Resolution No. 222

RESOLUTION

BCB No. 339, OF 24 AUGUST 2023

Regulates the activity of bookkeeping of electronic invoices, the electronic bookkeeping system managed by an entity authorized to perform this activity, and the registration, centralized deposit and trading of these electronic credit titles.

The Collegiate Board of the Central Bank of Brazil, in session held on 22 August 2023, based on art. 9 of Law No. 4,595, of 31 December 1964, art. 28, item II, of Law No. 12,810, of 15 May 2013, art. 3, § 1, art. 4, § 2 and art. 11 of Law No. 13,775, of 20 December 2018, combined with the provisions of Decree No. 9,769, of 16 April 2019, and considering the provisions of Resolution No. 4,815, of 4 May 2020,

RESOLVES:

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CHAPTER I

OBJECT

Art. 1 This Resolution regulates the activity of bookkeeping of electronic invoices, the electronic bookkeeping system managed by an entity authorized to perform this activity, and the registration, centralized deposit and trading of these electronic credit titles.

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CHAPTER II

DEFINITIONS

Art. 2 For the purposes of this Resolution, the following terms are defined:

• I – bookkeeper: entity authorized to carry out the activity of bookkeeping of electronic invoices through the electronic bookkeeping system referred to in Law No. 13,775, of 20 December 2018;
• II – liquidating institution: financial or payment institution contracted by the bookkeeper to act in the collection and direction stages referred to in item III of art. 10;
• III – acquisition operation of electronic invoices: operation consisting of the definitive transfer of electronic invoices or units of invoices without joint liability, by endorsement, assignment or another contractual instrument;
• III‑A – acquisition operation with recourse of electronic invoices: operation consisting of the definitive transfer of electronic invoices or units of invoices with joint liability, by endorsement, assignment or another contractual instrument, carried out by non‑financial institutions in legally admitted situations; (Included, effective 5 January 2026, by Resolution BCB No. 540, of 18 December 2025.)
• IV – discount operation of electronic invoices: credit operation consisting of the advance of the values of electronic invoices or units of invoices through the definitive transfer of these assets with joint liability, by endorsement, assignment or another contractual instrument;
• V – credit operation guaranteed by electronic invoices: credit operation, including the granting of an irrevocable, unconditional and unilateral credit limit by the financial institution, whose guarantees include electronic invoices or units of invoices transferred or delivered to the financial institution by fiduciary assignment, pledge or another guarantee instrument;
• VI – trading of electronic invoices: operation of acquisition of electronic invoices, acquisition with recourse of electronic invoices, discount of electronic invoices or credit guaranteed by this asset; (Text revised, effective 5 January 2026, by Resolution BCB No. 540, of 18 December 2025.)
• VII – invoice unit: financial asset composed of electronic invoices issued or to be issued, characterized by the same:
  • a) registration number in the National Register of Legal Entities (CNPJ) or in the Individual Taxpayer Registry (CPF) of the drawer;
  • b) registration number in the CNPJ or CPF of the drawee of the invoice; and
  • c) due date;
• VIII – invoice agenda: set of invoice units characterized by the same:
  • a) registration number in the CNPJ or CPF of the drawer; and
  • b) registration number in the CNPJ or CPF of the drawee.

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CHAPTER III

ELECTRONIC BOOKKEEPING SYSTEM FOR ELECTRONIC INVOICES

Section I – Services and Operating Conditions

Art. 3 The electronic bookkeeping system for electronic invoices must, at a minimum, provide the following services concerning the invoices recorded through it:

• I – issue the electronic invoice at the drawer’s request;
• II – present the electronic invoices to the drawees, including in the manner set out in art. 7, allowing collection of acceptance, its refusal with respective reasons and the performance of other commercial acts;
• III – control payments related to the electronic invoices in the manner established in Section II of this Chapter;
• IV – perform and control the transfer of ownership of the electronic invoice;
• V – notify the drawee of the transfer of ownership of the electronic invoice or of the creation of a lien and encumbrance on it;
• VI – perform the registration or centralized deposit of the electronic invoice in a registration or centralized deposit system operated by a registrar or central depository authorized by the Central Bank of Brazil to carry out these activities, as well as include in its system information about liens and encumbrances constituted on these titles in the registration or centralized deposit systems, as applicable;
• VII – allow the insertion of information, indications and declarations regarding operations carried out with the electronic invoices;
• VIII – issue statements and make available the information stored about the electronic invoices; and
• IX – receive and handle disputes, including in the context of interoperability, when necessary.

§ 1 The bookkeeper must associate the electronic invoice with the electronic invoice (Nota Fiscal Eletrônica) or another corresponding electronic fiscal document at the time of issuance, provided it has access to such documents.

§ 2 The bookkeeper must perform reconciliation, observing at least the frequency established in the regulation governing the activity of registration and centralized deposit of financial assets, of the information on:

• I – the electronic invoices issued and those registered in registration systems or deposited in central depositories; and
• II – the effects of acts and contracts on the traded electronic invoices, based on the information contained in registration systems or central depositories.

§ 3 If the reconciliation referred to in § 2 identifies inconsistencies, the bookkeeping systems and the registration or deposit systems must correct them within two business days from identification.

§ 4 The service referred to in item V of the caput is limited to presenting the notification and capturing the drawee’s acknowledgment in the manner set out in art. 7.

Art. 4 The dispute‑handling procedure referred to in item IX of art. 3 must:

• I – be documented;
• II – provide a deadline of up to three business days for response to disputes concerning its services; and
• III – include standardized information‑exchange processes with other bookkeepers or registration or centralized deposit systems, when the object of the dispute involves interoperability operations.

Single paragraph. The bookkeeper must make available to drawers, drawees and other interested parties foreseen by legislation, through an electronic interface, a channel for filing disputes related to the electronic invoices recorded by it.

Art. 5 In the case of sale for payment in installments, electronic invoices may only be issued in series, in accordance with art. 2, § 3 of Law No. 5,474, of 18 July 1968, regarding their numbering.

