CMN Resolution No. 5103 — Adjusts rules for operations under the Export Financing Program (Proex)

Resolution No. 5,103

CMN RESOLUTION NO. 5,103,
OF SEPTEMBER 28, 2023

Adjusts rules to be applied to operations contracted under the Export Financing Program (Proex).

The Central Bank of Brazil, in accordance with art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on September 28, 2023, based on art. 4, items V and VI, of the aforementioned law, and taking into account the provisions of art. 3 of Law No. 10,184, of February 12, 2001, and art. 3 of Decree No. 7,710, of April 3, 2012,

R E S O L V E D:

Art. 1º The CMN Resolution
No. 4,897, of March 25, 2021, shall enter into force with the following changes:

“Art. 5º In the granting of interest rate equalization referred to in this Chapter, the following procedures shall be observed:

I - the requests for equalization to the Financial Agent of the National Treasury for Proex (Proex Financial Agent) will occur through the Licenses, Permits, Certificates and Other Documents (LPCO) module, on the Single Portal of Foreign Trade of the Integrated Foreign Trade System (Siscomex), and must be requested by the exporter prior to the export;

II - when the goods subject to consignation exports or intended for fairs and exhibitions are negotiated under the auspices of the Program, the LPCO may be filled out after the departure from the Brazilian customs territory, provided that before the final sale abroad;

III - the
Proex Financial Agent shall have a period of up to 20 (twenty) days after the registration in the LPCO to analyze the requests within its jurisdiction, with the period being interrupted for the fulfillment of any requirement pointed out by the Proex Financial Agent;

IV - the approval of the equalization requests by the Proex Financial Agent will be conditioned on budgetary and financial availability and will be carried out before the shipment of goods, the billing of services or the final sale abroad, as the case may be.

§ 1º The jurisdiction of the Proex Financial Agent referred to in item III of the main text of this article shall be defined in accordance with item IV of art. 4 of Decree No. 4,993, of February 18, 2004.

§ 2º The
Proex Financial Agent may deny the equalization request if the exporter does not comply, within 20 (twenty) days, with the requirement pointed out in the manner of item III of the main text of this article.

§ 3º The
Proex Financial Agent may revoke the LPCO if the export of goods or services does not occur within 30 (thirty) days after the date of the first shipment or provision of service provided in the approved LPCO.

§ 4º The
Proex Financial Agent will deny the equalization request in case of unavailability of budgetary and financial resources.

§ 5º It is admitted that the Proex Financial Agent approves the LPCO after the shipment of goods, the billing of services or the final sale abroad, as the case may be, provided that:

I - the LPCO request was made before the events provided for in the main text of this paragraph;

II - the approval of the LPCO takes place in the same financial year as the shipment of goods, the billing of services or the final sale abroad, as the case may be; and

III - there is budgetary and financial availability at the time of LPCO approval.

§ 6º The non-approval of the LPCO in the case provided for in § 5º results in the denial of the request, and any losses resulting from the non-granting of equalization under the Proex are assumed entirely by the exporter.” (NR)

“Art.
9º ............................................................................................................

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

§
3º The institutions referred to in § 1 of art. 4 shall inform the Proex Financial Agent of the NTN-I to be cancelled, or to be used as a reference for cash restitution or delivery of securities, within a maximum period of 60 (sixty) days from the early settlement of the financings under their responsibility, supported by the interest rate equalization of Proex.

§
4º In the event of non-compliance with the period referred to in § 3, the Union may administratively or judicially collect from financial institutions the amounts due and prevent new approvals within the scope of Proex until regularization with the Proex Financial Agent.” (NR)

“Art.
10. ............................................................................................................

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

§
4º In the event of non-compliance with the period referred to in § 3, the Union may administratively or judicially collect from financial institutions the amounts due and prevent new approvals within the scope of Proex until regularization with the Proex Financial Agent.” (NR)

“Section
VIII

Of the Substitution of Interest Rates of
Financings

Art.
13-A. In the event of substitution of the index used in the calculation of variable interest rates of financings supported by Proex Equalization, whenever the new interest rates imply a reduction in the value of the equalization, in an amount corresponding to the difference between the equalization originally due and the equalization calculated according to the new interest rates, the following procedures must be observed:

I

• for NTN-I not yet redeemed related to the due installments of interest of the operation, in an amount corresponding to the difference between the equalization originally due and the equalization calculated according to the new interest rates:

a) the cancellation of NTN-I held by the lender or refinancier, linked to the operation whose index was replaced;

b) the cash restitution of the face value of NTN-I linked to the operation whose index was replaced; or

c) the delivery of any other public debt securities issued in book-entry form, registered in a centralized settlement and custody system authorized by the Central Bank of Brazil, at the discretion of the Ministry of Finance, which will determine the economic value of the aforementioned securities.

