Resolution BCB No. 105 — Approves the Regulation of the Reserve Transfer System (STR), the Bank Reserves Account, and the Settlement Account at the Central Bank of Brazil

Resolution No. 105

RESOLUTION BCB NO. 105, OF JUNE 9, 2021

Approves the Regulation of the Reserve Transfer System (STR), the Bank Reserves Account, and the Settlement Account at the Central Bank of Brazil.

The Collegiate Board of the Central Bank of Brazil, in a session held on June 9, 2021, based on art. 10, item IV, of Law No. 4.595, of December 31, 1964, art. 10 of Law No. 10.214, of March 27, 2001, and as provided in arts. 9, 10, item I, and 11 of Resolution No. 2.882, of August 30, 2001,

R E S O L V E:

Art. 1º The attached Regulation is approved, which governs the operation of the Reserve Transfer System (STR), the Bank Reserves Account, and the Settlement Account.

Art. 2º The Banking Operations and Payment Systems Department (Deban) and the Information Technology Department (Deinf) are authorized, within the scope of their areas of expertise, to adopt the measures necessary for the execution of the provisions of this Resolution, including regarding the definition of hours, deadlines, and other complementary operational procedures mentioned in the Regulation.

Art. 3º The following are revoked:

I - Circular No. 3.100, of March 28, 2002;

II - Circular No. 3.281, of April 4, 2005;

III - Circular No. 3.438, of March 2, 2009;

IV - Circular No. 3.488, of March 18, 2010;

V - Circular No. 3.489, of March 18, 2010;

VI - Circular No. 3.658, of June 19, 2013;

VII - Circular No. 3.894, of May 2, 2018;

VIII - Circular No. 3.931, of February 14, 2019; and

IX - Circular Letter No. 3.682, of December 8, 2014.

Art. 4º This Resolution enters into force on July 1, 2021.

Bruno Serra Fernandes

Monetary Policy Director

REGULATION
ATTACHED TO RESOLUTION BCB NO. 105,
OF JUNE 9, 2021

Governs the operation of the Reserve Transfer System (STR), the Bank Reserves Account, and the Settlement Account at the Central Bank of Brazil.

CHAPTER I

SCOPE OF APPLICATION

Art. 1º The provisions of this Regulation apply to participants of the Reserve Transfer System (STR).

CHAPTER II

DEFINITIONS

Art. 2º For the purposes of this Regulation, the following expressions and terms are defined as follows:

I - fund transfer order: the order by means of which a transfer of funds between participant accounts is commanded;

II - credit order: a fund transfer order whose issuer is the participant holding the account from which the funds subject to the transfer are withdrawn;

III - direct fund transfer order: a fund transfer order sent directly by the participant to the STR;

IV - indirect fund transfer order: a fund transfer order sent to the STR, on behalf of the participant, through another system managed by the Central Bank of Brazil;

V - issuing participant: the participant that issues the fund transfer order;

VI - receiving participant: the participant to whose account the transfer of funds is commanded;

VII - settlement optimization routine: a procedure for optimizing the settlement of fund transfer orders held in a waiting queue, which may involve, among other things, offsetting between them;

VIII - fund transfer on behalf of a client: a fund transfer in which the beneficiary of the transfer is a client of the receiving participant;

IX - fund transfer on behalf of the receiving participant: a fund transfer in which the beneficiary of the transfer is the receiving participant itself;

X - fund transfer in its own name: a fund transfer made in the name of the issuing participant itself;

XI - fund transfer on behalf of third parties: a fund transfer made in the name of a client of the issuing participant;

XII - scheduled fund transfer order: an order issued by the participant indicating settlement at a future time;

XIII - regular operating hours in the STR: the operating hours of the STR for the settlement of fund transfer orders;

XIV - additional window for deposits in Instant Payments Account (Conta PI): an additional operating schedule, after the closure of the regular operating hours in the STR, for the purpose of making deposits in the institution's own PI Account and for the financial settlement of the operations referred to in Resolution No. 4.781, of February 20, 2020, in the institution's PI Account;

XV - Instant Payments Account (Conta PI): an account held by a direct participant of the Instant Payments System (SPI), maintained at the Central Bank of Brazil for the purpose of fund transfers within the scope of the SPI;

XVI - Bank Reserves Account: an account held by banking financial institutions, maintained at the Central Bank of Brazil for the purpose of receiving deposits from these institutions and for fund transfers within the scope of the STR; (Amended, effective April 1, 2022, by Resolution BCB No. 211, of March 22, 2022.)

XVII - Settlement Account: an account held by clearinghouses and providers of clearing and settlement services, credit guarantee funds, and other institutions authorized to operate by the Central Bank of Brazil that cannot hold a Bank Reserves Account, maintained at the Central Bank of Brazil for the purpose of receiving deposits from these institutions and for fund transfers within the scope of the STR; and (Amended, effective April 1, 2022, by Resolution BCB No. 211, of March 22, 2022.)

