Instruction Normative BCB No. 657 — Amends Instruction Normative BCB No. 560 of December 6, 2024, Clarifying Criteria for Applying CMN Resolution No. 4,966 and BCB Resolution No. 352

Changes to Cosif

INSTRUCTION NORMATIVE BCB NO. 657, OF SEPTEMBER 1, 2025

Amends Instruction Normative BCB No. 560, of December 6, 2024, which clarifies criteria to be observed in the application of CMN Resolution No. 4,966, of November 25, 2021, and BCB Resolution No. 352, of November 23, 2023.

The Head of the Department of Regulation of the Financial System (Denor), in the use of the attribution conferred upon him by art. 23, item I, letter "a", of the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of September 21, 2023, and

based on art. 67, item III, letter "c", of CMN Resolution No. 4,966, of November 25, 2021,

RESOLVES:

Art. 1º Instruction Normative BCB No. 560, of December 6, 2024, published in the Official Gazette of the Union on December 10, 2024, shall enter into force with the following alterations:

“Art. 3º-A The reallocation of all financial instruments of the same counterparty to the third stage by virtue of the provision of art. 37, § 5º, of CMN Resolution No. 4,966, of 2021, and art. 37, § 5º, of BCB Resolution No. 352, of 2023, implies the characterization of these financial instruments as financial instruments with credit recovery problems.” (NR)

“Art. 8º-B Financial liabilities generated by the transfer of financial assets, as per art. 9º, item III, of CMN Resolution No. 4,966, of 2021, and art. 9º, item III, of BCB Resolution No. 352, of 2023, must be classified according to the treatment provided in Section III of Chapter III of these Resolutions:

I - in the fair value through profit or loss category, in the case provided for in art. 33 and art. 34, item II, letter "a", of these Resolutions; and

II - in the amortized cost category, in other cases.” (NR)

Art. 2º This Instruction Normative enters into force on the date of its publication.

MARDILSON FERNANDES
QUEIROZ

NOTE
540/2025 – BCB/DENOR, OF SEPTEMBER 1, 2025

Justifies the proposal for the issuance of an instruction normative to amend Instruction Normative BCB No. 560, of December 6, 2024, which clarifies criteria to be observed in the application of CMN Resolution No. 4,966, of November 25, 2021, and BCB Resolution No. 352, of November 23, 2023.

Dear Head of Denor,

1.                The present Note justifies the proposal for the issuance of an instruction normative to amend Instruction Normative BCB No. 560, of December 6, 2024, which clarifies criteria to be observed in the application of CMN Resolution No. 4,966, of November 25, 2021, and BCB Resolution No. 352, of November 23, 2023, according to the competence of the Department of Regulation of the Financial System (Denor), in the use of the attribution conferred upon it by art. 23, item I, letter "a", of the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of September 21, 2023.
   

2.                After the issuance of CMN Resolution No. 4,966, of 2021, and BCB Resolution No. 352, of 2023, the units linked to the Director of Supervision (Difis) of this Central Bank encountered doubts from supervised institutions regarding the correct application of some concepts and criteria established by these Resolutions. Thus, in order to guarantee the homogeneous application of the rules by all institutions, Instruction Normative BCB No. 560, of December 6, 2024, was issued with the pertinent clarifications.
   

3.                Subsequently, with the entry into force of the aforementioned Resolutions, two other points were identified that require additional clarifications, to guarantee the correct application of the commands provided in the cited Resolutions. The first deals with the "drag effect", that is, the reallocation of all financial instruments of the same counterparty to the third stage, when a financial instrument is allocated to the third stage, as provided in art. 37, § 5º, of CMN Resolution No. 4,966, of 2021, and art. 37, § 5º, of BCB Resolution No. 352.
   

4.                Considering that item III, *caput*, of the same article determines that only assets with credit recovery problems are classified in the third stage, the drag to the third stage implies that the "dragged" financial instruments are automatically characterized as financial instruments with credit recovery problems. Although already established in the aforementioned Resolutions, we suggest reinforcing the proper understanding.
   

5.                The second provision deals with the classification of financial liabilities generated by the transfer of financial assets. On this topic, it will be necessary to clarify that art. 9º, item III, of CMN Resolution No. 4,966, of 2021, and art. 9º, item III, of BCB Resolution No. 352, of 2023, do not determine that these liabilities be measured at fair value through profit or loss, but rather that they be classified in the amortized cost category or in the fair value through profit or loss category, according to the treatment provided in the provisions dealing with the derecognition and transfer of financial assets (Section III of Chapter III of the aforementioned resolutions). Specifically, the asset will be classified in the fair value through profit or loss category, if it is covered by the provision of art. 33 or art. 34, item II, letter "a" of the aforementioned Resolutions, or in the amortized cost category, in other cases.
   

6.                As established by art. 5º of Law No. 13,874, of September 20, 2019, proposals for the issuance and amendment of normative acts of general interest of economic agents or users of the services provided, issued by an agency or entity of the federal public administration, including autarchies and public foundations, shall be preceded by the realization of a regulatory impact analysis (RIA), which shall contain information and data on the possible effects of the normative act to verify the reasonableness of its economic impact.
   

7.                However, according to art. 4º, item II, of Decree No. 10,411, of June 30, 2020, which regulates this Law, the RIA may be dispensed with, provided there is a reasoned decision by the competent agency or entity, in the case of a normative act intended to regulate rights or obligations defined in a hierarchically superior norm that does not allow, technically or legally, different regulatory alternatives. Thus, I understand that the instruction normative now proposed is dispensed with the preparation of an RIA, given that it only clarifies the application of norms from CMN Resolution No. 4,966, of 2021, and BCB Resolution No. 352, of 2023, without establishing new rules.
   
                      FOR consideration of Your Excellency.
   

UVERLAN RODRIGUES PRIMO

Deputy
Head

Agreed.

MARDILSON
FERNANDES QUEIROZ

Head of Department