RESOLUTION BCB NO. 478, OF MAY 30, 2025

Provides for the scope and methodology for calculating the Leverage Ratio – LR, introduces the minimum LR requirement for Type 3 institutions, and implements conditions for the exclusion of exposures between members of the same cooperative system.

The Collegiate Board of the Central Bank of Brazil, in a session held on May 29, 2025, based on the provisions of Articles 9, 10, caput, item IX, 11, caput, item VII, and 37 of Law No. 4.595, of December 31, 1964, Article 9-A of Law No. 4.728, of July 14, 1965, Article 1, caput and § 1, of Complementary Law No. 130, of April 17, 2009, and Article 9, caput, items II and VIII, and § 3, of Law No. 12.865, of October 9, 2013, and considering the provisions of CMN Resolution No. 5.223, of May 30, 2025, Articles 3, caput, item III, and 14 of Resolution No. 4.282, of November 4, 2013, Article 2, § 6, of Resolution No. 4.553, of January 30, 2017, Articles 3, caput, item I, and 4 of CMN Resolution No. 5.105, of September 28, 2023, and Article 21, § 2, of CMN Resolution No. 5.051, of November 25, 2022,

RESOLVES:

CHAPTER I

ON THE OBJECT AND SCOPE OF APPLICATION

Art. 1. This Resolution provides for:

I - the scope of calculation of the Leverage Ratio – LR measure to be submitted to the Central Bank of Brazil;

II - the methodology for calculating the LR to be submitted to the Central Bank of Brazil;

III - the minimum requirements for the LR of Type 3 institutions, as defined in BCB Resolution No. 436, of November 28, 2024; and

IV - the conditions for the exclusion of exposures between members of the same cooperative system.

Sole paragraph. The provisions referred to in items I, II, and IV of the caput also apply to institutions subject to the provisions of CMN Resolution No. 5.223, of May 30, 2025.

CHAPTER II

ON THE SCOPE OF CALCULATION OF THE LEVERAGE RATIO

Art. 2. The LR must be calculated by institutions of Type 1 or 3, as defined in BCB Resolution No. 436, of November 28, 2024.

§ 1. For institutions that are part of a prudential conglomerate, the calculation referred to in the caput must be performed on a consolidated basis.

§ 2. For a single institution that is not part of a prudential conglomerate, the calculation referred to in the caput must be performed on an individual basis.

§ 3. The provisions of the caput do not apply to:

I - institutions classified in Segment 5 – S5, as defined in Resolution No. 4.553, of January 30, 2017, or BCB Resolution No. 436, of November 28, 2024; and

II - consortium administrators.

Art. 3. Without prejudice to the provisions of Article 2, the LR must be calculated on an individual basis by institutions of Type 1 or 3 that are part of a prudential conglomerate, including agencies in the country of an institution established abroad, when, cumulatively:

I - the prudential conglomerate is classified in Segment 1 – S1 or Segment 2 – S2, as defined in Resolution No. 4.553, of January 30, 2017, or BCB Resolution No. 436, of November 28, 2024;

II - the institution’s Required Liabilities have a value greater than 0.1% (one-tenth of one percent) of Brazil’s Gross Domestic Product – GDP; and

III - the institution does not calculate the LR on a subconsolidated basis, as per § 3.

§ 1. In verifying the condition referred to in item II of the caput, the following must be:

I - disregarded from the Required Liabilities metric:

a) funds raised through interfinancial deposits;

b) funds raised through instruments eligible to compose Reference Equity – RE; and

c) balances in pre-paid payment accounts; and

II - the definitions and procedures established in Article 3, § 1, item II, of Resolution No. 4.553, of January 30, 2017, or Article 6, § 1, item II, of BCB Resolution No. 436, of November 28, 2024, applied with respect to Brazil’s GDP.

§ 2. For the purposes of the individual calculation of the LR referred to in the caput, the following must be:

I - considered only the institution’s or domestic agency’s own exposures, without consolidating agencies abroad, which must be treated as distinct financial institutions; and

II - the methodology and procedures used on a consolidated basis established in the regulation for the prudential conglomerate of which the institution is a member applied individually.