XVIII - credit guarantee fund: an entity constituted in accordance with art. 28, § 1º, of Complementary Law No. 101, of May 4, 2000, whose purposes are to protect depositors and investors within the financial system, including the cooperative segment, and to contribute to the maintenance of stability and the prevention of crises in said system. (Included, effective April 1, 2022, by Resolution BCB No. 211, of March 22, 2022.)

CHAPTER III

THE SYSTEM

Section I

Purpose

Art. 3º The purpose of the STR is to enable fund transfers between its participants.

§ 1º The obligations, within the scope of the STR, related to the fund transfers referred to in the caput are settled in real time, operation by operation.

§ 2º The fund transfers referred to in the caput are processed through entries in the accounts maintained by participants at the Central Bank of Brazil.

§ 3º In the case of a participant holding a Bank Reserves Account, the fund transfer order may be issued in its own name or on behalf of third parties, on behalf of the receiving participant or a client.

Section II

Management and Operation

Art. 4º The STR is managed and operated by the Central Bank of Brazil, through the Banking Operations and Payment Systems Department (Deban).

Art. 5º The Central Bank of Brazil, in its capacity as manager and operator of the STR:

I - executes fund transfer orders and fund transfer cancellation orders as formulated by participants, provided that the requirements and procedures provided for in this Regulation are observed;

II - observes the requirements, including security requirements, applicable to situations of receiving and issuing messages;

III - ensures the continuous operation of the STR, observing a minimum availability index of 99.8% (ninety-nine and eight-tenths percent);

IV - observes the legal provisions applicable to data confidentiality; and

V - provides participants with timely information regarding:

a) the operation of the system, with respect to changes in hours, inclusion, suspension, and exclusion of participants; and

b) fund transfer orders involving the participant, except as provided in art. 66.

Section III

Structure and Technical Access

Art. 6º The structure of the STR consists of, at minimum:

I - two data processing technological systems;

II - two distinct physical installations or sites to house each of the technology systems, interconnected via network;

III - two interconnections with distinct telecommunications providers, members of the National Financial System Network (RSFN); and

IV - one interconnection with a telecommunications provider for connection to the worldwide computer network (internet).

Art. 7º Participants' technical access to the STR is made through the RSFN or the internet.

§ 1º Participants holding a Bank Reserves Account, except as provided in item II of § 2º of this article, credit guarantee funds, and clearinghouses and providers of clearing and settlement services holding a Settlement Account must use the RSFN as their primary form of access. (Amended, effective April 1, 2022, by Resolution BCB No. 211, of March 22, 2022.)

§ 2º The following may opt to use any of the technical accesses provided for in this article as their primary form of access:

I - participants holding a Settlement Account not mentioned in § 1º; and

II - participants holding a Bank Reserves Account under intervention, extrajudicial liquidation, or special temporary administration regime, as provided for in Law No. 6.024, of March 13, 1974, and Decree-Law No. 2.321, of February 25, 1987. (Amended, effective March 1, 2023, by Resolution BCB No. 243, of September 14, 2022.)

Art. 8º Technical access to the STR via the internet will occur exclusively through the STR-Web application, made available by the Central Bank of Brazil, in accordance with arts. 9 to 11.

Art. 9º The use of STR-Web:

I - is conditioned to prior authorization by Deban and the execution of homologation tests defined by it; and

II - may only be made by an operator specially accredited by the institution for this purpose and using a personal digital certificate.

Art. 10. STR-Web will be available:

I - during full hours, respecting the operating hours of the STR time slots for queries and order registration:

a) to participants who use the internet as their primary means of access to the STR;

b) to electronic currency issuing institutions that are not participants in the STR, obliged to maintain resources at the Central Bank of Brazil in accordance with specific regulation;

c) to non-STR institutions obliged to send information regarding mandatory reserves and mandatory allocations to the Central Bank of Brazil; and

d) to institutions that are direct participants of the SPI, non-participants of the STR, for the purpose of withdrawing from PI Account to credit in the Bank Reserves Account or Settlement Account of the institution that provides settlement services in the STR;

II - during the operation under contingency regime referred to in art. 12 of this Regulation, to participants who use the RSFN as their primary means of access to the STR.

Art. 11. The STR tariffs established in specific regulation apply to STR-Web.

§ 1º The technical means of access to the STR will be subject to specific regulation established by the Central Bank of Brazil.

§ 2º The security requirements and the manner of use of STR-Web are described in the Manual for Access to STR via Internet, available on the Central Bank of Brazil website (www.bcb.gov.br).

Art. 12. A STR participant who is unable to move its account at the Central Bank of Brazil may operate under a contingency regime in the following modalities:

I - Internet Contingency: use of technical access via the internet; and

II - Telephone Contingency: use of the order insertion service by the Central Bank of Brazil, on behalf of the requesting participant, upon express request made via telephone contact.

Art. 13. The operation under the contingency regime, as well as its termination, depend on a request from the participant, through a representative registered with the Central Bank of Brazil for this purpose.