Art. 6 The bookkeeping contract for electronic invoices concluded between the bookkeeper and the drawer must contain clauses establishing that the drawer:

• I – authorizes the bookkeeper to access fiscal documents, such as the electronic invoice or another electronic fiscal document, associated with the electronic invoice to be issued;
• II – agrees with the settlement procedures of the electronic invoice set out in Section II of this Chapter;
• III – agrees that the trading of commercial receivables once the restrictions of art. 40 are removed shall be carried out exclusively through the issuance of electronic invoices, except for payment‑arrangement receivables referred to in item I of art. 2 of Resolution No. 4,734, of 27 June 2019;
• IV – agrees that the trading of commercial receivables to be constituted shall be carried out with an express provision for the issuance of electronic invoices at the time of the underlying commercial operations;
• V – provides the bookkeeper, the registrar entity or the central depository with information on the acts and contracts of trading electronic invoices, regardless of the environment in which they are concluded; (Text revised, effective 5 January 2026, by Resolution BCB No. 540, of 18 December 2025.)
• VI – keeps updated the information associated with the issued electronic invoices, including:
  • a) fiscal documents; (Text revised, effective 5 January 2026, by Resolution BCB No. 540, of 18 December 2025.)
  • b) parameters of the commercial transactions and of the services provided; (Text revised, effective 5 January 2026, by Resolution BCB No. 540, of 18 December 2025.)
  • c) forms and payment instruments; (Text revised, effective 5 January 2026, by Resolution BCB No. 540, of 18 December 2025.)
• VII – agrees with the public disclosure, by the bookkeeper, of its adherence to the bookkeeping system; (Included, effective 5 January 2026, by Resolution BCB No. 540, of 18 December 2025.)

§ 1 The contract may stipulate, at the drawer’s discretion, that the bookkeeper must automatically issue electronic invoices referring to the electronic invoices or other corresponding electronic fiscal documents issued by the drawer.

§ 2 The transmission of the information referred to in item V and sub‑item “c” of item VI of the caput may be carried out directly by the drawer, indirectly through its counterpart in the trading of electronic invoices, or through the trading environment of those invoices.

§ 3 The contract referred to in the caput must stipulate that electronic invoices will be issued exclusively based on commercial sales and services that will be invoiced after the start of the bookkeeping system’s operation with the drawer. (Included, effective 5 January 2026, by Resolution BCB No. 540, of 18 December 2025.)

Art. 7 The bookkeeper must enable drawees to centrally access, at a minimum, the following services concerning the electronic invoices issued against them, regardless of the bookkeeper responsible for their bookkeeping:

• I – view information on the electronic invoices, including:
  • a) commercial acts and commercial notes;
  • b) ownership, liens and encumbrances constituted;
  • c) notifications of ownership transfer or of lien/encumbrance creation;
  • d) forms and payment instruments linked to the invoice payment; and
  • e) financial settlement status of the invoice;
• II – inclusion of information in the electronic bookkeeping system regarding:
  • a) acceptance or refusal of the title with respective reasons and other information related to the underlying commercial operations of the invoices;
  • b) acknowledgment of notifications of ownership transfer or lien/encumbrance creation; and
  • c) the financial settlements of electronic invoices carried out by the drawee.

Single paragraph. Bookkeepers must make the services referred to in the caput available to drawees through their own electronic interface, via the internet or mobile applications, or through integration with computerized systems:

• I – of the drawees;
• II – of financial and payment institutions; or
• III – of third parties authorized by the drawees.

Art. 8 Regarding the charging of fees for the services covered by this Resolution provided to their direct participants, bookkeepers must:

• I – publicly disclose the current version of the fee schedule charged;
• II – observe equal and transparent criteria for its definition;
• III – define fees based on economic foundations that justify any differences in the values of the services provided;
• IV – itemize all services and respective amounts in any fee charge;
• V – provide an estimate of the amount to be paid for services whose volume cannot be predetermined; and
• VI – observe the standardization referred to in § 5 of art. 30 for the charging of fees to their direct participants related to services and events that have an equivalence relationship with those provided in the interoperability mechanism.

§ 1 Changes to the current fee schedule referred to in item I of the caput must be communicated to the Central Bank of Brazil and to participants with a minimum notice of thirty days from the effective date.

§ 2 Bookkeepers are prohibited from charging fees related to the activities described in items I and II of the caput of art. 7, including in the interoperability environment.

Art. 9 The electronic bookkeeping system for electronic invoices must observe the following operating guidelines:

• I – clear, transparent, safe and efficient management, taking into account the stability of the financial system and the interests and needs of system users;
• II – formalization of internal policies that enable identification and management of the various types of risks to which the bookkeeping system is exposed;
• III – existence of operational reliability levels compatible with user needs, especially regarding availability, business continuity and the security and confidentiality of the information processed;
• IV – diligence over the quality of the information on which the invoices are issued;
• V – fair and open access to its services, based on objective, public criteria appropriate to risk management;
• VI – adoption of communication standards that facilitate integration with other bookkeeping systems and with users’ systems; and
• VII – formalization of rules and procedures that clarify the rights and duties of users and bookkeepers, including fees, costs and risks arising from user participation in the system.

§ 1 For the purpose of complying with items I to VII of the caput, the following apply:

• I – to the bookkeeper, regarding the operation of the bookkeeping system, the normative requirements to be observed by financial market system operators concerning:
  • a) legal risk;
  • b) corporate governance;
  • c) risk‑management structure, internal controls and compliance;
  • d) overall business risk;
  • e) operational risk;
  • f) efficiency and effectiveness;
  • g) communication procedures and standards; and
  • h) disclosure of rules, procedures and market data;
• II – to the bookkeeping system, the requirements to be observed by financial market systems concerning:
  • a) general aspects of operation;
  • b) regulation; and
  • c) access.

§ 2 In case of normative conflict between the requirements mentioned in items I and II of § 1 and the provisions of this Resolution, the provisions of this Resolution prevail.

Section II – Financial Settlement of the Electronic Invoice

Art. 10 The financial settlement of the electronic invoice in favor of its respective holders or beneficiaries of guarantees constituted on these titles must be carried out:

• I – directly, from the drawee to the invoice holders or their beneficiaries, in the case of use of a payment instrument:
  • a) that identifies, in its informational content, the invoices subject to settlement; and
  • b) whose informational flow concerning settlement includes sending settlement information to the invoice bookkeeper, allowing update of title information in these systems;
• II – directly, by the settlement system associated with the payment instrument used by the drawee to the invoice holders or their beneficiaries, in the case where the payment instrument:
  • a) complies with the provision of sub‑item “a” of item I of the caput; and
  • b) possesses a settlement flow that additionally, beyond sub‑item “b” of item I, captures in the bookkeeping systems the information of the invoice holders or their beneficiaries and the destination accounts of the paid resources; or
• III – in the following two stages, when the drawee uses a payment instrument that does not meet the conditions of items I or II of the caput:
  • a) collection stage: corresponds to the drawee sending to the respective bookkeepers the amounts due and the information concerning the electronic invoices it settled; and
  • b) direction stage: corresponds to the bookkeeper delivering the amounts collected in stage (a) to the respective holders or beneficiaries of guarantees constituted on these titles.