§ 3. Institutions that are part of the same subconsolidated prudential conglomerate may comply with the requirement referred to in the caput through calculation on a consolidated basis, in accordance with CMN Resolution No. 4.950, of September 30, 2021, and BCB Resolution No. 168, of December 1, 2021, provided that:

I - the institution has a legal opinion supporting the feasibility of the timely transfer of resources as provided in the definition of subconsolidated prudential conglomerate;

II - the institution adequately plans recovery and resolution strategies that ensure, legally and operationally, the flow of resources to restore the soundness of undercapitalized entities in the subconsolidated prudential conglomerate; and

III - the institution prepares and submits to the Central Bank of Brazil the Recovery and Organized Exit Plan – REOP, without prejudice to specific regulation.

§ 4. The exercise of the option referred to in § 3 does not require authorization by the Central Bank of Brazil, which may cancel the option if non-compliance with its requirements is found.

§ 5. In the case of cancellation as provided in § 4, the institution must begin calculating the LR on an individual basis for submission to the Central Bank of Brazil within a period of up to ninety days.

§ 6. The opinion referred to in item I of § 3 must be updated:

I - frequently, at least annually;

II - whenever an event occurs that may hinder the timely transfer of resources between entities that are part of the subconsolidated prudential conglomerate; and

III - when required, at any time, by the Central Bank of Brazil.

CHAPTER III

ON THE MINIMUM LR REQUIREMENT FOR TYPE 3 INSTITUTIONS

Art. 4. A prudential conglomerate, on a consolidated basis, or a single institution that is not part of a prudential conglomerate, on an individual basis, that cumulatively:

I - is of Type 3; and

II - is classified in S2,

must permanently comply with the minimum requirement of 3% (three percent) for the LR.

§ 1. Type 1 institutions remain subject to the minimum LR requirement on a consolidated basis and the conditions established by CMN Resolution No. 5.223, of May 30, 2025.

§ 2. The minimum LR requirement referred to in the caput will be phased according to the following schedule:

I - 2% (two percent), from July 1, 2026, to December 31, 2026;

II - 2.5% (two and five-tenths percent), from January 1, 2027, to December 31, 2027; and

III - 3% (three percent), from January 1, 2028.

Art. 5. An institution that is part of a prudential conglomerate that cumulatively:

I - is of Type 3;

II - is classified in S2; and

III - calculates the LR in accordance with Article 3,

must permanently comply with the minimum requirement of 2.25% (two and twenty-five hundredths percent) for the LR on an individual basis or on a subconsolidated basis.

§ 1. Type 1 institutions remain subject to the minimum LR requirement on an individual basis or on a subconsolidated basis and the conditions established by CMN Resolution No. 5.223, of May 30, 2025.

§ 2. The minimum LR requirement referred to in the caput will be phased according to the following schedule:

I - 0.75% (seventy-five hundredths percent), from July 1, 2026, to December 31, 2026;

II - 1.5% (one and five-tenths percent), from January 1, 2027, to December 31, 2027; and

III - 2.25% (two and twenty-five hundredths percent), from January 1, 2028.

CHAPTER IV

ON THE METHODOLOGY FOR CALCULATING THE LEVERAGE RATIO

Section I

On the definition and calculation procedures for the Leverage Ratio

Art. 6. The LR must be calculated according to the following formulas and expressed as a percentage, observing the provisions of Article 17:

I - when calculated on a consolidated basis by a prudential conglomerate or on an individual basis by a single institution that is not part of a prudential conglomerate; and

II - when calculated on an individual or subconsolidated basis by a member of a subconsolidated prudential conglomerate.