§ 1º A participant that does not request the termination of the contingency regime operation by the closing of the STR will return to normal operating status.

§ 2º The provisions of § 1º do not apply to participants under intervention, extrajudicial liquidation, or special temporary administration regime until the intervener, liquidator, or board of directors formally presents to the STR manager one of the actions provided for in art. 25, sole paragraph, item II, of this Regulation. (Amended, effective March 1, 2023, by Resolution BCB No. 243, of September 14, 2022.)

Art. 14. During the period of operation under the contingency regime:

I - the primary technical means of access to the STR used by the participant will be blocked;

II - the participant must use adequately trained personnel for the operation; and

III - the participant will have technical support from the Central Bank of Brazil, observing the duty set forth in item II.

Art. 15. The operation under the contingency regime, in the Telephone Contingency modality, in addition to the request referred to in art. 13, requires the participant to inform the Central Bank of Brazil of all data necessary to fill out the message, under its sole and exclusive responsibility.

Sole paragraph. The Telephone Contingency modality is restricted to orders destined to:

I - settlement of a financial institution's debtor position in clearinghouses or providers of clearing and settlement services, provided that the respective value has been previously informed by the entity to the Central Bank of Brazil, by one of the means provided for in the regulation of the respective system;

II - settlement of a clearinghouse's or provider of clearing and settlement services' debtor position vis-à-vis a financial institution, whose values are ordinarily informed to the Central Bank of Brazil, for which they must have been effectively communicated by one of the means provided for in the regulation of the respective system;

III - credit in a settlement account in a fund transfer system authorized to operate by the Central Bank of Brazil for the settlement of orders issued by the participant;

IV - settlement of obligations involving the Central Bank Settlement System (SLB);

V - cancellation of pending orders;

VI - granting or payment of Rediscount operations of the Central Bank of Brazil and the Liquidity Financial Lines (LFL); (Amended, effective November 1, 2021, by Resolution BCB No. 153, of October 7, 2021.)

VII - financial movement of mandatory reserves, cash holdings, and mandatory allocations;

VIII - transfers involving the specific account used for maintaining cash resources at the Central Bank of Brazil corresponding to the value of electronic currency maintained in a payment account; (Amended, effective November 1, 2021, by Resolution BCB No. 153, of October 7, 2021.)

IX - transfers involving deposits or withdrawals in PI Account held by the issuing institution; (Amended, effective November 1, 2021, by Resolution BCB No. 153, of October 7, 2021.)

X - transfers involving the constitution or withdrawal of guarantees for LFL in the Cash Guarantee Account at the Central Bank of Brazil; (Included, effective November 1, 2021, by Resolution BCB No. 153, of October 7, 2021.)

XI - withdrawals of assets guaranteeing LFL deposited in a central depository. (Included, effective November 1, 2021, by Resolution BCB No. 153, of October 7, 2021.)

Art. 16. STR participants may perform a scheduled test of operation under the contingency regime, in the Internet Contingency modality.

§ 1º The scheduling referred to in the caput must be made at least one business day in advance.

§ 2º It is prohibited to perform more than one test in a daily session.

Section IV

Operating Days and Hours

Art. 17. The STR is available to participants, for the settlement of fund transfer orders, on days considered business days for operations practiced in the financial market.

Art. 18. The regular operating hours in the STR for the settlement of fund transfer orders are from 6:30 a.m. to 6:30 p.m. (Brasília time).

§ 1º For fund transfer orders on behalf of a client, the deadline for settlement is 5:30 p.m.

§ 2º Changes in the operating hours of the STR will be communicated to participants at least thirty calendar days in advance, except for the situations referred to in §§ 3º and 4º.

§ 3º When extraordinary facts justify it, the Central Bank of Brazil may, with effect for a specific operating day, alter the opening and closing hours, as well as the hours of specific time slots for STR service groups, communicating the change to participants.

§ 4º The Central Bank of Brazil may also alter the operating hours of the STR when a special schedule is established for the operation of the banking network.

§ 5º The postponement of the STR closing hours, as well as of the specific time slots, referred to in § 3º of this article, may exceptionally extend beyond 11:59 p.m. of the specific session, motivated by situations of serious technical unavailability of the STR or another system of the Central Bank of Brazil.

§ 6º On December 24, if it is a business day for operations carried out in the financial market, and on the last business day of the year, the regular operating hours in the STR will be from 6:30 a.m. to 1:00 p.m., observing the additional window referred to in § 8º.

§ 7º On Ash Wednesday, the STR will observe its normal operating hours and the corresponding time slots.

§ 8º The additional window for deposits in PI Account begins immediately after the sending of the message STR0016 - STR informs Closing Balance, contained in the SFN Services Catalog, relative to the closing of the regular operating time slot in the STR, and ordinarily ends at 7:00 p.m., and at 1:30 p.m. on the days specified in § 6º.

§ 9º In the cases referred to in § 3º, the start and end of the additional window for deposits in PI Account will be automatically postponed by the same amount that the closing of the regular operating hours of the STR is extended.

