INSTRUÇÃO NORMATIVA

BCB Nº 287 DE 27 DE JULHO DE 2022

Regulatory document revoked, as of 10/3/2022, by Normative Instruction BCB No. 307, of 9/21/2022.

Discloses operational procedures related to the Reserve Transfer System (STR), the Bank Reserves Account, and the Settlement Account, as provided for in the Regulation attached to Resolution BCB No. 105, of June 9, 2021.

The Head of the Department of Banking Operations and Payment Systems (Deban), in use of the powers conferred by art. 111, item V, clause “a”, by art. 112, item V, and by art. 23, item I, clause “a”, of the Internal Regulations of the Central Bank of Brazil, attached to Ordinance No. 84.287, of February 27, 2015, and taking into account the provisions of the Regulation of the Reserve Transfer System (STR), of the Bank Reserves Account and of the Settlement Account at the Central Bank of Brazil, attached to Resolution BCB No. 105, of June 9, 2021,

R E S O L V E :

CHAPTER I

GENERAL PROVISIONS

Art. 1º This Normative Instruction defines operational procedures related to the Reserve Transfer System (STR), the Bank Reserves Account, and the Settlement Account.

CHAPTER II

OPENING OF THE BANK RESERVES ACCOUNT AND THE SETTLEMENT ACCOUNT OR ALTERATION OF THE MAIN ACCESS METHOD

Art. 2º The processes for opening a Bank Reserves Account or a Settlement Account, or for altering the main access method to the STR, observe the procedures established in this Normative Instruction, including with regard to proof of the applicant’s technological and operational capacity to access that system.

Section I

Request

Art. 3º The request for opening a Bank Reserves Account or a Settlement Account or for altering the main access method to the STR must observe the procedures and models described in the Guide for account opening and alteration of main access method, hereinafter referred to as the Guide, available on the Central Bank of Brazil’s website.

Art. 4º The request for opening a Bank Reserves Account or a Settlement Account must be signed by a statutory director or by an occupant of an equivalent position of the requesting institution and sent to the Department of Banking Operations and Payment Systems (Deban), observing the following:

I – Bank Reserves Account of mandatory ownership:

a) institution in the process of authorization for operation: the request must be sent after approval, by the Central Bank of Brazil, of the corporate acts of constitution and respective filing with the competent registration authority, under the conditions provided for in art. 7, item I, of the Regulation Annex I to Resolution No. 4.122, of August 2, 2012, which deals with the requirements and procedures for authorization of constitution and operation, cancellation, and alterations of control and corporate reorganizations of the institutions it specifies; and

b) institution in operation: the request must be sent after publication, in the Official Gazette of the Union, of the authorization for creation of the commercial portfolio or for change of social object to commercial bank or multiple bank with commercial portfolio, or, in cases where an inspection is necessary to evaluate the implemented organizational structure as provided for in art. 8 of the Regulation Annex I to Resolution No. 4.122, of 2012, after favorable manifestation by the Central Bank of Brazil regarding the project for creation of the commercial portfolio or change of social object;

II – Settlement Account of mandatory ownership: the request is an integral part of the authorization for operation process formulated by the corresponding financial market infrastructure;

III – Bank Reserves Account or Settlement Account of optional ownership:

a) credit cooperative in the process of authorization for operation that has in its business plan the intention to be holder of a Settlement Account from the beginning of its activities, in the case where an inspection to evaluate the implemented organizational structure is not determined by the Central Bank of Brazil: the request may be sent after publication, in the Official Gazette of the Union, of the respective authorization for operation;

b) credit cooperative in the process of authorization for operation, that has in its business plan the intention to be holder of a Settlement Account from the beginning of its activities, with determination, by the Central Bank of Brazil, of realization of an inspection to evaluate the implemented organizational structure: the request must be sent after approval, by the Central Bank of Brazil, of the corporate acts of constitution and respective filing with the competent registration authority, under the conditions provided for in art. 8, § 2º, item II, of Resolution No. 4.434, of August 5, 2015, which disposes on the constitution and authorization for operation of credit cooperatives;

c) microentrepreneur and small business credit company in the process of authorization for operation: the request may be sent after publication, in the Official Gazette of the Union, of the respective authorization for operation;