II

• in the event of eventual redemption of NTN-I related to the due installments of interest of the operation after the substitution of the index, the institution mentioned in § 1 of art. 4 or the agent appointed as its legal representative shall return the amounts received in excess, corresponding to the difference between the equalization originally due and the equalization calculated according to the new interest rates, plus charges calculated based on the Selic rate accumulated between the date of redemption of NTN-I and the business day prior to the effective return; and

III

• in cases where the substitution of the index occurs on a date distinct from the date of redemption of NTN-I related to the interest received from the operation, the equalization due for the last period shall be proportional to the period between the maturity of the last NTN-I redeemed and the date of substitution of the index, in which case, the cancellation of the portion of NTN-I subsequent to the date of substitution of the index shall occur, in an amount corresponding to the difference between the equalization originally due and the equalization calculated according to the new interest rates, in a proportional manner.

§
1º The proportional cancellation of the portion of NTN-I subsequent to the date of substitution of the index referred to in item III of the main text may be replaced by the alternatives set forth in letters “b” or “c” of item I of the main text.

§
2º The equalization values received up to the date of substitution of the discontinued index, related to the interest received from the operation, are safeguarded.

§
3º The institutions referred to in § 1 of art. 4 shall inform the Proex Financial Agent of the NTN-I to be cancelled, or to be used as a reference for cash restitution or delivery of securities, within a maximum period of 60 (sixty) days from the respective and effective substitution of the index.

§
4º In the event of non-compliance with the period referred to in § 3, the Union may administratively or judicially collect from financial institutions the amounts due and prevent new approvals within the scope of Proex until regularization with the Proex Financial Agent.” (NR)

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

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

III

• the Proex Financial Agent shall have a period of up to 20 (twenty) days after the
  registration of the LPCO in Siscomex to analyze the requests within its jurisdiction, with the period being interrupted for the fulfillment of any requirement pointed out by the Proex Financial Agent;

IV

• the approval of financing requests by the Proex Financial Agent will be
  conditioned on budgetary and financial availability and will be carried out before the shipment of goods, the billing of services or the final sale abroad, as the case may be;

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

§
2º The Proex Financial Agent may deny the financing request if the exporter does not comply, within 20 (twenty) days, with the requirement pointed out in the manner of item III of the main text of this article.

§
3º The Proex Financial Agent may revoke the LPCO if the export of goods or services does not occur within 30 (thirty) days after the date provided for the first shipment or provision of service in the approved LPCO.

§
4º The Proex Financial Agent will deny the financing request if there is unavailability of budgetary and financial resources.

§
5º The approval of the LPCO does not guarantee the disbursement of resources, which will only occur if, on the date of disbursement, the conditions provided for in art. 18 are met.

§
6º It is admitted that the Proex Financial Agent approves the LPCO after the shipment of goods, the billing of services or the final sale abroad, as the case may be, provided that:

I

• the LPCO request was made before the events provided for in the main text
  of this paragraph;

II

• the approval of the LPCO takes place in the same financial year as the shipment of
  goods, the billing of services or the final sale abroad, as the case may be; and

III

• there is budgetary and financial availability at the time of approval of the
  LPCO.

§
7º The non-approval of the LPCO in the case provided for in § 6 results in the denial of the request, and any losses resulting from the non-granting of financing under the Proex are assumed entirely by the exporter.” (NR)

“Art.
18. It is a condition for the disbursement of resources to exporters, in
export financings provided for in this Chapter, in addition to the condition defined in the sole paragraph of art. 14 and the approval of the LPCO, the prior proof:

................................................................................................................” (NR)

“CHAPTER V

FINAL PROVISIONS

Art.
28. ............................................................................................................

................................................................................................................” (NR)

Art. 2º For substitutions of indices prior to the publication of this Resolution, the period provided for in art. 13-A, § 3º, shall be counted from the effectiveness of this norm.

Art. 3º Item II of art. 19 of CMN Resolution No. 4,897, of 2021, is hereby revoked.

Art. 4º This Resolution enters into force on October 2, 2023.

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