CMN Resolution No. 5,159 of July 24, 2024, amending Resolution CMN No. 5,050 of November 25, 2022, regarding the organization and operation of direct credit societies and peer-to-peer lending societies

RESOLUTION
CMN NO. 5,159, OF JULY 24, 2024

Amends
Resolution CMN No. 5,050, of November 25, 2022, which provides for the organization and operation of direct credit societies and peer-to-peer lending societies and regulates the conduct of lending and financing operations between individuals through an electronic platform.

The Central Bank of Brazil, in accordance with Art. 9 of Law No. 4,595, of December 31, 1964, makes it public that the National Monetary Council, in a session held on July 23 of 2024, based on Art. 4, caput, items VI and VIII, of the aforementioned law, and on Art. 43, caput, of Law No. 10,931, of August 2, 2004,

R E S O L V E D:

Art. 1. Resolution
CMN No. 5,050, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022, shall enter into force with the following amendments:

"Art.
7. Direct credit societies have as their object the conduct of lending, financing, and
acquisition of credit rights operations exclusively through an electronic platform, with the use of financial resources that have as origin:

I - own capital; or

II - transfers and loans originating from the National Bank for Economic and Social Development – BNDES for the granting of credits, in conformity with the corporate object of the direct credit society.

§

1. ...........................................................................................................................

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§ 2. The use of the resources referred to in item II of the caput must comply with the legislation and regulations governing BNDES operations." (NR)

"Art. 8. Direct credit societies may finance lending, financing, and acquisition of credit rights operations mentioned in Art. 7 exclusively through sale or assignment:

I

• of these credits or credit rights;

II

• of instruments representing these credits or credit rights; or

III

• of certificates of bank credit notes issued by them, provided that they
  represent bank credit notes issued by them.

§ 1. The financing of operations carried out by direct credit societies, as referred to in items I, II, and III of the caput, may only be carried out by:

I

• financial institutions;

II

• investment funds whose shares are intended exclusively for
  qualified investors; and

III

• securitization companies that distribute securitized assets
  exclusively to qualified investors.

§
2. Operations conducted with investment funds and securitization companies,
in accordance with items II and III of § 1, must additionally comply with the regulations of the Securities and Exchange Commission." (NR)

"Art.
16.
....................................................................................................................

§
1.
...........................................................................................................................

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III - investment funds whose shares are intended exclusively for qualified investors;

IV - securitization companies that distribute securitized assets exclusively to qualified investors; or

...................................................................................................................................

§ 3. Operations conducted with investment funds and securitization companies, in accordance with items III and IV of § 1, must additionally comply with the regulations of the Securities and Exchange Commission.

§
4. In financing operations as referred to in the caput:

I

• the peer-to-peer lending society may present to potential debtors
  potential creditors interested in financing the acquisition of the good or service, observing the interest of the potential debtor;

II

• the potential debtor will issue or enter into an instrument representing the
  credit to allow the acquisition of the good or service of interest offered by the supplier;

III

• the peer-to-peer lending society must assign the instrument
  representing the credit or issue an instrument linked to it for delivery to the creditor; and

IV

• the peer-to-peer lending society may effect the transfer of financial resources directly from the selected creditor to the supplier of the
  good or service, observing the provisions of Art. 21, caput, item I.

§
5. In operations as referred to in § 4, the supplier of the good or service offered
may act as the creditor of the financing intermediated by the peer-to-peer lending society, observing equal conditions in information on the potential debtor, provided by the peer-to-peer lending society, for the definition of financing offers among potential creditors." (NR)

"Art.
19.
....................................................................................................................

...................................................................................................................................

§ 4. In financing operations as referred to in Art. 16, § 4, the transfer of financial resources by the peer-to-peer lending society may be made directly to suppliers of goods or services.

§
5. The instrument linked to the instrument representing the credit, to which
item IV of the caput refers, may be the certificate of bank credit notes."
(NR)

"Art.
21.
....................................................................................................................

I - within five business days, to debtors or suppliers of goods or services, after the availability of resources by creditors; and

...................................................................................................................................

§ 5. In cases where the supplier of the good or service is the creditor of the financing operation intermediated by the peer-to-peer lending society, the transfer of resources from the creditor to the peer-to-peer lending society is waived." (NR)

Art. 2. Art. 8, caput, item I, letters “a”, “b”, and “c”, of Resolution CMN No. 5,050, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022, is hereby repealed.

Art. 3. This
Resolution enters into force on August 1, 2024.

ROBERTO DE OLIVEIRA
CAMPOS NETO
President of the Central Bank of Brazil