Normative Instruction BCB No. 299 — Discloses procedures, documents, deadlines and information necessary for the instruction of authorization requests related to the functioning of institutions governed by CMN Resolution No. 4,970 of November 25, 2021

BCB NORMATIVE INSTRUCTION
No. 299, OF AUGUST 30, 2022

Discloses procedures, documents, deadlines and information necessary for the instruction of authorization requests related to the functioning of the institutions governed by CMN Resolution No. 4,970, of November 25, 2021.

The Head of the Department of Organization of the Financial System (Deorf), in the exercise of the attribution conferred by arts. 23, item I, letter “a”, and 96, item XII, of the Internal Regulations of the Central Bank of Brazil, annexed to Ordinance No. 84.287, of February 27, 2015, based on arts. 7º, § 4º, and 27 of CMN Resolution No. 4,970, of November 25, 2021,

R E S O L V E
:

CHAPTER I
OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1º Procedures, documents, deadlines and information necessary for the instruction of authorization requests related to the functioning of the institutions governed by CMN Resolution No. 4,970, of November 25, 2021, are hereby disclosed.

Sole paragraph. The provisions of arts. 11, 13, 17 and 19 of this Normative Instruction do not apply to the singular credit cooperative affiliated with a central credit cooperative, except in cases where the authorization requests arise from the acts provided for in art. 3º, item III, of CMN Resolution No. 4,970, of November 25, 2021. (Included, from 1/1/2024, by BCB Normative Instruction No. 453, of 1/30/2024.)

CHAPTER II
OF THE INSTRUCTION OF THE PROCESSES

Section I
Of General Provisions

Art. 2º The authorization requests referred to in this Normative Instruction must be filed with the Central Bank of Brazil, addressed to the Department of Organization of the Financial System (Deorf), in accordance with current regulation, accompanied by the relevant documents and information.

Art. 3º The institution must include in the System of Information on Entities of Interest to the Central Bank (Unicad) the information necessary for the instruction of the processes, in accordance with current regulation.

Art. 4º The document models provided for in this Normative Instruction are available in the Manual of Organization of the Financial System (Sisorf), accessible through the Central Bank of Brazil’s internet page.

Section II
Of Authorization for Operation

Art. 5º The authorization request for operation must be accompanied by the following documents and information:

I - request, in the form of Sisorf model 8.20.10.1;

II - declaration, signed by the controllers, attesting to compliance with the economic-financial capacity requirement, compatible with the capital necessary for the structuring and operation of the institution, as well as for contingencies arising from market dynamics, in the form of Sisorf model 8.20.20.1, except in the case of a controlled society by an institution authorized by the Central Bank of Brazil, or for a controller that is a natural person resident or domiciled abroad, a legal entity headquartered abroad, or an investment fund; (Revised by BCB Normative Instruction No. 490, of 7/22/2024.)

III - information and documentation proving compliance with the economic-financial capacity requirement, compatible with the capital necessary for the structuring and operation of the institution, as well as for contingencies arising from market dynamics, through which the patrimonial evolution in the last three fiscal years can be verified, relating to a controller that is a natural person resident or domiciled abroad, a legal entity headquartered abroad, or an investment fund;

IV - declaration of the origin of the resources used by the controllers and by holders of qualified participation in the subscription of the social capital, in the form of Sisorf model 8.20.20.2, except for a controller or holder of qualified participation that is an institution authorized by the Central Bank of Brazil;

V - business plan or executive summary of the business plan, observing the provisions of §§ 1º to 3º;

VI - declaration, signed by the controllers and by the holders of qualified participation, natural persons, attesting to compliance with the requirement of unblemished reputation and the conditions established by current legislation and regulation, in the form of Sisorf model 8.20.20.3;

VII - declaration, signed by the controllers and by the holders of qualified participation, except natural persons, attesting to compliance with the conditions established by current legislation and regulation, in the form of Sisorf model 8.20.20.4, except for a controller or holder of qualified participation that is an institution authorized by the Central Bank of Brazil;

VIII - authorization, signed by the controllers and by the holders of qualified participation, except for a controller or holder of qualified participation that is an institution authorized by the Central Bank of Brazil, in the form of Sisorf model 8.20.20.3 or 8.20.20.4:

a) to the Federal Revenue Secretariat of Brazil, for the provision to the Central Bank of Brazil of the Individual Income Tax Return or the Legal Entity Economic-Fiscal Information Declaration, as appropriate, relating to the last three fiscal years, except in the case of a legal entity headquartered abroad or an investment fund, for exclusive use by the Central Bank of Brazil in the respective authorization process;

b) to the Central Bank of Brazil, for access to information about themselves in any public or private registration and information system, including judicial or administrative processes and procedures and police inquiries;

c) to the Central Bank of Brazil, to carry out the treatment and shared use of personal data of their ownership, including those considered sensitive and covered by confidentiality, in accordance with current legislation;

IX - declaration, signed by those elected or appointed to positions in statutory or contractual bodies, attesting to compliance with the requirements of unblemished reputation and, in the case of administrators, technical capacity compatible with the functions to be exercised during the term, as well as with the conditions established by current legislation and regulation, in the form of Sisorf model 8.20.20.5 or 8.20.20.6;

X - authorization, signed by those elected or appointed to positions in statutory or contractual bodies, in the form of Sisorf model 8.20.20.5 or 8.20.20.6, to the Central Bank of Brazil to, during the process of approval of their names and the period of exercise of the position:

a) access to information about themselves, in any public or private registration and information system, including judicial or administrative processes and procedures and police inquiries;

b) carry out the treatment and shared use of personal data of their ownership, including those considered sensitive and covered by confidentiality, in accordance with current legislation;

XI - declaration, signed by the society, in the form of Sisorf model 8.20.20.7, of:

a) having knowledge of the requirements and legal and regulatory conditions to which those elected or appointed to positions in statutory or contractual bodies are subject for the exercise of the positions, as well as the hypotheses of ineligibility;

b) having conducted research regarding those elected or appointed to positions in statutory or contractual bodies in public and private registration and information systems and that they meet the requirements and legal and regulatory conditions necessary for the exercise of the positions;

c) having verified that the elected or appointed administrators possess technical capacity compatible with the functions to be exercised during the term;

d) having been authorized, by those elected or appointed to positions in statutory or contractual bodies, to access any information, protected by legal confidentiality or not, or documents related to the analysis by the Central Bank of Brazil of their names for the exercise of the positions and while their terms last;

e) having been authorized, by those elected or appointed to positions in statutory or contractual bodies, to be aware of the processing of the respective authorization, monitoring or supervision processes and to obtain copies of documents contained therein, including those containing data of their ownership protected by any kind of confidentiality, even those considered sensitive, in accordance with current legislation;

XII - bylaws or articles of association;

XIII - (Revoked by BCB Normative Instruction No. 490, of 7/22/2024.)

XIV - (Revoked by BCB Normative Instruction No. 490, of 7/22/2024.)

XV - compliance report of the central credit cooperative or confederation, in the event of a commitment to affiliation of a credit cooperative, in the form of Annex III; (Revised by BCB Normative Instruction No. 490, of 7/22/2024.)

XVI - declaration, in Sisorf model 8.20.10.1, of compliance with the requirement that the administration has knowledge of the business sector, the segment in which the institution intends to operate, market dynamics, sources of operational resources, management of activities and associated risks.

XVII - declaration, signed by the controllers, regarding the definition of control and agreements and other instruments entered into by shareholders or partners, in the form of Sisorf model 8.20.20.11; and (Included by BCB Normative Instruction No. 490, of 7/22/2024.)

XVIII - declaration, in Sisorf model 8.20.10.1, regarding the archiving, communication and provision of agreements and other instruments entered into by shareholders or partners. (Included by BCB Normative Instruction No. 490, of 7/22/2024.)

§ 1º The authorization request for operation of a commercial bank, foreign exchange bank, development bank, investment bank, multiple bank, central credit cooperative, credit confederation and classical or full credit cooperative not affiliated with a central credit cooperative must be accompanied by the business plan, in the form of Annex I, except in the case of §2º.

§ 2º The authorization request for operation of a commercial bank, foreign exchange bank, development bank, investment bank and multiple bank, whose control is exercised by a banking institution authorized by the Central Bank of Brazil, must be accompanied by the executive summary of the business plan, in the form of Annex II.

§ 3º The authorization request for operation of a development agency, savings and loan association, mortgage company, leasing company, foreign exchange brokerage company, securities brokerage company, credit, financing and investment company, real estate credit company, securities distribution company, direct credit company, credit for microentrepreneurs and small companies company, peer-to-peer lending company, classical or full credit cooperative affiliated with a central credit cooperative, capital and loan credit cooperative and service confederation must be accompanied by the executive summary of the business plan, in the form of Annex II. (Revised, from 2/2/2026, by BCB Normative Instruction No. 705, of 1/29/2026.)

§ 4º If the bylaws or articles of association have been registered with the respective Board of Trade, they must expressly contain a clause establishing that, until the issuance of the authorization for operation of the institution, the performance of any operations exclusive to financial institutions and other institutions authorized by the Central Bank of Brazil is prohibited.

Art. 6º In the case of a society whose constitutive act has been registered with the respective Board of Trade, in the event of withdrawal, archiving or denial of the authorization request for operation, dissolution or change of the society’s object to an activity not subject to authorization by the Central Bank of Brazil, with the consequent change of its corporate name, must be proven within fifteen days of its occurrence.

Art. 7º Once the authorization for operation is issued, the start date of activities must be reported to the Central Bank of Brazil within 5 days of the event, by including a record in Unicad.

Section III
Of Authorization for Transfer or Change of Control

Art. 8º The authorization request for transfer or change of corporate control must be accompanied, within a period of up to thirty days from the corresponding legal act, with the following documents and information:

I - request, in the form of Sisorf model 8.20.10.2;

II - declaration, signed by the new controllers, attesting to compliance with the economic-financial capacity requirement, compatible with the capital necessary for the structuring and operation of the institution, as well as for contingencies arising from market dynamics, in the form of Sisorf model 8.20.20.1, except in the case of transfer of control to an institution authorized by the Central Bank of Brazil, or to a new controller that is a natural person resident or domiciled abroad, a legal entity headquartered abroad, or an investment fund; (Revised by BCB Normative Instruction No. 490, of 7/22/2024.)

III - information and documentation proving compliance with the economic-financial capacity requirement, compatible with the capital necessary for the structuring and operation of the institution, as well as for contingencies arising from market dynamics, through which the patrimonial evolution in the last three fiscal years can be verified, relating to a new controller that is a natural person resident or domiciled abroad, a legal entity headquartered abroad, or an investment fund;

IV - declaration, signed by the new controllers and by the new holders of qualified participation, of the origin of the resources used in the operation, in the form of Sisorf model 8.20.20.2, except for a new controller or new holder of qualified participation that is an institution authorized by the Central Bank of Brazil;

V - reasoned justification proving the economic-financial viability of the undertaking, in cases of change in strategic or operational nature, in the form of Annex IV;

VI - declaration, signed by the new controllers and by the new holders of qualified participation, natural persons, attesting to compliance with the requirement of unblemished reputation and the conditions established by current legislation and regulation, in the form of Sisorf model 8.20.20.3;

VII - declaration, signed by the new controllers and by the new holders of qualified participation, except natural persons, attesting to compliance with the conditions established by current legislation and regulation, in the form of Sisorf model 8.20.20.4, except for a new controller or new holder of qualified participation that is an institution authorized by the Central Bank of Brazil;

VIII - authorization, signed by the new controllers and by the new holders of qualified participation, except for a new controller or new holder of qualified participation that is an institution authorized by the Central Bank of Brazil, in the form of Sisorf model 8.20.20.3 or 8.20.20.4:

a) to the Federal Revenue Secretariat of Brazil, for the provision to the Central Bank of Brazil of the Individual Income Tax Return or the Legal Entity Economic-Fiscal Information Declaration, as appropriate, relating to the last three fiscal years, except in the case of a legal entity headquartered abroad or an investment fund, for exclusive use by the Central Bank of Brazil in the respective authorization process;

b) to the Central Bank of Brazil, for access to information about themselves in any public or private registration and information system, including judicial or administrative processes and procedures and police inquiries;

c) to the Central Bank of Brazil, to carry out the treatment and shared use of personal data of their ownership, including those considered sensitive and covered by confidentiality, in accordance with current legislation;

IX - purchase and sale contract, donation instrument, formal partition, or equivalent instrument, in which a clause conditioning the realization of the business to approval by the Central Bank of Brazil must be included;

X - (Revoked by BCB Normative Instruction No. 490, of 7/22/2024.)

XI - (Revoked by BCB Normative Instruction No. 490, of 7/22/2024.)

XII - declaration, signed by the controllers, regarding the definition of control and agreements and other instruments entered into by shareholders or partners, in the form of Sisorf model 8.20.20.11; and (Included by BCB Normative Instruction No. 490, of 7/22/2024.)

XIII - declaration, in Sisorf model 8.20.10.2, regarding the archiving, communication and provision of agreements and other instruments entered into by shareholders or partners. (Included by BCB Normative Instruction No. 490, of 7/22/2024.)

Section IV
Of Authorization for Merger, Spin-off, Incorporation or Dismemberment

Art. 9º The authorization request for merger, spin-off, incorporation or dismemberment must be accompanied, within a period of up to thirty days from the respective act or deliberation, with the following documents:

I - request, in the form of Sisorf model 8.20.10.3;

II - reasoned justification proving the economic-financial viability of the undertaking, in the form of Annex IV;

III - balance sheet, relative to the base date of the operation, of the institutions authorized to operate by the Central Bank of Brazil involved;

IV - protocol and justification and appraisal reports of the appointed experts, except for credit cooperatives and service confederations; (Revised by BCB Normative Instruction No. 490, of 7/22/2024.)

V - (Revoked by BCB Normative Instruction No. 490, of 7/22/2024.)

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V - report from the commission, in the case of credit cooperatives and confederations of service; and (Revised by Instruction Normative BCB No. 490, of 7/22/2024.)

VI - compliance report from the central credit cooperative or credit confederation, in the case of an affiliated credit cooperative, in accordance with Annex III.

VI - compliance report from the central credit cooperative or confederation, in the case of an affiliated credit cooperative, in accordance with Annex III.
(Revised by Instruction Normative BCB No. 490, of 7/22/2024.)

Section V
Authorization for Corporate Transformation

Art. 10.
The request for authorization for corporate transformation must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the following documents:

I - application, in the format of Sisorf model 8.20.10.4;

II - bylaws or articles of association.

Section VI
Authorization for Taking Office and Exercising Positions of Elected or Appointed Individuals in Statutory or Contractual Bodies

Art. 11. The request for authorization for taking office and exercising positions of elected or appointed individuals in statutory or contractual bodies must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the following documents:

I - application, in the format of Sisorf model 8.20.10.5 or 8.20.10.6;

II - declaration, signed by the elected or appointed individuals, stating that they meet the requirements of unblemished reputation and, in the case of administrators, technical qualification compatible with the functions to be exercised during the term, as well as the conditions established by legislation and current regulations, in the format of Sisorf model 8.20.20.5 or 8.20.20.6.

II - declaration, signed by the elected or appointed individuals, stating that they meet the requirements of unblemished reputation and, in the case of administrators, technical qualification compatible with the functions to be exercised during the term, as well as the conditions established by legislation and current regulations, in the format of Sisorf model 8.20.20.5 or 8.20.20.6, except for the elected or appointed individuals referred to in § 2; (Revised by Instruction Normative BCB No. 645, of 7/31/2025.)

III - authorization, signed by the elected or appointed individuals, in the format of Sisorf model 8.20.20.5 or 8.20.20.6, to the Central Bank of Brazil to, during the approval process of their names and the period of holding the office:

III - authorization, signed by the elected or appointed individuals, in the format of Sisorf model 8.20.20.5 or 8.20.20.6, to the Central Bank of Brazil to, during the approval process of their names and the period of holding the office, except for the elected or appointed individuals referred to in § 2: (Revised by Instruction Normative BCB No. 645, of 7/31/2025.)

a) access to information about them, in any public or private registration and information system, including judicial or administrative proceedings and police inquiries;

b) carry out the processing and shared use of personal data under their ownership, including those considered sensitive and covered by confidentiality, in accordance with current legislation;

IV - declaration, signed by the entity, in the format of Sisorf model 8.20.20.7, stating:

a) knowledge of the legal and regulatory requirements and conditions to which the elected or appointed individuals are subject for exercising the positions, as well as the cases of ineligibility;

b) that research has been conducted regarding the elected or appointed individuals in public and private registration and information systems and that they meet the legal and regulatory requirements and conditions necessary for exercising the positions;

c) that it has been verified that the elected or appointed administrators possess technical qualification compatible with the functions to be exercised during the term;

d) that it has been authorized by the elected or appointed individuals to access any information, protected by legal confidentiality or not, or documents related to the analysis by the Central Bank of Brazil of their names for exercising the positions and while their terms last;

e) that it has been authorized by the elected or appointed individuals to be informed of the progress of the respective authorization, monitoring, or supervision processes and to obtain copies of documents contained therein, including those containing data under their ownership protected by any type of confidentiality, even those considered sensitive, in accordance with current legislation.

Sole paragraph. Information regarding the dates of taking office, resignation, dismissal, and temporary absences exceeding fifteen days of occupants of positions in statutory or contractual bodies must be communicated to the Central Bank of Brazil, via Unicad, within a period of five days from the event.

Sole paragraph. Information regarding the dates of taking office, resignation, dismissal, and temporary absences exceeding fifteen days of occupants of positions in statutory or contractual bodies, as well as the reassignment to another position in the same statutory or contractual body, must be communicated to the Central Bank of Brazil, via Unicad, within a period of five days from the event. (Revised by Instruction Normative BCB No. 490, of 7/22/2024.)

§ 1º Information regarding the dates of taking office, resignation, dismissal, and temporary absences exceeding fifteen days of occupants of positions in statutory or contractual bodies, as well as the reassignment to another position in the same statutory or contractual body, must be communicated to the Central Bank of Brazil, via Unicad, within a period of five days from the event. (Transformed into § 1 by Instruction Normative BCB No. 645, of 7/31/2025.)

§ 2º The documentation provided for in items II and III of the caput, in the format of Sisorf model 8.20.20.5, must be kept under the custody of the institution, for submission to the Central Bank of Brazil when requested, in the case of: (Included by Instruction Normative BCB No. 645, of 7/31/2025.)

I - elected or appointed individuals, except for administrative positions; (Included by Instruction Normative BCB No. 645, of 7/31/2025.)

II - elected or appointed individuals for administrative positions with a term in office in an administrative body in the institution itself or in another institution authorized to operate by the Central Bank of Brazil that is part of a prudential conglomerate in which it participates. (Included by Instruction Normative BCB No. 645, of 7/31/2025.)

§ 3º The provisions of § 2 do not apply to institutions governed by Law No. 13,303, of June 30, 2016. (Included by Instruction Normative BCB No. 645, of 7/31/2025.)

Section VII
Authorization for Change of Share Capital

Art. 12. The request for authorization for change of share capital must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the following documents:

I - application, in the format of Sisorf model 8.20.10.7;

II - indication, in Sisorf model 8.20.10.7, of the source of resources used by controllers and holders of qualified participation in the full payment of the capital increase;

III - in the case of capital reduction, a justified statement proving the economic-financial viability of the enterprise, in the format of Annex IV.

IV - documentation proving the source of resources used by controllers and holders of qualified participation in the full payment of share capital, except for a controller or holder of qualified participation that is an institution authorized by the Central Bank of Brazil, in the following cases: (Included by Instruction Normative BCB No. 490, of 7/22/2024.)

a) capital increase in a value greater than 50% of the share capital, considering, if applicable, the sum of successive increases in the six months prior to the authorization request; (Included by Instruction Normative BCB No. 490, of 7/22/2024.)

b) capital increase in situations of non-compliance with operational limits; or (Included by Instruction Normative BCB No. 490, of 7/22/2024.)

c) capital increase provided for in a regularization plan. (Included by Instruction Normative BCB No. 490, of 7/22/2024.)

Section VIII
Authorization for Change of Corporate Name

Art. 13. The request for authorization for change of corporate name must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the application, in the format of Sisorf model 8.20.10.8.

Section IX
Authorization for Change of Corporate Object to Another Type of Institution Part of the National Financial System

Art. 14. The request for authorization for change of corporate object to another type of institution part of the National Financial System must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the following documents:

I - application, in the format of Sisorf model 8.20.10.9;

II - justified statement proving the economic-financial viability of the enterprise, in the format of Annex IV;

III - declaration, in Sisorf model 8.20.10.9, stating that all unauthorized passive operations for the intended object have been settled, if applicable.

Section X
Authorization for Creation or Extinction of Operational Portfolio by Multibank

Art. 15. The request for authorization for creation or extinction of operational portfolio by multibank must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the following documents:

I - application, in the format of Sisorf model 8.20.10.10 or 8.20.10.11;

II - justified statement proving the economic-financial viability of the enterprise, in the case of creation of operational portfolio, in the format of Annex IV;

III - in the case of portfolio extinction, declaration, in Sisorf model 8.20.10.11, stating that all passive operations specific to the portfolio to be extinguished have been settled.

Sole paragraph. The date of start of activities of the authorized operational portfolio must be communicated to the Central Bank of Brazil, via Unicad, within a period of five days from the event. (Included by Instruction Normative BCB No. 490, of 7/22/2024.)

Section XI
Authorization and Cancellation of Authorization for Leasing Operations by Development Agency

Art. 16. The request for authorization or cancellation of authorization for leasing operations by development agency must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the following documents:

I - application, in the format of Sisorf model 8.20.10.12 or 8.20.10.13;

II - justified statement proving the economic-financial viability of the enterprise, in the case of request for authorization for leasing operations, in the format of Annex IV;

III - declaration, in Sisorf model 8.20.10.13, stating that all leasing passive operations have been settled, in the case of request for cancellation of authorization for leasing operations.

Section XII
Authorization for Amendment of Bylaws or Articles of Association

Art. 17. The request for authorization for amendment of bylaws or articles of association must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the following documents:

I - application, in the format of Sisorf model 8.20.10.14;

II - electronic file pertaining to the consolidated bylaws or articles of association.

Section XIII
Authorization for Change of Credit Cooperative Category

Art. 18. The request for authorization for change of credit cooperative category must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the following documents:

I - application, in the format of Sisorf model 8.20.10.15;

II - justified statement proving the economic-financial viability of the enterprise, in the format of Annex IV;

III - compliance report from the respective central credit cooperative, if affiliated, in the format of Annex III;

IV - declaration, in Sisorf model 8.20.10.15, stating that all passive operations not authorized for the intended category have been settled, in the case of change to a category of lower complexity.

Section XIV
Authorization for Transfer of Headquarters to Another Municipality

Art. 19. The request for authorization for transfer of headquarters to another municipality must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the application, in the format of Sisorf model 8.20.10.16.

Sole paragraph. The date of start of activities at the new headquarters location must be communicated to the Central Bank of Brazil, via Unicad, within a period of five days from the event. (Included by Instruction Normative BCB No. 490, of 7/22/2024.)

Section XV
Cancellation of Operating Authorization

Art. 20.
The request for cancellation of operating authorization must be accompanied with the following documents:

Art. 20. The request for cancellation of operating authorization must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the following documents: (Revised by Instruction Normative BCB No. 490, of 7/22/2024.)

I - application, in the format of Sisorf model 8.20.10.17;

II - declaration, in Sisorf model 8.20.10.17, stating that all operations specific or permitted to the institution due to the respective authorization have been settled or transferred;

III - liability declaration, in the format of Sisorf model 8.20.20.8.

Section XVI
Authorization for Participation or Increase in Participation Percentage in Share Capital of Companies Headquartered in the Country or Abroad

(Section XVI included by Instruction Normative BCB No. 342, of 1/2/2023.)

Art. 20-A. The request for authorization for direct or indirect participation in the share capital of any companies, constituted or to be constituted, headquartered in the country or abroad, must be accompanied with the following documents: (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

I - application, in the format of Sisorf model 8.20.10.18; (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

II - justified statement proving that the entity subject to the corporate participation exercises activities complementary or subsidiary to those of the institution holding the participation, in the format of Annex IV, except in the case of corporate participation in institutions supervised by the Central Bank of Brazil or of corporate participation in financial or similar institutions headquartered abroad that constitutes control; (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

III - justified statement proving adequacy to the operational strategy of the institution, in the case of corporate participation in financial or similar institutions headquartered abroad that constitutes control, in the format of Annex IV; (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

IV - declaration, in Sisorf model 8.20.10.18, stating that the operational limits established in current regulations will continue to be met after the completion of the participation. (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

Art. 20-B. The request for authorization for the increase in the participation percentage, direct or indirect, in the share capital of any companies headquartered in the country or abroad, must be accompanied with the following documents: (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

I - application, in the format of Sisorf model 8.20.10.19; (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

II - declaration, in Sisorf model 8.20.10.19, stating that the entity subject to the corporate participation continues to exercise activities complementary or subsidiary to those of the institution holding the participation; (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

III - declaration, in Sisorf model 8.20.10.19, stating that the intended increase in participation percentage is adequate to the operational strategy of the institution, in the case of corporate participation in financial or similar institutions headquartered abroad that constitutes control; (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

IV - declaration, in Sisorf model 8.20.10.19, stating that the operational limits established in current regulations will continue to be met after the completion of the increase in participation percentage. (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

Section XVII
Authorization for Installation of Branches Abroad

(Section XVII included by Instruction Normative BCB No. 342, of 1/2/2023.)

Art. 20-C. The request for authorization for installation of branches abroad must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the following documents: (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

I - application, in the format of Sisorf model 8.20.10.20; (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

II - justified statement proving adequacy to the operational strategy of the institution, in the case of installation of a branch abroad, in the format of Annex IV. (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

III - declaration, in Sisorf model 8.20.10.20, stating that the operational limits established in current regulations will continue to be met after the installation of the branch abroad. (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

Sole paragraph. The date of start of activities of the authorized branch must be communicated to the Central Bank of Brazil, via Unicad, within a period of five days from the event. (Included by Instruction Normative BCB No. 490, of 7/22/2024.)

Section XVIII
Authorization and Cancellation of Authorization to Operate in the Foreign Exchange Market

(Section XVIII included by Instruction Normative BCB No. 342, of 1/2/2023.)

Art. 20-D. The request for authorization or cancellation of authorization to operate in the foreign exchange market must be accompanied, within a period of up to fifteen days from the respective act or resolution, with the following documents: (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

I - application, in the format of Sisorf model 8.20.10.21 or 8.20.10.22; (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

II - justified statement proving the economic-financial viability of the enterprise, in the case of request for authorization to operate in the foreign exchange market, in the format of Annex IV; (Included by Instruction Normative BCB No. 342, of 1/2/2023.)

II - a well-founded justification that proves the economic-financial viability of the undertaking and the compatibility of the information technology infrastructure and corporate governance structure with the complexity and risks of the business, in the case of an authorization request to operate in the foreign exchange market, in accordance with Annex IV; (Amended, effective from 2/2/2026, by Instruction Normative BCB No. 705, of 1/29/2026.)

III - a declaration, in model Sisorf 8.20.10.22, that the exclusive or permitted foreign exchange operations of the institution have been settled or transferred, in the case of a request to cancel the authorization to operate in the foreign exchange market. (Added by Instruction Normative BCB No. 342, of 1/2/2023.)

Section XIX
Of the Authorization to Install an Agency in the Country

(Section XIX added by Instruction Normative BCB No. 490, of 7/22/2024.)

Art. 20-E. The request for authorization to install an agency in the Country must be accompanied, within a period of up to fifteen days from the respective act or resolution, by the application, in the form of model Sisorf 8.20.10.31. (Added by Instruction Normative BCB No. 490, of 7/22/2024.)

Section XX
Of the Authorization to Operate in Rural Credit

(Section XX added by Instruction Normative BCB No. 490, of 7/22/2024.)

Art. 20-F. The request for authorization to operate in rural credit must be accompanied, within a period of up to fifteen days from the respective act or resolution, by the following documents and information: (Added by Instruction Normative BCB No. 490, of 7/22/2024.)

I - application, in the form of model Sisorf 8.20.10.32; and (Added by Instruction Normative BCB No. 490, of 7/22/2024.)

II - declaration, in model Sisorf 8.20.10.32, that the institution meets the requirements established in the specific regulation. (Added by Instruction Normative BCB No. 490, of 7/22/2024.)

Section XXI
Of the Authorization for Credit Cooperatives to Collect Savings Deposits

(Section XXI added by Instruction Normative BCB No. 490, of 7/22/2024.)

Art. 20-G. The request for authorization for credit cooperatives to collect savings deposits must be accompanied, within a period of up to fifteen days from the respective act or resolution, by the following documents and information: (Added by Instruction Normative BCB No. 490, of 7/22/2024.)

I - application, in the form of model Sisorf 8.20.10.33 or 8.20.10.34; (Added by Instruction Normative BCB No. 490, of 7/22/2024.)

II - well-founded justification, containing the demonstration of market reasons for the collection of savings deposits in the requested modalities; and (Added by Instruction Normative BCB No. 490, of 7/22/2024.)

III - declaration, in model Sisorf 8.20.10.33 or 8.20.10.34, that the institution meets the conditions established in the specific regulation. (Added by Instruction Normative BCB No. 490, of 7/22/2024.)

CHAPTER III
OF COMMUNICATIONS

Section I
Of the Assumption of the Status of Holder of Qualified Participation

Art. 21. The assumption of the status of holder of qualified participation must be communicated to the Central Bank of Brazil, within a period of up to fifteen days of its occurrence, in the form of model Sisorf 8.20.30.1.

Section II
Of the Capital Increase Resulting from the Conversion of Instruments Authorized by the Central Bank of Brazil to Compose Capital

Art. 22. The capital increase resulting from the conversion of instruments authorized by the Central Bank of Brazil to compose the Supplementary Capital or Level II of the Reference Equity (PR) that does not entail statutory changes or changes in the control group of the institution must be communicated to the Central Bank of Brazil, within a period of up to fifteen days of its occurrence, in the form of model Sisorf 8.20.30.2.

Section III
Of the Election or Appointment of Members of Statutory or Contractual Bodies of Federal Public Financial Institutions

Art. 23. The election or appointment of members of statutory or contractual bodies of federal public financial institutions must be communicated to the Central Bank of Brazil, within a period of up to fifteen days of its occurrence, by including a record in Unicad.

CHAPTER IV
FINAL PROVISIONS

Art. 24. The period for the presentation of objections by the general public regarding the information disclosed by the Central Bank of Brazil about interested parties in assuming the status of controller, elected or appointed to administrative positions, and cancellation of the authorization for operation will be fifteen days, counted from the date of disclosure.

Art. 25. The following are revoked:

I - Circular Letter No. 3,129, of April 1, 2004;

II - Circular Letter No. 3,598, of May 23, 2013;

III - Circular Letter No. 3,739, of December 11, 2015;

IV - Circular Letter No. 3,788, of November 23, 2016;

V - Circular Letter No. 3,898, of August 9, 2018;

VI - Art. 2 of Circular Letter No. 3,991, of December 11, 2019.

Art. 26. This Instruction Normative enters into force on September 1, 2022.

Carolina
Pancotto Bohrer

ANNEX I

CONTENT OF THE BUSINESS PLAN

Art. 1º The business plan, covering at least the first five years of activity, must be composed of:

I - marketing plan, which must include:

a) strategic objectives of the undertaking and market opportunities that justify the undertaking;

b) analysis of the market segment in which the institution intends to operate, with indication of the target audience, main competitors, and intended market share;

c) main products and services to be offered, including, if applicable, payment service modalities;

II - operational plan, which must detail the following aspects:

a) history, organizational chart of the economic group and, if applicable, the relationship that the institution intends to maintain with the other persons comprising the group, or the information that the institution does not belong to an economic group;

b) organizational chart of the institution, with indication of the number of employees;

c) standards and corporate governance structure and its compatibility with the complexity and risks of the business;

d) physical structure and distribution channels for products and services;

e) information technology infrastructure and its compatibility with the complexity and risks of the business;

f) internal controls structure, risk management, and indication of the policy, risk assessment, systems, procedures, and controls for the detection and prevention of operations whose characteristics may indicate the existence of crimes defined in Law No. 9,613, of March 3, 1998; (Amended by Instruction Normative BCB No. 490, of 7/22/2024.)

g) indication, in the case of credit cooperatives, of the forms of association meetings and measures aimed at promoting the effective participation of associates in assemblies;

h) indication, in the case of a singular credit cooperative, of the reasons that determined the decision not to affiliate with a credit cooperative central, evidencing how it intends to supply the services provided by the central entities;

III - financial plan, which must contain:

a) economic premises, with indication of estimates of indicators used in projections and their respective research sources;

b) project premises, with indication of estimates of rates, terms, and average values of operations, service tariffs, delinquency, capital structure, financing sources, and indication of critical variables for the success of the undertaking;

c) projection of financial statements and cash flow, prepared on a monthly basis and in compliance with the Accounting Plan of Institutions of the National Financial System (Cosif), as well as the operational limits referred to in prudential regulation;

d) identification of entities providing technical, financial, or other support, with indication of the nature of the support, term, values, and forecast of independence from the support, in the case of credit cooperatives and confederations of service; (Amended by Instruction Normative BCB No. 490, of 7/22/2024.)

e) evaluation of the economic-financial viability of the undertaking, with indication of the methodology used;

f) indication of the period for the start of activities after the granting, by the Central Bank of Brazil, of the authorization for operation, which may not exceed twelve months, in accordance with Art. 1,124 of Law No. 10,406, of January 10, 2002.

§ 1º The presentation of the content contained in item II, letter “a”, of the caput, is waived for subsidiaries controlled by institutions authorized by the Central Bank of Brazil.

§ 2º The projection referred to in item III, letter “c”, of the caput, must be presented through an open spreadsheet, in which it is possible to identify the formulas used in the calculations of the cells that integrate it.

§ 3º In the case of authorization for the operation of a credit cooperative central or a confederation, the business plan must also include: (Amended by Instruction Normative BCB No. 490, of 7/22/2024.)

I - the forecast of the shareholding participation of the new cooperative in other entities, if applicable;

II - the estimate of the growth of the cadre of affiliated cooperatives, including the policies for the constitution and affiliation of new cooperatives and for the reorganization of affiliates;

III - the structure of the areas responsible for fulfilling the duties established in current regulation, including the requirements demanded for positions with supervisory functions in affiliates, the possible contracting of services from other centrals, cooperative systems, and entities, the measures to make the implementation of internal control systems of affiliates effective, the adoption of manuals by affiliates, the conduct of internal audits, the contracting of cooperative audit services, and other procedures required by pertinent regulation;

IV - the guidelines to be adopted for the provision of centralized resource application services by affiliates and the definition of the duties and obligations of the confederation, the central, and affiliates regarding the reciprocal guarantee system, liquidity restoration, and remediation operations;

V - the services to be provided regarding the transfer of resources between financial institutions, with the respective risk control, operational flows, and relationship with other involved entities;

VI - the planning of training activities for managers of affiliated cooperatives, highlighting the specialized training entities to be possibly contracted;

VII - the description of other relevant services for the operation of affiliated cooperatives, especially technical and legal consulting, development and standardization of information systems and administrative and associate service systems;

VIII - the economic-financial study demonstrating the economies of scale and other gains to be obtained by affiliated cooperatives with the constitution of the central or confederation, including the capacity to bear operational costs and the budget of revenues and expenses.