§ 1. In the formulas of the caput:

I - Principal Capital is the value of Principal Capital defined in CMN Resolution No. 4.955, of October 21, 2021, and BCB Resolution No. 199, of March 11, 2022, minus:

a) the value of the excess of resources applied in Fixed Assets relative to those established in CMN Resolution No. 4.957, of October 21, 2021, when applicable; and

b) the value highlighted from RE as per Article 4 of CMN Resolution No. 4.995, of March 24, 2022, or Article 4 of BCB Resolution No. 307, of March 23, 2023;

II - Tier 1 is the value of Principal Capital calculated in item I plus Supplementary Capital, defined in CMN Resolution No. 4.955, of October 21, 2021, and BCB Resolution No. 199, of March 11, 2022; and

III - Total Exposure is the value calculated by summing:

a) the value of exposures recorded in the Balance Sheet Assets, excluding derivative financial instruments and committed operations and securities lending and borrowing operations, calculated according to Section II of this Chapter;

b) the value of exposures to operations with derivative financial instruments, calculated according to Section III of this Chapter;

c) the value of exposures to committed operations and securities lending and borrowing operations, calculated according to Section IV of this Chapter; and

d) the value of exposures not recorded in the Balance Sheet, calculated according to Section V of this Chapter.

§ 2. The Central Bank of Brazil may determine the inclusion of other values in Total Exposure or the deduction of other values from Principal Capital or Tier 1 if it considers that leverage is inadequately captured as defined in this Resolution, including in the individual or subconsolidated calculation referred to in Article 3, caput and § 3.

§ 3. No credit risk mitigation instrument should be recognized for the purpose of reducing the value of Total Exposure, unless expressly provided for in this Resolution.

Art. 7. The criteria for measuring the value of the elements provided for in Total Exposure must be those used for accounting purposes, unless specific provision is made in this Resolution.

Sole paragraph. Mark-to-market, when provided for to measure the value of an element provided for in Total Exposure and even if not adopted for accounting purposes, must be performed in a consistent and verifiable manner.

Section II

On exposures in the balance sheet

Art. 8. The value of exposures in the balance sheet, excluding derivative financial instruments, committed operations, and securities lending and borrowing operations, as referred to in Article 6, § 1, item III, item “a”, corresponds to the value of the institution’s Assets minus the following values, when recorded in Assets:

I - value of elements deducted from Principal Capital;

II - value of elements deducted from Supplementary Capital, in the calculation on a consolidated basis by a prudential conglomerate or on an individual basis by a single institution that is not part of a prudential conglomerate;

III - value of operations with derivative financial instruments;

IV - value of resales related to committed operations to be settled;

V - value of securities linked to committed operations of sale with repurchase commitment;

VI - value of securities received or to be received associated with obligations to return recorded in liabilities;

VII - value of rights from securities lending;

VIII - value of securities given as collateral for securities lending operations;

IX - value of fund shares, including Credit Rights Investment Funds – FIDC, resulting from operations of sale or transfer of financial assets that remain recorded in the institution’s assets, in accordance with current regulation, in proportion between the amount of transferred assets that remain recorded in the institution’s assets and the total value of the fund’s assets;

X - value of payments for checks, bills, or other instruments to be credited to customer accounts, when the release of respective resources is linked to actual compensation, in accordance with current regulation; and

XI - value of active operations formalized in contract until June 30, 2025, as specified in Resolution No. 2.921, of January 17, 2002, up to the limit of the respective linked liabilities.

§ 1. It is optional to deduct from the value calculated in the caput the value of obligations to settle by purchasing securities in the spot market for the trading portfolio, as provided in Resolution No. 4.557, of February 23, 2017, and BCB Resolution No. 265, of November 25, 2022, observing that:

I - the option applies exclusively to the value of obligations to purchase securities classified in the fair value through profit or loss category as provided in CMN Resolution No. 4.966, of November 25, 2021, and BCB Resolution No. 352, of November 23, 2023; and

II - the deducted value is limited to the value to be received from the sale of securities in the trading portfolio classified in the fair value through profit or loss category.

§ 2. In the calculation referred to in the caput, the value of advances granted to debtors recorded in the institution’s Liabilities must be added.

Section III

On exposures to derivatives

Art. 9. For the purpose of calculating the value of exposures related to operations with derivative financial instruments as referred to in Article 6, § 1, item III, item “b”, operations of own ownership and those conducted on behalf of clients must be considered.

§ 1. Operations with derivative financial instruments include operations for future settlement of foreign currency, gold, securities, or any asset eligible for classification in the asset classes provided in the CEM Approach, as provided in Annex II of BCB Resolution No. 229, of May 12, 2022.

