Normative Instruction BCB No. 307 — Discloses Operational Procedures Related to the Reserve Transfer System (STR), the Bank Reserves Account, and the Settlement Account

INSTRUÇÃO NORMATIVA BCB Nº 307 DE 21 DE SETEMBRO DE 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 BCB Resolution No. 105, of June 9, 2021.

The Head of the Department of Banking Operations and Payment Systems (Deban), using the powers conferred by art. 111, item V, letter “a”, by art. 112, item V, and by art. 23, item I, letter “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), the Bank Reserves Account, and the Settlement Account at the Central Bank of Brazil, attached to BCB Resolution No. 105, of June 9, 2021,

R E S O L V E S:

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 ACCESS MODE

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

Section I

Of the Request

Art. 3º The request for opening a Bank Reserves Account or a Settlement Account or for altering the primary access mode to the STR must observe the procedures and models described in the “Roadmap for opening an account and altering primary access mode”, hereinafter referred to as Roadmap, 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 forwarded 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 forwarded after the publication, in the Official Gazette of the Union, of the authorization for operation; and

b) institution in operation: the request must be forwarded after the publication, in the Official Gazette of the Union, of the authorization to create the commercial portfolio or to change the corporate object to a commercial bank or a multiple bank with a commercial portfolio;

b) institution in operation: the request is an integral part of the authorization process to create the commercial portfolio or to change the corporate object to a commercial bank or a multiple bank with a commercial portfolio; (Wording given, from 1/9/2025, by BCB Normative Instruction No. 649, of 8/13/2025.)

II - Settlement Account of mandatory ownership: the request is an integral part of the authorization process for the operation of settlement systems, submitted by clearinghouses and providers of compensation and settlement services;

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

a) institution in the process of authorization for operation that has manifested the intention to be the owner of a Bank Reserves Account or Settlement Account from the beginning of its activities: the request must be forwarded after the publication, in the Official Gazette of the Union, of the respective authorization for operation;

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

c) settlement system in operation, authorized by the Central Bank of Brazil: the request may be forwarded at any time; and

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

Art. 5º The request to alter the primary access mode to the STR must be signed by the statutory director responsible for matters related to the Brazilian Payment System (SPB), and may be forwarded to Deban at any time.

Art. 6º If the applicant is interested, preferably before sending the request to open an account or alter the primary access mode, it may schedule a meeting to clarify doubts, as described in the Roadmap.

Art. 7º In the case of account opening, after Deban’s analysis of the request, if the request is in conformity with the provisions of the current regulations, Deban will notify the applicant of the start of the process and will disclose to all STR participants the ISPB code and, where 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

Of the tests to prove operational and technological capacity

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

§ 1º The deadline referred to in the caput may be extended only once, before its expiration, for 2 (two) months, upon request by the applicant, as described in the Roadmap.

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

§ 3º If the process has been closed due to failure to comply with the deadline, a new request may be made after 3 (three) months from the closure, as defined by §2º.

Art. 9º Before executing the homologation tests, the applicant who will use the National Financial System Network (RSFN) as the primary access mode to the STR must request its connection to this network, in accordance with current regulations.

Art. 10. The homologation tests comprise the process of sending the messages listed in the Roadmap, according to the primary access mode to the STR and the type of institution, encompassing:

I - infrastructure tests, in order to verify its sizing;

II - tests of the institution’s internal systems, including exception situations, volume, errors, returns, cancellations, among others;

III - simulation of contingency plans; and

IV - tests involving, preferably, the sending and receiving of all messages.

Sole paragraph. For the purpose of verifying technological and operational capacity, as established by art. 37 of the regulation attached to BCB Resolution No. 105, of June 9, 2021, Deban will validate the critical messages to the STR ecosystem sent by the applicant in the last 30 days before sending the declaration of fitness to operate in the STR production environment, as described in the Roadmap.

Art. 11. As a complement to the tests established in the previous article, the holder of a Bank Reserves Account or Settlement Account must provide adequacy:

I - of the interconnections with telecommunications providers, if applicable;

II - of internet access interconnections;

III - of the institution’s internal systems;

IV - of communication processes and workflow flows between the institution’s sectors;

V - of the institution’s operational manuals;

VI - of the institution’s contingency plans;

VII - of the number of employees in the area responsible for settlements; and

VIII - of the training provided to the institution’s employees, both in normal situations and in exception situations.

Art. 12. The applicant must keep complete documentation of the execution of the homologation tests for possible analysis by the Central Bank, for a period of 5 (five) years.

Art. 13. Deban may, at its exclusive discretion, determine the repetition of the execution of the tests described in art. 10.

