CMN Resolution No. 5,266 — Amending Resolution No. 3,339 of January 26, 2006 and its Annexed Regulation on Repo Operations Involving Fixed Income Securities

CMN RESOLUTION NO.
5,266, OF NOVEMBER 28, 2025

Amends Resolution No. 3,339 of January 26, 2006, and its Annexed Regulation, which amends and consolidates the norms governing repo operations involving fixed income securities.

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 November 27, 2025, based on Articles 4, caput, items VI, VIII, IX, and XXI, of the aforementioned Law, and Article 1, § 1, and 12 of Complementary Law No. 130 of April 17, 2009,

R E S O L V E D:

Article 1. Resolution No. 3,339 of January 26, 2006, published in the Official Gazette of the Union on January 30, 2006, shall enter into force with the following amendments:

"Article 1. ...................................................................................................................................

Sole Paragraph. The provisions of this Resolution do not apply to consortium administrators, payment institutions, securities brokerage firms, securities distribution firms, and foreign exchange brokerage firms, which must observe the regulation issued by the Central Bank of Brazil in the exercise of their legal duties." (NR)

Article 2. The Annexed Regulation to Resolution No. 3,339 of January 26, 2006, published in the Official Gazette of the Union on January 30, 2006, shall enter into force with the following amendments:

"Article 4. ...................................................................................................................................

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§ 1. The condition set forth in item II of the caput shall not be required for repo operations:

I - with securities issued by the National Treasury;

II - contracted between institutions authorized to operate by the Central Bank of Brazil; or

III - contracted between an institution authorized to operate by the Central Bank of Brazil and a professional investor not authorized to operate by the Central Bank of Brazil, as defined in norms of the Securities and Exchange Commission.

§ 2. In the operations referred to in item III of § 1 involving securities not issued by the National Treasury and without the contracting of a clearinghouse or service provider mentioned in item II of the caput, the operation contract must contain a clause providing for a failure-to-deliver resolution mechanism by the party assuming the commitment to resell, which allows the party with the repurchase commitment:

I - to acquire in the market the securities subject to the operation or equivalent securities; and

II - to charge the defaulting party for any losses resulting from such acquisition." (NR)

"Article 6. In repo operations, at least one of the contracting parties must be a multiple bank, commercial bank, investment bank, development bank, credit, financing, and investment company, securities brokerage firm, securities distribution firm, Federal Savings Bank, or credit cooperative, qualified to conduct these operations.

......................................................................................................................................." (NR)

"Article 7. In conducting repo operations, the calculation base for determining the operational limits of the institution shall be:

I - in the event that the institution does not belong to a prudential conglomerate, the Reference Equity – RE of the institution; or

II - in the event that the institution belongs to a prudential conglomerate, the consolidated RE of the institutions qualified to conduct repo operations that are part of the prudential conglomerate to which it belongs.

Sole Paragraph. In the case of an institution belonging to the prudential conglomerate mentioned in item II of the caput, the verification of compliance with the operational limits referenced in RE as set forth in Article 8, caput, items I and II, must consider, in a consolidated manner, both the operations conducted by the institution itself and the operations conducted by other qualified institutions belonging to the same conglomerate." (NR)

"Article 11. For the purpose of complying with the operational limits set forth in Article 8, the following are not included:

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IV - repo operations in which institutions participating in the Selic or a custody and settlement system for operations with securities authorized by the Central Bank of Brazil or the Securities and Exchange Commission act as mere intermediaries, not assuming the status of contracting party; and

V - repo operations with federal public securities conducted by institutions issuing electronic currency exclusively to meet the requirement to maintain liquidity resources corresponding to the electronic currency liabilities of these institutions, provided they are segregated in specific accounts for this purpose in Selic.

......................................................................................................................................." (NR)

Article 3. Article 9 of the Annexed Regulation to Resolution No. 3,339 of January 26, 2006, published in the Official Gazette of the Union on January 30, 2006, is hereby repealed.

Article 4. This Resolution enters into force on January 2, 2026.

GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil