CMN Resolution No. 5,284 — Amends Resolution CMN No. 4,897 to Adjust Proex Financing Conditions

VOTE

CMN RESOLUTION NO. 5,284, OF FEBRUARY 26, 2026

Amends Resolution CMN No. 4,897, of March 25, 2021, to adjust the conditions of Proex Financing.

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 February 26, 2026, based on Article 4, caput, item VI, of the aforementioned Law, and considering the provisions of Article 3 of Law No. 10,184, of February 12, 2001,

R E S O L V E S:

Art. 1º Resolution CMN No. 4,897, of March 25, 2021, published in the Official Gazette of the Union on March 29, 2021, shall enter into force with the following alterations:

“Art. 15. ..................................................................................................................................

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§ 3º .........................................................................................................................................

II - that it be the object of concurrent financing in any financial institution, allowing for the chaining of the pre-shipment and post-shipment phases.” (NR)

“Art. 17. ..................................................................................................................................

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V - the final date for the disbursement request to the Proex Financial Agent is sixty days after the date of shipment or delivery of the goods, the invoice, the commercial contract, or the financing contract, or, alternatively, the date of consolidation of shipments or billing of services, whichever occurs last, subject to extension for an equal period, contingent upon budgetary and financial availability.

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“Art. 18. ..................................................................................................................................

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II - the constitution of guarantees corresponding, at minimum, to the full value of the granted financing and its respective standard charges; and

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§ 2º-A In operations with a term of less than two years, the exporter is exempt from proving the payment of the non-financed value or declaring receipt when there is no internalization of the resources referred to in § 2º.

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§ 5º In the case provided for in § 4º, the proof referred to in item I of the caput may occur after the disbursement, within a maximum period of thirty days after the date scheduled for the shipment of goods, billing of services, or their respective consolidation, as applicable.” (NR)

“Art. 18-A. In the case of pre-shipment financing, the rescheduling of the shipment date of goods or billing of services is authorized, through prior and express agreement between the exporter and the Proex Financial Agent, with the payment of additional interest due, maintaining the other financing conditions.

§ 1º The request for rescheduling the shipment or billing date by the exporter must be made to the Proex Financial Agent at least fifteen days in advance of the originally scheduled date for export.

§ 2º The rescheduled shipment or billing date may not exceed the term determined by Art. 18, § 4º, relative to the date of advance disbursement of resources.” (NR)

“Art. 20-A. ..............................................................................................................................

I - the financed goods or services are not exported by the scheduled date for shipment or billing;

II - the exported goods were not produced in Brazil or the exported services were not provided by a Brazilian company; or

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§ 1º The disqualified value must be reimbursed to the Union by the exporter, in Brazilian Reais – R$, plus a fine, according to the methodology contained in Annex III, observing the exception provided in § 4º, without prejudice to other applicable sanctions.

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§ 4º The fine referred to in § 1º shall not be applied when the disqualification results from fortuitous event or force majeure.

§ 5º In pre-shipment operations that become disqualified, the Proex Financial Agent shall charge the reimbursement and fine directly to the exporter, activating the guarantee if the exporter does not proceed with settlement, observing the provisions of the respective guarantee instrument.

§ 6º In the case of rescheduling referred to in Art. 18-A, the scheduled date for shipment or billing, to be considered for disqualification purposes, is the rescheduled date.

§ 7º Proof of export through the purchase of performance or similar instruments is prohibited.” (NR)

Art. 2º Annex I to Resolution CMN No. 4,897, of March 25, 2021, published in the Official Gazette of the Union on March 29, 2021, shall enter into force with the following alterations:

“Official Export Support: government instruments of insurance, guarantee, financing, or interest rate equalization that assist the Brazilian exporter in anticipating the receipt of values related to the sale of goods and services to a foreign buyer.

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Export Financing: contractual relationship in the form of loan, credit instruments, export documents, or any other instruments that generate the obligation to amortize the value of the commercial export contract over a previously defined period, requiring, in return, the payment of interest.

Financing with disbursement prior to export (pre-shipment): financing granted to the Brazilian exporter with the purpose of financing the production or execution of goods and services destined for export, linked to a commercial contract, proforma invoice, or other equivalent instrument.

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Art. 3º Resolution CMN No. 4,897, of March 25, 2021, published in the Official Gazette of the Union on March 29, 2021, shall enter into force supplemented by Annex III, in the form of the annex to this Resolution.

Art. 4º § 3º of Art. 20-A of Resolution CMN No. 4,897, of March 25, 2021, published in the Official Gazette of the Union on March 29, 2021, is hereby revoked.

Art. 5º This Resolution enters into force on the date of its publication.

GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil

ANNEX

ANNEX III TO CMN RESOLUTION NO. 4,897, OF MARCH 25, 2021

METHODOLOGY FOR CALCULATING REIMBURSEMENT AND FINE IN CASE OF DISQUALIFICATION OF FINANCING OPERATIONS

VT = (Reimbursement + Fine) * TMS

Reimbursement = (VD − VJ) * PTAX

Fine = VD * (CIRR + 10%) * PTAX

Where:

VT: total value, in Reais, to be collected by the Union from the exporter;

Reimbursement: value, in Reais, to be reimbursed to the Union;

Fine: value, in Reais, of the fine to be collected by the Union;

VD: disqualified value, in the original currency of the financing, corresponding to the disbursed amount linked to the unproven export;

VJ: value received by the Union as interest between the disbursement and the disqualification;

PTAX: exchange rate, for sale, of the original currency of the disqualified financing, published by the Central Bank of Brazil, corresponding to the day of disbursement;

TMS: reference rate of the Special Settlement and Custody System – Selic, accumulated in the period from the date of disbursement until the day immediately preceding the actual reimbursement;

CIRR: Commercial Interest Reference Rate – CIRR in effect on the date of disbursement, referring to the original currency of the disqualified financing, accumulated in the period from the date of disbursement until the day immediately preceding the actual reimbursement;

Selic d = daily Selic rates, in effect during the update period, in unit form;

N = number of Selic d rates in effect during the update period, from the initial update day (inclusive) to the last day (exclusive);

Selic = annual Selic rate, in unit form.