§ 1 When a payment instrument covered by item I of the caput is made available to the drawee, changing the destination account of the payments recorded in the bookkeeping system to an account different from that indicated in the instrument is conditioned on the replacement, unavailability or cancellation of that instrument by its beneficiary.

§ 2 The transmission of settlement information referred to in sub‑item “b” of item I may be performed through an operational agreement among the bookkeeper, the registration or centralized deposit system, and the holder or beneficiary of the electronic invoices.

§ 3 In the case of a payment instrument that can be issued or made available for settlement both in the modality that meets the provision of item I and in the modality that meets the provision of item II, the latter must be used for payment of electronic invoices.

§ 4 For the purposes of item III of the caput, bookkeepers must maintain one or more accounts in liquidating institutions for receiving the funds paid by the drawee in the collection stage, to later direct those resources to the invoice holders in the subsequent stage.

§ 5 The bookkeepers’ accounts in the liquidating institutions referred to in § 4 must be used exclusively for the purpose set out in item III of the caput.

§ 6 If the payment instrument used by the drawee in the collection stage (sub‑item “a” of item III) does not identify, in its informational content, the electronic invoices being settled, such identification must be performed by the respective bookkeepers within one business day after payment, conditioned on the drawee sending the necessary information to the bookkeeping systems.

Art. 11 The direction stage referred to in sub‑item “b” of item III of art. 10 must be carried out by the bookkeepers through their liquidating institutions, with the collected resources being directed to the financial or payment institutions holding the accounts of the invoice holders or the beneficiaries of guarantees constituted on these titles, as indicated in the trading contracts of those invoices.

§ 1 The direction of the resources referred to in the caput must be performed:

• I – for resources collected by the liquidating institutions up to 13:00 (1 p.m.) on the same day of receipt; and
• II – for resources collected after 13:00, by the next business day following receipt.

§ 2 Resources that cannot be directed to the destination accounts must be returned to the respective paying drawees on the first business day following the deadlines set out in items I and II of § 1.

Art. 12 Bookkeepers must keep in their systems up‑to‑date information on the forms and payment instruments linked to the payment of the electronic invoice.

§ 1 For the purposes of the caput, bookkeeping systems must, whenever necessary, exchange information with the institutions responsible for controlling the issuance or settlement of the payment instrument, including the possibility of:

• I – at the request of the electronic invoice holder or guarantee beneficiary, requesting the issuance of a payment instrument and its linkage to the previously issued title;
• II – receiving a request for issuance of an electronic invoice and its linkage to previously issued payment instruments, in the case where the resource recipient is the drawer;
• III – receiving a request for cancellation of a form or payment instrument linked to an electronic invoice; and
• IV – receiving confirmation information of the settlement of the payment instrument referred to in sub‑item “b” of item I and sub‑item “b” of item II of art. 10.

§ 2 The provision in item II of § 1 is conditioned on the existence, in the informational content of the payment instrument, of information on the underlying invoice of the electronic invoice.

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SECTION III

Commencement of the Bookkeeping System’s Operation with the Drawer

(Section III included, effective 5 January 2026, by Resolution BCB No. 540, of 18 December 2025.)

Article 12‑A

The bookkeeper must be able to receive and process, under the terms of this article, the information relating to contracts for the negotiation of commercial receivables, entered into by the drawer with financing agents before the start of the bookkeeping operation of its duplicates, which reach commercial receivables to be constituted that may be negotiated in the form of duplicate units and electronic duplicates. (Included, as of 5/1/2026, by Resolution BCB No. 540, of 12/18/2025.)

§ 1 The reception of the information sent by financing agents about the contracts referred to in the caput, as well as its subsequent forwarding to the bookkeeper contracted by the drawer, shall occur:

• I – through the registration or centralized deposit system of electronic duplicates used by the bookkeeper to comply with the provision of art. 29, § 1;
• II – through another registration or centralized deposit system of electronic duplicates that has an operational interoperability mechanism with the system used by the bookkeeper, pursuant to art. 29, caput, item III. (Included, as of 5/1/2026, by Resolution BCB No. 540, of 12/18/2025.)

§ 2 The financial‑market‑system operator authorized to carry out the activity of registration or centralized deposit of commercial duplicates and electronic duplicates may, at the discretion of the financing agent, exchange information about the commercial‑receivable negotiation contracts mentioned in the caput between its computer systems, including for the purposes set out in § 1. (Included, as of 5/1/2026, by Resolution BCB No. 540, of 12/18/2025.)

§ 3 The entities operating the bookkeeping, registration and centralized‑deposit systems shall ensure the application of the effects of the commercial‑receivable negotiation contracts they have received to the drawer’s duplicate agendas before the start of the bookkeeping operation of its duplicates, in accordance with the priority criteria provided in the current legislation. (Included, as of 5/1/2026, by Resolution BCB No. 540, of 12/18/2025.)

§ 4 Financing agents must send, within ten business days, the information relating to the commercial‑receivable negotiation contracts covered by this article, for the purpose of applying the effects provided in § 3. (Included, as of 5/1/2026, by Resolution BCB No. 540, of 12/18/2025.)

§ 5 The period referred to in § 4 is counted from the date of public disclosure, by the bookkeeper, of the readiness declaration for the start of the operation with the respective drawer, issued individually for each bookkeeping‑service contract. (Included, as of 5/1/2026, by Resolution BCB No. 540, of 12/18/2025.)

§ 6 The bookkeeper, the registering entity or the central depository of electronic duplicates may condition the application of the effects of the negotiation contracts referred to in § 3 on the submission of an image or copy of the original contractual instruments by the financing agent, for the purpose of reconciling the information sent concerning those contracts. (Included, as of 5/1/2026, by Resolution BCB No. 540, of 12/18/2025.)

§ 7 The bookkeeper must inform the drawer about the commercial‑receivable negotiation contracts that have been received, as well as allow the drawer to express its view on the content of those contracts, including to raise possible objections. (Included, as of 5/1/2026, by Resolution BCB No. 540, of 12/18/2025.)

§ 8 In the event of controversies involving drawers or financing agents regarding the commercial‑receivable negotiation contracts, the bookkeeper must make available the means and information it possesses to enable the filing of objections and the exchange of documents and information between the parties. (Included, as of 5/1/2026, by Resolution BCB No. 540, of 12/18/2025.)

§ 9 The start of the bookkeeping system’s operation with the drawer shall occur on a date publicly disclosed by the bookkeeper, after the period mentioned in § 4 and the resolution of any controversies concerning the commercial‑receivable negotiation contracts sent to the bookkeeping system. (Included, as of 5/1/2026, by Resolution BCB No. 540, of 12/18/2025.)

§ 10 Commercial‑receivable negotiation contracts that are not sent within the period referred to in § 4 may only be forwarded to the bookkeeping system after the start of its operation with the drawer, in accordance with the contract‑submission procedures adopted by those systems and by the registration and central‑deposit systems of electronic duplicates. (Included, as of 5/1/2026, by Resolution BCB No. 540, of 12/18/2025.)

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CHAPTER IV

ON AUTHORIZATION TO EXERCISE THE ACTIVITIES OF BOOKKEEPING, REGISTRATION AND CENTRALIZED DEPOSIT OF ELECTRONIC DUPLICATES

Art. 13 The requirements for authorization to exercise the activity of electronic duplicate bookkeeping are:

1. Authorization granted by the Central Bank of Brazil to exercise the activity of registration or centralized deposit of duplicates;
2. Compatibility of the electronic duplicate bookkeeping system and its regulations with the convention addressed by this Resolution and with the regulations in force;
3. Designation of a director in the bylaws or articles of incorporation responsible for the bookkeeping system;
4. Compatibility of the security and reliability level of the operational infrastructure with the complexity and risks of the business;
5. Successful completion of the homologation tests referred to in arts. 35 and 36; and
6. Compliance with the minimum capital and equity requirements provided in the regulations in force.

§ 1 For the purpose of proving the requirements referred to in items II and IV of the caput, the applicant entity must submit an evaluation issued by an independent qualified firm that guarantees compliance with those requirements.

§ 2 The Central Bank of Brazil may, according to the risks involved, waive the proof of compliance with one or more of the requirements for the authorization referred to in the caput.

Art. 14 The following depend on authorization by the Central Bank of Brazil:

• I – the exercise of the activity of electronic duplicate bookkeeping, conditioned on compliance with the requirements set out in art. 13; and
• II – the cancellation, at the request of the holder, of the authorization to exercise the activity of electronic duplicate bookkeeping.

Art. 15 Prior to the authorizations provided for in art. 14, the Central Bank of Brazil may:

• I – require additional documents and information; and
• II – request the performance of tests, carry out inspections or other types of actions, in order to verify the systems implemented and the structure adopted by the entity.

Art. 16 Regarding authorization requests under this Resolution, the Central Bank of Brazil may:

• I – archive the request without merit assessment when:
  • a) the object or the elements that form the basis of the request are altered during the process;
  • b) the deadlines provided in the regulations in force are not met;
  • c) the requirements to complement the instruction of the process are not satisfied within the established deadline; and
  • d) the instruction is inconsistent with the current regulations; or
• II – deny the request if it discovers:
  • a) falsehood or omissions in the statements, information and documents submitted in the process instruction or discrepancy between them and the facts or data obtained in the analysis; or
  • b) non‑compliance with any of the requirements or conditions established in this Resolution or the failure of the interested parties to demonstrate compliance with those requirements or conditions.

§ 1 In the cases covered by item II of the caput, the Central Bank of Brazil, before deciding, may grant a period to the interested parties to manifest.

§ 2 Only the legal‑person applicant for the authorization may appeal decisions relating to authorization requests.

Art. 17 The Central Bank of Brazil may review an authorization decision, considering the relevance of the facts, based on the circumstances of each case and the public interest, if it finds:

• I – falsehood or omissions in the statements, information or documents presented in the process instruction or discrepancy between them and the facts or data obtained in the analysis;
• II – pre‑existing circumstances to the decision capable of affecting the assessment of compliance with the requirements and conditions for authorizations;
• III – post‑decision circumstances capable of evidencing, directly or indirectly, that the documents and statements considered in the assessment did not meet the requirements and conditions for authorizations; and
• IV – failure to commence the exercise of the electronic duplicate bookkeeping activity within a period of up to one hundred and eighty days or another period established by the Central Bank of Brazil, counted from the date of publication of the authorization act.

Sole paragraph In the situations described in this article, the Central Bank of Brazil shall notify the bookkeeper to comment on the identified irregularity.

Art. 18 The Central Bank of Brazil may ex officio cancel the authorization referred to in item I of art. 14 if there is:

• I – no location of the bookkeeper at the address provided to the Central Bank of Brazil; or
• II – non‑exercise of the electronic duplicate bookkeeping activity for at least twelve months without proper justification.

Sole paragraph Prior to the cancellation referred to in the caput, the Central Bank of Brazil shall:

• I – publicly disclose its intention to cancel the respective authorization, allowing for possible objections within thirty days; and
• II – notify the bookkeeper to comment on the intention to cancel.

Art. 19 In the case of a cancellation at the request provided for in item II of art. 14, the bookkeeper must guarantee, at a minimum, the orderly termination or transfer of:

• I – pending obligations toward participants, electronic duplicate bookkeepers, registering entities, central depositaries and regulatory bodies;
• II – open operations related to the activities for which it obtained authorization; and
• III – electronic duplicates.

§ 1 The Central Bank of Brazil may condition the cancellation referred to in this article on the transfer of the exercised activity or of the electronic duplicates to another bookkeeper.

§ 2 Prior to the cancellation referred to in the caput, the Central Bank of Brazil shall publicly disclose the bookkeeper’s intention, allowing for possible objections within thirty days.

Art. 20 The electronic duplicate bookkeeper must maintain net equity compatible with the inherent risks of the activity it performs, observing a minimum limit of R$5,000,000.00 (five million reais).

§ 1 If the entity cumulatively exercises the activities of electronic duplicate bookkeeping and financial‑asset registration, the net equity referred to in the caput must be additional to the minimum limit established for the registration of financial assets.

§ 2 The Central Bank of Brazil may set higher net‑equity limits, establishing a deadline for implementation, if it deems the amount incompatible with the risks incurred by the entity.

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Art. 21 Authorization requests related to the activities of registration or centralized deposit of electronic duplicates shall have, as requirements for authorization, in addition to those required by the specific regulation associated with those activities:

1. Compatibility of the system and its regulation with the convention addressed by this Resolution; and
2. Successful completion of the homologation tests referred to in arts. 35 and 36.

§ 1 To prove the requirement set out in item I, the applicant entity must submit an evaluation issued by an independent qualified firm that guarantees compliance with that requirement.

§ 2 Amendments to regulations concerning the activities of registration or centralized deposit of electronic duplicates that are not subject to prior authorization by the Central Bank of Brazil must observe items I and II of the caput and § 1 of this article.

§ 3 Amendments not subject to Central Bank authorization, mentioned in § 2 of this article, must be communicated in advance of their entry into force.

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CHAPTER V

ON THE REGISTRATION, CENTRALIZED DEPOSIT AND NEGOTIATION OF ELECTRONIC DUPLICATES

Art. 22 The bookkeeper must register or centrally deposit, respectively in a registration system or centralized‑deposit system, the electronic duplicates issued through its bookkeeping system on the same day of their issuance.

Sole paragraph A duplicate must be registered or deposited individually, with the identification of the duplicate unit to which it belongs.

Art. 23 Information on the acts or negotiation contracts of electronic duplicates sent to the bookkeeper or to the registration or centralized‑deposit system must be present in both systems, including regarding the creation of liens and encumbrances, when applicable.

Art. 24 The negotiation of an electronic duplicate implies a change, in favor of the operation’s beneficiary, in the bookkeeping system and in the registration or centralized‑deposit system, of its ownership or the creation of liens and encumbrances over it.

Art. 25 For the negotiation of commercial receivables to be constituted that involve the future issuance of electronic duplicates, the acts or negotiation contracts must specify the duplicate units that are the object of the negotiation.

§ 1 The negotiation of a duplicate unit must cause, in favor of the operation’s beneficiary, in the bookkeeping system and in the registration or centralized‑deposit system:

• I – the change of ownership of the electronic duplicates issued that belong to that unit or the creation of liens and encumbrances over them, provided they are available for negotiation; and
• II – the change of ownership of electronic duplicates that will be issued belonging to that unit or the creation of liens and encumbrances over them at the time of issuance.

§ 2 The negotiation of the duplicate unit referred to in the caput is conditioned on the drawer’s adoption of the automatic issuance modality of electronic duplicates addressed in § 1 of art. 6.

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CHAPTER VI

DUTIES OF REGISTRATION AND CENTRALIZED‑DEPOSIT SYSTEMS AND OF INTEROPERABILITY

Section I – Duties of Registration and Centralized‑Deposit Systems

Art. 26 Registration and centralized‑deposit systems, with respect to electronic duplicates, must enable:

1. The reception and processing of information on electronic duplicates sent by bookkeepers for registration or centralized deposit;
2. The reception of information on the acts or negotiation contracts of electronic duplicates referred to in art. 23 for forwarding, on the same day, to the electronic bookkeeping system;
3. The provision, to their participants, of information on duplicate agendas, provided it is authorized by the respective drawers;
4. The compliance with the command to create liens and encumbrances over electronic duplicates and duplicate units, in accordance with the negotiation contracts;
5. The execution of reconciliation:
   • a) referred to in § 2 of art. 3;
   • b) of the parameters of the received acts and contracts:
     1. through the interoperability service, with the other registration or centralized‑deposit systems involved, at least weekly; and
     2. of their direct participants, at least monthly;
   • c) of the information of duplicate agendas received through the interoperability service with the other registration or centralized‑deposit systems involved, at least monthly; and
   • d) of the drawers’ authorizations for agenda consultation with the participants responsible for its transmission, at least monthly;
6. The identification of operations referred to in item V of art. 2 that may be inconsistent with the economic rationality addressed in § 1 of art. 5 of Resolution No. 4,815, of 4 May 2020, according to parameters established by the Central Bank of Brazil; and
7. The reception and processing of participants’ objections related to registration, centralized deposit, consultation, negotiation and settlement of electronic duplicates.

§ 1 The provision in item IV of the caput includes the duty of registration or centralized‑deposit systems to automatically extend the effects of contracts to the duplicate agendas they reach, even if those agendas were registered after the contracts were sent to the registration or centralized‑deposit systems.

§ 2 Registration or centralized‑deposit systems must observe the chronological order of contract submission when complying with § 1, regardless of the registration or centralized‑deposit system with which the contract holder or beneficiary has a relationship.

§ 3 Duplicate agendas referred to in item III of the caput must contain, at a minimum:

• I – individualized information of each unsettled electronic duplicate belonging to the agenda, including the existence of contract effects over it;
• II – information on the duplicate units that have been the object of negotiation; and
• III – the history, at minimum, of the last twelve months of settled duplicates belonging to the agenda.

§ 4 The transmission of the history referred to in item III of § 3 may be done:

• I – optionally, according to the type of authorization granted by the drawer; and
• II – through parameters that aggregate its information, provided such parameters allow the assessment of financial volume, types of drawees and the credit quality of the duplicate agendas.

§ 5 The reconciliation referred to in item V, sub‑item “c”, of the caput may be performed on a sample basis, observing a minimum of 10 % (ten percent) of the quantity of exchanged agendas.

§ 6 If the reconciliation referred to in item V of the caput results in the identification of inconsistencies, registration or centralized‑deposit systems shall, if necessary, redo the reconciliation in full and correct the inconsistencies within two business days counted from their identification.

§ 7 The objection procedure referred to in item VII of the caput must:

• I – be documented;
• II – have a maximum deadline of five business days for responding to the demand; and
• III – include standardized processes for information exchange between registration and centralized‑deposit systems of duplicates in situations where the object of the objection involves interoperability operations.

Art. 27 Registering entities and central depositaries must promptly communicate to the other registration systems, central depositaries and the Central Bank of Brazil any operational incidents that may affect the registration, deposit and negotiation markets of electronic duplicates.

§ 1 Operational incidents referred to in the caput include incidents occurring in the bookkeeping systems linked to the registering entities or central depositaries.

§ 2 Operational incidents communicated pursuant to the caput must be reported by the registering entities or central depositaries to the bookkeepers linked to them.

Art. 28 Registering entities and central depositaries, regarding the charging of fees for services provided to their direct participants and for interoperability, must:

1. Publish the current version of the fee schedule;
2. Observe isonomic and transparent criteria for defining the fees;
3. Define the fees based on economic fundamentals that justify any differences in the values of the services provided;
4. Itemize all services and respective values in any fee charge;
5. Minimize uncertainties regarding costs incurred by participants, including providing an estimate of the amount to be paid for services whose volume cannot be predetermined;
6. Aim at continuous cost reduction, including through the pass‑through of any gains resulting from economies of scale and scope; and
7. Observe, concerning fees charged to their direct participants, the standardization addressed in item II of § 5 of art. 30, related to services and events that are equivalent to those provided by the interoperability mechanism.

