CMN Resolution No. 5308 — Regulations on Financing Supported by National Social Infrastructure Investment Fund (FIIS) Resources for Public Security

CMN RESOLUTION NO. 5,308,
OF JUNE 11, 2026
Regulates financing supported by resources from the National Social Infrastructure Investment Fund – FIIS for public security.

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 an extraordinary session held on June 11, 2026, considering the provisions of Article 4, caput, item VI, of Law No. 4,595, of December 31, 1964, and based on Article 7 of Decree No. 12,157, of August 29, 2024, which regulates Law No. 14,947, of August 2, 2024,

R E S O L V E S:

Art. 1. Article 7 of Decree No. 12,157, of August 29, 2024, is regulated under the terms of this Resolution, regarding the conditions applicable to financing with reimbursable resources of the National Social Infrastructure Investment Fund – FIIS, which must observe the application purposes provided for in Law No. 14,947, of August 2, 2024, as well as the guidelines and priorities defined by the FIIS Management Committee, as set forth in Article 2 of Decree No. 12,157, of August 29, 2024.

Art. 2. The contracting of financing operations with reimbursable resources from the FIIS must comply with the following provisions:

I - beneficiaries: shall be defined by the FIIS Management Committee, in accordance with the competencies attributed to said committee in Decree No. 12,157, of August 29, 2024;

II - purpose of application of resources: that defined in Article 4, § 4, item III, of Law No. 14,947, of August 2, 2024;

III - financial charges to borrowers: interest rate calculated by multiplying the remunerations provided for in items IV, sub-items “a” and “b”, and V of the caput, as applicable, after their conversion into factors;

IV - remuneration of financial agents:
a) of the National Bank for Economic and Social Development – BNDES:

1. in direct operations: up to 3.38% p.a. (three and thirty-eight hundredths percent per annum); and
2. in indirect operations through an accredited agent: up to 1.25% p.a. (one and twenty-five hundredths percent per annum); and
   b) of the financial agent accredited by BNDES: up to 6% p.a. (six percent per annum);

V - remuneration of the FIIS:
a) 4% p.a. (four percent per annum), for operations whose repayment term, observing the provisions of item VI of the caput, is up to ten years; and b) 6% p.a. (six percent per annum), for operations whose repayment term, observing the provisions of item VI of the caput, is greater than ten years;

VI - repayment term: up to twenty years, including up to twenty-four months of principal grace period; and

VII - risk of the operation: of BNDES, when operating directly, or of the accredited financial agent in indirect operations, with BNDES continuing, in both cases, to bear the risks vis-à-vis the FIIS.

Sole Paragraph. Capitalization of interest during the grace period is not permitted.

Art. 3. BNDES and the financial agents accredited by it may charge borrowers, in addition to the financial charges provided for in Article 2, caput, item III, other charges or commissions, usually practiced in their operations, especially due to the request for consent within the scope of contracted operations, as established in their respective operational policies, and a charge for credit reservation, as provided in the contract, observing the hypotheses of incidence and the values disclosed on their respective official internet pages.

Art. 4. This Resolution enters into force on the date of its publication.

PAULO PICCHETTI
Acting President of the Central Bank of Brazil