Normative Instruction BCB No. 141 — Discloses criteria for settling foreign exchange operations contracted with the Central Bank of Brazil in the interbank foreign exchange market and for making debits in the Bank Reserves account

BCB NORMATIVE INSTRUCTION NO. 141, OF AUGUST 12, 2021

Discloses criteria for the settlement of foreign exchange operations contracted with the Central Bank of Brazil in the interbank foreign exchange market and for the making of debits, of any nature, in the Bank Reserves account.

The Acting Head of the Department of International Reserves, in the exercise of the powers conferred by Art. 23, item I, letter “a”, of the Internal Regulations of the Central Bank of Brazil, annexed to Ordinance No. 108,150, of August 27, 2020, and based on the provisions of Resolution BCB 76, of February 23, 2021,

R E S O L V E S:

Art.
1º The settlement of foreign exchange operations in the interbank market, contracted with the Central Bank of Brazil, and debits of any nature in the Bank Reserves account, arising from the Department of International Reserves (Depin), shall be settled by means of fund transfer orders sent to the Reserve Transfer System - STR, through specific messages defined in the Catalog of Services of the National Financial System (SFN), observing the following procedures:

I - foreign exchange operations contracted with the Department of International Reserves (Depin), in the interbank foreign exchange market, are entered into for settlement on a fixed date, and cancellations, write-offs, extensions, or early settlements are not admissible, except by determination of the Central Bank of Brazil;

II - the delivery of assets sold and the payment of assets purchased are conditioned upon receipt of proof of credit, in favor of the Central Bank of Brazil, of the corresponding counterpart of the operation carried out and compliance with the settlement instructions previously negotiated by Depin;

III - if the settlement of the contracted operation does not occur on the expected date, for any reason, the record in the SLB will remain pending until the operations that caused the entry are finalized;

IV - a time limit of up to 15:00 hours Brasília time is established as the maximum deadline for financial institutions to arrange the credit of the foreign currency sold to the Central Bank or the payment of the corresponding counterpart in national currency;

V - on December 24, if it is a business day for purposes of operations carried out in the financial market, and on the last business day of the year, a time of 12:00 hours Brasília time is established for financial institutions to arrange the credit of the foreign currency sold to the Central Bank or 11:00 hours Brasília time as the maximum deadline for financial institutions to arrange the payment of the corresponding counterpart in national currency.

VI - In case of delay or non-compliance with the settlement of the contracted operation on the expected date, the counterparty shall pay a compensatory value to the Central Bank of Brazil, which shall cover the period during which the default persists, counting the day of its occurrence and excluding the day of its regularization or the early termination of the operation.

§ 1º The compensatory value (VC), calculated in national currency, shall be calculated by the following formula:

VC = VL x (CC x N/360) x
TC

VC: Compensatory value calculated in reais

VL: Expected value of the settlement of the foreign currency

CC: 30-day foreign exchange coupon rate, in annual percentage, in case of default in operations of purchase or sale of foreign currency; or the foreign exchange coupon rate agreed upon at the time of contracting in case of default in operations of purchase or sale of foreign currency with commitment to resell or repurchase.

N: Number of days elapsed between the occurrence of the default and its regularization

TC: Exchange rate real/us dollar american published by the Central Bank of Brazil (Ptax) on the date of regularization of the settlement.

NOTE: The compensatory value will only be due if CC is positive.

§ 2º The
Department of International Reserves (Depin) shall act as the calculation agent for the determination of the compensatory value referred to in the main text.

Art.
2º This BCB Normative Instruction enters into force on the date of its publication, with Communication 16,364, of December 19, 2007, being revoked.

Luís Guilherme
Siciliano Pontes