Normative Instruction BCB No. 266 — Establishes final terms for non-business days for SML agreements with BCRA and BCU

INSTRUCTION
NORMATIVE BCB NO. 266, OF MARCH 31, 2022

Establishes the final terms that apply on non-business days for SML agreements with the Central Bank of the Argentine Republic (BCRA) and with the Central Bank of Uruguay (BCU).

The Head of the Department of International Affairs (Derin), using the authority granted to him by item “a” of item I of art. 23; item X of art. 70; and item VIII of art. 71 of the Internal Regulations of the Central Bank of Brazil (BCB), annexed to Ordinance No. 108.150, of August 27, 2020; considering the provisions of the Operational Regulations of the Local Currency Payment System (SML) with the Central Bank of the Argentine Republic (BCRA) and with the Central Bank of Uruguay (BCU); and the provisions of item I of art. 13 of the annex to Circular Letter No. 3,707, of June 16, 2014, and item I of art. 12 of the annex to Circular Letter No. 3,734, of November 26, 2014,

R E S O L V E:

Art. 1. Based on Article 20 of the Operational Regulation of the SML Agreement signed with BCRA, and on Article 19 of the Operational Regulation of the SML Agreement signed with BCU, the maximum period for the return of payments related to operations cancelled by Brazilian Financial Institutions authorized to operate this System is 15 (fifteen) days, observing the following:

I - the initial term is the date of its registration;

II - if the final term is a non-business day:

a) it is advanced to the nearest preceding business day, in the case of the SML Agreement signed with BCRA;

b) this period is extended to the first following business day, in the case of the SML Agreement signed with BCU;

III - any return will transit as a new operation and will be settled at the respective Exchange Rate of the day on which it occurs.

Art. 2. A business day is considered any day of the year in which banking institutions are open for business simultaneously in Argentina and Brazil or in Uruguay and Brazil, depending on the counterparty country in the operation.

Sole Paragraph. The holiday established in only one of the countries participating in the operation will be considered a non-business day.

Art. 3. Circular Letter No. 1, of June 30, 2016, is hereby revoked.

Art. 4. This Normative Instruction enters into force on May 2, 2022.

Diogo Souza
Carmo Nogueira

Head of the
Department of International Affairs, substitute

NOTE

Circular Letter No. 1, of June 30, 2016, provides that the maximum period for the return of resources from cancelled operations within the scope of the Agreements of the Local Currency Payment System (SML) signed with the Central Banks of Argentina and Uruguay is 15 days. However, unlike what is provided in item II of Art. 1 of the aforementioned Circular Letter, the normative act issued by the Central Bank of the Argentine Republic (BCRA) does not establish the extension of the final term of the period, if this is a date defined as a non-business day within the scope of the SML Agreement, to the next following business day. Aiming to harmonize the normative instruments in both jurisdictions, the Normative Instruction, object of this Note, establishes the advancement of the final term of the 15-day period, in the Agreement signed with BCRA, to the nearest preceding business day.

2. It is also worth highlighting that, by virtue of art. 24 of Decree No. 10,411, of June 30, 2020, the issuance of normative acts by the bodies and entities of the direct, autarchic, and foundation federal administration, from October 14, 2021, must be preceded by a Regulatory Impact Analysis (RIA). However, as provided in item “c” of item V, of art. 4, of Decree No. 10,411, of June 30, 2020, the preparation of an RIA is dispensed with in the event that the normative act aims to ensure the integrity of payment systems. In the case at hand, the divergence regarding the advancement or extension of the final term of the 15-day period, when this is a date defined as a non-business day within the scope of the SML, has the potential to impose the burden on the international trade agent in Brazil. If this agent had to face a period subject to divergence, he would have to use another channel to return the resources to the Argentine counterparty, with eventual financial loss, notwithstanding having registered the return operation in accordance with the SML normative provisions in Brazil.

Diogo Souza
Carmo Nogueira

Head of the
Department of International Affairs, substitute