§ 1 Changes to the current fee schedule referred to in item I of the caput must be communicated to the Central Bank of Brazil and to participants at least thirty days before the changes take effect.

§ 2 Fees charged to direct participants for services that involve triggering the interoperability mechanisms may not exceed the fees charged for equivalent services that do not trigger such mechanisms, except for possible pass‑throughs of interoperability fees.

Section II – Interoperability Between Registration, Centralized‑Deposit and Bookkeeping Systems

Art. 29 Registration, centralized‑deposit and bookkeeping systems of electronic duplicates must contain interoperability mechanisms that enable, through compatible rules, procedures and technologies:

• I – verification of the uniqueness of the bookkeeping and the registration or centralized deposit of electronic duplicates;
• ... (the remainder of the article is not provided in the source text)

CHAPTER VII

THE CONVENTION

Art. 30. Bookkeepers, registration entities and central depositaries, in the exercise of bookkeeping, registration and centralized deposit activities of electronic promissory notes, must observe the provisions of self‑regulation rules formalized in a convention.

§ 1. The convention referred to in the main clause must provide, among other aspects necessary to comply with the legislation and regulations, the definition of:

1. File layouts, messages or other forms of communication, as well as the operational procedures to be used for:
   • a) the provision of interoperability services among the registration systems, the central depositaries and the bookkeeping systems mentioned in art. 29; and
   • b) the exchange of information with settlement systems or participants of those systems, in the case of the settlement modality referred to in art. 10, for the purposes of:
     1. sending information on the accounts of holders or beneficiaries of guarantees constituted over the electronic promissory notes; and
     2. receiving confirmation of payment of the electronic promissory notes;
2. The minimum informational content of files, messages or other forms of communication to be used by bookkeepers, registration systems and central depositaries for exchanging information with other participants in the bookkeeping or negotiation process of electronic promissory notes, such as drawers, drawees and financing agents;
3. The authorization procedure of the drawer for making available information on the schedules of promissory notes referred to in item III of art. 26;
4. The parameters of the acts or negotiation contracts that relate to the specification of the electronic promissory notes or the units of notes that are the object of those operations;
5. The schedules for information exchange among the involved participants;
6. The structure of interoperability fees;
7. The terms and procedures for accession and denunciation of the convention;
8. The rights and obligations of the convention participants;
9. The operational technical manuals associated with the operation of the interoperability environment;
10. The mechanisms for resolution of disputes and contests that involve interoperability processes; and
11. The governance structure for the interoperability mechanisms, observing the current regulations.

§ 2. The discussion of the aspects referred to in sub‑item “b” of item I of § 1 must involve the respective operators of the settlement systems, and a specific timetable for defining and implementing those aspects must be established within the convention.

§ 3. Bookkeepers, registration entities and central depositaries may include optional informational content supplied by their participants, in addition to what is set out in item II of § 1, provided that such additional content does not limit the execution of the interoperability and portability procedures referred to in art. 29.

§ 4. The discussion of the aspects referred to in item IV of § 1 must involve the national representative associations of financial institutions and credit‑rights investment funds.

§ 5. The aspects to be convened concerning the fee‑structure referred to in item VI of § 1 must include:

1. The definition of a common methodology to be used by registration systems or central depositaries for defining their interoperability fees; and
2. Standardisation:
   • a) of the events related to the interoperability mechanism that may be subject to fee charging, including nomenclature; and
   • b) of the possible forms of fee charging associated with the events referred to in sub‑item “a”, regarding calculation bases and the use of fixed and/or percentage fees.

§ 6. The definition of the aspects referred to in § 5 must comply with the following principles:

1. Efficiency, neutrality, reasonableness and transparency;
2. Non‑discriminatory charging of interoperability fees among registration systems and central depositaries, ensuring free competition between those systems;
3. Provision of a discount policy on interoperability fees relative to the fees charged to direct participants, compatible with the potential demand for interoperability services; and
4. Recovery of the operational and capital costs associated with interoperability services.

§ 7. Registration entities or central depositaries that have not participated in the drafting of the convention must accept the terms of the convention as a requirement to carry out registration, centralized deposit or bookkeeping activities of electronic promissory notes.

§ 7. Registration entities, central depositaries of financial assets and bookkeepers that are not signatories of the convention must adhere to the terms convened therein as a condition for exercising registration, centralized deposit or bookkeeping activities of electronic promissory notes, at the time of submitting an authorization request to the Central Bank of Brazil. (Amended as of 01/04/2024 by Resolution BCB No. 372, dated 26/03/2024.)

§ 7‑A. By adhering to the convention, under the terms of § 7, registration entities, central depositaries of financial assets and bookkeepers are equated with the respective signatories for the purposes of this Resolution. (Included as of 01/04/2024 by Resolution BCB No. 372, dated 26/03/2024.)

§ 8. The rights and obligations established in the convention must bind unconditionally and uniformly the bookkeepers, registration entities and central depositaries subject to the convention, without any form of discrimination.

§ 9. The operational technical manuals mentioned in sub‑item IX of § 1 must be delivered to the Central Bank of Brazil within one hundred and twenty days after the act of approval of the convention, and must necessarily include the description:

§ 9. The operational technical manuals mentioned in sub‑item IX of § 1, after being approved by the signatories of the convention, observed the provisions of art. 33, § 3, must be delivered to the Central Bank of Brazil within one hundred and twenty days after the act of approval of the convention, and must necessarily include the description: (Amended by Resolution BCB No. 456, dated 25/02/2025.)

1. The business rules that affect interoperability, particularly regarding the application and removal of effects of contracts on electronic promissory notes and note units;
2. The operational resilience mechanisms that ensure the proper functioning of the market in the event that one or more electronic bookkeeping, registration or centralized deposit systems become temporarily unavailable;
3. The critical processes of the interoperability environment and contingency mechanisms for the occurrence of failures or unavailability in systems that could jeopardize their regular operation;
4. The mechanisms, procedures, routines and controls within interoperability that enable verification of proper information exchange among the systems used for bookkeeping, registration or centralized deposit of electronic promissory notes, as well as monitoring, identification and analysis of possible errors occurring during the processing of submitted requests; and
5. Procedures governing the portability of bookkeeping, registration, centralized deposit and negotiation contracts of electronic promissory notes.

§ 10. The operational technical manuals form part of the convention and are mandatory for entities exercising bookkeeping, registration and centralized deposit activities of electronic promissory notes.

§ 10. The operational technical manuals delivered to the Central Bank of Brazil: (Amended by Resolution BCB No. 456, dated 25/02/2025.)