§ 2. In the case of operations conducted on behalf of clients, operations in which the institution acts exclusively as an intermediary, not assuming rights or obligations arising from the fluctuation of the replacement value or the default of any participant in the operation, must not be considered.

Art. 10. The provision of any guarantee related to an obligation arising from an operation with a derivative financial instrument must be considered as an operation with a derivative financial instrument of own ownership, even if not recorded in Assets.

§ 1. In cases where the institution interposes itself between the client and a central counterparty, two exposures related to the counterparties involved in the transaction must be considered.

§ 2. Within the scope of § 1, it is optional to deduct the exposure to the Qualified Central Counterparty – QCCP, defined in Article 67, § 1, of BCB Resolution No. 229, of May 12, 2022, provided that there is no contractual obligation for the institution to reimburse the client for any value losses in the transactions due to bankruptcy or default of the entities responsible for the settlement and clearing of the transactions.

Art. 11. The value of exposures to operations with derivative financial instruments, as referred to in Article 6, § 1, item III, item “b”, is the sum of the values calculated for each operation with a derivative financial instrument considered individually through the following formula:

Exposure = 1.4 x (RC + GPF) + DT, where:

I - RC designates the replacement value of the operation, when this is positive, or zero, when the replacement value of the operation is negative;

II - GPF designates the future potential gain of the operation; and

III - DT designates:

a) the effective notional value of the credit derivative financial instrument in which the institution acts as the receiver of credit risk;

b) the effective notional value of the derivative financial instrument referenced in a credit instrument in which potential losses are predominantly absorbed by the institution; or

c) zero, in the case of other derivative financial instruments.

§ 1. The replacement value referred to in item I of the caput corresponds to the market value of the derivative financial instrument.

§ 2. The value of GPF must be calculated in accordance with the CEM Approach, provided in Annex II of BCB Resolution No. 229, of May 12, 2022, including by institutions not subject to that approach within the scope of calculating the risk-weighted assets – RWA portion related to exposures to credit risk.

§ 3. In the case of a set of exposures covered by a bilateral clearing and settlement agreement – MNA and meeting the requirements of Circular No. 3.809, of August 25, 2016:

I - the value of RC must be calculated using the following formula:

a) the indicator designates the operation with a derivative financial instrument covered by the MNA; and

b) designates the market value of the derivative financial instrument , even if negative; and

II - the value of GPF must be calculated as the variable GPFLíq of Article 7 of Annex II of BCB Resolution No. 229, of May 12, 2022.

§ 4. For the purpose of calculating the value of DT as per item III, items “a” and “b”, of the caput, it is optional to deduct:

I - the provision for received risk or the creditor balance recorded in liabilities, related to the operation; and

II - the notional value of the derivative contract referenced in securities and financial instruments in which the institution acts as the transferring counterparty of the risk, if the following requirements are cumulatively met:

a) the terms of the acquired protection are more comprehensive than those of the sold protection;

b) the operations are referenced in securities and financial instruments of the same issuer;

c) the derivative in which the institution acts as the transferring counterparty of credit risk presents a higher or equal payment priority to that of the derivative in which the institution acts as the receiving counterparty of credit risk;

d) the derivative in which the institution acts as the transferring counterparty of credit risk presents a remaining term greater than or equal to that of the derivative whose risk was received; and

e) the credit protection was not provided by an entity whose credit quality is highly correlated with the reference obligation.

Section IV

On exposures to committed operations and securities lending and borrowing operations

Art. 12. The value of exposures to committed operations and securities lending and borrowing operations, as referred to in Article 6, § 1, item III, item “c”, of own ownership or conducted on behalf of clients, must be calculated by summing the following portions:

I - value recorded in assets related to committed operations and securities lending and borrowing operations calculated according to Article 14; and

II - value related to exposure to counterparty credit risk in committed operations and securities lending and borrowing operations calculated according to Article 15.

Sole paragraph. In the case of operations conducted on behalf of clients, operations in which the institution acts exclusively as an intermediary, not assuming rights or obligations arising from the fluctuation of the position value or the default of any participant in the operation, must not be considered.

Art. 13. The provision of any guarantee related to an obligation arising from a committed operation or securities lending and borrowing operation must be considered as a committed operation or securities lending and borrowing operation of own ownership, even if not recorded in Assets.

