Resolution BCB No. 55 — Approves the Regulation of the Special Settlement and Custody System (Selic)

Resolution No. 55

RESOLUTION
BCB No. 55, OF DECEMBER 16, 2020

Approves the Regulation of the
Special Settlement and Custody System (Selic).

The Collegiate Board of the Central Bank of Brazil, in a session held on December 15, 2020, having in view the provisions of art. 11, item VII, of Law No. 4.595, of December 31, 1964, art. 10 of Law No. 10.214, of March 27, 2001, and art. 26 of Law No. 12.810, of May 15, 2013,

R E S O L V E :

Art. 1º
The attached Regulation is approved, which governs the operation of the Special Settlement and Custody System (Selic).

Art. 2º
The Department of Open Market Operations (Demab) is authorized to adopt the procedures necessary for the execution of the provisions of this Resolution, including regarding the definition of hours, deadlines, and other complementary operational procedures mentioned in the Regulation.

Art. 3º
The following are revoked:

I - Circular No. 3.587, of March 26, 2012;

II - Circular No. 3.610, of September 26, 2012;

III - Circular No. 3.808, of August 10, 2016;

IV - Circular No. 3.954, of July 10, 2019; and

V - Circular No. 3.971, of December 4, 2019.

Art. 4º
This Resolution enters into force on the date of its publication.

Bruno Serra Fernandes
Director of Monetary Policy

REGULATION
ATTACHED TO RESOLUTION BCB No. 55, OF DECEMBER 16, 2020

Governs the operation of the Special Settlement and Custody System (Selic).

CHAPTER I
OF THE SCOPE OF APPLICATION

Art. 1º
The provisions of this Regulation apply to participants of the Special Settlement and Custody System (Selic), as provided in art. 7º.

CHAPTER II
OF PRELIMINARY PROVISIONS

Art.
2º Selic is an automated system intended for: (Wording given by Resolution BCB No. 129, of 8/19/2021.)

I - the custody of book-entry securities issued by the National Treasury and the registration and settlement of operations with said securities; and (Included by Resolution BCB No. 129, of 8/19/2021.)

II - the registration and settlement of operations related to voluntary time deposits by financial institutions at the Central Bank of Brazil. (Included by Resolution BCB No. 129, of 8/19/2021.)

Sole paragraph. Operations processed in Selic are settled on a gross real-time basis.

Art. 3º
Securities custodied in Selic cannot be traded unless the respective operations are registered in it or in a clearing and settlement system for operations with said securities administered by a chamber that is a participant of Selic.

Sole paragraph. Subject to legal and regulatory provisions, the administrator of Selic shall not interfere in the conditions established by the contracting parties for operations registered in the system.

Art. 4º
The following complementary modules integrate Selic:

I - Public Offering – Ofpub; (Wording given by Resolution BCB No. 409, of 8/29/2024.)

II - Offering to Dealers – Ofdealers; and (Wording given by Resolution BCB No. 409, of 8/29/2024.)

III - Collateral for Repo Operations – Lastro. (Wording given by Resolution BCB No. 409, of 8/29/2024.)

IV - (Revoked by Resolution BCB No. 409, of 8/29/2024.)

Art. 5º
The administration of Selic and its complementary modules is the exclusive competence of the Department of Open Market Operations (Demab) of the Central Bank of Brazil.

CHAPTER III
OF DEFINITIONS

Art. 6º
For the purposes of this Regulation, the following expressions and terms are defined as follows:

I - business day: that considered so, by the National Monetary Council, for purposes of operations practiced in the financial market;

II - definitive operation: the purchase and sale of securities without assumption of the commitments mentioned in item III;

III - repo operation: the purchase and sale of securities with the assumption, alternatively or cumulatively, of the commitment to resell by the buyer or the commitment to repurchase by the seller;

IV - repurchase or resale: the purchase and sale operation of securities resulting from the fulfillment, respectively, of the repurchase or resale commitment provided for in item III;

V - rediscount operation: the purchase and sale of securities in which the Central Bank of Brazil appears as the buyer, and the financial institution as the seller, with the assumption, respectively, of the commitments to resell and repurchase, for settlement within the Reserve Transfer System (STR) and the Instant Payment System (SPI), under the terms and conditions regulated by the National Monetary Council and the Central Bank of Brazil;

VI - fund: the investment fund or similar, according to the regulation of the Securities and Exchange Commission;

VII - chamber: the chamber or the provider of clearing and settlement services referred to in Law No. 10.214, of March 27, 2001;

VIII - participant: financial institution, government entity, chamber, trading platform administrator, credit guarantee fund, or entity operationalizing Tesouro Direto, that carries out or facilitates the realization of operations with securities issued by the National Treasury and that submits to the Selic Regulation; (Wording given by Resolution BCB No. 409, of 8/29/2024.)

IX - liquidating participant: participant that carries out the financial settlement of its own operations, operations of non-liquidating participants that have given it this responsibility, and client operations;

X - non-liquidating participant: participant that has the financial settlement of its operations and those of its clients carried out through a liquidating participant;

XI - standard liquidator: liquidating participant indicated by a non-liquidating participant, in accordance with art. 10 of this Regulation;

XII - command-transmitting participant: participant that transmits the commands for its own operations, operations of non-liquidating participants that have given it this responsibility, and client operations;

XIII - non-command-transmitting participant: participant that has the transmission of the commands for its operations and those of its clients carried out through a command-transmitting participant;

XIV - client: non-financial legal entity, individual, fund, or non-resident investor, according to the regulation of the National Monetary Council and the Securities and Exchange Commission, that carries out operations with securities issued by the National Treasury;

XV - electronic platform: system intended for the trading of securities issued by the National Treasury custodied in Selic;

XVI - regulatory body: government entity responsible for establishing norms and monitoring their compliance within its sphere of competence; (Wording given by Resolution BCB No. 409, of 8/29/2024.)

XVII - intervenor: third party elected by the parties to a lien or encumbrance on securities issued by the National Treasury to manage the accounts related to the registration in Selic; (Wording given by Resolution BCB No. 409, of 8/29/2024.)

XVIII - credit guarantee fund: entity constituted in accordance with art. 28, § 1º, of Complementary Law No. 101, of May 4, 2000, whose purposes are to protect depositors and investors within the financial system, including the cooperative segment, and to contribute to the maintenance of stability and the prevention of crises in said system; (Included by Resolution BCB No. 409, of 8/29/2024.)

XIX - Tesouro Direto: program of the National Treasury intended for the purchase and sale of federal public securities by individuals, operationalized by the entity defined in item XX of the caput; (Included by Resolution BCB No. 409, of 8/29/2024.)

XX - Tesouro Direto operationalizing entity: entity responsible for the operationalization of the Tesouro Direto systems, according to the regulation of the Ministry of Finance; and (Included by Resolution BCB No. 409, of 8/29/2024.)

XXI - Tesouro Direto responsible participant: entity defined in item XX of the caput, which acts as a command transmitter, in accordance with item XII of the caput, of operations carried out within the program. (Included by Resolution BCB No. 409, of 8/29/2024.)

CHAPTER IV
OF PARTICIPANTS

Art. 7º
In addition to the Central Bank of Brazil and the National Treasury, if they carry out or facilitate operations with securities issued by the National Treasury, the following must be participants of Selic:

I - banks, savings banks, securities and securities distribution companies and securities distribution companies;

II - other financial institutions; (Wording given by Resolution BCB No. 409, of 8/29/2024.)

III - chambers, regulatory bodies, trading platform administrators, and credit guarantee funds, at the discretion of Demab; and ; (Wording given by Resolution BCB No. 409, of 8/29/2024.)

IV - Tesouro Direto operationalizing entity. (Included by Resolution BCB No. 409, of 8/29/2024.)

§ 1º The request for participation in Selic must follow the procedure established by Demab and must be sent:

I

• in the case of the institution referred to in item I or II of the caput, by the director responsible for Selic matters; or

II - in the case of the entity mentioned in item III or IV of the caput, by a representative with management powers responsible for Selic matters. (Wording given by Resolution BCB No. 409, of 8/29/2024.)

§ 2º The director mentioned in item I of § 1º must be registered in the Information System on Entities of Interest of the Central Bank (Unicad).

§ 3º The director and representative referred to in § 1º are considered responsible administrators for Selic matters.

Art. 8º
For the purpose of financial settlement of operations, the participant acts as:

I - liquidator, if holder, in STR, of a Bank Reserves Account or a Settlement Account, provided that, in the latter case, it has opted for the status of liquidator in Selic; and

II - non-liquidator: in other cases.

Art. 9º
The financial settlement of an operation, own or client, of the participant follows the following:

I - if liquidator, it must always be carried out in the account of its ownership in STR; and

II - if non-liquidator, it may be carried out in the account of any liquidating participant in STR, except as provided in arts. 10 and 66.

Sole paragraph. The provisions of items I and II do not apply in the case of a rediscount operation for liquidity in SPI, as in this case, the financial settlement of the operation occurs directly in the Instant Payments Account of ownership of the financial institution.