d) payment institution in the process of authorization for operation must observe, insofar as applicable, the provisions of Resolution BCB No. 80, of March 25, 2021;

e) direct credit society (SCD) or peer-to-peer lending society (SEP), in the process of authorization for operation, that has manifested in the justified justification, as provided for in art. 31 of Resolution No. 4.656, of April 26, 2018, the intention to open a Settlement Account from the beginning of its activities: the request must be sent after express favorable manifestation by the Department of Financial System Organization (Deorf), which must consider the circumstances of each concrete case and the context of the facts;

f) other institutions in the process of authorization for operation, that have in their business plan the intention to be holder of a Bank Reserves Account or Settlement Account, from the beginning of activities: the request must be sent after approval, by the Central Bank of Brazil, of the corporate acts of constitution and respective filing with the competent registration authority, under the conditions provided for in art. 7, item I, of the Regulation Annex I to Resolution No. 4.122, of 2012;

g) institution in operation, authorized by the Central Bank of Brazil: the request may be sent at any time; and

h) credit guarantee fund constituted under the terms of art. 28, § 1º, of Complementary Law No. 101, of May 4, 2000, that has the purposes of protecting depositors and investors within the financial system, including the cooperative segment, and contributing to the maintenance of stability and prevention of crises in said system: the request may be sent at any time.

Sole paragraph. The applicant’s access to the Central Bank of Brazil’s Information System (Sisbacen) and to the Central Bank of Brazil’s Electronic Mail System (BC Correio) are necessary conditions for sending the request.

Art. 5º The request for alteration of the main access method to the STR must be signed by the statutory director responsible for matters related to the Brazilian Payment System (SPB), and may be sent to Deban at any time.

Art. 6º For account opening, the applicant must schedule a STR Participation Meeting, with the presence of at least one statutory director, to present its business model and, in the case of an optional account, the motivation for opening the account.

§ 1º The scheduling of the STR Participation Meeting should occur, preferably, before sending the request for account opening, and the holding of the meeting is a necessary condition for the start of the process.

§ 2º At Deban’s discretion, the STR Participation Meeting may be waived.

Art. 7º In the case of account opening, after analysis of the request by Deban and holding of the STR Participation Meeting, if the request is in conformity with the provisions of current regulations, Deban will notify the applicant of the start of the process and will disclose to all STR participants the ISPB code and, when applicable, the code number and the status regarding participation in Compe, exclusively for the purpose of testing proof of the applicant’s operational and technological capacity.

Section II

Tests for Proof of Operational and Technological Capacity

Art. 8º From confirmation of the start of the process by Deban, the applicant must conclude the proof tests within a period of 5 (five) months.

§ 1º The period referred to in the caput may be extended only once, before its end, for 2 (two) months, upon request by the applicant, according to the model presented in the Guide.

§ 2º Failure to comply with the period referred to in this article implies loss of validity of the request and closure of the process.

Art. 9º Before executing the proof tests, the applicant that will use the National Financial System Network (RSFN) as the main access method to the STR must request its connection to this network, according to current regulation.

Art. 10. The proof tests of operational and technological capacity comprise the process of sending the message sets related in the Guide, according to the main access method to the STR and the type of institution.

Art. 11. The proof tests also comprise:

I - Load Test: applicable only for the applicant that opts for main access to the STR via RSFN. It aims to verify the processing capacity of messages, control, stability, and integrity of the system used by the applicant, under conditions of high volumes of messages;

II - Contingency Tests: aims to verify security procedures, timeliness, and familiarity with the contingency service; and

III - 23h59 Tests: aims to evaluate the capacity to process orders, in the event of extension of the STR to after 23h59.

Art. 12. Successful conclusion of the proof tests is a necessary condition for inclusion of the applicant in the STR Production Environment.

Sole paragraph. Exceptionally, if the applicant does not conclude the 23h59 tests upon execution of the proof tests, it must execute them within a period of 2 (two) months counted from its inclusion in the STR Production Environment.

Art. 13. After conclusion of the proof tests, the applicant must send to Deban evidence of the success of its execution, according to the model presented in the Guide.

§ 1º The evidence must be sent to Deban within 30 (thirty) days after execution of the proof tests.

§ 2º The applicant must maintain complete documentation of the execution of the proof tests for eventual analysis by the Central Bank, for a period of 5 (five) years.

