, lower than:

I - R$2,250,000,000,000.00 (two trillion and two hundred and fifty billion reais), for operations carried out between September 1, 2019, and August 31, 2021; and

II - R$160,000,000,000.00 (one hundred and sixty billion reais), for operations carried out between September 1, 2021, and August 31, 2022." (NR)

Art. 2. Resolution No. 4,734 of June 27, 2019, shall enter into force with the following amendment:

"Art. 11. .....................................................

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II - on November 3, 2020, regarding the remaining provisions." (NR)

Art. 3. This Resolution enters into force on June 1, 2020.

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