Art.
10. Every non-liquidating participant must indicate a single standard liquidator, holder of a Bank Reserves Account, through which operations related to:

I - payment of interest, amortization, and redemption of securities custodied in their accounts;

II - repurchases and resales, own or client, of the day on which the securities subject to these operations are redeemed; and

III - forward purchases and sales, own or client, whose commands are transmitted in accordance with the provisions of item II of art. 52.

§ 1º The standard liquidator may have the responsibility to transmit the commands of the operations, own and client, of the non-liquidating participant.

§ 2º The indication of the standard liquidator by the non-liquidating participant must occur at the time of opening the account referred to in art. 25.

§ 3º The credit cooperative that is a non-liquidator may indicate as a standard liquidator another credit cooperative that is the holder of a Settlement Account and that has opted for the status of liquidator in Selic.

Art.
11. The decision of the participant to no longer appear as a standard liquidator of any non-liquidating participant must be communicated, with a minimum advance of 10 (ten) business days, to Demab, in the manner established by it.

Art. 12. The non-liquidating participant, including those under temporary special administration, intervention, extrajudicial or ordinary liquidation, who comes to be without a standard liquidator due to the decision referred to in art. 11 or for any other reason, must indicate its new standard liquidator to Demab, timely, in the manner established by it. (Wording given by Resolution BCB No. 409, of 8/29/2024.)

Sole paragraph. In the absence of indication of a new standard liquidator, the amounts resulting from the satisfaction of credits related to the operations listed in item I of art. 10 will be deposited in an account in the bookkeeping of the Central Bank of Brazil, without remuneration, until the situation is regularized.

Art.
13. The change of standard liquidator, at the initiative of the non-liquidating participant, must be formally communicated by it, with a minimum advance of 1 (one) business day, to Demab, in the manner established by it, and to the standard liquidator to be replaced.

Sole paragraph. In exceptional circumstances, at the discretion of Demab and in the manner established by it, the replacement of the standard liquidator on the same day the request is made is admitted.

Art. 14. The participant whose bankruptcy is decreed loses the status of participant, and the person responsible for the regime must arrange the transfer of securities owned by it and those of its clients to client accounts under another participant, within 10 (ten) business days.

§ 1º In the case of non-compliance with the provisions of the caput, Demab will arrange the said transfer to the standard liquidator that performs this function on the date of the bankruptcy decree. (Transformed into § 1º by Resolution BCB No. 409, of 8/29/2024.)

§ 2º The provisions of art. 12, sole paragraph, are applied: (Included by Resolution BCB No. 409, of 8/29/2024.)

I - in the absence of a standard liquidator that performs this function on the date of the bankruptcy decree; or (Included by Resolution BCB No. 409, of 8/29/2024.)

II - in the occurrence of issuer events related to the securities custodied in the accounts of the participant or its clients on a date prior to the transfer mentioned in the caput or in § 1º. (Included by Resolution BCB No. 409, of 8/29/2024.)

Art. 15. The exclusion of the participant from Selic may occur:

I - at request, in the manner established by Demab;

II - by decision of Demab, when the participant infringes a norm of this Regulation; or

III - by decision of the Central Bank of Brazil, in the event that the participant infringes legal or regulatory provisions or market norms or banking technique norms;

IV - in the occurrence of bankruptcy, extrajudicial liquidation, ordinary liquidation, or civil insolvency of the participant;

V - in case of cancellation of authorization for operation that makes it impossible to maintain the status of participant; and (Wording given by Resolution BCB No. 409, of 8/29/2024.)

VI - at the discretion of Demab, when its accounts are inactive, understood as accounts without balance and without movement, for more than 30 (thirty) days.

§ 1º The participant that comes to lose its status of participant in Selic must resolve any pending issues pointed out by Demab and arrange, when necessary, the transfer of securities owned by it and those of its clients to client accounts under another participant, within ten business days. (Transformed into § 1º with wording given by Resolution BCB No. 409, of 8/29/2024.)

§ 2º The provisions of art. 12, sole paragraph, are applied: (Included by Resolution BCB No. 409, of 8/29/2024.)

I - in the absence of the transfer mentioned in § 1º; or (Included by Resolution BCB No. 409, of 8/29/2024.)

II - in the occurrence of issuer events related to the securities custodied in the accounts of the participant or its clients on a date prior to the transfer mentioned in § 1º. (Included by Resolution BCB No. 409, of 8/29/2024.)

CHAPTER V
OF ACCESS TO SELIC AND ITS COMPLEMENTARY MODULES

Art.
16. Liquidating participants connect to Selic through any of its access networks, including the National Financial System Network (RSFN), and non-liquidating participants, through any access network other than RSFN.

§ 1º The opening and closing hours of Selic are established by Demab.

§ 2º When extraordinary facts justify it, Demab may alter the opening and closing hours, with effect for a specific business day, communicating the alteration to the participants.

§ 3º In exceptional situations of serious technical unavailability, the closing time may be extended beyond 23:59, in which case operations carried out after this time will be registered as if carried out on the previous day.

Art.
17. All participants access the complementary modules of Selic through any access network to Selic, with the exception of RSFN.

Art.
18. Demab may, at its exclusive discretion, block the access of a participant that is putting the operation of the system or its complementary modules at risk.

Art.
19. The procedures for connection to RSFN, the messages that may travel on it, and the network security requirements are contained in the following documents, respectively:

I -
Manual of Networks of the National Financial System (SFN);

II -
SFN Service Catalog; and

III -
SFN Security Manual.

Art.
20. Access to Selic and its complementary modules, through the network administered by the Telecommunications Network for the Market – RTM, is controlled by the Authentication and Access Control System – Logon, whose procedures are described in the Selic User Manual – MUS. (Wording given by Resolution BCB No. 409, of 8/29/2024.)

§ 1º The initial password that enables the Selic participant to Logon is provided to the administrator responsible for Selic matters by electronic mail, using a digital certificate, or personally, at the representation of the Central Bank in Rio de Janeiro.

§ 1º The initial password that enables the Selic participant to Log On is provided to the administrator responsible for Selic matters via electronic mail, using a digital certificate. (Wording given by Resolution BCB No. 409, of 8/29/2024.)

§ 2º Once initial access is established, the participant assumes full responsibility for the commands transmitted to Selic and its complementary modules and for the registration alteration requests made by any of its Log On users.

§ 3º System-to-system communication access will be based on credentials granted to the participant through Log On. (Included by Resolution BCB No. 409, of 8/29/2024.)

Art. 21. Log On users are classified as administrators, access managers, and operators.

§ 1º The administrator responsible for Selic matters has full access powers to all functions of Selic and its complementary modules available to the corresponding participant, and may register other administrators with full powers through Log On itself.

§ 2º The access manager may be registered by an administrator or another access manager and has competence limited to access control functions.

§ 3º The operator may be registered and have their competencies defined by an administrator or access manager.

§ 4º The operator, with defined competence for this purpose, may register other operators with equal or more restricted competence than their own.

Art. 22. A user registered by a certain participant may act as a user of other participants provided there is agreement from the administrators of the involved participants.

Sole Paragraph. The user referred to in the main text:

I - authenticates itself before all participants simultaneously and with a single password;

I - authenticates itself before any of the participants with a single password; and (Wording given by Resolution BCB No. 409, of 8/29/2024.)

II - selects the participant on whose behalf it will act; and

II - always acts in accordance with the competencies defined by the participant responsible for its registration. (Wording given by Resolution BCB No. 409, of 8/29/2024.)

III - always acts in accordance with the competencies defined by the participant responsible for its registration.

III - (Revoked by Resolution BCB No. 409, of 8/29/2024.)

CHAPTER VI
ACCOUNTS

Art. 23. Accounts in Selic have the following purposes:

I - normal custody: for recording operations of its holder, evidencing, through balance, the position of securities, managed by the participant;

II - special custody: for recording operations of its holder, evidencing, through balance, the position of securities, managed by Demab, by a regulatory body, by an intervenor, or by the National Treasury;

III - brokerage: for recording the holder's intermediation in operations for the purchase and sale of securities; and

IV - issuance and cancellation of securities: managed by Demab.

§ 1º Normal custody accounts and special custody accounts may be own or client accounts.

§ 2º Client custody accounts and brokerage accounts are exclusive to the institutions cited in item I of the main text of art. 7º.

§ 2º Client custody accounts are exclusive to the participants cited in art. 7º, main text, items I and IV. (Wording given by Resolution BCB No. 409, of 8/29/2024.)

§ 3º Brokerage accounts are exclusive to the participants cited in art. 7º, main text, item I. (Included by Resolution BCB No. 409, of 8/29/2024.)

Art. 24. The client custody account must be individualized.

§ 1º Securities of participants cannot be custodied in a client custody account.

§ 2º In exceptional cases, at the discretion of Demab, the client custody account may be non-individualized.

§ 3º The bookkeeping of a non-individualized client custody account is done without indicating the names of the beneficiaries of the securities custodied therein, with the analytical records, by beneficiary, being the responsibility of the account holder.

§ 4º The analytical records referred to in § 3º must be promptly presented to Demab whenever it requests them.

§ 5º The veracity and updating of the registration information of clients are the responsibility of the participant holding the account.