Art. 19. The time observed by the Central Bank of Brazil's equipment prevails over any other for all purposes.

Art. 20. For the request of the information referred to in § 1º of art. 26 and for the registration of scheduled fund transfer orders, the STR will be available to participants, on business days and Saturdays, from 4:00 a.m. to 11:59 p.m., and on Sundays, from 12:00 p.m. to 11:59 p.m.

Sole paragraph. When extraordinary facts justify it, the Central Bank of Brazil may alter the hours provided for in this article, communicating the change to participants.

CHAPTER IV

PARTICIPANTS

Section I

Participation

Art. 21. The following participate in the STR:

I - mandatorily:

a) the Central Bank of Brazil;

b) holders of Bank Reserves Accounts; and

c) holders of Settlement Accounts;

II - optionally, the National Treasury Secretariat (STN).

Section II

Exclusion and Suspension of Participant

Art. 22. The closure of the account held by the participant at the Central Bank of Brazil, referred to in Chapter V, implies its immediate exclusion from the STR.

Art. 23. The Central Bank of Brazil, at its exclusive discretion, may suspend or exclude a participant that is:

I - putting the operation of the National Financial System (SFN) or the STR at risk; or

II - operating in disagreement with the provisions of this Regulation or other norms that regulate the operation of the SFN.

Art. 24. The STR will reject any and all fund transfer orders not yet settled involving the excluded or suspended participant.

Art. 25. The decree of intervention or special temporary administration regime, as provided for in Law No. 6.024, of 1974, and Decree-Law No. 2.321, of 1987, respectively, does not prejudice the participant status of the institution reached by the corresponding act.

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Art. 25. The decree of intervention, extrajudicial liquidation, or temporary special administration regime, referred to in Law No. 6,024, of 1974, and Decree-Law No. 2,321, of 1987, does not prejudice the status of participant of the institution reached by the corresponding act; the liquidator may opt to maintain the existing Bank Reserves or Settlement Account held by the institution in extrajudicial liquidation. (Amended, effective March 1, 2023, by Resolution BCB No. 243, of September 14, 2022.)

Sole paragraph. With respect to the participant reached by the decree of any of the special regimes referred to in the caput:

I - fund transfer orders issued by it but not yet settled are rejected by the system; and

II - the operation of participants with primary access via RSFN must be carried out in a contingency regime until the interventor or the board of directors, as applicable, informs the STR manager:

II - the operation of participants with primary access via RSFN must be carried out in a contingency regime until the interventor, the liquidator, or the board of directors, as applicable, informs the STR manager: (Amended, effective March 1, 2023, by Resolution BCB No. 243, of September 14, 2022.)

a) fitness to safely use the participant's technological system; or

b) option for primary access via internet as provided for in Article 7, sole paragraph, item II, of these Regulations.

Section III

Of the Rights of the Participant

Art. 26. Subject to the procedures provided for in these Regulations and in the current norms related to RSFN, the following are the rights of the participant:

I - to issue and receive fund transfer orders; and

II - to receive timely information regarding:

a) the processing of fund transfer orders issued by it;

b) fund transfers made to it, subject to the provisions of Article 66; and

c) the balance of its account at the end of the operating period of each day.

§ 1º Upon payment of a specific fee as per Chapter VIII and observing the specific messages provided for in the catalog referred to in item II of Article 48, the participant may request:

I - the balance of its account during the operating period of each day or at the end of periods of previous days;

II - the statement of its account for a certain period; and

III - the list of fund transfer orders issued by it during a certain period with their corresponding statuses.

§ 2º At the participant's discretion, the response of the STR to the requests referred to in items II and III of § 1º is sent through electronic files or specific messages, provided for in the catalog referred to in item II of Article 48.

§ 3º When sent by message, the response is limited to a maximum of two hundred records per request.

Section IV

Of the Duties of the Participant

Art. 27. The participant has the duty to:

I - observe the provisions of these Regulations, especially those related to the issuance and receipt of fund transfer orders;

II - ensure the security and confidentiality of fund transfer orders issued and received by it and the proper functioning of the STR;

III - inform the Central Bank of Brazil immediately of any irregularity observed by it in the functioning of the STR; and

IV - promote the return of funds in the situations indicated below:

a) improper remittance, considered as such the fund transfer order in which it was improperly indicated as beneficiary; and

b) error that prevents it from identifying the beneficiary, in the case of a fund transfer order in favor of a client;

V - pay timely the fees owed by it as per Chapter VIII.

Sole paragraph. In the event of eventual damages caused to third parties by the delay in the return of funds, the financial adjustment must be made between the involved parties through remuneration negotiable within the limits current in the market.

Art. 28. On each operating day of the STR, the participant must also:

I - remain connected to the STR, in conditions to send and receive messages, throughout the entire operating period of the system, regardless of the occurrence of local holidays;

II - make efforts to anticipate the registration of its direct fund transfer orders, avoiding the concentration of these orders in the final operating period; and

III - promote adequate management of its account, with the purpose of minimizing the average waiting time in queue for direct and indirect fund transfer orders issued by it.