1. Form part of the convention and are mandatory for all entities that carry out bookkeeping, registration and centralized deposit activities of electronic promissory notes; and (Included by Resolution BCB No. 456, dated 25/02/2025.)
2. Are not subject to approval by the Central Bank of Brazil, which may nevertheless require convenants to make adjustments to their content at any time. (Included by Resolution BCB No. 456, dated 25/02/2025.)

§ 11. In case of conflict between the provisions of the operational technical manuals mentioned in sub‑item IX of § 1 and the main text of the convention, the main text of the convention prevails.

Art. 31. The convened aspects related to the operational procedures referred to in item I of § 1 of art. 30, as well as those referred to in items IV, V, VII and VIII of the same provision, must be incorporated into the regulation of the bookkeeping, registration and centralized deposit system of electronic promissory notes.

Art. 32. The convention referred to in art. 30 must provide for the exclusion of a signatory that:

1. Has its authorization request for exercising bookkeeping, registration or centralized deposit of promissory notes archived or denied by the Central Bank of Brazil; or
2. Has its authorization revised or cancelled by the Central Bank of Brazil.

Art. 33. Entities that have submitted to the Central Bank of Brazil a proposal for the convention referred to in Chapter VII of Circular No. 4.016, dated 04 May 2020, must make the adjustments to that proposal arising from the provisions of this Resolution.

§ 1. The adjustments mentioned in the main clause must be sent to the Central Bank of Brazil within one hundred and twenty days from the entry into force of this Resolution.

§ 2. The deadline mentioned in § 1 of this article does not apply to the definition of the aspects referred to in sub‑item “b” of item I of § 1 of art. 30, which will be subject to the timetable mentioned in § 2 of art. 30.

§ 3. The processes of drafting and amending the convention, and the respective manuals, must observe the following quorums for decision‑making on the content to be submitted to the Central Bank of Brazil or communicated to it:

§ 3. The processes of drafting and amending the convention submitted to the approval of the Central Bank of Brazil, or communicated to it, and the respective operational technical manuals must observe the following quorums for decision‑making on their content: (Amended by Resolution BCB No. 456, dated 25/02/2025.)

1. A qualified majority of two‑thirds of the institutions eligible to participate in the drafting or amendment process, in the case of the matters listed in items VI, VIII and XI of § 1 of art. 30; (Included as of 01/04/2024 by Resolution BCB No. 372, dated 26/03/2024.)
2. An absolute majority of the institutions eligible to participate in the drafting or amendment process, in all other cases. (Included as of 01/04/2024 by Resolution BCB No. 372, dated 26/03/2024.)

§ 4. Conventions and respective amendments, including their manuals, submitted for approval to the Central Bank of Brazil, or communicated to it, without observing the provisions of § 3 and art. 30 will be returned without merit analysis, in which case the Central Bank of Brazil will set a deadline of up to ninety days to resolve the identified pending issues, without prejudice to the possible application of coercive and sanctioning measures provided for in the legislation.

§ 4. Conventions and respective amendments submitted to the approval of the Central Bank of Brazil, or communicated to it, without observing the provisions of § 3 and art. 30, will be returned without merit analysis, in which case the Central Bank of Brazil will set a deadline of up to ninety days to resolve the identified pending issues, without prejudice to the possible application of coercive and sanctioning measures provided for in the legislation. (Amended by Resolution BCB No. 456, dated 25/02/2025.)

§ 5. Signatory institutions must, at the time of submitting the convention, including its manuals and respective amendments for approval by the Central Bank of Brazil, or communicating them to the Bank, present the following documents:

§ 5. Signatory institutions must, at the time of submitting the convention and its respective amendments for approval by the Central Bank of Brazil, or communicating them to the Bank, present the following documents: (Amended by Resolution BCB No. 456, dated 25/02/2025.)

1. Minutes or equivalent documents that record the votes cast in the decision‑making process, in accordance with the quorums set out in § 3, items I and II, of this article; and (Included as of 01/04/2024 by Resolution BCB No. 372, dated 26/03/2024.)
2. Documents proving the legitimacy and full powers, without restrictions or limits, of the representatives of the convention signatories, designated in the bylaws or articles of incorporation. (Included as of 01/04/2024 by Resolution BCB No. 372, dated 26/03/2024.)

§ 6. The delivery of the operational technical manuals to the Central Bank of Brazil, provided for in art. 30, § 9, including subsequent amendments of those manuals, must include the documents referred to in § 5. (Included by Resolution BCB No. 456, dated 25/02/2025.)

§ 7. Operational technical manuals and their subsequent amendments delivered to the Central Bank of Brazil without observing the provisions of § 6 and art. 33, § 3, will not become part of the convention for the effects of this Resolution. (Included by Resolution BCB No. 456, dated 25/02/2025.)

§ 8. An additional period of up to thirty days may be granted for a new delivery of the operational technical manuals, without prejudice to the Central Bank of Brazil applying any coercive or sanctioning measures provided for in the legislation. (Included by Resolution BCB No. 456, dated 25/02/2025.)

Art. 34. Subsequent alterations to the approved convention must be submitted to the Central Bank of Brazil for prior approval when they refer only to aspects related to:

1. The structure of interoperability fees;
2. The rights and obligations of the convention participants; or
3. The governance structure that governs interaction among the convention participants.

§ 1. Subject to the alterations referred to in the main clause, later alterations to the content of the convention are not subject to prior authorization by the Central Bank of Brazil, but must be communicated to that Authority by the date they become effective.

§ 2. The exemption from prior authorization referred to in the main clause does not relieve the convention participants from complying with the applicable rules on the matter.

§ 3. The Central Bank of Brazil may, at any time, require the convenants to make adjustments to the convention instrument. (Amended by Resolution BCB No. 456, dated 25/02/2025.)

CHAPTER VIII

HOMOLOGATION TESTS

Art. 35. Signatory entities of the convention referred to in Chapter VII must participate in the homologation test cycle of their systems. (Amended as of 01/04/2024 by Resolution BCB No. 372, dated 26/03/2024.)

§ 1. Participation in the homologation tests is conditioned on the submission, by the entities referred to in the main clause, of documents within the following periods, counted from the date of publication of the act of approval of the convention: (Amended by Resolution BCB No. 459, dated 25/03/2025.)

