Normative Instruction BCB No. 398 — Discloses procedures, documents, deadlines and information necessary for the processing of authorization requests related to the operation of consortium administrators — BCB — BR

INSTRUÇÃO NORMATIVA BCB Nº 398, DE 29 DE JUNHO DE 2023

Discloses procedures, documents, deadlines and information necessary for the processing of authorization requests related to the operation of consortium administrators governed by Resolution BCB No. 233, of July 27, 2022.

The Head of the Department of Financial System Organization (Deorf), using 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 art. 6 of Resolution BCB No. 233, of July 27, 2022,

RESOLVES:

CHAPTER I

OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1. Procedures, documents, deadlines and information necessary for the processing of authorization requests related to the operation of consortium administrators governed by Resolution BCB No. 233, of July 27, 2022, are hereby disclosed.

CHAPTER II

OF THE PROCESSING OF PROCESSES

Section I

General Provisions

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

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

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

Section II

Authorization for Operation

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

I - request, in the form of Sisorf model 8.21.10.1;

II - declaration, signed by the controllers, stating that they meet the economic-financial capacity requirement, compatible with the capital necessary for the structuring and operation of the administrator, as well as for contingencies arising from market dynamics, in the form of Sisorf model 8.21.20.1, except for a controller that is a natural person resident or domiciled abroad or a legal entity headquartered abroad or in the case of a controlled company by an institution authorized by the Central Bank of Brazil;

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

IV - declaration of the origin of the resources used by the controllers and holders of qualified participation in the subscription of social capital, in the form of Sisorf model 8.21.20.2, except for a controller or holder of qualified participation that is an institution authorized by the Central Bank of Brazil;

V - executive summary of the business plan, in the form of Annex I;

VI - declaration, signed by the controllers, natural persons, stating that they meet the requirement of unblemished reputation and the conditions established by legislation and current regulations, in the form of Sisorf model 8.21.20.3;

VII - declaration, signed by the controllers, except natural persons, stating that they meet the conditions established by legislation and current regulations, in the form of Sisorf model 8.21.20.4, except for a controller that is an institution authorized by the Central Bank of Brazil;

VIII - authorization, signed by the controllers, except for a controller that is an institution authorized by the Central Bank of Brazil, in the form of Sisorf model 8.21.20.3 or 8.21.20.4:

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 Economic-Fiscal Information Declaration of the Legal Entity, as applicable, relating to the last three fiscal years, except in the case of a legal entity headquartered abroad, 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 them 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 the elected or appointed administrators, stating that they meet the requirements of unblemished reputation and technical capacity compatible with the functions to be exercised during the term, as well as the conditions established by legislation and current regulations, in the form of Sisorf model 8.21.20.5 or 8.21.20.6;

X - authorization, signed by the elected or appointed administrators, in the form of Sisorf model 8.21.20.5 or 8.21.20.6, to the Central Bank of Brazil to, during the process of approval of their names and the period of exercise of the office:

a) access to information about them, 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 company, in the form of Sisorf model 8.21.20.7, of:

a) having knowledge of the legal and regulatory requirements and conditions to which the elected or appointed administrators are subject for the exercise of the offices, as well as the hypotheses of ineligibility;

b) having conducted research regarding the elected or appointed administrators in public and private registration and information systems and that they meet the legal and regulatory requirements and conditions necessary for the exercise of the offices;

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 the elected or appointed administrators, to have access to 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 offices and while their terms last;

e) having been authorized, by the elected or appointed administrators, 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 type of confidentiality, even those considered sensitive, in accordance with current legislation;

XII - articles of association or social contract;

XIII - shareholders’ or partners’ agreement, involving all levels of corporate participation and contemplating the express definition of corporate control, in which a clause of precedence over any other not submitted to the appreciation of the Central Bank of Brazil must appear, or a declaration of non-existence in Sisorf model 8.21.10.1;

XIII - (Revoked by Normative Instruction BCB No. 547, of 11/7/2024.)

~~XIV - usufruct contract relating to the corporate participations of the controllers, involving all levels of corporate participation,~~ ~~or declaration of non-existence in Sisorf model 8.21.10.1;~~

XIV - (Revoked by Normative Instruction BCB No. 547, of 11/7/2024.)

XV - declaration, in Sisorf model 8.21.10.1, of compliance with the requirement that the administration has knowledge of the business sector, the segment in which the administrator intends to operate, market dynamics, sources of operational resources, management of activities and associated risks.

XVI - 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 8.21.20.9; and (Included by Normative Instruction BCB No. 547, of 11/7/2024.)