Art. 29. The participant is responsible for the accuracy of the data informed in the fund transfer orders issued by it.

Section V

Of Representation

Art. 30. Each participant must credential in Deban, in accordance with its statutes:

I - for requests related to the contingency operation regime referred to in Articles 12 to 16 of these Regulations, at least three representatives; and

II - for communications with the Central Bank of Brazil related to any irregularity or operational emergency, at least one representative.

Sole paragraph. For each representative, at least two telephone numbers for contacts must be informed, including outside the operating hours of the STR.

CHAPTER V

OF THE REGISTRATION OF SETTLED FUND TRANSFER ORDERS

Art. 31. Fund transfer orders settled in the STR are registered:

I - in the Bank Reserves Accounts;

II - in the Settlement Accounts; and

III - in the Single Account of the National Treasury.

CHAPTER VI

OF THE BANK RESERVES ACCOUNT AND THE SETTLEMENT ACCOUNT

Section I

Of the Purpose

Art. 32. The liquidity maintained at the Central Bank of Brazil, in national currency, by commercial banks, investment banks, savings banks, exchange banks, development banks, and multiple banks must be registered in the Bank Reserves Account, subject to the provisions of Article 35.

Art. 33. The Settlement Account is intended for the registration, in national currency:

I - if held by a clearinghouse or clearing and settlement service provider:

a) the settlement of the results ascertained in their respective settlement systems;

b) the realization of financial movements directly related to the mechanisms and safeguards adopted in the settlement systems that operate or linked to custody events pertinent to the settlement of issuer obligations; and

c) the settlement of financial obligations between the Central Bank of Brazil and the respective holders;

II - if held by an institution authorized to operate by the Central Bank of Brazil not discriminated in Article 32, of the liquidity maintained therein and of the movements in the STR.

II - if held by an institution authorized to operate by the Central Bank of Brazil not discriminated in Article 32, or by a credit guarantee fund, of the liquidity maintained at the Central Bank of Brazil and of the movements in the STR.(Amended, effective April 1, 2022, by Resolution BCB No. 211, of March 22, 2022.)

Art. 34. The movement of funds between the Central Bank of Brazil and the holders of Bank Reserves Accounts or Settlement Accounts is carried out exclusively through these accounts, except for situations involving the use of the PI Account, in accordance with the regulation that governs SPI.

Section II

Of Ownership

Art. 35. The Bank Reserves Account is owned:

I - mandatorily, by commercial banks, multiple banks with commercial portfolio, and savings banks; and

II - optionally, by investment banks, exchange banks, multiple banks without commercial portfolio, and development banks.

Sole paragraph. Only one Bank Reserves Account per institution is admitted.

Art. 36. The Settlement Account is owned:

I - mandatorily, by clearinghouses and clearing and settlement service providers responsible for settlement systems considered systemically important, in accordance with current regulation; and

II - optionally, by other clearinghouses and clearing and settlement service providers and by institutions authorized to operate by the Central Bank of Brazil not discriminated in Article 35.

II - optionally, by other clearinghouses and clearing and settlement service providers, by credit guarantee funds, and by institutions authorized to operate by the Central Bank of Brazil not discriminated in Article 35.(Amended, effective April 1, 2022, by Resolution BCB No. 211, of March 22, 2022.)

§ 1º Each Settlement Account held by a clearinghouse or by a clearing and settlement service provider serves only one settlement system.

§ 2º Only one Settlement Account per institution is admitted.

Section III

Of Opening

Art. 37. The opening of the accounts referred to in Articles 32 and 33 is authorized by Deban, observing the procedures established by it, and is subject to proof, including through tests carried out in accordance with current regulation, of the technological and operational capacity of the applicant for access to the STR.

§ 1º The request must be signed by a legally authorized representative.

§ 2º The accounts referred to in the caput are opened after the closure of the STR on the business day immediately preceding the start date of operations in the account.

Section IV

Of Representation

Art. 38. Financial institutions holding a Bank Reserves Account must indicate, before the Central Bank of Brazil, a statutory director responsible for matters related to the Brazilian Payments System (SPB).

Art. 39. Holders of a Settlement Account at the Central Bank of Brazil must indicate an occupant of a position who, according to their corporate bylaws, can be responsible for the administration of this account.

Art. 40. The indication of the persons referred to in Articles 38 and 39 must be permanently kept updated.

Art. 41. The names of those indicated will be registered in the Information System on Entities of Interest of the Central Bank (Unicad), in the manner to be defined by the Department of Organization of the Financial System (Deorf).

Art. 41. The names of those indicated will be registered in the Information System on Entities of Interest of the Central Bank (Unicad). (Amended, effective November 1, 2021, by Resolution BCB No. 153, of October 7, 2021.)

Section V

Of Movements

Art. 42. The accounts referred to in Articles 32 and 33 must always present a balance greater than or equal to zero.