1. Within one hundred and twenty days: operational technical manuals referred to in art. 30, § 1, sub‑item IX;
2. Within one hundred and fifty days:
   • a) Regulations of the registration system or central depositary that are the object of communication or an authorization request, observed the provisions of art. 21, main clause, item I;
   • b) Individual technical manuals, referring to the services provided to their participants and other users;
   • c) Authorization request for the exercise of bookkeeping of electronic promissory notes, at the entity’s option; (Included by Resolution BCB No. 459, dated 25/03/2025.)
   • d) Indication of the director designated in the bylaws or articles of incorporation responsible for carrying out the homologation tests; (Included by Resolution BCB No. 459, dated 25/03/2025.)
   • e) Joint test plan for approval by the Central Bank of Brazil. (Included by Resolution BCB No. 459, dated 25/03/2025.)

III – authorization request for the exercise of bookkeeping of electronic promissory notes, at the entity’s option;

IV – indication of the director designated in the bylaws or articles of incorporation responsible for carrying out the homologation tests;

V – joint test plan for approval by the Central Bank of Brazil.

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II – exchange information on the schedules of promissory notes necessary to fulfill its obligations to participants, including those referred to in art. 7;

III – exchange information on the acts or negotiation contracts of promissory notes necessary to fulfill its obligations to participants;

IV – exchange information on the forms and payment instruments referred to in art. 12;

V – perform portability:

a) of the bookkeeping of electronic promissory notes;

b) of the registration or centralized deposit of electronic promissory notes; and

c) of the acts and negotiation contracts of electronic promissory notes;

VI – carry out the reconciliation referred to in item V of art. 26;

VII – exchange information on disputes referred to in item IX of art. 3 and item VII of art. 26; and

VIII – exchange any other information necessary to fulfill its obligations to participants as established in the convention referred to in Chapter VII.

§ 1. The bookkeeping systems must have their interoperability mechanisms implemented, operated and maintained by the registration or centralized deposit system with which they have:

I – a link for registration or centralized deposit of the securities; and

II – an operational agreement for the provision of services related to such mechanisms.

§ 2. The portability referred to in item V of the main clause must be completed within thirty days from the date of receipt of the request by the bookkeeper or by the registration or centralized deposit system, extendable for an additional fifteen days upon justified grounds.

§ 3. The counting of the period mentioned in § 2 may be suspended if the requesting participant of the portability does not fulfill, within the deadline, any step provided in the portability process.

V - (Revoked by Resolution BCB No. 459, 25/3/2025.)

§ 2º The communications and authorization requests referred to in § 1 must observe, as applicable, the provisions of Chapter IV of this Resolution, in addition to the specific regulation associated with registration or centralized deposit activities.

§ 3º The director mentioned in item IV of § 1 may perform other functions in the entity, provided there is no conflict of interest.

Art. 36. The homologation tests necessary for the evaluation of authorization requests or communications referred to in art. 35, submitted by an entity participating in the drafting of the convention after the deadline provided in § 1 of art. 35, and the authorization requests or communications related to the exercise of registration, centralized deposit or bookkeeping of electronic duplicate bills submitted by entities not participating in the drafting of the convention shall be carried out according to appropriate schedules, to be established jointly with the Central Bank of Brazil.

Art. 36. The homologation tests necessary for the evaluation of authorization requests or communications referred to in art. 35, submitted by a signatory entity of the convention after the deadline provided in § 1 of art. 35, and the authorization requests or communications related to the exercise of registration, centralized deposit or bookkeeping of electronic duplicate bills submitted by entities that are not signatories of the convention shall be carried out according to appropriate schedules, to be established jointly with the Central Bank of Brazil. (Amended effective 1/4/2024 by Resolution BCB No. 372, 26/3/2024.)

CHAPTER IX

GENERAL PROVISIONS

Art. 37. Registrars and central depositaries must publish, on a single website on the internet:

I – current and historical versions of the operational manuals referred to in item IX of § 1 of art. 30;

II – statistical information relating to the operation of the interoperability environment; and

III – documents established in the convention.

§ 1º The manuals and documents referred to in items I and III of the caput must:

I – be permanently updated and available to all participants in the ecosystem; and

II – have version control, including details of the changes and the effective date of each version.

§ 2º The website mentioned in the caput must be provided for in the convention referred to in art. 30.

Art. 38. Registrars and authorized central depositaries exercising the activity of registration or centralized deposit of electronic duplicate bills must submit to the Central Bank of Brazil a single consolidated report evaluating the functioning of the interoperability fee structure referred to in item VI of § 1 of art. 30.

Sole paragraph. The periodicity, coverage period of the report, its content and the deadline for submission shall be defined by the Central Bank of Brazil.

CHAPTER X

TRANSITORY AND FINAL PROVISIONS

Art. 39. The interoperability functionalities referred to in art. 29 must be implemented within the following deadlines, counted from the start date of operations of, at minimum, two electronic duplicate‑bill bookkeeping systems:

I – in the case of item I of art. 29, at the start of those operations;

I – in the case of art. 29, caput, item I, at the start of those operations; (Amended by Resolution BCB No. 459, 25/3/2025.)

II – in the case of items II and VI of art. 29, within four months;

II – in the case of art. 29, caput, items II and VI, within two months; (Amended by Resolution BCB No. 459, 25/3/2025.)

III – in the case of items III, IV and VII of art. 29, within eight months; and

III – in the case of art. 29, caput, items III, IV and VII, within four months; and (Amended by Resolution BCB No. 459, 25/3/2025.)

IV – in the case of the remaining items, within twelve months.

IV – in the case of the remaining items, within six months. (Amended by Resolution BCB No. 459, 25/3/2025.)

Sole paragraph. The Central Bank of Brazil will publish an act informing the start date of the operations referred to in the caput, for the purpose of counting the deadlines provided therein.

Art. 40. Bookkeepers are subject to the following restrictions regarding the offering of their services to drawers and drawees:

I – until the implementation date of the functionalities referred to in item II of art. 39, duplicate bills may only be issued against drawees who are previously registered in the bookkeeping system in which the bills will be issued; and

II – between the implementation dates of the functionalities referred to in items II and IV of art. 39, duplicate bills may only be issued against drawees who are previously registered in any of the authorized bookkeeping systems.

Sole paragraph. The registration referred to in items I and II of the caput implies the drawee's access to the services referred to in art. 7.

Art. 41. A normative instruction of the Central Bank of Brazil shall establish the procedures necessary to comply with the provisions of this Resolution, including the schedule and documentation required for the homologation tests referred to in art. 35.

Art. 42. Circular No. 4.016, 2020 is revoked.

Art. 43. This Resolution comes into force on 1 September 2023.

Renato Dias de Brito Gomes