ANNEX II

CONTENT OF THE EXECUTIVE SUMMARY OF THE BUSINESS PLAN

Art. 1º The executive summary of the business plan must contain:

I - description of the business, strategic objectives of the undertaking, and market opportunities that justify the undertaking;

II - analysis of the market segment in which the institution intends to operate, with indication of the target audience, main competitors, and intended market share;

III - main products and services to be offered, including, if applicable, payment service modalities;

IV - indication, in the case of credit cooperatives and confederations of service, of the forms of association meetings and measures aimed at promoting the effective participation of associates in assemblies; (Amended by Instruction Normative BCB No. 490, of 7/22/2024.)

V - history, organizational chart of the economic group and, if applicable, the relationship that the institution intends to maintain with the other persons comprising the group, or the information that the institution does not belong to an economic group;

VI - standards and corporate governance structure and its compatibility with the complexity and risks of the business;

VII - physical structure and distribution channels for products and services;

VIII - information technology infrastructure and its compatibility with the complexity and risks of the business;

IX - internal controls structure, risk management, and indication of the policy, risk assessment, systems, procedures, and controls for the detection and prevention of operations whose characteristics may indicate the existence of crimes defined in Law No. 9,613, of March 3, 1998; (Amended by Instruction Normative BCB No. 490, of 7/22/2024.)

X - project premises, with indication of critical variables for the success of the undertaking;

XI - identification of entities providing technical or financial support, with indication of the nature of the support, term, values, and forecast of independence from the support, in the case of credit cooperatives and confederations of service; (Amended by Instruction Normative BCB No. 490, of 7/22/2024.)

XII - evaluation of the economic-financial viability of the undertaking, with indication of the methodology used;

XIII - indication of the period for the start of activities after the granting, by the Central Bank of Brazil, of the authorization for operation, which may not exceed twelve months, in accordance with Art. 1,124 of Law No. 10,406, of January 10, 2002.

Sole Paragraph. The presentation of the content contained in item V of the caput is waived for subsidiaries controlled by institutions authorized by the Central Bank of Brazil.

ANNEX III

CONTENT OF THE COMPLIANCE REPORT - CREDIT COOPERATIVE

Art. 1º The compliance report of the respective credit cooperative central or confederation must address the following aspects:

I - reasons, technically justified, that underpin the consistency of the project, with a statement on the actions that will be necessary to adapt the administrative structure and risk control of the cooperative, in order to meet the demand of the public that is intended to be reached, and on the products and services to be made available, as well as commitment to monitor the corresponding execution;

II - statement regarding the demonstration of the possibilities of meeting, control, conduct of operations, and provision of services, including regarding the need to open service points;

III - observance of systemic operation guidelines;

IV - adequacy of the organizational structure of the requesting cooperative to the technical and administrative standards established in the internal norms of the cooperative system;

V - competition with other credit cooperatives in the area of operation of the cooperative, especially with affiliates of the same credit cooperative central or confederation;

VI - administrative, economic, and financial situation of the cooperative compatible with the content of the request, including a conclusive statement regarding the capacity of the affiliate to meet the requirements arising from the intended authorization.

ANNEX IV

CONTENT OF THE WELL-FOUNDED JUSTIFICATION

TRANSFER OR ALTERATION OF CONTROL

Art. 1º The well-founded justification for transfer or alteration of control must contain:

I - history and organizational chart of the economic group to which the institution will belong and, if applicable, the indication of the relationship that the institution intends to maintain with the other persons comprising the economic group, or the information that the institution will not belong to an economic group;

II - impacts of a strategic nature, explicitly, if applicable, the new strategic objectives and market opportunities that justify the alteration of control;

III - impacts of an operational nature, explicitly, if applicable, the alterations in the standards and structure of corporate governance, internal controls, risk management, and in the policy, risk assessment, systems, procedures, and controls for the detection and prevention of operations whose characteristics may indicate the existence of crimes defined in Law No. 9,613, of March 3, 1998; (Amended by Instruction Normative BCB No. 490, of 7/22/2024.)

IV - impacts of an economic-financial nature, explicitly, if applicable, the estimates for critical variables such as rates, terms, and average values of operations, service tariffs, delinquency, capital structure, financing sources, as well as expected results;

V - information that there will be no impact described in one or more of items II to IV of the caput resulting from the alteration or transfer of control, if applicable.

Sole Paragraph. The presentation of the content contained in item I of the caput is waived if the new controllers are institutions authorized by the Central Bank of Brazil.

INCORPORATION, MERGER, SPIN-OFF, OR DISMEMBERMENT

Art. 2º The well-founded justification for incorporation, merger, spin-off, or dismemberment must contain:

I - impacts of a strategic nature, explicitly, if applicable, the new strategic objectives and market opportunities that justify the operation;

II - impacts of an operational nature, explicitly, if applicable, the alterations in the standards and structure of corporate governance, internal controls, risk management, and in the policy, risk assessment, systems, procedures, and controls for the detection and prevention of operations whose characteristics may indicate the existence of crimes defined in Law No. 9,613, of March 3, 1998; (Amended by Instruction Normative BCB No. 490, of 7/22/2024.)

III - impacts of an economic-financial nature, explicitly, if applicable, the estimates for critical variables such as rates, terms, and average values of operations, service tariffs, delinquency, capital structure, financing sources, as well as expected results;

IV - impact of the operation on the operational limits established in current regulation.