XVII - declaration, in Sisorf model 8.21.10.1, regarding the archiving, communication and provision of agreements and other instruments entered into by shareholders or partners. (Included by Normative Instruction BCB No. 547, of 11/7/2024.)

§ 1. If the articles of association or social contract 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 administrator, the performance of any operation exclusive to consortium administrators is prohibited.

§ 2. The Central Bank of Brazil, considering the size of the administrator, the complexity and risks of the business, may require the presentation, in whole or in part, of the business plan, according to the content provided in Annex II.

Art. 6. In the case of a company 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 company’s object to an activity not subject to authorization by the Central Bank of Brazil must be proven, within fifteen days of its occurrence, with the consequent alteration of its corporate name.

Art. 7. 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

Authorization for Transfer or Change of Control

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

I - request, in the form of Sisorf model 8.21.10.2;

II - declaration, signed by the new controllers, stating that they meet the economic-financial capacity requirement, compatible with the capital necessary for the structuring and operation of the administrator, as well as for contingencies arising from market dynamics, in the form of Sisorf model 8.21.20.1, except for a new controller that is a natural person resident or domiciled abroad or a legal entity headquartered abroad or in the case of transfer of control to an institution authorized by the Central Bank of Brazil;

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

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 8.21.20.2, 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 that proves the economic-financial viability of the enterprise, in cases of change of strategic or operational nature, in the form of Annex III;

VI - declaration, signed by the new controllers, natural persons, stating that they meet the requirement of unblemished reputation and the conditions established by legislation and current regulations, in the form of Sisorf model 8.21.20.3;

VII - declaration, signed by the new controllers, except natural persons, stating that they meet the conditions established by legislation and current regulations, in the form of Sisorf model 8.21.20.4, except for a new controller that is an institution authorized by the Central Bank of Brazil;

VIII - authorization, signed by the new controllers, except for a new controller that is an institution authorized by the Central Bank of Brazil, in the form of Sisorf model 8.21.20.3 or 8.21.20.4:

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

~~X -~~ shareholders’ or partners’ agreement, involving all levels of corporate participation and contemplating the express definition of corporate control, in which a clause of precedence over any other not submitted to the appreciation of the Central Bank of Brazil must appear, or declaration of non-existence in Sisorf model 8.21.10.2;

X - (Revoked by Normative Instruction BCB No. 547, of 11/7/2024.)

~~XI - usufruct contract relating to the corporate participations of the new controllers, involving all levels of corporate participation,~~ ~~or declaration of non-existence in Sisorf model 8.21.10.2.~~

XI - (Revoked by Normative Instruction BCB No. 547, of 11/7/2024.)

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 8.21.20.9; and (Included by Normative Instruction BCB No. 547, of 11/7/2024.)

XIII - declaration, in Sisorf model 8.21.10.2, regarding the archiving, communication and provision of agreements and other instruments entered into by shareholders or partners. (Included by Normative Instruction BCB No. 547, of 11/7/2024.)

Section IV

Authorization for Merger, Spin-off or Incorporation

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

I - request, in the form of Sisorf model 8.21.10.3;

II - reasoned justification that proves the economic-financial viability of the enterprise, in the form of Annex III;

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 expert appraisal reports of the appointed experts.

Section V

Authorization for Corporate Transformation

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

I - request, in the form of Sisorf model 8.21.10.4;

II - articles of association or social contract.

Section VI

Authorization for Taking Office and Exercise of Elected or Appointed Positions for Administration

Art. 11. The authorization request for taking office and exercise of elected or appointed positions for administration must be processed, within a period of up to fifteen days from the respective act or deliberation, with the following documents:

I - request, in the form of Sisorf model 8.21.10.5 or 8.21.10.6;

II - declaration, signed by the elected or appointed administrators, stating that they meet the requirements of unblemished reputation and technical capacity compatible with the functions to be exercised during the term, as well as the conditions established by legislation and current regulations, in the form of Sisorf model 8.21.20.5 or 8.21.20.6;

III - authorization, signed by the elected or appointed administrators, in the form of Sisorf model 8.21.20.5 or 8.21.20.6, to the Central Bank of Brazil to, during the process of approval of their names and the period of exercise of the office, except for those elected or appointed referred to in § 2: (Wording given by Normative Instruction 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 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;

IV - declaration, signed by the company, in the form of Sisorf model 8.21.20.7, of:

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

Sole paragraph. Information relating to the dates of taking office, resignation, dismissal and temporary absences exceeding fifteen days of officeholders in administration positions, as well as the transfer to another administration position in the same statutory or contractual body, must be communicated to the Central Bank of Brazil, through Unicad, within five days of the event.