§ 1. For each operation in which the institution acts on behalf of clients, guaranteeing both parties of a committed operation or securities lending and borrowing operation, the institution must measure the respective exposures separately with respect to each party, as per Article 12, caput, items I and II.

§ 2. It is optional to disregard the portion calculated in accordance with Article 12, caput, item I, in cases where the institution:

I - assumes rights or obligations only on the difference in value between the financial resources and the securities delivered and received; and

II - does not hold in its name, nor can use, the security or financial instrument in its own operations.

Art. 14. The portion referred to in Article 12, caput, item I, is calculated by summing the values:

I - of resales to be settled related to committed operations as referred to in Article 8, caput, item IV;

II - of securities linked to committed operations of sale with repurchase commitment as referred to in Article 8, caput, item V;

III - of rights from securities lending as referred to in Article 8, caput, item VII; and

IV - of securities given as collateral in securities lending operations as referred to in Article 8, caput, item VIII.

§ 1. It is optional to deduct from the value referred to in item I of the caput the value of repurchases to be settled of securities with the same counterparty, provided that:

I - the repurchase to be settled has the same maturity date as the resale to be settled;

II - the committed operations and securities lending are subject to the same mechanism for clearing the amounts to be paid and received, valid even in the case of default or the decree of judicial or extrajudicial reorganization, bankruptcy, or similar measure;

III - the settlement occurs by the remaining amount of the clearing;

IV - the operations are settled in the same clearinghouse; and

V - any failure to transfer a security or financial instrument does not reverse the clearing between amounts to be paid and received, affecting only the settlement of the payment associated with the security or financial instrument not transferred.

§ 2. The value of the exposure associated with each maturity, after the deductions mentioned in § 1, must be equal to or greater than zero.

§ 3. The deduction referred to in § 1 is optional only if the security or financial instrument sold with repurchase commitment and the one purchased with resale commitment:

I - are classified in the same portfolio, trading or banking, as per Resolution No. 4.557, of February 23, 2017, and BCB Resolution No. 265, of November 25, 2022; or

II - are recognized as financial collateral as per Circular No. 3.809, of August 25, 2016.

Art. 15. The value of the exposure to counterparty credit risk must be calculated by summing the values calculated for each committed operation and securities lending and borrowing operation considered individually through the following formula:

Exposure = max (0, E – C), where:

I - E corresponds to:

a) the value of the currency delivered as collateral; or

b) the market value of the securities:

1. sold with repurchase commitment;

---

2. data held as collateral in securities lending and repurchase agreements; or

3. securities lent;

and

II - C corresponds to the accounting value of:

a) repurchase agreements to be settled;

b) securities received by lending; or

c) currency received as collateral.

§ 1º A set of repurchase agreements and securities lending operations with the same counterparty may be considered a single operation provided that the set is covered by a Master Netting Agreement (MNA) and the requirements of Circular No. 3,809, of August 25, 2016, are met.

§ 2º In the case of § 1º, the credit risk exposure value related to the set of operations must be calculated using the following formula:

I - i is the indicator designating the repurchase agreement or securities lending operation;

II - V_i corresponds to:

a) the value of the currency delivered as collateral in securities lending operations;

b) the market value of the securities:

1. sold with a commitment to repurchase;

2. provided as collateral in securities lending operations; and

3. lent; or

c) the value of the resale agreement to be settled; and

III - E_i corresponds to:

a) the accounting value of:

1. repurchase agreements to be settled;

2. securities received by lending; or

3. currency received as collateral; or

b) the market value of the security or security purchased with a commitment to resell.

Section V

Of exposures not recorded in the balance sheet

Art. 16. For exposures not recorded in the balance sheet, as referred to in Article 6, § 1º, item III, letter “d”, the same exposures provided for in the calculation of the RWA portion related to credit risk exposures, as provided in Resolution BCB No. 229, of May 12, 2022, must be considered.

§ 1º The exposure values must be calculated in accordance with Article 21 of Resolution BCB No. 229, of May 12, 2022.