Art. 25. The opening of the main normal custody own account, called the standard account, results from acquiring the status of participant in Selic, once the participation request provided for in § 1º of art. 7º is accepted and in the manner established by Demab.

§ 1º The exclusion of the participant in Selic, in the cases provided for in art. 15, results in the closure of the standard account.

§ 2º The opening and closure of the other accounts provided for in art. 23 are governed by the Selic User Manual (MUS).

§ 2º The procedures for opening and closing the other accounts provided for in art. 23 are described in the MUS. (Wording given by Resolution BCB No. 409, of 8/29/2024.)

Art. 26. Any of the accounts in Selic may be blocked during the daily data transmission period or for an indefinite period, at the discretion of Demab.

Sole Paragraph. Blocked accounts do not allow the recording of operations.

Art. 27. For the purpose of consultation and obtaining statements, the Selic participant has access to accounts under its ownership and, as the standard liquidator, to the accounts of the non-liquidating participant that has assigned it the task of transmitting the commands for its operations.

§ 1º The consultations and statements referred to in the main text cover all entries in the account, from the date of its opening in Selic, even if there has been a change in the holding participant, in the case of transfer of a client account, or change of the standard liquidator.

§ 2º The Selic participant responsible for depositing securities into a special custody account managed by an intervenor also has access to this account, for the purpose of consultation and statements.

§ 3º Regulatory bodies have access, for the purpose of consultation and statement, to the accounts of the entities they regulate, in the manner established in agreements signed with the Central Bank of Brazil.

Art. 28. The beneficiary client of an individualized account has access to the statements of their account on the Central Bank of Brazil's internet page or through the participant holding their account.

CHAPTER VII
TYPES AND CHARACTERISTICS OF OPERATIONS

Section I
Types of Operations

Art. 29. The following operations are registered and settled in Selic:

I - issuance and cancellation of securities;

II - payment of interest, amortization, and redemption of securities;

III - purchase and sale of securities in a definitive operation;

IV - purchase and sale of securities with a resale commitment, assumed by the buyer, coupled with a repurchase commitment, assumed by the seller, for settlement on a predetermined date;

V - purchase and sale of securities with a resale commitment, assumed by the buyer, coupled with a repurchase commitment, assumed by the seller, for settlement at any time during a certain period, at the discretion of either party, as previously agreed between them;

VI - purchase and sale of securities with a repurchase commitment, assumed by the seller, settleable at the exclusive discretion of the buyer on a determined date or within a set period;

VII - purchase and sale of securities with a resale commitment, assumed by the buyer, settleable at the exclusive discretion of the seller on a determined date or within a set period;

VIII - forward purchase and sale of securities;

IX - repurchase and resale of securities;

X - transfer of financial value related to taxes, interest, or amortizations;

XI - transfer of securities without change of ownership;

XII - transfer of securities as a result of incorporation, merger, spin-off, or corporate dissolution;

XIII - transfer of securities as a result of their use in the subscription and redemption of fund shares relative to a shareholder with an individualized account in Selic;

XIV - linking and unlinking of securities;

XV - transfer of securities as a result of liens and encumbrances, governed by Chapter XII of these Regulations;

XVI - separation and recombination of interest coupons;

XVII - payment of the monthly amount due by the participant to Selic;

XVIII - transfer of securities as a result of inheritance, marital property division, legacy, donation, or dissolution of a conjugal society or stable union; and

XVIII - transfer of securities as a result of inheritance, marital property division, legacy, donation, or dissolution of a conjugal society or stable union; (Wording given by Resolution BCB No. 129, of 8/19/2021.)

XIX - transfer of securities as a result of direct placement, cancellation, or early redemption by order of the issuer.

XIX - transfer of securities as a result of direct placement, cancellation, or early redemption by order of the issuer; and (Wording given by Resolution BCB No. 129, of 8/19/2021.)

XX - constitution and release of time deposit at the Central Bank of Brazil. (Included by Resolution BCB No. 129, of 8/19/2021.)

§ 1º A promise to purchase or sell securities made by the participant is subject to registration in Selic, and the promissory party may or may not be their client.

§ 2º Demab reserves the right to effect or enable the realization of security transfers related to operations not provided for in this article.

§ 3º The early release, total or partial, of the operation provided for in item XX is admitted, at the discretion of the Central Bank of Brazil. (Included by Resolution BCB No. 129, of 8/19/2021.)

Art. 30. Every purchase and sale operation requires the participation of one of the institutions listed in item I of the main text of art. 7º:

I - as a contracting party, buyer or seller, in the committed operation; or

II - as an intermediary or contracting party in the definitive operation.

Sole Paragraph. The definitive or committed operation contracted by a credit, financing, and investment company and the definitive operation contracted by a credit cooperative are exempt from the involvement of any of the institutions mentioned in the main text.

Section II
Interest, Amortizations, and Redemptions

Art. 31. For the purpose of paying interest, amortization, and redemption, the position of securities in each account corresponds to the closing balance of the immediately preceding business day, except for securities to be redeemed on the day of the event, in which case the titles related to repurchases are added to and those related to resales are deducted from this balance.

Sole Paragraph. For the purpose of the provisions of this article, the following are also considered:

I - security: the interest coupon separated from the principal; and

II - redemption: the amortization of the last installment of the security.

Art. 32. No movement of securities is permitted on the day of their redemption, except for repurchases or resales previously assumed for that day and for other operations authorized by Demab.

Section III
Repurchase or Resale Commitments

Art. 33. The date of the repurchase or resale commitment:

I - cannot be later than the maturity date of the securities subject to the operation, except if this falls on a day not considered useful, in which case the commitment may be assumed for the subsequent business day, coinciding with the redemption of the securities; and

II - with a term equal to or greater than 2 (two) business days, must be, at the latest, the business day immediately preceding the redemption of the securities subject to the negotiation.

§ 1º Only the commitment provided for in item IV of the main text of art. 29 may be agreed upon for:

I - the same day on which the respective committed operation is settled; or

II - the business day following the settlement of the respective committed operation.

§ 2º Early settlement, total or partial, of the repurchase or resale resulting from a committed operation without intermediation is admitted.

Art. 34. The unit price of the repurchase or resale is, mandatorily:

I - equal to that of the respective committed operation, if the repurchase or resale commitment is assumed for the same day; and

II - established by Demab, if the date of the commitment, of one business day, coincides with the redemption date of the securities subject to the committed operation.

Sole Paragraph. For the purpose of the provisions of item II of the main text, Selic will publish, by the opening of the business day immediately preceding the redemption of the securities, the unit prices of the repurchases or resales to be observed in the registration of the respective committed operations.

Art. 35. Repurchase or resale commitments assumed for the same date may be consolidated, if in the interest of the parties, provided that:

I - they are of the type referred to in item IV of the main text of art. 29;

II - they involve securities with the same code, maturity, and unit price of repurchase or resale; and

III - they result from committed operations without intermediation, settled on the same date and with the same unit price of sale or purchase.

Art. 36. The security under resale commitment may, according to prior agreement between the parties, have free movement or not, in which latter case, it cannot be sold or otherwise negotiated, except in a committed operation without free movement agreement and with a repurchase date equal to or prior to the resale commitment date.

§ 1º The restriction on negotiation applies to any security under resale commitment, in Selic itself, on the day preceding the redemption.

§ 2º Except as provided in § 1º, Selic does not prevent the registration and settlement of operations with securities under resale commitment, with the compliance with the "without free movement" clause agreed upon by the parties in the respective committed operation being the exclusive responsibility of the buyer and the selling promisor.

Section IV
Forward Operations

Art. 37. Forward operations may involve securities:

I - already issued and in circulation, in which case the settlement date must be prior to the redemption date of the securities; or

II - originating from a public offering already published but not yet settled, in which case the settlement date must coincide with the settlement date of the public offering.

§ 1º Forward operations are limited to definitive purchases and sales and those with resale or repurchase commitment provided for in item IV of the main text of art. 29.

§ 2º In the case of item II of the main text, the settlement of the forward operation is conditioned on the sale, in the public offering, of 51% (fifty-one percent), at minimum, of the offered quantity of securities.

Section V
Operations with Intermediation

Art. 38. Operations for purchase and sale with intermediation have the following characteristics:

I - the existence of one or, at most, two intermediary institutions, in which case one is linked to the selling party and the other to the buying party of the securities; and

II - the involvement of intermediary institutions, holders of brokerage accounts, and the buying and selling parties, holders of normal custody accounts, own or client.

Sole Paragraph. Intermediation is restricted to:

I - in spot operations: definitive purchases and sales and those with resale or repurchase commitment provided for in item IV of the main text of art. 29; and

II - in forward operations: definitive purchases and sales.

Art. 39. The financial result of intermediation corresponds to the difference, which cannot be negative, between the financial values:

I - in the definitive operation, of the purchase and the sale; and

II - in the committed operation, of the purchase and the sale and/or the repurchase and the resale.*

Sole Paragraph. The provisions of item II of the main text do not apply when the maturity of the commitment coincides with the redemption date of the respective securities, in which case:

I - the financial result of intermediation corresponds to the difference between the financial values of the purchase and the sale; and

II - the financial value of the repurchase is equal to that of the resale.