Section III

Of the start of operations

Art. 14. Before sending the declaration of fitness to operate in the STR production environment, the applicant must:

I - if it will participate directly in Compe, ensure that the Compe Executor has previously forwarded to Deban the applicant’s declaration of fitness;

II - if it will participate directly in Selic, ensure that Demab has previously forwarded to Deban the applicant’s declaration of fitness;

III - if it will use the National Financial System Network (RSFN) as the primary access mode to the STR, regularize access to the RSFN, in accordance with current regulations; and

IV - provide for the registration of the person responsible for matters related to the SPB in the system of Information about Entities of Interest of the Central Bank (Unicad), in accordance with current regulations.

Art. 15. The declaration of fitness to operate in the STR production environment must be sent:

I - at least 10 (ten) days in advance of the date scheduled for the start of operations or the alteration of the primary access mode to the STR;

I - at least 15 (fifteen) days in advance of the date scheduled for the start of operations or the alteration of the primary access mode to the STR; (Wording given, from 1/9/2025, by BCB Normative Instruction No. 649, of 8/13/2025.)

II - at most 60 (sixty) days in advance of the date scheduled for the start of operations or the alteration of the primary access mode to the STR.

Sole paragraph. Institutions subject to mandatory reserves and institutions in the authorization process with the Department of Organization of the Financial System (Deorf) must contact Deban before sending the declaration.

Art. 16. STR participants are authorized, in the production environment, to send the messages listed in the Roadmap, provided that the STR participant must observe, in the use of the messages, compatibility with the business model approved by the Department of Organization of the Financial System (Deorf) and with the regulations applicable to the institution.

Art. 17. To participate in other financial market infrastructures, the applicant must homologate itself with each infrastructure it is interested in.

Art. 18. When registering the applicant in the STR production environment, Deban will disclose to all STR participants the ISPB code, the date of the start of operations in the STR, and, where applicable, the code number and the status regarding participation in Compe.

Art. 19. 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

Of telephone recording

Art. 20. The 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. 21. Participants, through the GEN0019 message (Participant informs update of responsible parties), contained in the SFN Services Catalog, must inform Deban of the name, the CPF number, the official identification document number, the email address, and, at minimum, 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 the administration of the account held at the Central Bank of Brazil;

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

III - of, at minimum, three persons responsible for the procedures for using the contingency insertion service of the Central Bank of Brazil, with the mandatory indication of a phone number for contact outside the normal operating hours of the STR; and

IV - of, at minimum, one technical person responsible for the 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. 22. Only the GEN0019 message that meets the requirements established in items I to IV of the previous article will be considered valid.

Sole paragraph. The processing of a GEN0019 message completely replaces the previously registered information.

Art. 23. The format and content of the fields to be informed through the 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. 24. The current data of the responsible parties’ registration may be consulted by participants through the GEN0020 message (Participant consults responsible parties), contained in the same Services Catalog.

Art. 25. It is the participant’s sole responsibility for the accuracy of the information provided, as well as for the maintenance and timely update of the registration of its responsible parties.

CHAPTER IV

MONITORING OF THE STR

Art. 26. The 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’s headquarters in Brasília and at its regional representation in São Paulo.

Art. 27. Participants must keep an updated registration of monitors, as per art. 21, item II, of this Normative Instruction, who must be readily available for contact, daily, starting thirty minutes before the opening time and until thirty minutes after the closing time of the STR.

Art. 28. Participants will receive orders and instructions from Gemon, valid for all purposes:

I - via telephone;

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

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

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

Art. 29. 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 the timely conclusion of the settlement cycle of clearinghouses or providers of compensation and settlement services; and

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

CHAPTER V

CONTINGENCY PROCEDURES

Art. 30. Requests for activation and termination of the contingency operation regime provided for in the regulation governing the STR must be made:

I - in the Internet Contingency mode, through a specific portlet of the STR-Web application, in accordance with the instructions of the Manual for accessing the STR via Internet, available on the Central Bank of Brazil’s website (www.bcb.gov.br); and

II - in the Telephone Contingency mode, through telephone contact originating from 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. The activation and termination of the Internet Contingency mode provided for in item I is restricted to the institution’s users accredited in the SSTR0005 service, available in the Authorizations Management of Sisbacen (Autran), and this institution must accredit, at minimum, three users in the said service.