§ 2º For the purposes of the caput, exposures not recorded in the balance sheet that have already been incorporated into the value of exposures to financial derivative operations or into the value of exposures to repurchase agreements and securities lending operations must not be considered.

CHAPTER V

OF THE EXCLUSION OF INTRASYSTEMIC EXPOSURES BETWEEN COOPERATIVES

Section I

Of the calculation

Art. 17. When the exclusion referred to in Article 4 of CMN Resolution No. 5,223, of May 30, 2025*, is authorized, the RA must be calculated according to the following formulas and expressed as a percentage:

I - when calculated on a consolidated basis by a prudential conglomerate or on an individual basis by an institution not part of a prudential conglomerate; and

II - when calculated on an individual or subconsolidated basis by a member of a prudential subconglomerate.

Sole paragraph. In the formulas of caput~~:

§ 1º In the formulas of the caput: (Transformed into § 1º, effective from 1/7/2026, by Resolution BCB No. 555, of 3/24/2026.)

I - Core Capital, Tier 1, and Total Exposure are calculated in accordance with this Resolution; and

II - Intrasystemic Exposures represent the total of own exposures related to operations where the counterparty, including through the provision of collateral, is a credit cooperative that is part of the same cooperative system, except those related to equity investment.

§ 2º Institutions that are part of the same cooperative system as the institution that obtained the authorization referred to in the caput must calculate the RA according to the formulas of the caput, as applicable. (Included, effective from 1/7/2026, by Resolution BCB No. 555, of 3/24/2026.)

Section II

Of the Risk Sharing Mechanism

Art. 18. The Risk Sharing Mechanism (MCR) referred to in Article 4, § 1º, item I, of CMN Resolution No. 5,223, of May 30, 2025, must:

I - have resources:

a) of high liquidity, of which at least 90% (ninety percent) is eligible for classification as High Quality Liquid Assets – HQLA Tier 1, according to the definition established in Circular No. 3,749, of March 5, 2015; and

b) sufficient to cover the greater of:

1. 1.5% (one and five tenths percent) of the highest value of Intrasystemic Exposures among all values calculated by the institutions of the respective cooperative system; and

2. 0.7% (seven tenths percent) of the total deposits in the respective cooperative system;

II - have its resources fully funded through contributions by the individual credit cooperatives participating in the respective cooperative system, where the contributed values reflect the size and risk of the exposures of each of the individual credit cooperatives;

III - be mandatory for all individual credit cooperatives that are part of the respective cooperative system;

IV - be constituted in such a way as not to be subject to:

a) credit risk of institutions involved in management or custody; and

b) restrictions on the transfer of its resources in the event of liquidation, bankruptcy, or similar proceedings affecting these institutions;

V - provide for the possibility of operations without financial consideration from the individual credit cooperative receiving its resources; and

VI - be supported by a qualified legal opinion sustaining the feasibility of the timely transfer of its resources.

§ 1º In the event of the use of MCR resources leading to non-compliance with the provision of item I of the caput, a plan for the replenishment of the MCR must be prepared within an adequate timeframe.

§ 2º In the event of withdrawal or disaffiliation of an individual credit cooperative from the respective cooperative system, without prejudice to the provisions of CMN Resolution No. 5,051, of November 25, 2022, the following must be provided:

I - the possibility of redemption of the balance of resources contributed by it, in a manner compatible with the liquidity structure of the MCR resources, observing item II; and

II - the maintenance of financial obligations incurred by it with the MCR.

§ 3º The Central Bank of Brazil may determine the contribution of additional resources to the MCR if it verifies its insufficiency to ensure the liquidity and solvency of the individual credit cooperatives that are part of the respective cooperative system.

Art. 19. Access to MCR resources must be prior to default and the point of non-viability of the individual credit cooperatives that are part of the respective cooperative system.

§ 1º For the purposes of the caput, the point of non-viability corresponds to the inability of the individual credit cooperative to satisfy at least 70% (seventy percent) of any regulatory requirement related to solvency, such as the minimum requirements for Reference Equity – RE, Tier 1, and Core Capital, as provided in CMN Resolution No. 4,958, of October 21, 2021, and the minimum requirement for Simplified Reference Equity – RE S5, as provided in Resolution No. 4,606, of October 19, 2017.