Art. 40. In the case of a definitive operation with only one intermediary, intermediation between a single seller and up to 5 (five) buyers or between a single buyer and up to 5 (five) sellers is permitted.

Sole Paragraph. For the exercise of the faculty provided for in the main text, the intermediary must pre-register its operations, according to the instructions contained in the MUS.

Art. 40. (Revoked by Resolution BCB No. 409, of 8/29/2024.)

Art. 41. In operations with intermediation, the buyer does not have access, through Selic, to the name of the seller, and this one, to the name of the buyer.

Section VI
Transfer of Financial Values

Art. 42. Selic has operation codes that enable the transfer of financial values, among its participants, related to:

I - taxes levied on operations registered and settled in the system; and

II - interest and amortizations due to whoever has sold the respective securities with the commitment to repurchase them.

Sole Paragraph. The calculation, withholding, and payment of taxes levied on operations settled in Selic are the exclusive responsibility of the participants involved in them, directly or indirectly.

Section VII
Special Transfers of Securities

Art. 43. The transfer of securities provided for in items XI, XII, XIII, XVIII, or XIX of the main text of art. 29 is the sole responsibility of the participants who authorized the transmission of the respective commands, with them being required to maintain documentation proving the admissibility of the operation.

Sole Paragraph. The participant responsible for delivering the securities is also obliged to provide, to the participant to whom the securities are transferred, the elements that enable the calculation of any taxes levied on operations subsequent to the transfer.

Section VIII
Linking and Unlinking of Securities

Art. 44. To comply with legal or regulatory provisions, the Selic participant may proceed with the linking of securities by transferring them from a free-movement normal custody account to a special custody account or to another type of normal custody account.

§ 1º The linkings referred to in the main text and the unlinkings through transfers in the reverse direction are the sole responsibility of the participants who authorize the transmission of the respective commands.

§ 2º Demab bears no responsibility for verifying the real purpose of the linking of securities.

Section IX
Separation and Recombination of Interest Coupons

Art. 45. Securities in free-movement normal custody accounts may have their interest coupons separated from the principal, when such a facility is provided for in the issuance of these securities.

§ 1º The recombination of all interest coupons due with the principal of the security is permitted, provided that both, coupons and principal, are located in a free-movement normal custody account.

§ 2º Separation of interest coupons is not admitted on the business day immediately preceding the payment of interest or the redemption of the security.

Section X
Daily Reconciliation

Art. 46. Selic performs daily reconciliation so that the total of securities deposited and the positions maintained in all custody accounts faithfully reflect the operations processed in the system.

CHAPTER VIII
COMMANDS FOR REGISTRATION AND SETTLEMENT OF OPERATIONS

Section I
General Provisions

Art. 47. Subject to the provisions of these Regulations, commands for the registration and settlement of operations are instructed with the data provided for in the MUS, as established by Demab.

§ 1º Even if there is no financial settlement by STR, the commands must be instructed with the unit prices of purchase and sale or repurchase and resale effectively contracted by the parties.

§ 2º The commands, when transmitted by the RSFN, in a message defined in the RSFN Message and File Catalog, are subject to specific determinations contained in the MUS.

Art. 48. The process of registration and settlement of operations comprises the following stages:

I - transmission of commands instructed with the data referred to in art. 47;

II - criticism of the transmitted data;

III - verification of the required commands;

IV - blocking of securities to be transferred, if applicable;

V - confirmation of financial settlement, provided for in art. 61, when necessary; and

VI - debiting and crediting entries in custody accounts, if applicable.

Section II
Types of Commands

Art. 49. The commands to be transmitted are:

I - type 1, which: authorizes the debiting of the quantity of securities and/or the crediting of the financial value; and

II - type 2, which: authorizes the crediting of the quantity of securities and/or the debiting of the financial value.

Sole Paragraph. Commands transmitted by the holder of a brokerage account authorize, only, the financial settlement for the purpose of receiving the brokerage fee due for the intermediation of the purchase and sale of securities.

Section III
Transmission of Commands

Art. 50. Commands may be transmitted:

I - by the participant itself, for the registration and settlement of its operations and those of its clients;

II - by the standard liquidating participant, for the registration and settlement of its own operations, client operations, and operations of a non-liquidating participant that has assigned it this task; and

II - by the standard liquidating participant, for the registration and settlement of its own operations, client operations, and operations of a non-liquidating participant that has assigned it this task; (Wording given by Resolution BCB No. 409, of 8/29/2024.)

III - by Demab, for the registration and settlement of operations of the Central Bank of Brazil, operations of the National Treasury, and operations as administrator of Selic.

III - by Demab, for the registration and settlement of operations of the Central Bank of Brazil, of operations as administrator of Selic, and of operations of the National Treasury in cases where it has conferred this responsibility on them; (Amended by Resolution BCB No. 409, of 8/29/2024.)

IV - by the National Treasury, for the registration and settlement of its operations; and (Included by Resolution BCB No. 409, of 8/29/2024.)

V - by the responsible participant for Direct Treasury, for the registration and settlement of operations within the scope of the program. (Included by Resolution BCB No. 409, of 8/29/2024.)

Sole paragraph. The non-settling participant referred to in item II must authorize the transmission of commands for its operations by its respective standard settling participant during the time frame established by the latter.

Art.
51. Except as provided in item I of Art. 52, participants are
responsible for initiating or authorizing the transmission of commands related to their repurchases or resales, with no responsibility falling on Demab or, where applicable, on the standard settling participant for the omission of such initiation.

Sole paragraph. In the case of repurchases or resales of an institution under temporary special administration regime, intervention, or ordinary or extrajudicial liquidation, decreed after the commitment was assumed, the initiative to authorize the transmission of commands for repurchases or resales is the responsibility of the administrator, the interventor, or the liquidator.

Art. 52. Commands are automatically transmitted by Selic:

I - during system opening procedures, the commands for repurchase and resale of all committed titles that will be redeemed on the day;

I - during system opening procedures, the commands for: (Amended by Resolution BCB No. 129, of 8/19/2021.)

a) repurchase and resale of all committed titles that will be redeemed on the day; and (Included by Resolution BCB No. 129, of 8/19/2021.)

b) release of voluntary term deposit at the Central Bank of Brazil maturing on the day; (Included by Resolution BCB No. 129, of 8/19/2021.)

II - during the time established by Demab, the commands for purchase and sale on the settlement day of the corresponding forward contract, according to the ascending order in which the operations were numbered at the moment of registration of the forwards;

II - during the time established by Demab, the commands for purchase and sale on the day of settlement of the corresponding forward contract, according to the ascending order in which the operations were numbered at the moment of registration of the forwards; and (Amended by Resolution BCB No. 409, of 8/29/2024.)

III - at the moment when all commands from the contracting parties in the operations:

a) provided for in Art. 40, the corresponding commands of the intermediary; and

b) of repurchase or resale with intermediation, the corresponding commands of the intermediaries;

b) of repurchase or resale with intermediation, the corresponding commands of the intermediaries. (Amended by Resolution BCB No. 409, of 8/29/2024.)

IV - at the moment and in the manner provided for in the Regulation that governs the operation of the complementary module Electronic Title Negotiation, the commands within the dealer's authority regarding forward operations, resulting from their transactions closed in this complementary module.

IV - (Revoked by Resolution BCB No. 409, of 8/29/2024.)

Art.
53. If errors or omissions are found in the transmitted data, Selic will reject the
command and inform the occurrence to the participant so that they can arrange a new transmission, if necessary.

Section IV
Of the double command

Art. 54. The registration and settlement of each operation require the transmission of 2 (two) commands, except in the following operations:

I - of rediscount in STR, considered as operations contracted through the Central Bank of Brazil's Rediscount system, which require a single command, to be transmitted by that system;

II - with third-party intermediation, which require 2 (two) or 3 (three) double commands;

III - conjugated or associated operations, referred to in Arts. 74 to 78, in which all commands of the operations to be settled by compensated results are required; and

IV - of transfer of titles due to encumbrance or lien registered in the manner provided for in item I of the caput of Art. 116, in which all commands of the operations corresponding to the transfer of the titles specified in the title list included in the electronic form referred to in Arts. 117 and 118 are required.

Art.
55. The 2 (two) commands must be instructed with the same data, except those
related to the indication of intermediation, conjugation, or association of operations, identification of settling institutions, and level of preference for financial settlement in STR.

Art. 56. Once one command is transmitted, all other commands required for the registration and settlement of the operation or operations associated or conjugated must be transmitted within the time period defined by Demab.

Section V
Of the cancellation of commands

Art.
57. Selic cancels:

I - commands instructed with divergent data, observing the provisions of Art. 55, excepting the command transmitted:

I - commands instructed with divergent data, observing the provisions of Art. 55, excepting the command transmitted by the rightful party in the resale or repurchase resulting from the commitment provided for in Art. 29, caput, items V, VI, or VII; (Amended by Resolution BCB No. 409, of 8/29/2024.)

a) by the rightful party in the resale or repurchase resulting from the commitment provided for in Art. 29, items V, VI, or VII; and

a) (Revoked by Resolution BCB No. 409, of 8/29/2024.)

b) automatically by Selic, relating to the operation originating from a transaction closed in the complementary module Electronic Title Negotiation, governed by item IV of Art. 52;

b) (Revoked by Resolution BCB No. 409, of 8/29/2024.)