Art. 31. The orders, in the Telephone Contingency mode, provided for in the regulation governing 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 the net result of negotiations;

III - LDL0005 - Clearinghouse requests Transfer of the net result of LDL negotiations;

IV - LDL0020 - Clearinghouse requests Transfer of the net result;

V - LDL0022 - IF requests Transfer to operational deposit account;

VI - LFL0001 - IF requests transfer to cash guarantee deposit;

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

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

IX - LFL0004 - IF requests contracting of LFL operation;

X - LFL0005 - IF requests payment of LFL operation;

XI - LFL0015 - Clearinghouse requests transfer to IF’s Cash Guarantee Account in the multilateral settlement mode;

XII - LFL0025 - Clearinghouse requests transfer to IF’s Cash Guarantee Account in the gross settlement mode;

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

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

XV - LPI0003 - PSPI requests transfer for withdrawal from PI Account and deposit in RB or CL account, of the same ownership;

XVI - LPI0004 - PSPI requests transfer for withdrawal from PI Account and deposit in CCME;

XVII - LPI0007 - Treasury requests transfer of subaccount from the Single Account to PI Account;

XVIII - LPI0008 - Treasury requests transfer for withdrawal from PI Account and deposit in subaccount of the Single Account;

XIX - RCO0010 - IF requests transfer of mandatory reserve resources to Bank Reserves account or to settlement account;

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

XXI - RDC0002 - IF requests Intraday Rediscount;

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

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

XXIV - RDC0005 - IF requests conversion or re-contracting 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 in account corresponding to electronic currency;

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

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

Art. 32. The scheduling of the contingency operation test, provided for in the regulation governing the STR, must be carried out through the STR0043 message (Participant requests scheduling of Internet contingency test) of the SFN Services Catalog.

Sole paragraph. The cancellation of the scheduling may be carried out through the STR0044 message (Participant requests cancellation of Internet contingency test), provided that the contingency operation regime has not yet been activated.

CHAPTER VI

SCHEDULING OF TRANSFER ORDERS

Art. 33. The scheduling of fund transfer orders in the STR applies exclusively to messages from the STR Service Group.

Art. 34. The schedule for issuing scheduled fund transfer orders will follow the times defined in the regulation governing the STR, provided that the Central Bank will provide support to users only on business days, from 6h until thirty minutes after the closing time of the STR.

Art. 35. The participant will indicate the date and time for settlement in the issuance of the scheduled fund transfer order, in the specific fields of the messages contained in the SFN Services Catalog, observing that:

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

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

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

Art. 36. Messages whose “Scheduled Date” and “Scheduled Time” fields are in disagreement with any of the rules described in the previous article, as well as orders where the indicated settlement moment is prior to the issuance moment, will be rejected by the STR.

Art. 37. The cancellation of a scheduled fund transfer order that has not yet been settled must be made through the STR0011 message.

Art. 38. In the impossibility of processing by the STR any of the settlement times for scheduled transfers, orders scheduled for that time will be submitted for settlement at the next time.

Art. 39. Deban may extend the last settlement time for scheduled orders of a given day in the occurrence of problems that affect the processing or the sequence of settlements in the STR.

CHAPTER VII

OPTIMIZATION ROUTINE

Art. 40. The optimization routine applies to fund transfer orders kept in the waiting queue.

Art. 41. The optimization routine will seek to settle, initially, the total amount of the orders referred to in the previous article, conditioned by the existence of sufficient balance in the account of each of the participants involved, compared to their respective multilateral results.

Art. 42. In the impossibility of settling the orders in the manner of the previous article, the optimization routine will seek to settle the largest possible number of orders, possibly not observing the queue ordering criterion, provided that, for each participant, while there are unsettled messages with “A” preference level, messages with other preference levels will not be settled.

Art. 43. The optimization routine will be triggered automatically and immediately after the processing of scheduled messages, whose procedures are established in Chapter VI, and, exceptionally, at any time, at the Central Bank’s exclusive discretion; the exceptional execution of the routine will be communicated to participants through a specific message of the SFN Services Catalog.

Art. 44. During the execution of the optimization routine, the processing of messages that are not the object of the routine will be interrupted.

Art. 45. Upon completion of the optimization routine, fund transfer orders that meet the optimization criteria will be immediately settled, the remaining orders will be forwarded to the waiting queue, and the processing of messages that are not the object of the routine will resume.

Art. 46. Deban may extend the regular hours for executing the optimization routine of a given day, in the event of occurrences that affect processing or the settlement sequence in the STR.

CHAPTER VIII

FINAL PROVISIONS

Art. 47. In the event of a revision of the tariff value for the use of the STR charged in excess or in deficit, the respective difference shall be refunded or collected with updates according to the Selic Rate, in accordance with the legislation in force.

Art. 48. The following are revoked:

I - Circular Letter No. 3,217, of December 14, 2005; and

II - Normative Instruction BCB No. 287, of July 27, 2022.

Art. 49. This Normative Instruction enters into force on October 3, 2022.

Rogério Antônio Lucca

NOTE

This Normative Instruction aims to update operational procedures to facilitate participants' access to the STR. 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, as well as for encompassing a low-impact update, the preparation of a regulatory impact analysis (AIR) is waived, in accordance with the provisions of Art. 4, items II and III, of Decree No. 10,411, of June 30, 2020.

Rogério Antônio Lucca

Head of the Department of
Banking Operations and Payment Systems