Art. 14. Deban may, at its exclusive discretion, determine repetition of the execution of the process of sending one or more messages, as provided for in arts. 10 and 11.

Section III

Start of Operations

Art. 15. From the communication of approval in the proof tests issued by Deban, the applicant has a period of 3 (three) months to start operations, or to alter the main access method to the STR, in the STR production environment.

Sole paragraph. Failure to comply with the period referred to in the caput implies loss of validity of the request and closure of the process.

Art. 16. In the case of account opening, the applicant must arrange for registration of the person responsible for matters related to the SPB in the Information System on Entities of Interest to the Central Bank (Unicad), in compliance with current regulation.

Art. 17. The applicant must send, with a minimum advance of 7 (seven) business days from the date scheduled for start of operations or alteration of the main access method to the STR, a declaration of aptitude to operate in the STR production environment, according to the model presented in the Guide.

Sole paragraph. When it concerns an institution whose account ownership is mandatory or the applicant is in the process of authorization, with provision in the business plan for account ownership from the beginning of authorization, the fixing of the account opening date will also be conditioned to conclusion of the respective authorization for operation process, creation of commercial portfolio, or change of social object, as the case may be.

Art. 18. STR participants in the production environment will be authorized to send the messages related in the Guide, provided that it is up to the STR participant to observe, in the use of messages, compatibility with the business model approved by the Department of Financial System Organization (Deorf) and with the norms applicable to the institution.

Art. 19. To participate in other financial market infrastructures, the applicant must homologate itself with each infrastructure it is interested in.

Art. 20. When registering the applicant in the STR production environment, Deban will disclose to all STR participants the ISPB code, the date of start of operations in the STR, and, when applicable, the code number and the status regarding participation in Compe.

Art. 21. The updated list of identification codes of all STR participants and their respective status regarding participation in Compe can be consulted on the Central Bank of Brazil’s website.

Section IV

Telephone Recording

Art. 22. Orders, instructions, and information issued by Deban to the participant via telephone are recorded and considered firm and valid for all purposes.

CHAPTER III

REGISTRATION OF RESPONSIBLE PARTIES

Art. 23. Participants, through the GEN0019 message (Participant informs update of responsible parties), contained in the SFN Services Catalog, must inform Deban of the name, CPF number, official identification document number, email address, and, at least, two phone numbers, in order of priority, for contact:

I - of the Director responsible for matters related to the SPB or of the occupant of an equivalent position who can answer for administration of the account maintained at the Central Bank of Brazil;

II - of, at least, two monitors responsible for management of the Bank Reserves Account or the Settlement Account;

III - of, at least, three responsible for procedures for use of the Bank Central of Brazil’s message insertion service in contingency regime, with mandatory indication of a phone number for contact outside normal STR operating hours; and

IV - of, at least, one technical responsible for information technology resources used by the institution in its connection to the RSFN.

Sole paragraph. The first phone number of each of those registered to meet items II and III may be shared with other participants.

Art. 24. Only the GEN0019 message that meets the requirements established in items I to IV of the previous article will be considered valid. Processing of a GEN0019 message completely replaces information previously registered.

Art. 25. The format and content of the fields to be informed through GEN0019 message are contained in the SFN Services Catalog and the Domain Dictionary for the SPB, available on the website www.bcb.gov.br.

Art. 26. Current data of the responsible parties registration may be consulted by participants through GEN0020 message (Participant consults responsible parties), contained in the same Services Catalog.

Art. 27. It is the sole responsibility of the participant for accuracy of information provided, as well as for maintenance and timely update of registration of its responsible parties.

CHAPTER IV

MONITORING OF THE STR

Art. 28. Monitoring of the STR will be carried out by the Division of Management and Monitoring of Fund Transfer Systems of the BCB (Gemon) of Deban, through its components located at the Central Bank of Brazil headquarters in Brasília and at its regional representation in São Paulo.

Art. 29. Participants must maintain updated registration of monitors, according to art. 23, item II, of this Normative Instruction, who must be readily available for contact, daily, starting thirty minutes before opening time and until thirty minutes after closing time of the STR.

Art. 30. Participants will receive orders and instructions from Gemon, valid for all purposes:

I - via telephone;

II - through message contained in the SFN Services Catalog; and

III - through institutional email of the Central Bank of Brazil.