II - commands accepted for processing, but dependent on other commands, necessary for registration and settlement of the operations, that have not been transmitted:

a) within the period referred to in Art. 56; or

b) until the closure of Selic;

III - commands of operations not settled due to insufficient titles, observing the provisions of Arts. 69 and 70.

IV - commands of operations not settled due to lack of confirmation of financial settlement.

Sole paragraph. The provisions of item “a” of item II of the caput do not apply to the command transmitted:

I - by Demab, as Central Bank of Brazil participant or as administrator of Selic;

I - by the National Treasury or by Demab; (Amended by Resolution BCB No. 409, of 8/29/2024.)

II - by the rightful party in the resale or repurchase resulting from the commitments provided for in Art. 29, items IV, VI, or VII;

II - by the rightful party in the resale or repurchase resulting from the commitments provided for in Art. 29, caput, items IV, VI, or VII; and (Amended by Resolution BCB No. 409, of 8/29/2024.)

III - automatically by Selic, regarding operations originating from closed transactions in the complementary module Electronic Title Negotiation, governed by item IV of Art. 52; and

III - by the rightful party in the operation provided for in Art. 29, caput, item XV. (Amended by Resolution BCB No. 409, of 8/29/2024.)

IV - by the rightful party in the operation provided for in item XV of the caput of Art. 29.

IV - (Revoked by Resolution BCB No. 409, of 8/29/2024.)

Art.
58. At the initiative of participants, the following may be cancelled:

I - the command part of a double command not yet accepted by Selic;

II - the double command, or the single command, of an operation whose settlement depends on a command not yet transmitted; or

III - the double command, or the single command, of an operation pending settlement due to insufficient titles, provided it is not an operation with intermediation or an associated or conjugated operation.

IV - the double command requesting the rediscount operation for liquidity in SPI, during the regular operating hours of STR, while the operation remains held awaiting sending to SPI for financial settlement.

§ 1º The
Rediscount system of the Central Bank of Brazil may determine the cancellation of commands of operations, pending settlement due to insufficient titles, conjugated or associated with a given rediscount operation, as well as of the single command of the rediscount operation itself.

§ 2º The cancellation of the double commands referred to in the caput must be ordered by both parties to Selic.

Section VI
Of commands for operations contracted in public offer or to dealers

Art.
59. Unless in exceptional situations, commands from Demab regarding settlement are transmitted by 9 a.m. for:

I - an operation, of purchase or sale of titles, contracted in a public offer or in offer to dealers, in the event that the result was disclosed on a previous day; and

II - repurchase or resale resulting from a commitment assumed on a previous day.

§ 1º The command of the other party is transmitted during the time established by Demab.

§ 2º The commands from Demab concerning events and situations not foreseen in this article are transmitted at a time to be communicated by Demab itself to the interested parties.

CHAPTER IX
OF THE SETTLEMENT OF
OPERATIONS

Section I
General provisions

Art.
60. In an operation with transfer of titles only, settlement occurs with
debit and credit entries in the custody accounts of the contracting parties.

Art. 61.
In operations involving transfer of titles and financial resources, Selic certifies the financial settlement and makes debit and credit entries in the custody accounts of the contracting parties, at which point the operation is considered settled.

Art.
62. In operations requiring only financial settlement, confirmation of this
implies settlement of the operation in Selic.

Art.
63. For the purposes of Arts. 61 and 62, Selic certifies that the
financial settlement was:

I - authorized by the settling participant, by granting the operational limit provided for in Arts. 66 to 68, regarding operations of non-settling participant;

II - performed by STR; and/or

III- performed by SPI, in rediscount operations for liquidity in SPI.

Art.
64. Once occurred, the settlement of the operation is considered irrevocable and unconditional.

Art.
65. Events occurring on a day not considered useful are settled on the next
useful day.

Section II
Of the operational limit to non-settling participant

Art.
66. Only the settling participant holding a Bank Reserves account may
establish an operational limit for the financial settlement of operations of non-settling participant.

Sole paragraph. A credit cooperative holding a Settlement Account may establish an operational limit for the financial settlement of operations of another credit cooperative that does not hold a Settlement Account.

Art.
67. The operational limit is calculated, at any moment, by the value initially defined, with the increase or decrease provided for in the sole paragraph of Art. 68, minus the values corresponding to financial debits computed on the day relative to operations of the non-settling participant already settled by the settling participant.

§ 1º Financial debits are computed operation by operation, except when settled in the manner provided for in Arts. 72 and 73, in which case the debit considered is that related to the compensated result.

§ 2º Financial settlement of an operation of non-settling participant that exceeds the operational limit is considered uncertified.

§ 3º The operational limit does not apply to the case of the operation provided for in Art. 52, caput, item I, clause “a”. (Included by Resolution BCB No. 409, of 8/29/2024.)

Art.
68. The initial operational limit, as well as its alterations, must be informed
by the settling participant to Selic via a message defined in the SFN Service Catalog, which will produce effects only from the next useful day after the day it is accepted by Selic.

Sole paragraph. The settling participant may, at any time, increase or decrease the operational limit, with effects only for the day and from the moment the message provided for in the SFN Service Catalog is accepted by Selic.

Section III
Of operations pending settlement due to insufficient titles

Art.
69. Operations pending settlement due to insufficient titles in the account from which the titles will be transferred are admitted.

Sole paragraph. The provisions of the caput do not apply to operations provided for in item XV of the caput of Art. 29 and to rediscount operations for liquidity in SPI.

Sole paragraph. The provisions of the caput do not apply to operations: (Amended by Resolution BCB No. 409, of 8/29/2024.)

I - provided for in Art.
29, caput, item XV; (Included by Resolution BCB No. 409, of 8/29/2024.)

II - of rediscount for liquidity in SPI; and (Included by Resolution BCB No. 409, of 8/29/2024.)

III - with individualized accounts for Direct Treasury clients. (Included by Resolution BCB No. 409, of 8/29/2024.)

Art.
70. The double commands of operations pending settlement due to insufficient
titles are cancelled:

I - after the expiration of the pending period or at the respective deadline, whichever occurs first, both defined by Demab; or

II - immediately, if transmitted after the mentioned deadline.

§ 1º The pending period provided for in item I of the caput is counted from the moment when:

I - all commands required by the operation are accepted, and, if necessary, by other operations settled with it by compensated results; or

II - commands are transmitted, by Selic, for the settlement of the forward operation.

§ 2º Operations in which one of the commands is transmitted by Demab, as Central Bank of Brazil participant or as administrator of Selic, are not subject to cancellation after the expiration of the pending period provided for in item I of the caput, except for the case of conjugated or associated operations.

§ 2º
Operations in which one of the commands is transmitted by the National Treasury or by Demab are not subject to cancellation after the expiration of the pending period provided for in item I of the caput, unless the operations are conjugated or associated, pursuant to Arts. 74 to 78. (Amended by Resolution BCB No. 409, of 8/29/2024.)

Art.
71. For settlement purposes, if there is a balance of titles in the account, priority is given to operations capable of being settled with this balance, and among them, the one that has been pending for the longest time.

Section IV
Of settlement by compensated results

Art.
72. In settlement by compensated results, Selic:

I - calculates net seller positions and sets aside these quantities from the respective accounts;

II - certifies financial settlement, operation by operation, but considering the compensated financial result of each participant; and

III - executes debit and credit entries, jointly and for gross quantities of titles, in the participants' accounts.

Art.
73. The following are settled by compensated results:

I - conjugated operations, pursuant to Art. 74;

II - associated operations, pursuant to Arts. 75 to 78; and

III - repurchases or resales of titles to be redeemed on the day, as well as issuer events of that same day, as provided for in Art. 79.

Section V
Of conjugated operations

Art.
74. The following are settled by compensated results:

I - the committed operation of sale of titles conjugated with the committed operation of purchase of other titles, both contracted by the same institution with the Central Bank of Brazil;

II - the repurchase and resale related to the committed operations referred to in item I; and

III - the repurchase or resale of titles conjugated with a committed operation of sale or purchase of titles, both contracted by the same parties.

§ 1º Committed operations cannot have intermediaries, and the term of the commitments resulting from them must be equal to or greater than one useful day.

§ 2º The repurchase or resale referred to in item III of the caput cannot result from the commitments provided for in item IV of the caput of Art. 29.

Section VI
Of associated operations

Art.
75. For the purposes of settlement by compensated results, the following are associable:

I - the financing obtained for the purchase of titles and the respective purchase operation; and

II - the operation of sale of titles for the payment of financing obtained and the respective payment of that financing.

Sole paragraph. The purchase or sale operation may be:

I - definitive or committed, the latter with a term of at least one useful day; and

II - contracted with or without the intermediation of third parties.