CAPITAL REDUCTION

Art. 3º The well-founded justification for capital reduction must contain:

I - motivation of the reduction in accordance with current legislation;

II - impact of the operation on the operational limits established in current regulation.

CHANGE OF CORPORATE OBJECT, CREATION OF PORTFOLIO, LEASING OPERATION, AND FOREIGN EXCHANGE OPERATION (Amended by Instruction Normative BCB No. 342, of 1/2/2023.)

Art. 4º The well-founded justification for the change of corporate object, for the creation of an operational portfolio, or for operating with leasing must contain:

Art. 4. The justified justification for the change of corporate purpose, for the creation of an operational portfolio, for operating with financial leasing, or for operating in the foreign exchange market must contain: (Amended by Normative Instruction BCB No. 342, of 1/2/2023.)

I - strategic nature impacts, specifying, if applicable, the new strategic objectives and market opportunities that justify the operation;

II - operational nature impacts, specifying, if applicable, the changes in the standards and structure of corporate governance, internal controls, risk management, and in the procedures and controls for the detection and prevention of operations whose characteristics may indicate the existence of the crimes typified in Law No. 9,613, of 1998;

II - operational nature impacts, specifying, if applicable, the changes in the standards and structure of corporate governance, internal controls, risk management, and in the policy, risk assessment, systems, procedures and controls for the detection and prevention of operations whose characteristics may indicate the existence of the crimes typified in Law No. 9,613, of March 3, 1998; (Amended by Normative Instruction BCB No. 490, of 7/22/2024.)

II - operational nature impacts, specifying, if applicable, the changes in the standards and structure of corporate governance, internal controls and risk management, in information technology infrastructure and in the policy, risk assessment, systems, procedures and controls for the detection and prevention of operations whose characteristics may indicate the existence of the crimes typified in Law No. 9,613, of March 3, 1998; (Amended, effective from 2/2/2026, by Normative Instruction BCB No. 705, of 1/29/2026.)

III - economic-financial nature impacts, specifying, if applicable, the estimates for critical variables such as rates, terms and average values of operations, service fees, delinquency, capital structure, financing sources, as well as the expected results;

IV - impact of the operation on the operational limits established in the current regulation;

V - deadline for the start of activities with the new object, portfolio or operation, after authorization.

CHANGE OF CATEGORY

Art. 5. The justified justification for the change of category of capital and loans to classic or to full or from classic to full must contain:

I - strategic nature impacts, specifying, if applicable, the new strategic objectives and market opportunities that justify the change;

II - operational nature impacts, specifying, if applicable, the changes in the standards and structure of corporate governance, internal controls, risk management, and in the procedures and controls for the detection and prevention of operations whose characteristics may indicate the existence of the crimes typified in Law No. 9,613, of 1998;

II - operational nature impacts, specifying, if applicable, the changes in the standards and structure of corporate governance, internal controls, risk management, and in the policy, risk assessment, systems, procedures and controls for the detection and prevention of operations whose characteristics may indicate the existence of the crimes typified in Law No. 9,613, of March 3, 1998; (Amended by Normative Instruction BCB No. 490, of 7/22/2024.)

III - economic-financial nature impacts, specifying, if applicable, the estimates for critical variables such as rates, terms and average values of operations, service fees, delinquency, capital structure, financing sources, as well as the expected results;

IV - impact of the change on the operational limits established in the current regulation;

V - deadline for the start of activities in the new category, after authorization.

Art. 6. The justified justification for the change of category from classic to capital and loans or from full to classic or to capital and loans must contain:

I - the motivations and purposes that led to the decision to change category;

II - impact of the change on the profile and quantity of associates.

PARTICIPATION IN COMPANIES HEADQUARTERED IN THE COUNTRY OR ABROAD

(Included by Normative Instruction BCB No. 342, of 1/2/2023.)

Art. 7. The justified justification for participation in the share capital of companies headquartered in the country or abroad must contain: (Included by Normative Instruction BCB No. 342, of 1/2/2023.)

I - organizational chart that specifies the percentage of direct or indirect participation intended by the participating institution in the participating company; (Included by Normative Instruction BCB No. 342, of 1/2/2023.)

II - transcription of the corporate purpose provided for in the statutes or articles of association of the participating company and description of its field of activity, with emphasis on complementary or subsidiary activities to those of the institution holding the participation; (Included by Normative Instruction BCB No. 342, of 1/2/2023.)

III - in the case of participation in a financial institution or similar headquartered abroad that constitutes control, demonstration of adequacy of the shareholding to the business strategy of the participating institution. (Included by Normative Instruction BCB No. 342, of 1/2/2023.)

INSTALLATION OF A BRANCH ABROAD

(Included by Normative Instruction BCB No. 342, of 1/2/2023.)

Art. 8. The justified justification for the installation of a branch abroad must contain the demonstration of adequacy to the institution's business strategy, specifying the planned operational strategy, the types of deposit and investment operations it intends to carry out, the market segments it intends to reach and the profitability expectation, with deadlines and expected return. (Included by Normative Instruction BCB No. 342, of 1/2/2023.)

ANNEX

NOTE

CMN Resolution No. 4,970, of November 25, 2021, regulates the authorization processes related to the functioning of financial institutions and other institutions regulated by the National Monetary Council. Based on the aforementioned resolution, this BCB Normative Instruction (IN BCB) aims to disclose the procedures, documents and information necessary for the instruction of the aforementioned authorization requests.

2. Decree No. 10,411, of June 30, 2020, regulates the carrying out of regulatory impact analysis (RIA) as a prerequisite for the issuance of normative acts. However, in its article 4, the aforementioned decree establishes the hypotheses for dispensing with the carrying out of RIA. This IN BCB falls under the hypothesis provided for in item II, as it does not bring any additional requirement to that contained in the current regulation and is intended to clarify the way of complying with obligations defined in a hierarchically superior norm. Thus, based on item II of art. 4 of Decree No. 10,411, of 2020, I understand that the issuance of this IN BCB dispenses with the carrying out of RIA.

CAROLINA PANCOTTO BOHRER
Head