CMN Resolution No. 4940 — Consolidates Norms on Safeguard Procedures for Financial Institutions and Credit Operations with the Public Sector

CMN RESOLUTION NO. 4,940, OF AUGUST 26, 2021

Consolidates, in a single normative act, the norms that provide for safeguard procedures for financial institutions in view of the provisions of Article 33 of Complementary Law No. 101, of May 4, 2000, procedures to require proof of compliance with limits and conditions for the contracting of credit operations, and procedures to be observed for operations carried out by financial institutions under the protection of §§ 1, 2, and 3 of Article 65 of Complementary Law No. 101, of 2000, in compliance with Decree No. 10,139, of November 28, 2019.

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 August 26, 2021, based on Article 4, items VI and VIII, of the aforementioned Law, on Article 33 of Complementary Law No. 101, of May 4, 2000, and on Articles 5, 7, and 8 of Decree No. 10,139, of November 28, 2019,

R E S O L V E D:

Article 1. Financial institutions and other institutions authorized by the Central Bank of Brazil that operate with bodies and entities of the public sector must, in observance of Article 33 of Complementary Law No. 101, of May 4, 2000, require proof of compliance with the limits and conditions for contracting credit operations with the states, the Federal District, and the municipalities, including their funds, autarchies, foundations, and dependent state-owned companies.

§ 1. For the purposes of the provision in the main text, institutions authorized to operate with the public sector must, in the manner established by the National Treasury Secretariat, centralize the receipt of all documents necessary for the complete verification of the limits and conditions defined by law and other normative acts, in accordance with Article 32 of Complementary Law No. 101, of 2000.

§ 2. The firm proposal of the credit operation will only be issued if the following requirements are observed:

I - the complete documentary instruction of the request in the manner and scope regulated by the Ministry of Economy, according to the competence conferred by Resolution No. 43, of December 21, 2001, of the Federal Senate; and

II - the classification of the requested operation within the limits or credit contingency rules for the public sector, in accordance with resolutions of the National Monetary Council.

§ 3. The institution authorized to operate with the public sector will be responsible for forwarding to the Ministry of Economy the request for verification of limits and conditions to contract the internal credit operation.

§ 4. The formalization of contractual instruments will only be carried out after:

I - the manifestation of the National Treasury Secretariat, an organ integrated into the Ministry of Economy, regarding the verification of limits and conditions related to the realization of credit operations, in accordance with Article 32 of Complementary Law No. 101, of 2000;

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 registration pending in the System for Registration of Operations with the Public Sector (Cadip), in accordance with a Resolution of the National Monetary Council that defines exposure limits and annual global credit limits to bodies and entities of the public sector, and Article 16 of Resolution No. 43, of 2001, of the Federal Senate;

III - the verification of compliance in accordance with item VIII of Article 21 of Resolution No. 43, of 2001, of the Federal Senate; and

IV - the delivery of an updated legal opinion from the contractor regarding the compliance with legal requirements applicable to the credit operation.

Article 2. The realization of the operations referred to in §§ 1, 2, and 3 of Article 65 of Complementary Law No. 101, of 2000, are not subject to verification of compliance with financial institutions and other institutions authorized to operate by the Central Bank of Brazil, nor to the non-existence of registration pending in Cadip, in accordance with a Resolution of the National Monetary Council that defines exposure limits and annual global credit limits to bodies and entities of the public sector, and to the procedures established in Article 1 of this Resolution.

Sole Paragraph. It will be the responsibility of financial institutions to verify the classification of the operation within the provision contained in the regulation provided in the main text of this article.

Article 3. For the purposes of carrying out credit operations with the guarantee of the Union referred to in §§ 1, 2, and 3 of Article 65 of Complementary Law No. 101, of 2000, institutions authorized to operate with the public sector must centralize the receipt of documents necessary for the verification of applicable limits and conditions, being responsible for forwarding the request to the Ministry of Economy.

Sole Paragraph. The formalization of the contractual instruments of the credit operations provided for in this article will only be carried out after the manifestation of the National Treasury Secretariat, an organ integrated into the Ministry of Economy, regarding the verification of the limits and conditions applicable to the aforementioned operations.

Article 4. The following are revoked:

I - Resolution No. 3,751, of June 30, 2009;

II - Resolution No. 4,585, of June 29, 2017; and

III - Resolution No. 4,826, of June 18, 2020.

Article 5. This Resolution enters into force on October 1, 2021.

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