§ 2º Access to resources must not be conditioned on the adoption of measures or on prior characteristics of the individual credit cooperative receiving the resources that is classified in risk category C, in accordance with Article 32 of Resolution BCB No. 229, of May 12, 2022, without prejudice to the adoption of joint measures aimed at restoring its liquidity, solvency, and integrity, observing the provisions of Article 20, §1º, item III.

§ 3º Access to resources may occur at the discretion of the Central Bank of Brazil in the face of threats to the operational continuity of an individual credit cooperative.

Art. 20. The governance of the MCR, observing the provisions of Resolution No. 4,557, of February 23, 2017, must be the responsibility of a central cooperative, in the case of a two-tier cooperative system, or a confederation, in the case of a three-tier cooperative system, observing the provisions of CMN Resolution No. 5,051, of November 25, 2022.

§ 1º It is the responsibility of the institution responsible for the governance of the MCR:

I - to possess a risk stratification system for the individual credit cooperatives that are part of the respective cooperative system, reflecting their probability of credit and liquidity events;

II - to recommend measures to reduce risks when the limit that the individual credit cooperative that is part of the respective cooperative system can withstand without compromising its essential functions or continuity is exceeded; and

III - to associate operations without financial consideration from the credit cooperative receiving resources with the adoption of risk reduction measures, including providing for the possibility of temporary administration in the event of non-implementation of the required measures, in accordance with Complementary Law No. 130, of April 17, 2009, and CMN Resolution No. 5,051, of November 25, 2022.

§ 2º The recommendations referred to in item II of § 1º must be communicated promptly to the Central Bank of Brazil.

§ 3º In the event of operations referred to in item III of § 1º occurring without prior recommendation of measures, in accordance with item II of § 1º, the institution responsible for the governance of the MCR must inform the Central Bank of Brazil:

I - the reason why no measures were recommended; and

II - the eventual need for methodological adjustments in the risk stratification and the timeframe planned for its implementation.

§ 4º In the event that access to MCR resources was not obtained prior to the default or point of non-viability of an individual credit cooperative, the institution responsible for the governance of the MCR must prepare and submit to the Central Bank of Brazil a detailed report pointing out the causes for the occurrence.

CHAPTER VI

OF FINAL PROVISIONS

Art. 21. Resolution BCB No. 436, of November 28, 2024, published in the Official Gazette of the Union – DOU on December 2, 2024, shall enter into force with the following alterations:

“Art. 6º For the purposes of this Resolution, size is defined based on the ratio between the value of the Total Exposure of the individual institution or prudential conglomerate and the value of Brazil’s GDP.

§ 1º .........................................................................................................................................

I - Total Exposure, calculated in accordance with Resolution BCB No. 478, of May 30, 2025; and

.................................................................................................................................................

§ 3º An institution not subject to the calculation of Total Exposure must substitute, for the purpose of defining its size, the value of Total Exposure with the value of Total Assets calculated according to the criteria established in Cosif.” (NR)

Art. 22. The following are repealed:

I - Circular No. 3,748, of February 27, 2015, published in the DOU on March 3, 2015;

II - Article 3 of Circular No. 3,849, of September 18, 2017, published in the DOU on September 20, 2017;

III - Article 2 of Circular No. 3,921, of December 5, 2018, published in the DOU on December 7, 2018;

IV - Article 2 of Circular No. 3,976, of January 22, 2020, published in the DOU on January 24, 2020;

V - Article 2 of Circular No. 4,006, of April 22, 2020, published in the DOU on April 24, 2020;

VI - Article 2 of Resolution BCB No. 17, of September 17, 2020, published in the DOU on September 21, 2020;

VII - Resolution BCB No. 330, of June 27, 2023, published in the DOU on June 29, 2023; and

VIII - Article 3 of Resolution BCB No. 452, of January 21, 2025, published in the DOU on January 23, 2025.

Sole paragraph. References to Circular No. 3,748, of February 27, 2015, shall henceforth refer to this Resolution.

Art. 23. This Resolution enters into force on July 1, 2026.

GILNEU FRANCISCO ASTOLFI VIVAN
Director of Regulation