Art.
76. For the purposes of this Regulation, financing is defined as:

I - the committed operation, with repurchase or resale for the same day, contracted between settling participant holding a Bank Reserves account and settling participant holding a Settlement Account or non-settling participant, observing applicable legal and regulatory norms;

II - the rediscount granted by the Central Bank of Brazil in STR to settling participant holding a Bank Reserves account or to settling participant holding a Settlement Account, with payment on the same day; or

III - the committed operation and the rediscount referred to in items I and II, respectively, associated.

Art.
77. Regarding the Central Bank of Brazil's rediscount operation in STR, with payment on a date subsequent to the date on which it is obtained, it is possible to associate:

I - its obtention with the payment of rediscount already granted; or

II - its payment with the sale, definitive or committed, to a third party.

Art. 78. The following are also associable:

I - the definitive operation, of purchase or sale, contracted with the Central Bank of Brazil or with the National Treasury and the definitive operation, of sale or purchase, contracted with a third party;

II - the committed operation, of purchase or sale, contracted with the Central Bank of Brazil and the committed operation, of sale or purchase, contracted with a third party; and

III - the resale or repurchase contracted with the Central Bank of Brazil and the repurchase or resale contracted with a third party.

Sole paragraph. The committed operations referred to in this article are restricted to those referred to in item IV of the caput of Art. 29.

Section VII
Of repurchases or resales and issuer events

Art.
79. All repurchases and resales of titles to be redeemed on the day and the
payment of interest coupons, amortizations, and redemptions scheduled for that same day are settled, during Selic's opening procedures, by compensated results.

Sole paragraph. Repurchases or resales of non-settling participants referred to in this
article are mandatorily settled by their respective standard settling participant.

CHAPTER X
OF SELIC'S COMPLEMENTARY
MODULES

Art.
80. The following systems are defined as complementary modules of Selic:

I - Public Offer (Ofpub);

I

• Ofpub;
  (Amended by Resolution BCB No. 409, of 8/29/2024.)

II - Offer to Dealers (Ofdealers);

II

• Ofdealers; and (Amended
  by Resolution BCB No. 409, of 8/29/2024.)

III - Collateral of Committed Operations (Lastro); and

III

• Lastro.
  (Amended by Resolution BCB No. 409, of 8/29/2024.)

IV - Electronic Title Negotiation (Negotiation).

IV - (Revoked by Resolution BCB No. 409, of 8/29/2024.)

Art.
81. The Ofpub and Ofdealers modules aim to receive proposals and calculate results of offers:

I - of purchase or sale of titles, in definitive or committed operation; and

II - of other operations, at Demab's discretion.

Sole paragraph. The recipients of the offers are:

I - in Ofpub: the financial institutions referred to in item I of the caput of Art. 7; and

I - in
Ofpub: the financial institutions referred to in Art. 7, caput, items I and II; and (Amended by Resolution BCB No. 409, of 8/29/2024.)

II - in
Ofdealers: the institutions accredited to operate with Demab and with the General Coordination of Public Debt Operations (Codip) of the Secretariat of the National Treasury.

Art.
82. The Collateral of Committed Operations module aims to assist in the
specification of the titles subject to committed operations referred to in Art. 81, item I, through their codes, maturity dates, and quantities.

Art. 83. (Revoked by Resolution BCB No. 409, of 8/29/2024.)

CHAPTER XI
OF THE CLEARINGHOUSES

Section I
General Provisions

Art. 84. The clearinghouses must be participants of Selic, and the operations in which they participate, directly or indirectly, to be registered and settled in Selic, are governed by the provisions of this Chapter and, insofar as they do not conflict, by the provisions of the other Chapters of this Regulation.

Section II
Of the accounts in Selic

Art. 85. Any clearinghouse may be the holder of normal custody accounts and of the following special custody accounts:

I - special assets, provided for in Law No. 10,214, of 2001;

II - mutualized fund; and

III - collateral, intended for the custody of securities offered as collateral by a third party to the system administered by it.

Art. 86. Any clearinghouse responsible for a clearing and settlement system for operations with securities custodied in Selic additionally has accounts of:

I - deposit, intended for the custody of securities made available by a third party interested in conducting business in the clearinghouse environment; and

II - settlement, intended for the settlement of securities of operations conducted in the clearinghouse environment.

Art. 87. The opening of the main normal custody account, known as the standard account, occurs through the inclusion of the clearinghouse in Selic, once the participation request provided for in § 1 of Art. 7 is accepted and in the manner established by Demab.

Sole paragraph. The opening of the other accounts, as well as the closing of the accounts held by the clearinghouses, must observe the instructions contained in the MUS.

Art. 88. For the purpose of consultation and statements, in addition to the clearinghouse itself, the following also have access to the accounts of:

I - deposit: the participant responsible for the deposit and its standard liquidator, when the latter is responsible for transmitting the commands thereof; and

II - collateral: the participant responsible for providing the collateral and its standard liquidator, when the latter is responsible for transmitting the commands thereof; and

III - special assets: the Department of Strategic Management and Specialized Supervision (Degef) of the Central Bank of Brazil.

Section III
Of the operations in Selic

Art. 89. In addition to the operations provided for in Art. 29, those that entail transfers of securities are admitted:

I - resulting from the constitution, release, substitution, or enforcement of collateral provided to the clearinghouse;

II - related to deposits in the account of a clearinghouse responsible for a clearing and settlement system for operations with securities custodied in Selic;

III - related to loans and exchanges of securities authorized by normative act of the National Monetary Council;

IV - resulting from associated or conjugated operations, governed in subsequent Articles of this Chapter; and

V - resulting from the settlement of securities of operations conducted in the environment of a clearinghouse responsible for a clearing and settlement system for operations with securities custodied in Selic.

Art. 90. The commands of the clearinghouse operations are transmitted by it through any of the access networks to Selic, including the RSFN.

Sole paragraph. In the linking or unlinking of securities from the special assets account, one of the commands will be transmitted by Degef.

Section IV
Of the conditional release and constitution of collateral

Art. 91. At the discretion of the clearinghouse, the collateral offered in securities may be released, in whole or in part, in an operation through which the clearinghouse transfers the securities to the custody account of the party providing the collateral and this party makes a deposit in favor of the clearinghouse, in the amount established by it.

Sole paragraph. At the discretion of the clearinghouse, the inverse operation to that described in the main text is admitted, through which the interested party transfers securities from its custody account to the corresponding collateral account of the clearinghouse and the latter provides for the deposit of financial resources in favor of the interested party, in the amount established by it.

Art. 92. For the purpose of settlement by compensated results, the following may be associated:

I - the release of collateral in securities mentioned in the main text of Art. 91 and the obtaining of financing provided for in Art. 76; and

II - the constitution of collateral in securities referred to in the sole paragraph of Art. 91 and the payment of the financing mentioned.

Section V
Of the payment of rediscount in STR associated with results in the clearinghouse

Art. 93. The payment of rediscount in STR with financial resources coming from the creditor result of the interested party in the clearinghouse environment requires the association of the following three operations:

I - payment of the rediscount with transfer of securities from the account of the Rediscount system of the Central Bank of Brazil to the custody account of the interested party;

II - deposit of the securities through transfer from the custody account of the interested party to the corresponding deposit account of the clearinghouse; and

III - settlement of the delivery obligation in the clearinghouse environment through the transfer of securities from the deposit account to the clearinghouse's settlement account.

Art. 94. Whenever necessary, the operations referred to in Art. 93 may be associated with the set or only with the first two of the following operations:

I - appropriation of securities through transfer from the settlement account to the clearinghouse's custody account;

II - repo sale or, where applicable, resale by the clearinghouse and consequent transfer of securities from the clearinghouse's custody account to the custody account of the buying institution; and

III - granting of rediscount in STR with transfer of securities from the financial institution's custody account to the account of the Rediscount system of the Central Bank of Brazil.

Section VI
Of the obtaining of rediscount in STR associated with results in the clearinghouse

Art. 95. The obtaining of rediscount in STR of securities to be acquired by the interested party in the clearinghouse environment implies the association of the following three operations:

I - settlement of the right to receive in the clearinghouse environment through transfer of securities from the clearinghouse's settlement account to its respective deposit account;

II - withdrawal of the deposit through transfer of securities from the clearinghouse's deposit account to the custody account of the interested party; and

III - obtaining of rediscount with transfer of securities from the custody account of the interested party to the account of the Rediscount system of the Central Bank of Brazil.

Art. 96. Whenever necessary, the operations referred to in Art. 95 may be associated with the set or only with the first two of the following operations:

I - transfer of securities acquired by the clearinghouse from its custody account to its settlement account;

II - definitive purchase, repo purchase or, where applicable, repurchase by the clearinghouse and consequent transfer of securities from the custody account of the selling institution to the custody account of the clearinghouse; and

III - payment of rediscount in STR eventually granted to the selling institution with transfer of securities from the account of the Rediscount system of the Central Bank of Brazil to the custody account of the selling institution.

