Normative Instruction BCB No. 294 — Amends Document 6 (Statement of Obligations and Rural Credit Applications) of the Rural Credit Manual (MCR)

Note - Document 6

The current text of the MCR is available at the following electronic address: www3.bcb.gov.br/mcr.

NORMATIVE INSTRUCTION BCB NO. 294, OF AUGUST 8, 2022

Amends Document 6 (Statement of Obligations and Rural Credit Applications) of the Rural Credit Manual (MCR).

The Head of the Department of Regulation, Supervision and Control of Rural Credit Operations and Proagro (Derop), using the powers conferred upon him by Art. 99, item II, letter “a”, of the Internal Regulations of the Central Bank of Brazil, annexed to Ordinance No. 108.150, of August 27, 2020, and Art. 4 of Circular No. 3.801, of July 7, 2016, and having in view the provisions of item 11 of Section 1 of Chapter 6 of the Rural Credit Manual (MCR),

RESOLVES:

Art. 1. Annexes I (Instructions and Concepts), II (Codes of Mandatory Resources - MCR 6-2), III (Codes of Rural Savings Resources - MCR 6-4), and IV (Codes of Agribusiness Credit Letter Resources - MCR 6-7) are updated, and Annex VII (Codes of Mandatory Resources - Additional Obligation) of Document 6 (Statement of Obligations and Rural Credit Applications) of the MCR is established.

Sole Paragraph. The MCR - Document 6 will be made available on the electronic site of the Central Bank of Brazil, on the MCR consultation page, available at the electronic address www3.bcb.gov.br/mcr.

Art. 2. Financial institutions subject to the Obligations of Mandatory Resources, Rural Savings, and Agribusiness Credit Letters, and those subject to Additional Obligation, must submit the MCR - Document 6 statements, referring to the position of July 2022, through the Rural Credit Obligations System (Sisex), by August 31, 2022.

Art. 3. This Normative Instruction BCB enters into force on the date of its publication.

Claudio Filgueiras Pacheco Moreira

NOTE

The CMN Resolution No. 5.028, of June 29, 2022, amends the percentages of the sub-directions of resources available for cash (MCR 6-2) destined for contracting operations within the scope of the National Program to Strengthen Family Agriculture (Pronaf) and the National Program to Support Medium Rural Producers (Pronamp), institutes new weighting factors applicable to operating operations supported by Pronaf, and adjusts the conditions for compliance with the direction of resources captured by the issuance of Agribusiness Credit Letters (MCR 6-7).

2. With respect to it, CMN Resolution No. 5.029, of June 29, 2022, authorizes, exceptionally in the 2022/2023 agricultural year, the contracting of Price Guarantee Financing for the Producer (FGPP), supported by Mandatory Resources, for the commercialization of products from commercial capture fisheries and aquaculture; and admits, exceptionally in the 2022/2023 agricultural year, compliance by financial institutions of up to 3.6% (three and six-tenths percent) of the rural credit obligation of Mandatory Resources (MCR 6-2) with investment operations within the scope of the Program for Reduction of Greenhouse Gas Emissions in Agriculture (ABC Program), governed by MCR 11-7, and up to 2.4% (two and four-tenths percent) of the rural credit obligation of Mandatory Resources (MCR 6-2) with investment operations within the scope of the Program for Construction and Expansion of Warehouses (PCA), governed by MCR 11-9.

3. With respect to it, CMN Resolution No. 5.030, of June 29, 2022, institutes additional obligation to apply in rural credit on available resources for the compliance period from July 1, 2022, to June 30, 2023, and reduces the obligation to direct Mandatory Resources (MCR 6-2) starting from January 1, 2024.

4. Based on the aforementioned CMN resolutions, this BCB Normative Instruction (IN BCB) adjusts Document 6 (Statement of Obligations and Rural Credit Applications) of the Rural Credit Manual (MCR), for the purpose of monitoring and controlling the balances of obligations and rural credit applications, for the 2022/2023 compliance period.

5. It is worth highlighting that, by virtue of Art. 24 of Decree No. 10.411, of June 30, 2020, the issuance of normative acts by bodies and entities of the direct federal public administration, autonomous entities, and foundations, from October 14, 2021, must be preceded by a Regulatory Impact Analysis (RIA). However, in its Article 4, the aforementioned decree establishes the hypotheses for exemption from carrying out an RIA. This BCB IN falls under the hypothesis provided for in item III, a normative act considered to have low impact, given that it does not cause an increase in cost for economic agents, as it only aligns Document 6 of the MCR with the normative adjustments provided for in the CMN Resolutions issued within the scope of the Agricultural and Livestock Plan 2022/2023. Thus, based on item III of Art. 4 of Decree No. 10.411, of 2020, it is understood that the issuance of this BCB IN is exempt from carrying out an RIA.

Claudio Filgueiras Pacheco Moreira
Head of Derop