Sole paragraph. Orders and instructions from Gemon, through the means defined in items I and III of this article, will be issued exclusively to contacts and addresses contained in the Central Bank of Brazil’s registrations.

Art. 31. Participants, through their monitors, must keep the Gemon component to which they are linked constantly informed about:

I - occurrences that directly or indirectly affect their financial or operational capacity to settle obligations in the STR;

II - their operational activities or related to their intraday cash flow, whenever requested;

III - occurrences that affect or threaten timely conclusion of clearing cycles or of providers of clearing and settlement services; and

IV - any relevant fact of which they have knowledge with potential to affect normal functioning of the STR.

CHAPTER V

CONTINGENCY PROCEDURES

Art. 32. Requests for activation and closure of operation in contingency regime as provided for in the regulation that disciplines the STR, must be made:

I - in the Internet Contingency modality, through a specific portlet of the STR-Web application, according to guidelines of the Manual for access to STR via Internet, available on the Central Bank of Brazil’s website (www.bcb.gov.br); and

II - in the Telephone Contingency modality, through telephone contact originated by a registered representative, under the terms of Chapter III of this Normative Instruction, with the Gemon component to which the requester is linked.

Sole paragraph. Activation and closure of the Internet Contingency modality as provided for in item I is restricted to institution users accredited in the SSTR0005 service, available in the Authorizations Management of Sisbacen (Autran), which must accredit, at least, three users in the cited service.

Art. 33. Orders, in the Telephone Contingency modality, as provided for in the regulation that disciplines the STR, may be carried out through the following messages of the SFN Services Catalog:

I - CMP0001 - IF requests transfer to COMPE linked account;

II - LDL0004 - IF requests Transfer of net result of negotiations;

III - LDL0005 - Chamber requests Transfer of net result of LDL negotiations;

IV - LDL0020 - Chamber requests Transfer of net result;

V - LDL0022 - IF requests Transfer to operational deposit;

VI – LFL0001 - IF requests transfer to cash collateral deposit;

VII - LFL0002 - IF requests transfer for withdrawal of cash collateral;

VIII - LFL0003 - IF requests withdrawal of asset in collateral at Central Depository;

IX - LFL0004 - IF requests contracting of LFL operation;

X - LFL0005 - IF requests payment of LFL operation;

XI - LFL0015 - Chamber requests transfer to Cash Collateral Account of IF in multilateral settlement modality;

XII - LFL0025 - Chamber requests transfer to Cash Collateral Account of IF in gross settlement modality;

XIII - LPI0001 - IF requests transfer from RB or CL account to deposit in PI Account, of same ownership;

XIV - LPI0002 - IF requests transfer from CCME account to deposit in PI Account;

XV - PSPI requests transfer for withdrawal from PI Account and deposit in RB or CL account, of same ownership;

XVI - PSPI requests transfer for withdrawal from PI Account and deposit in CCME;

XVII - Treasury requests transfer of subaccount from Single Account to PI Account;

XVIII - Treasury requests transfer for withdrawal from PI Account and deposit in subaccount of Single Account;

XIX - RCO0010 - IF requests transfer of compulsory resources to Bank Reserves Account or to settlement account;

XX - RCO0011 - IF requests transfer of resources from Bank Reserves Account or settlement account to compulsory;

XXI - RDC0002 - IF requests Intraday Rediscount;

XXII - RDC0003 - IF requests Rediscount with term of one business day;

XXIII - RDC0004 - IF requests Intraday Rediscount associated with an acquisition;

XXIV - RDC0005 - IF requests conversion or recontracting of rediscount;

XXV - RDC0007 - IF requests Payment of rediscount;

XXVI - RDC0008 - IF requests Payment of rediscount associated with sale;

XXVII - RDC0014 - IF requests Cancellation of request or payment of Rediscount;

XXVIII - SLB0002 - Participant requests Payment of BACEN Entry;

XXIX - SLB0007 - Participant requests Payment to BACEN;

XXX - SME0002 - IEME requests transfer for withdrawal from account corresponding to electronic currency;

XXXI - SME0004 - IF or IEME requests transfer for return of improper entry in SME; and

XXXII - STR0011 - IF requests Cancellation of pending STR entry.