Section VII
Of the purchase in public offer or to dealers associated with results in the clearinghouse

Art. 97. The acquisition of securities through Ofpub or Ofdealer with financial resources coming from the creditor result of the interested party in the clearinghouse environment requires the association of the following three operations:

I - purchase in Selic environment, with transfer of securities from the account of the National Treasury or the Central Bank of Brazil to the custody account of the interested party;

II - deposit of the securities, through transfer from the custody account of the interested party to the corresponding deposit account of the clearinghouse; and

III - settlement of the delivery obligation in the clearinghouse environment, through the transfer of securities from the deposit account to the clearinghouse's settlement account.

Art. 98. Whenever necessary, the operations mentioned in Art. 97 may be associated with the set or only with the first two of the following operations:

I - appropriation of securities, through transfer from the settlement account to the clearinghouse's custody account;

II - repo sale or, where applicable, resale by the clearinghouse and consequent transfer of securities from the clearinghouse's custody account to the custody account of the buying institution; and

III - granting of rediscount in STR, with transfer of securities from the institution's custody account to the account of the Rediscount system of the Central Bank of Brazil.

Section VIII
Of the common provisions to the operations associated with results in the clearinghouse

Art. 99. Regarding the operation mentioned in item II of Arts. 93, 95, or 97, the clearinghouse's command will only be accepted by Selic once the corresponding command of the institution is accepted, observed that the transmission of the latter command must be preceded by the registration of the operation provided for in item I of Art. 93, item III of Art. 95, or item I of Art. 97, respectively.

Art. 100. The registration of any operation listed in the items of Arts. 93 to 98 requires the transmission of commands instructed with the corresponding financial value, which value must be identical for the operations mentioned in the items of Arts. 93, 95, or 97.

Art. 101. The commitments to resell or repurchase of the rediscount operations mentioned in Arts. 93 to 98 must be assumed always for the same day.

Section IX
Of the settlement of repurchase or resale in a different system

Art. 102. The repo operation provided for in item IV of the main text of Art. 29, with free movement agreement, not conjugated and without intermediation, and the respective repurchase or resale for the same day or subsequent day, may be settled in distinct systems, one of which being Selic, provided that it is agreed upon by the parties and has the prior consent of the clearinghouse.

Art. 103. In the case of resale or repurchase to be settled in the clearinghouse:

I - the commands of the repo operation are accepted by Selic only after the clearinghouse has sent a message manifesting its agreement to settle the respective commitment; and

II - the provisions of item II of Arts. 33 and 34 do not apply to the respective repo operation to be registered in Selic.

§ 1. The clearinghouse's agreement, regarding the repo operation not yet settled in Selic:

I - may be revoked, by sending a message to Selic, provided that Selic has not yet accepted any command related to the respective repo operation; and

II - is considered revoked by Selic at the time established by Demab.

§ 2. The revocation in the manner mentioned in § 1 implies the cancellation of the commands of the respective repo operation in Selic.

§ 3. Once the repo operation is settled in Selic, it sends a message to the clearinghouse informing all the data of the commitment to be honored in its clearing and settlement system.

Art. 104. Regarding the purchase or sale in the clearinghouse with resale or repurchase in Selic:

I - the date of the commitment cannot coincide with that of the redemption of the corresponding security; and

II - the clearinghouse must inform Selic, on the same day the repo operation is settled, all the data related to the commitment arising therefrom.

Section X
Of the special assets of the clearinghouse

Art. 105. The securities that constitute the special assets of the clearinghouse may be substituted, in whole or in part, until the business day prior to the redemption, through two conjugated operations of transfer of securities associated with two other operations of purchase and sale, as follows:

I - purchase of the substitute securities and consequent transfer from the seller's free movement normal custody account to the clearinghouse's free movement normal custody account;

II - transfer of the substitute securities from the clearinghouse's free movement normal custody account to its special assets account;

III - transfer of the substituted securities from the special assets account to the clearinghouse's free movement normal custody account; and

IV - sale of the substituted securities and consequent transfer from the clearinghouse's free movement normal custody account to the buyer's free movement normal custody account.

Sole paragraph. For the purpose of settlement by compensated results, the operations referred to in items I and II are associated; in items II and III, conjugated; and in items III and IV, associated.

Section XI
Of the movement of securities

Art. 106. Regarding the same clearinghouse, transfers of securities are admitted in the following cases:

I - between the deposit, collateral, settlement, and free movement normal custody accounts of the participant and the clearinghouse; or

II - between the special assets and free movement normal custody accounts of the clearinghouse.

Art. 107. Securities may be transferred between the accounts of two clearinghouses of the same entity:

I - from the deposit, collateral, or settlement account of a clearinghouse responsible for a clearing and settlement system for operations with securities custodied in Selic to the collateral account of another clearinghouse;

II - from the collateral account of any clearinghouse to the deposit, collateral, or settlement account of the clearinghouse responsible for the system mentioned in item I; and

III - between the collateral accounts of any two clearinghouses.

Art. 108. The transfers of securities referred to in Arts. 106 and 107 in which the granting and receiving accounts are of deposit, collateral, or free movement normal custody are restricted to those related to the same depositor or provider of collateral.

Section XII
Of the commands for registration and settlement of the operations

Art. 109. The transfers of securities between accounts of the same clearinghouse require the transmission of a single command, with the exception of the following, which require a double command:

I - linking and unlinking of securities in the special assets account; and

II - transfers resulting from associated or conjugated operations.

Art. 110. The commands transmitted by the clearinghouse that do not imply transfers of financial resources and the commands related to operations associated with results in the clearinghouse dealt with in Arts. 93, 95, and 97 and item I of Arts. 94, 96, and 98 are not subject to the provisions of item “a” of item II of Art. 57.

Art. 111. The commands of operations associated with results in the clearinghouse not settled until the closing of the time provided for in Art. 112 are cancelled by Selic.

Section XIII
Of the settlement of the operations

Art. 112. The settlement of securities of the operations conducted in the environment of a clearinghouse responsible for a clearing and settlement system for operations with securities custodied in Selic occurs at the time provided for in its own regulation, previously approved by the Central Bank of Brazil.

Art. 113. The clearinghouse operations conducted in the Selic environment have financial settlement in one of the following accounts, according to the type of account or the nature of the operation:

I - Settlement Account held by the clearinghouse in STR:

a) payment of interest, amortization, and redemption of securities custodied in the deposit and collateral accounts;

b) operations directly related to the mechanisms and safeguards adopted in the system administered by the clearinghouse; and

c) operations associated with results in the clearinghouse;

II - account administered by Degef: payment of interest, amortizations, and redemptions of securities custodied in the clearinghouse's special assets account; and

III - Standard Liquidator's Bank Reserves account: other clearinghouse operations.

Section XIV
Of the provision of information to Demab

Art. 114. The data related to the operations conducted in a clearing and settlement system for operations with securities custodied in Selic must be reported to Demab by the respective clearinghouse, in accordance with the standards and deadlines established by it.

CHAPTER XII
OF LIENS AND ENCUMBRANCES

Section I
General Provisions

Art. 115. Selic accepts the registration of liens and encumbrances on securities deposited therein.

§ 1. The registration of liens and encumbrances is governed by the provisions of this Chapter and, insofar as they do not conflict, by the provisions of the other Chapters of this Regulation.

§ 2. The parties involved in the registration of liens and encumbrances are the secured party and the guarantor, or the usufructuary and the owner, as the case may be, who must have a normal custody account, own or third-party, individualized.

§ 3. In all acts necessary for the registration of liens and encumbrances, the secured party and the guarantor, or the usufructuary and the owner, are represented:

I - by the participant itself, in the case provided for in item I of Art. 50; (Wording given by Resolution BCB No. 409, of 8/29/2024.)

II - by its standard liquidator, in the case provided for in item II of Art. 50; or (Wording given by Resolution BCB No. 409, of 8/29/2024.)

III - by the participant responsible for Tesouro Direto, in the case provided for in item V of the main text of Art. 50. (Included by Resolution BCB No. 409, of 8/29/2024.)

§ 4. It is the exclusive responsibility of the secured party and the guarantor, or the usufructuary and the owner:

I - to ensure the legal feasibility of the constitution of the liens and encumbrances, as well as the legality of the corresponding instrument and its adequate and timely registration, in cases where the law requires;

II - to ensure the coherence between the instrument, when applicable, and the other information inserted in the electronic form referred to in Arts. 117 and 118;

III - to observe the adequate and timely authorization of the movement of securities, made through commands transmitted to Selic;

IV - to be liable for damages resulting from the rejection or absence of confirmation of the electronic form referred to in Arts. 117 and 118; and

V - to provide the intervening party with the necessary information for the movement of securities, in the case provided for in § 3 of Art. 116.

§ 5. Demab is not responsible for verifying the possible existence of another lien, encumbrance, or restriction of rights of any nature on the securities subject to the registration of the lien or encumbrance, within or outside Selic, prior to the registration of the lien or encumbrance in Selic.

§ 6. Selic will maintain the information provided by the secured party and the guarantor, or by the usufructuary and the owner, during the procedures for the registration of liens and encumbrances, including in situations of rejection by any of the parties or, also, in those that are not concluded.

