Normative Instruction BCB No. 435 — Establishes the effective date for new purpose classification codes for economic justification of operations registered in the SML Systems with the Central Banks of Argentina, Uruguay, and Paraguay

NORMATIVE INSTRUCTION BCB NO. 435, OF DECEMBER 5, 2023

Establishes the date for the entry into force of the new purpose classification codes for the economic justification of operations registered in the SML Systems with the Central Bank of the Argentine Republic (BCRA), the Central Bank of Uruguay (BCU), and the Central Bank of Paraguay (BCP).

The Acting Head of the Department of International Affairs (Derin), using the authority granted by item "a" of item I, of art. 23; item X of art. 77; and item "b" of item III of art. 77, of the Internal Regulations of the Central Bank of Brazil (BCB), annexed to Resolution BCB No. 340, of September 21, 2023,

R E S O L V E S:

Art. 1. Based on art. 8 and item II of art. 9 of CMN Resolution No. 5,069, of April 20, 2023, institutions authorized to operate in the Local Currency Payment System (SML) must use, from the entry into force of this normative instruction, the new purpose classification codes, described in Annexes III, IV, V, and VIII of Resolution BCB No. 277, of December 31, 2022, for the economic justification of operations registered in the SML.

Art. 2. Operations registered with purpose classification codes different from those described in Annexes III, IV, V, and VIII of Resolution BCB No. 277, of December 31, 2022, will be rejected with error code ESML0035 (INVALID EXCHANGE SYSTEM OPERATION NATURE CODE).

Art. 3. This Normative Instruction enters into force on December 11, 2023.

Marcelo Antonio Thomaz de Aragão

NOTE

1. Resolution BCB No. 337, of August 22, 2023, which entered into force on November 1, 2023, altered the purpose classification codes for exchange operations, described in the annexes of Resolution BCB No. 277, of December 31, 2022. These classification codes are used for the economic justification of operations registered in the SML System.

2. It is also worth highlighting that, by virtue of art. 24 of Decree No. 10,411, of June 30, 2020, the issuance of normative acts by bodies and entities of the direct, autarchic, and foundation federal administration, from October 14, 2021, must be preceded by a Regulatory Impact Analysis (RIA). However, as provided in item "c" of item V, of art. 4, of Decree No. 10,411, of June 30, 2020, the preparation of an RIA is dispensed with in the event that the normative act aims to maintain the integrity of payment systems. In this case, the alteration of the codes for the economic justification of operations registered in the SML System aims to maintain compliance with exchange market regulation.

Marcelo Antonio Thomaz de Aragão