Art. 34. Scheduling of the contingency operation test, as provided for in the regulation that disciplines the STR, must be carried out through STR0043 message (Participant requests scheduling of Internet contingency test) of the SFN Services Catalog.

Sole paragraph. Cancellation of scheduling may be carried out through STR0044 message (Participant requests cancellation of Internet contingency test), if contingency operation has not yet been activated.

CHAPTER VI

SCHEDULING OF TRANSFER ORDERS

Art. 35. Scheduling of fund transfer orders in the STR applies exclusively to messages of the STR Service Group.

Art. 36. The time schedule for issuing scheduled fund transfer orders will obey the times defined in the regulation that disciplines the STR, provided that the Central Bank will provide support to users only on business days, starting at 6h and until thirty minutes after closing time of the STR.

Art. 37. The participant will indicate the date and time for settlement in issuing the scheduled fund transfer order, in the specific fields of messages contained in the SFN Services Catalog, observing that:

I - the date for settlement may be up to three business days from the date of issuance;

II - the indicated time must correspond to one of the following settlement times for scheduled orders: 8h, 9h, 10h, 11h or 12h; and

III - scheduled orders for settlement on the day of issuance must respect a minimum interval of 15 minutes between their issuance and the time indicated for settlement.

Art. 38. The STR shall reject messages whose fields "Scheduled Date" and "Scheduled Time" are inconsistent with any of the rules described in the preceding article, as well as orders where the indicated settlement time is prior to the issuance time.

Art. 39. The cancellation of a scheduled fund transfer order that has not yet been settled must be made via the STR0011 message.

Art. 40. In the event that the STR is unable to process any of the scheduled settlement times for transfers, orders scheduled for that time shall be submitted for settlement at the next available time.

Art. 41. The Deban may extend the last settlement time for scheduled orders of a given day in the event of problems affecting processing or the sequence of settlements in the STR.

CHAPTER VII
OF THE OPTIMIZATION ROUTINE

Art. 42. The optimization routine applies to fund transfer orders held in the waiting queue.

Art. 43. The optimization routine shall seek to settle, initially, all orders referred to in the preceding article, conditioned on the existence of sufficient balance in the account of each of the participants involved, compared to their respective multilateral results.

Art. 44. In the event that orders cannot be settled in accordance with the preceding article, the optimization routine shall seek to settle the largest possible number of orders, potentially disregarding the queue ordering criteria, provided that, for each participant, as long as there are unsettled messages with preference level "A", messages with other preference levels shall not be settled.

Art. 45. The optimization routine shall be triggered automatically and immediately after the processing of scheduled messages, the procedures for which are established in Chapter VI, and, exceptionally, at any time, at the exclusive discretion of the Central Bank; the exceptional execution of the routine shall be communicated to participants via a specific message from the SFN Services Catalog.

Art. 46. During the execution of the optimization routine, the processing of messages that are not the subject of the routine shall be suspended.

Art. 47. Upon completion of the optimization routine, fund transfer orders that meet the optimization criteria shall be settled immediately, the remaining orders shall be forwarded to the waiting queue, and the processing of messages that are not the subject of the routine shall resume.

Art. 48. The Deban may extend the regular hours for the execution of the optimization routine of a given day, in the event of occurrences affecting processing or the sequence of settlements in the STR.

CHAPTER VIII
FINAL PROVISIONS

Art. 49. Normative Instruction No. 170 of October 8, 2021, is hereby revoked.

Art. 50. This Normative Instruction enters into force on the date of its publication.

Rogério Antônio Lucca

NOTE

This Normative Instruction aims to update operational procedures to facilitate participants' access to information, as well as to incorporate the provision for account opening by credit guarantee funds, regulated by BCB Resolution No. 211 of March 22, 2022. Therefore, as it is 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, and as it contemplates a low-impact update, the preparation of a Regulatory Impact Analysis (RIA) is waived, in accordance with Article 4, items II and III, of Decree No. 10,411 of June 30, 2020.

Accordingly, given the prescriptions of Article 4 of Decree No. 10,139 of November 28, 2019, considering the entry into force on April 1, 2022, of BCB Resolution No. 211 of 2022, it is necessary that the changes presented herein enter into force on the date of their publication.

Rogério Antônio Lucca
Head of the Department of Banking Operations and Payment Systems