Art. 43. The transfer of funds originating from the accounts governed by these Regulations promotes the alteration in the balances of the accounts involved, for all purposes, exclusively at the moment when realized.

Section VI

Of Closure

Art. 44. The accounts referred to in these Regulations are closed:

I - upon the occurrence of ordinary liquidation, extrajudicial liquidation, civil insolvency, bankruptcy, or, whenever applicable, change of social object of its holder; and

I - upon the occurrence of ordinary liquidation, civil insolvency, bankruptcy, or, whenever applicable, change of social object of its holder; and (Amended, effective March 1, 2023, by Resolution BCB No. 243, of September 14, 2022.)

II - when ownership is optional:

a) at the discretion of the Central Bank of Brazil, in the event that the holder does not comply with current regulation; and

a) at the discretion of the Central Bank of Brazil, in the event that the holder does not comply with current regulation or when the closure of the extrajudicial liquidation of the holder occurs; and (Amended, effective March 1, 2023, by Resolution BCB No. 243, of September 14, 2022.)

b) at the request of the holder, through correspondence signed by a legally authorized representative.

§ 1º In the situation referred to in item "b" of item II, the closure of the account must be requested with a minimum advance notice of ten business days.

§ 2º The account is closed:

I - after the closure of the STR on the date established by the holder, when at request;

II - after the closure of the STR on the date of publication by the Central Bank of Brazil of the homologation act, in cases of ordinary liquidation and change of social object;

III - at the moment of publication of the corresponding act by the Central Bank of Brazil, in the case of extrajudicial liquidation;

III - (Revoked, effective March 1, 2023, by Resolution BCB No. 243, of September 14, 2022.)

IV - timely, upon notification to the Central Bank of Brazil of the decree of civil insolvency or bankruptcy by the competent judicial authority; or

V - at any time, at the discretion of the Central Bank of Brazil, in cases of closure due to non-compliance with current regulation.

V - at any time, at the discretion of the Central Bank of Brazil, in cases of closure of the account due to non-compliance with current regulation or due to closure of extrajudicial liquidation. (Amended, effective March 1, 2023, by Resolution BCB No. 243, of September 14, 2022.)

§ 3º Once the account is closed, any remaining resources are transferred to the bank checking account indicated for this purpose by a legally authorized representative of the institution, by the liquidator, by the trustee, or by the administrator, as applicable.

CHAPTER VII

OF FUND TRANSFER ORDERS

Section I

Of Type and Value

Art. 45. Only credit orders are settled by the STR.

Art. 46. Fund transfer orders of any value may be processed in the STR.

Section II

Of Issuance

Art. 47. The fund transfer order must always be issued:

I - in national currency; and

II - for immediate settlement, or at a future time indicated by the participant.

§ 1º Scheduling an order for settlement at a future time is permitted for certain service groups or message groups of the SFN Service Catalog.

§ 2º Scheduling for settlement of a fund transfer order may be done for up to three business days.

§ 3º The time for settlement of a scheduled fund transfer order must coincide with the specific times established for this purpose.

§ 4º The issuance, by the participant, of a fund transfer order scheduled for the same day must obey a minimum interval of fifteen minutes between its issuance and the time indicated for settlement.

§ 5º The scheduled fund transfer order that has not yet been settled:

I - may be canceled by the participant up to fifteen minutes before the time indicated for its settlement, without prejudice to the provisions of § 1º of Article 52; and

II - will be automatically canceled by the system in case of exclusion or suspension of the participant, or at the moment of the decree of intervention or special administration regime, observing the provisions of Article 24 and item I of the sole paragraph of Article 25, respectively.

II - will be automatically canceled by the system in case of exclusion or suspension of the participant, or at the moment of the decree of intervention, extrajudicial liquidation, or special administration regime, observing the provisions of Articles 24 and 25, sole paragraph, item I, as applicable. (Amended, effective March 1, 2023, by Resolution BCB No. 243, of September 14, 2022.)

§ 6º The fund transfer order is issued by the participant directly or through another system managed by the Central Bank of Brazil, except as provided in Article 67.

§ 7º Deban will publish the service groups or message groups and the times referred to in §§ 1º and 3º of this article.

Art. 48. In the issuance of fund transfer orders, participants must always observe:

I - the procedures provided for in the SFN Network Manual, the SFN Security Manual, and the Manual for Access to STR via Internet; and

II - the formats, standards, and specifications contained in the SFN Service Catalog.

Sole paragraph. It is the full responsibility of the participant to ensure that only people authorized by it have access to its equipment and systems issuing fund transfer orders, adopting, for this purpose, the necessary control and security procedures.

Art. 49. The acknowledgment of receipt issued by the Central Bank of Brazil (message "Confirm on Arrival – COA") constitutes, for all purposes, the protocol of receipt of the fund transfer order issued directly by the participant through RSFN.

§ 1º The acknowledgment of receipt referred to in the caput contains, in addition to the record of the hour of receipt of the fund transfer order, a specific identifier that confirms its origin.

