CMN Resolution No. 5,180 — Methodology for Calculating the Fixed Rate and the Fixed Rate for the Micro, Small, and Medium-Sized Enterprise Financing Program

CMN RESOLUTION NO. 5,180, OF SEPTEMBER 27, 2024

Provides for the calculation methodology for the Fixed Rate and the Fixed Rate of the Financing Program for Micro, Small, and Medium-Sized Enterprises, as provided for in Law No. 13,483, of September 21, 2017, and other applicable criteria.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on September 26, 2024, based on Article 2, caput, items II and III, of Law No. 13,483, of September 21, 2017,

R E S O L V E D:

Article 1. The Fixed Rate and the Fixed Rate of the Financing Program for Micro, Small, and Medium-Sized Enterprises – MPME Fixed Rate, as provided for in Article 2 of Law No. 13,483, of September 21, 2017, shall be calculated monthly, according to the following formulas:

I -
, in which:

a) Fixed Ratei,m corresponds to the monthly rate to be applied during the reference month m to the portion of resources i applied in a financing operation, expressed with six decimal places and mathematical rounding;

b) ndu is equal to the number of useful days of the reference month m during which the portion of resources i remained applied in a financing operation; and

c) Pi corresponds to the annual fixed interest rate relative to the remuneration of the portion of resources i applied in a financing operation, expressed in unitary form, with four decimal places; and

II -
, in which:

a) MPME Fixed Ratei,m corresponds to the monthly rate to be applied during the reference month m to the portion of resources i applied in a financing operation, expressed with six decimal places and mathematical rounding;

b) ndu is equal to the number of useful days of the reference month m during which the portion of resources i remained applied in a financing operation; and

c) PMi corresponds to the annual fixed interest rate relative to the remuneration of the portion of resources i applied in a financing operation, expressed in unitary form, with four decimal places.

Sole Paragraph. The interest rates “Pi” and “PMi” mentioned, respectively, in items I and II of the caput shall be:

I - valid for the entire period during which the portion of resources i remains applied in a specific financing operation; and

II - fixed, respectively, based on the interest rates “Pm” and “PMm” mentioned in Article 2, valid in the month of contracting the financing operation in which the portion of resources i was applied, or valid in the month of the auction, in accordance with Article 4, sole paragraph, according to the following formulas:

a) Pi = Pm / 100; and

b) PMi = PMm / 100.

Article 2. The fixed interest rates “Pm” and “PMm” correspond to the simple arithmetic mean of the rates calculated each useful day, relative to the vertices of five or three years, respectively, of the term structure of interest rates for Treasury Notes – LTN and Treasury Notes Series F – NTN-F.

§ 1. The rates “Pm” and “PMm” shall have monthly validity, starting on the first useful day of each calendar month, and shall be expressed in percentage terms, with two decimal places, in annual form, considering the convention of 252 useful days.

§ 2. The average mentioned in the caput shall be calculated based on the rates available in the three months immediately preceding the date of its definition, counted from date to date.

Article 3. The term structure of interest rates referred to in the caput of Article 2 shall be estimated daily, through a parametric model that uses a methodology of minimizing errors relative to market prices of LTN and NTN-F.

§ 1. The database for calculating the market prices mentioned in the caput shall be composed of definitive operations carried out in the secondary market, registered in the Special Settlement and Custody System – Selic, for all available maturities of LTN and NTN-F.

§ 2. The following shall be excluded from the database, according to criteria of the Central Bank of Brazil:

I - LTN and NTN-F of a specific maturity date that are systematically not traded in the secondary market; and

II - operations carried out with prices diverging unreasonably from the average market price.

§ 3. If it is not possible to adequately estimate the price of LTN and NTN-F of one or more maturities due to insufficient trades in the secondary market, at the discretion of the Central Bank of Brazil, indicative prices that have broad acceptance as price references in the national financial market shall be used.

§ 4. In the event of impossibility of the estimation mentioned in the caput, including due to insufficient information about trades in the secondary market and, simultaneously, the absence of the indicative prices mentioned in § 3, the last estimated parameters may be adopted.

Article 4. The rates “Pm” and “PMm” shall be those valid on the date of contracting the operation and shall be applied uniformly throughout the financing period.

Sole Paragraph. In the case of financing for projects of concession, permission, or authorization for the exploration of public services, the financial institution may adopt the rates “Pm” and “PMm” valid on the date of the respective auction.

Article 5. The fixed interest rates “Pm” and “PMm” shall be published by the Central Bank of Brazil by the last useful day of the month immediately preceding their validity.

Article 6. For the purposes of Article 2, caput, item III, of Law No. 13,483, of September 21, 2017, a medium-sized enterprise is considered to be a business society, a simple society, an individual limited liability company, and an entrepreneur referred to in Article 966 of Law No. 10,406, of January 10, 2002 – Civil Code, duly registered in the Public Registry of Business Societies and Related Activities or in the Civil Registry of Legal Entities, as applicable, that has, in the calendar year, gross annual operational income or revenue equal to or less than R$300,000,000.00 (three hundred million reais), provided that it does not qualify as a microenterprise or small enterprise, in accordance with Complementary Law No. 123, of December 14, 2006.

Article 7. The Central Bank of Brazil shall adopt, within the scope of its legal powers, the necessary measures for the implementation of the provisions of this Resolution.

Article 8. This Resolution enters into force on the date of its publication.

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