Normative Instruction BCB No. 448 of January 4, 2024

Resolution No. 222

NORMATIVE INSTRUCTION BCB No. 448, OF JANUARY 4, 2024

Amends
Normative Instruction BCB No. 374, of April 26, 2023, which disseminates procedures, deadlines, documents, and information necessary for processing authorization requests related to the operation of Financial Market Systems (SMF) within the scope of the Brazilian Payments System (SPB), and the types of changes in SMFs and their regulations that represent relevant risk to their security, efficiency, solidity, and normal operation of the SPB or the National Financial System (SFN).

The heads of the Departments of Financial System Organization (Deorf) and of Banking Operations and Payment Systems (Deban), in the exercise of the powers conferred upon them by Articles 23, item I, letter “a”, 98, item VI, and 112, item II, letter “a”, of the Internal Regulations of the Central Bank of Brazil, annexed to Resolution BCB No. 340, of September 21, 2023, based on Articles 4, § 1, and 6 of Resolution BCB No. 304, of March 20, 2023,

RESOLVE:

Art. 1. Normative Instruction BCB No. 374, of April 26, 2023, shall enter into force with the following alterations:

“Art. 2. ...………………………………………………………….............................................

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§ 2. For the purposes of processing the requests referred to in the main text, independence of the qualified independent company contracted to carry out the assessments provided for in Articles 7, item VII, 8, item V, 9, item VII, 10, item V, 11, item IV, and 12, item V, is understood as the non-existence of:

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II - a link between a member of the statutory body of the requesting institution and the contracted company, and vice versa.

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Art. 5. ...………………………….……………………………….............................................

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V - draft of the settlement system regulation, as provided in Chapter II of Title V of the Regulation Annexed to Resolution BCB No. 304, of 2023, except for documents that exclusively regulate the aspects provided for:

a) in items III, XVI, and XVIII of Article 102; and

b) in item XV of Article 102 with regard to non-financial risks;

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VIII - the recovery plan, with the identification of scenarios that may prevent the IOSMF from executing its critical activities and the recovery strategies, highlighting aspects related to the rules to be complied with by participants and including loss allocation and the need for financial resource contributions, when applicable.

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Sole Paragraph. In cases where the request referred to in the main text has as the applicant an institution that already holds authorization from the Central Bank of Brazil to operate an SMF:

I - for items II and III of the main text, only the information that needs to be prepared or altered solely to support the request in question must be presented;

II - for item IV of the main text, only the declarations associated with information that needs to be prepared or altered solely to support the request in question must be presented; and

III - for item VII of the main text, only the documents or information that needs to be prepared or altered solely to support the request in question must be presented.

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Art. 7. ...…………….…………………………………………….............................................

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V - draft of the central depository system regulation, as provided in Chapter II, of Title V of the Regulation Annexed to Resolution BCB No. 304, of 2023, except for documents that exclusively regulate the aspects provided for in items III, XV, XVI, and XVIII of Article 102, and in item III of Article 104;

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Sole Paragraph. In cases where the request referred to in the main text has as the applicant an institution that already holds authorization from the Central Bank of Brazil to operate an SMF:

I - for items II and III of the main text, only the information that needs to be prepared or altered solely to support the request in question must be presented;

II - for item IV of the main text, only the declarations associated with information that needs to be prepared or altered solely to support the request in question must be presented; and

III - for item VIII of the main text, only the documents or information that needs to be prepared or altered solely to support the request in question must be presented.

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Art. 9. ...………….……………………………………………….............................................

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V - draft of the registration system regulation, as provided in Chapter II, of Title V of the Regulation Annexed to Resolution BCB No. 304, of 2023, except for documents that exclusively regulate the aspects provided for in items III, XV, XVI, and XVIII of Article 102;

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Sole Paragraph. In cases where the request referred to in the main text has as the applicant an institution that already holds authorization from the Central Bank of Brazil to operate an SMF:

I - for items II and III of the main text, only the information that needs to be prepared or altered solely to support the request in question must be presented;

II - for item IV of the main text, only the declarations associated with information that needs to be prepared or altered solely to support the request in question must be presented; and

III - for item VIII of the main text, only the documents or information that needs to be prepared or altered solely to support the request in question must be presented.

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Art. 11. ...………………………………………………………….............................................

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II -
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c) for each intended alteration classified by the IOSMF as strategic for the authorization request, an excerpt of the document containing this alteration and indication of the document name, except for the documents referred to in item III;

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III - draft, with indication of the altered sections, of the new central depository or registration system regulation, as provided in Chapter II of Title V of the Regulation annexed to Resolution BCB No. 304, of 2023, except for documents that exclusively regulate the aspects provided for in items III, XV, XVI, and XVIII of Article 102; and

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Art. 21. ...………………………………………………………….............................................

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§ 5. Authorization requests referred to in items IV, V, IX, XIII, XIX, and XXII to XXV of the main text must be formulated with an assessment of the materiality of the proposed changes.

§ 6. The authorization request referred to in item I of the main text does not apply to interoperability contractual arrangements whose defining mechanisms are supported by conventions or formal agreements signed between IOSMFs authorized to exercise the activities of central depository or registration of financial assets;

§ 7. The authorization request referred to in item I of the main text is extended to interconnections between a settlement system and a central depository system or a securities depository system.

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Art. 23. ...………………………………………………………….............................................

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II -
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d) for each intended alteration classified by the IOSMF as strategic for the authorization request, an excerpt of the document containing this alteration and indication of the document name, except for the documents referred to in item VI;

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VI - draft, with indication of the altered sections, of the new SMF regulation, as provided in Chapter II, of Title V of the Regulation Annexed to Resolution BCB No. 304, of 2023, except for documents that exclusively regulate the aspects provided for:

a) in items III, XVI, and XVIII of Article 102;

b) in item XV of Article 102 with regard to non-financial risks; and

c) in item III of Article 104;”

Art. 2. This Normative Instruction enters into force on January 8, 2024.

LUCIANO GARCIA ROMAN ROGÉRIO ANTÔNIO LUCCA Acting Head of Deorf Head of Deban

NOTE

This Normative Instruction BCB (IN BCB) aims to alter the procedures, documents, and information necessary for processing authorization requests referred to in Resolution BCB No. 304, of March 20, 2023, disseminated through Normative Instruction BCB No. 374, of April 26, 2023. The aforementioned resolution regulates, within the scope of the Brazilian Payments System, the operation of settlement systems, the exercise of registration and central depository activities of financial assets, the constitution of liens and encumbrances on registered or deposited financial assets, and the authorization processes related to the operation of these systems.

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 manner of compliance with obligations defined in a hierarchically superior norm. Thus, based on item II of Article 4 of Decree No. 10,411, of 2020, I understand that the issuance of this IN BCB dispenses with the carrying out of RIA.

LUCIANO GARCIA ROMAN ROGÉRIO ANTÔNIO LUCCA Acting Head of Deorf Head of Deban