§ 2º The time referred to in § 1º is that of Greenwich Meridian Time (GMT).

Art. 50. The reception of the fund transfer order within the times referred to in the caput and § 1º of Article 18 ensures its processing by the STR, conditioning its effective attendance to the observance of other regulatory provisions.

Sole paragraph. In the case of fund transfer orders issued via internet, the moment of processing of each order will be considered for the purpose of observing the time schedules of the service groups.

Section III

Of the Level of Preference

Art. 51. The settlement of fund transfer orders kept in queue in accordance with Section V of this Chapter observes the following decreasing levels of preference:

I - "A", applicable exclusively to:

a) those directed to a settlement account held by a clearinghouse or by a clearing and settlement service provider, in cases authorized by the Central Bank of Brazil; or

b) those related to cash withdrawals, originated by the Circulating Medium System (CIR);

II - "B", "C" or "D", established by the issuing participant, in each order, at its discretion.

Sole paragraph. Level "D" is assigned to the order in which the indication of the level of preference does not appear.

Section IV

Of Settlement

Art. 52. The submission to settlement of fund transfer orders observes the following:

I - orders that do not contain indication of date and time of settlement will be submitted to immediate settlement; and

b) orders that do not contain indication of time and whose settlement date is the same day of issuance;

II - orders without indication of time of settlement will be submitted, in the first settlement time of scheduled fund transfer orders, on the future date indicated; and

III - orders without indication of settlement date will be submitted, at the settlement time indicated on the day of issuance.

§ 1º If there is insufficient balance in the participant's account at the moment the order is submitted to settlement, individually or through an optimization routine, the order will be forwarded to the waiting queue referred to in Section V of this Chapter, observing the rules for ordering orders in the waiting queue defined in Article 57.

§ 2º At the opening of the STR, the following orders are processed, preceding any others:

I - those sent through the Special Settlement and Custody System (Selic) and related to the opening procedures of this system, in accordance with its respective regulation; and

II - those related to cash withdrawals.

§ 3º To verify the sufficiency of balance in the participant's account, the STR observes the chronology of receipt of the fund transfer order in the systems of the Central Bank of Brazil or, in the case of scheduled orders and those issued via internet, the moment of its submission to settlement.

§ 4º Respectful of the conditions established in this article and in Article 58 of these Regulations, the effectiveness of the settlement of the order in the participant's account may not observe the chronology of its receipt.

Art. 53. The settlement of a fund transfer order is conditioned to the existence of sufficient balance of resources in the account of the issuing participant, observing the provisions of Section V of this Chapter.

§ 1º The compensated financial result of each participant, arising from associated, conjugated, or group operations provided for in the Regulations of the Central Bank Rediscount and Selic, is equated to a fund transfer order, for settlement purposes.

§ 2º The registration of the settlement of indirect fund transfer orders, relative to each operation that composes the associated, conjugated, or group operations referred to in § 1º, is carried out individually in the accounts of the participants.

Art. 54. Once realized, the settlement of the fund transfer order is irrevocable and unconditional.

Sole paragraph. The fund transfer order is considered settled at the moment when the balances of the accounts involved are altered in the records at the Central Bank of Brazil.

Art. 55. The fund transfer order issued in compliance with regulation and sent to the STR, directly or indirectly, is presumed always legitimate and is submitted to settlement in accordance with these Regulations.

Section V

Of the Waiting Queue

Art. 56. The fund transfer order is forwarded to the waiting queue if, when submitted to settlement, any of the following hypotheses occur:

I - insufficiency of resources in the account of the issuing participant; and

II - existence of another fund transfer order from the same participant in the waiting queue, with a level of preference equal to or superior.

Sole paragraph. The provisions of this article do not apply to the order issued by a clearinghouse or by a clearing and settlement service provider, to the indirect order originating from Selic, and to orders involving deposits or withdrawals in PI Account, which, in the situations referred to in items I and II of the caput, are immediately rejected by the STR.

Art. 57. The fund transfer orders kept in the waiting queue are ordered, by issuing participant, based on:

I - the level of preference of each order; and

II - when they present the same level of preference, on the chronology of their receipt by the STR.

Sole paragraph. For the purpose of chronological ordering in the waiting queue, scheduled fund transfer orders will be considered by their indicated settlement time.

Art. 58. The fund transfer order can only be settled after the settlement of the order that precedes it in the waiting queue, except as provided in Article 59.

Sole Paragraph. The STR processes the waiting queue of a specific participant, for the purpose of settling fund transfer orders maintained therein, when:

I - there is an inflow of funds into its account;

II - there is a cancellation of the fund transfer order positioned first; or

III - the settlement optimization routine referred to in Article 59 is triggered.

Article 59. During the operating period of each day and with a view to the greater efficiency of the payment system, the Central Bank of Brazil may activate, if and when it deems necessary, a settlement optimization routine, which may:

I - not observe the queue ordering criteria;

II - involve the offsetting of obligations, without prejudice to the registration of the settlement of the orders, in the participants' accounts, being done one by one; and

III - have as its objective, among others, to settle the largest financial volume or the largest possible quantity of fund transfer orders maintained in the waiting queue.