§ 1. Information relating to the dates of taking office, resignation, dismissal and temporary absences exceeding fifteen days of officeholders in administration positions, as well as the transfer to another administration position in the same statutory or contractual body, must be communicated to the Central Bank of Brazil, through Unicad, within five days of the event. (Transformed into § 1 by Normative Instruction BCB No. 645, of 7/31/2025.)

§ 2. The documentation provided for in items II and III of the caput, in the form of Sisorf model 8.21.20.5, must be kept under the custody of the institution, for submission to the Central Bank of Brazil when requested, in the case of an elected or appointed person for an administration position with a term in force in an administration 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 Normative Instruction BCB No. 645, of 7/31/2025.)

§ 3. The provisions of § 2 do not apply to institutions governed by Law No. 13.303, of June 30, 2016. (Included by Normative Instruction BCB No. 645, of 7/31/2025.)

Section VII

Authorization for Alteration of Social Capital

Art. 12. The authorization request for alteration of social capital must be processed, within a period of up to fifteen days from the respective act or deliberation, with the following documents:

I - request, in the form of Sisorf model 8.21.10.7;

II - indication, in Sisorf model 8.21.10.7, of the origin of the resources used by the controllers and by the holders of qualified participation in the subscription of the capital increase;

III - in the case of capital reduction, a reasoned justification that proves the economic-financial viability of the enterprise, in the form of Annex III.

IV - documentation proving the origin of the resources used by the controllers and by the holders of qualified participation in the capitalization of the social capital, except for the controller or holder of qualified participation that is an institution authorized by the Central Bank of Brazil, in the following cases: (Included by Normative Instruction BCB No. 547, of 11/7/2024.)

a) capital increase in value greater than 50% of the social capital, considering, if applicable, the sum of successive increases in the six months prior to the request for authorization; (Included by Normative Instruction BCB No. 547, of 11/7/2024.)

b) capital increase in situations of non-compliance with operational limits; or (Included by Normative Instruction BCB No. 547, of 11/7/2024.)

c) capital increase provided for in a regularization plan. (Included by Normative Instruction BCB No. 547, of 11/7/2024.)

Section VIII

Of the 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 request, in the form of model Sisorf 8.21.10.8.

Section IX

Of the Cancellation of the Authorization for Operation

~~Art. 14. The request for cancellation of the authorization for operation must be accompanied by the following documents:~~

Art. 14. The request for cancellation of the authorization for operation must be accompanied, within a period of up to fifteen days from the respective act or resolution, by the following documents: (Redacted by Normative Instruction BCB No. 547, of 11/7/2024.)

I - request, in the form of model Sisorf 8.21.10.9;

II - declaration, in model Sisorf 8.21.10.9, that the typical operations of consortium have been closed;

III - statement of responsibility, in the form of model Sisorf 8.21.20.8.

Sole paragraph. The provisions of this article apply to the request for cancellation of the authorization to administer consortium groups.

Section X

Of the Authorization for Extinction of the Audit Committee

(Section X included by Normative
Instruction BCB No. 547, of 11/7/2024.)

Art. 14-A. The request for authorization for extinction of the audit committee must be accompanied, within a period of up to fifteen days from the respective act, with the request in the form of model Sisorf 8.21.10.10. (Included by Normative Instruction BCB No. 547, of 11/7/2024.)

CHAPTER III

OF COMMUNICATIONS

Section I

Of the Assumption of the Condition of Holder of Qualified Participation

Art. 15. The assumption of the condition 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 8.21.30.1.

Section II

Of the Alteration of the Management Position Structure

Art. 16. The alteration of the management position structure provided for in the bylaws or articles of association must be communicated to the Central Bank of Brazil, within a period of up to fifteen days from the respective act or resolution, by including a record in Unicad.

CHAPTER IV

FINAL PROVISIONS

Art. 17. The deadline for presenting objections from the general public regarding the information disclosed by the Central Bank of Brazil about interested parties in assuming the condition of controller, elected or appointed to management positions and cancellation of the authorization for operation shall be fifteen days, counted from the date of disclosure.

Art. 18. The following are revoked:

I - Circular Letter No. 3,379, of February 16, 2009;

II - Circular Letter No. 3,991, of December 11, 2019.

Art. 19. This Normative Instruction enters into force on July 1, 2023.