Section VI

On Cancellation and Rejection of Orders Maintained in the Waiting Queue

Article 60. A participant may request the cancellation of a fund transfer order issued by it and maintained in the waiting queue.

§ 1st. The request for cancellation of a fund transfer order is the sole responsibility of the participant.

§ 2nd. In the case of an indirect fund transfer order, the cancellation request must be made through the same system in which the order to be cancelled was sent.

§ 3rd. The provisions related to fund transfer orders apply, where applicable, to the cancellation request.

Article 61. On each operating day, fund transfer orders maintained in the waiting queue are rejected by the STR:

I - at the closing time of the specific schedule for orders on behalf of clients, in the case of fund transfers in favor of a client;

II - at the moment of the participant's exclusion or suspension, or at the moment of the declaration of intervention, extrajudicial liquidation, or special administration regime, as provided for in Articles 24 and 25, sole paragraph, item I, as applicable; and (Amended, effective 3/1/2023, by BCB Resolution No. 243, of 9/14/2022.)

III - at the system closure, in other cases.

CHAPTER VIII

ON THE CHARGING OF FEES

Article 62. The use of the STR subjects the participant to the payment of fees, defined in specific regulation established by Deban.

§ 1st. The fees are established by the Central Bank of Brazil with the exclusive purpose of reimbursing the expenses incurred by it in the management and operation of the STR.

§ 2nd. Reserved the provisions of item III of § 3rd and § 6th of this article, the fee value is uniform for all participants.

§ 3rd. The Central Bank of Brazil may establish differentiated fees for the services provided within the scope of the STR, considering:

I - the time at which the fund transfer order is received;

II - the fact that the fund transfer order is or is not maintained in the waiting queue;

III - the quantity and financial volume of fund transfers made by the participant in a given period;

IV - the fact that the participant is the issuer or the recipient of the order; and

V - the main access form used by the participant.

§ 4th. Fee changes are communicated to participants at least thirty calendar days in advance.

§ 5th. The values of unpaid fees until the due date will be updated by the Selic Rate, in accordance with current legislation.

§ 6th. The National Treasury Secretariat (STN), as well as other participants, will be included in the calculations and processes for defining and allocating the reimbursement of expenses incurred by the Central Bank of Brazil in the management and operation of the STR, but will be exempt from the payment of fees, including those related to the operation under contingency regime referred to in Article 64.

Article 63. On each fund transfer order settled, the fee is charged to the issuing participant and the receiving participant.

Article 64. The operation under contingency regime subjects the issuing participant to the payment of a higher fee, except in the following cases:

I - performance of a scheduled test referred to in Article 16, provided that the activation of the operation under contingency regime occurs within thirty minutes after the start time defined by the participant at the time of its scheduling;

II - performance of a test of interest to the Central Bank of Brazil, resulting from its express summons;

III - use of the contingency service due to proven system or application failure operated or made available by the Central Bank of Brazil; and

IV - use of the contingency service, in the Internet Contingency modality, by participants under intervention, extrajudicial liquidation, or temporary special administration regime, as provided for in Law No. 6,024, of 1974, and Decree-Law No. 2,321, of 1987, during the thirty days subsequent to the declaration of the regime or until the intervener, liquidator, or board of directors formally notifies the STR manager of one of the actions provided for in Article 25, sole paragraph, item II, of these Regulations, whichever occurs first. (Amended, effective 3/1/2023, by BCB Resolution No. 243, of 9/14/2022.)

Sole Paragraph. After the thirtieth day subsequent to the declaration of intervention, extrajudicial liquidation, or temporary special administration regime and until the implementation of one of the actions provided for in Article 25, sole paragraph, item II, of these Regulations, the fee for operation in Internet Contingency of the participant affected by one of those special regimes will have daily incidence, regardless of request for use of the service. (Amended, effective 3/1/2023, by BCB Resolution No. 243, of 9/14/2022.)

Article 65. The amount due by the participant, relating to the use of the STR in a given month, must be paid on the first business day of the following month.

Sole Paragraph. The charging of the amount due and the corresponding payment are made according to specific regulation.

CHAPTER IX

ON FINAL PROVISIONS

Article 66. Within the scope of the STR, the fund transfer order is only communicated to the receiving participant at the moment of its settlement.

Article 67. The provisions of § 6th of Article 47 do not apply to contracts entered into by the Union prior to April 22, 2002, and which contain a clause authorizing the debit in the Bank Reserve account directly by the Central Bank of Brazil.

Article 68. For all purposes, other norms issued by the Central Bank of Brazil, related to the functioning of the STR, are part of these Regulations.

Article 69. The orders and instructions emanating from the Fund Transfer Systems Management and Monitoring Division of the BCB (Gemon) or received by it from STR participants, via telephone, are recorded and considered firm and valid for all purposes.