Daniel Brito de Castro Bichuette

Substitute Chief

ANNEX I

CONTENT OF THE EXECUTIVE SUMMARY OF THE BUSINESS PLAN

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

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

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

III - main products and services to be offered;

IV - history, organizational chart of the economic group and, if applicable, the relationship that the administrator intends to maintain with the other people who make up the group, or the information that the administrator does not belong to an economic group;

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

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

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

VIII - internal controls structure, risk management, and indication of procedures and controls for the detection and prevention of operations whose characteristics may indicate the existence of crimes typefied in Law No. 9,613, of 1998;

VIII - 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 typefied in Law No. 9,613, of March 3, 1998; (Redacted by Normative Instruction BCB No. 547, of 11/7/2024.)

IX - project premises, with indication of the critical variables for the success of the venture;

X - assessment of the economic-financial viability of the venture, with indication of the methodology used;

XI - indication of the deadline for starting activities after the granting, by the Central Bank of Brazil, of the authorization for operation, which shall not exceed twelve months, in accordance with art. 1,124 of Law No. 10,406, of January 10, 2002.

§ 1 The business plan, on which the summary is based, prepared in the form of Annex II, must be made available to the Central Bank of Brazil at the headquarters of the administrator during the period of its coverage.

§ 2 The presentation of the content contained in item IV of the caput is waived for companies controlled by institutions authorized by the Central Bank of Brazil.

ANNEX II

CONTENT OF THE BUSINESS PLAN

Art. 1 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 venture and market opportunities that justify the venture;

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

c) main products and services to be offered;

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

a) history, organizational chart of the economic group and, if applicable, the relationship that the administrator intends to maintain with the other people who make up the group, or the information that the administrator does not belong to an economic group;

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

c) standards and structure of corporate governance 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 procedures and controls for the detection and prevention of operations whose characteristics may indicate the existence of crimes typefied in Law No. 9,613, of 1998;

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 typefied in Law No. 9,613, of March 3, 1998; (Redacted by Normative Instruction BCB No. 547, of 11/7/2024.)

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, deadlines and average values of operations, service fees, default, capital structure, financing sources and indication of the critical variables for the success of the venture;

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

d) assessment of the economic-financial viability of the venture, with indication of the methodology used;

e) indication of the deadline for starting activities after the grant, by the Central Bank of Brazil, of the authorization for operation, which shall not exceed twelve months, in accordance with art. 1,124 of Law No. 10,406, of January 10, 2002.

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

§ 2 The projection referred to in item III, letter “c”, of the caput, when requested, 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.

ANNEX III

CONTENT OF THE GROUNDED JUSTIFICATION

TRANSFER OR ALTERATION OF CONTROL

Art. 1 The grounded justification for transfer or alteration of control must contain:

I - history and organizational chart of the economic group to which the administrator will belong and, if applicable, the indication of the relationship that the administrator intends to maintain with the other people who make up the economic group, or the information that the administrator will not belong to an economic group;

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

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

III - impacts of an operational nature, specifying, if applicable, the changes in the standards and structure of corporate governance, of 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 typefied in Law No. 9,613, of March 3, 1998; (Redacted by Normative Instruction BCB No. 547, of 11/7/2024.)

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

V - information that there will be no impact described in one or more of the items of the caput as a result of 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 OR SPIN-OFF

Art. 2 The grounded justification for incorporation, merger or spin-off must contain:

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

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

II - impacts of an operational nature, specifying, if applicable, the changes in the standards and structure of corporate governance, of 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 typefied in Law No. 9,613, of March 3, 1998; (Redacted by Normative Instruction BCB No. 547, of 11/7/2024.)

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

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

CAPITAL REDUCTION

Art. 3 The grounded justification for capital reduction must contain:

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

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

ANNEX

NOTE

Resolution BCB No. 233, of July 27, 2022, discusses the authorization processes related to the functioning of consortium administrators. Based on the aforementioned resolution, this Normative Instruction BCB (IN BCB) aims to disclose the procedures, documents, deadlines and information necessary for the instruction of the aforementioned authorization requests.

Decree No. 10,411, of June 30,
2020, regulates the implementation of regulatory impact analysis (RIA) as a prerequisite for the issuance of normative acts. However, in its article 4, the referenced decree establishes the hypotheses for dispensing with the implementation 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 fulfilling 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 implementation of RIA.

DANIEL BRITO DE CASTRO BICHUETTE

Substitute Chief

Normative Instruction BCB No. 398 — Discloses procedures, documents, deadlines and information necessary for the processing of authorization requests related to the operation of consortium administrators

Lineage: Amended

Timeline