§ 7. The secured party and the guarantor, or the usufructuary and the owner are represented by the intervening party in the acts related to the movements of securities, in the case provided for in § 3 of Art. 116.

Art. 116. The liens and encumbrances may be effected in the following manner:

I - individualized, when they fall on a specific security or a specific set of securities; or

II - universal, when there is no prior specification of a security or a set of securities.

§ 1. In the cases provided for in items I and II of the main text, the securities subject to liens and encumbrances are custodied in a normal custody account registered specifically for this purpose, known as the lien and encumbrance account.

§ 2. Each registration of liens and encumbrances is related to a lien and encumbrance account.

§ 3. Upon authorization of the parties, the securities subject to the registration of liens and encumbrances made in the universal form may be custodied in a special custody account known as the lien and encumbrance account, in the name of the secured party or the usufructuary, managed by the intervening party, registered specifically for this purpose. (Wording given by Resolution BCB No. 409, of 8/29/2024.)

§ 4. The effectuation of liens and encumbrances will be exclusively in the universal form when it is: (Included by Resolution BCB No. 409, of 8/29/2024.)

I - of the type usufruct; (Included by Resolution BCB No. 409, of 8/29/2024.)

II - managed by an intervening party; or (Included by Resolution BCB No. 409, of 8/29/2024.)

III - within the scope of Tesouro Direto. (Included by Resolution BCB No. 409, of 8/29/2024.)

Section II
Of the registration of liens and encumbrances

Art. 117. The process of registration of liens and encumbrances in Selic comprises the following stages:

I - one of the parties involved requests the registration by filling out an electronic form containing information about the liens and encumbrances; the list of securities with the specifications and quantities of the securities to be encumbered; the authorization for the issuance of a certificate requested by a third party, in the manner of Art. 124, item II, if applicable; the indication of the intervening party in the manner provided for in § 3 of Art. 116, if applicable; and the digitized instrument, if applicable;

II - the counterparty manifests its agreement with the filled electronic form;

III - Selic automatically registers a lien and encumbrance account related to the request;

IV - the parties authorize the transfer of securities from the guarantor's free movement normal custody account to the lien and encumbrance account, through commands;

V - for each accepted double command, Selic segregates the securities from the guarantor's free movement normal custody account;

VI - Selic certifies the correspondence between the content of the list of securities and the commands transmitted; and

VII - Selic moves the segregated securities to the lien and encumbrance account, settles the transfer operations, and effects the registration of liens and encumbrances, at which moment the constitution of the corresponding lien or encumbrance is perfected and the command given to the central depository is considered accepted.

§ 1. The electronic form mentioned in items I and II of the main text contains the parameters to be observed by Selic, prevailing, in any case, over any discrepancies contained in the instrument.

§ 2. For the registration of liens and encumbrances made in the universal form, the inclusion of the list of securities provided for in item I of the main text and the transfer of securities from the guarantor's free movement normal custody account to the lien and encumbrance account are dispensed with.

§
2º For the registration of liens and encumbrances carried out in a universal manner, the inclusion of the list of securities provided for in item I of the caput and the transfer of the securities defined in items IV to VII of the caput are waived. (Amended by Resolution BCB No. 409, of 8/29/2024.)

§ 3º In the case provided for in § 2º, the registration and the consequent constitution of the lien or encumbrance shall be perfected with the transfer of the securities from the free-flowing account of the guarantor or the owner, or, in the case provided for in § 3º of art. 116, from an account in the name of the guarantor, to the corresponding lien and encumbrance account, in the manner of art. 119, at which moment the command given to the central depository shall be considered accepted.

§
3º In the case provided for in § 2º, the registration and the consequent constitution of the lien or encumbrance shall be perfected with the transfer of the securities from the free-flowing account of the guarantor or the owner, or, in the case provided for in art. 116, § 3º, from an account in the name of the guarantor or the owner, to the corresponding lien and encumbrance account, in the manner of art. 119, at which moment the command given to the central depository shall be considered accepted. (Amended by Resolution BCB No. 409, of 8/29/2024.)

§
4º The request for the registration of liens and encumbrances shall be canceled when rejected by any of the parties or not completed until the closing of Selic, resulting, if applicable:

I

• the automatic cancellation of pending commands;

II

• the release of the securities segregated in the normal free-flowing custody account of the guarantor; and

III

• the automatic exclusion of the lien and encumbrance account.

§
5º In the process of registering liens and encumbrances on Tesouro Direto securities, the participant responsible for Tesouro Direto shall carry out, simultaneously, the steps provided for in items I and II of the caput. (Included by Resolution BCB No. 409, of 8/29/2024.)

Section
III

Of the amendment or rectification of the registration of liens and encumbrances

Art.
118. The process of amendment or rectification in the registration of liens and encumbrances comprises the following steps:

I

• one of the parties involved requests the amendment or rectification related to the registration of liens and encumbrances, by filling out the electronic form with the data to be amended or rectified and, if applicable, the list of securities to be transferred and/or the digitized instrument;

II

• the counterparty expresses its agreement with the electronic form;

III

• the parties authorize the transfer of securities between the normal free-flowing custody account of the guarantor and the lien and encumbrance account, through commands;

IV

• for each accepted double command, Selic segregates the securities from the transferor's account of the operation;

V

• Selic certifies the correspondence between the content of the list of securities and the transmitted commands; and

VI

• Selic moves the segregated securities, settles the transfer operations and effects the registration of the amendment or rectification.

§
1º The registration of amendment or rectification may be effected, without applying the provisions of items III to VI of the caput, in the following cases:

I

• when it does not require the movement of securities; and

II

• for liens and encumbrances carried out in a universal manner.

§
2º The request for the amendment or rectification of the registration of liens and encumbrances shall be canceled when rejected by any of the parties or not completed until the closing of Selic, resulting, if applicable:

I

• the automatic cancellation of pending commands; and

II

• the release of the securities segregated in the normal free-flowing custody account of the guarantor.

§
3º In the process of amendment or rectification in the registration of liens and encumbrances on Tesouro Direto securities, the participant responsible for Tesouro Direto shall carry out, simultaneously, the steps provided for in items I and II of the caput. (Included by Resolution BCB No. 409, of 8/29/2024.)

Section
IV

Of the movement of securities in cases of liens and encumbrances carried out in a universal manner

Art.
119. In cases of liens and encumbrances carried out in a universal manner, the movement of securities between the lien and encumbrance account and the free-flowing account of the guarantor or the owner must be authorized by the parties, through commands.

Sole Paragraph. In the case provided for in § 3º of art. 116, it is incumbent upon the intervenor to authorize, through commands, the movement of securities between the lien and encumbrance account managed by him and the account in the name of the guarantor or the owner.

Sole
Paragraph. In the case provided for in art. 116, § 3º, the movement of securities must be authorized by the intervenor, through commands, and shall be between the special custody account of liens and encumbrances and the account in the name of the guarantor or the owner, which may be of free flow or special custody, denominated intervenor allocation. (Amended by Resolution BCB No. 409, of 8/29/2024.)

Section
V

Of the execution

Art.
120. The execution of the securities custodied in the lien and encumbrance account is carried out by the secured party or, in the case provided for in § 3º of art. 116, by the intervenor, through the transmission of a command directed to the lien and encumbrance account for the realization of a definitive purchase and sale operation of the executed securities.

§
1º It is the responsibility of the secured party:

I

• to comply with the legal provisions and procedures regarding the execution of the encumbered securities;

II

• to certify that, in the event that the obligation is guaranteed by pledge, the instrument constituting the guarantee foresees the possibility of alienation of the asset or that a similar prerogative is contained in a power of attorney granted to the secured party by the guarantor, in accordance with the provisions of art. 1.433, item IV, of the Civil Code;

III

• to transfer to the guarantor any excess financial values resulting from the sale operations of the securities custodied in the lien and encumbrance account;

IV

• to effect the extinction of the lien after the completion of all procedures related to the execution, in the manner provided for in art. 121;

V

• to authorize the execution and provide all necessary information for the purchase and sale operation of the executed securities to the intervenor, in the case provided for in § 3º of art. 116.

§
2º In the case of item III of § 1º, the transfer of financial values shall be carried out outside Selic.

§ 3º It is the exclusive responsibility of the secured party and the guarantor or, in the case provided for in § 3º of art. 116, of the intervenor, to promote the transfer of the remaining securities custodied in the lien and encumbrance account to another account owned by one of the parties or a third party.

§
4º The execution of the securities is independent of any command from the guarantor.

§
5º Demab is not responsible for establishing the sale price of the executed securities.

§
6º In the case of liens and encumbrances on Tesouro Direto securities, the execution will imply a sale operation to the National Treasury under the conditions established within that program. (Included by Resolution BCB No. 409, of 8/29/2024.)

Section
VI

Of the extinction of the registration of liens and encumbrances

Art.
121. The extinction of the registration of liens and encumbrances shall be carried out upon request by the secured party or the usufructuary.

§
1º For the extinction provided for in the caput to be requested, there must be no securities custodied in the lien and encumbrance account.

§
2º The extinction of the registration of liens and encumbrances does not occur automatically due to the absence of securities in the lien and encumbrance account, being conditioned to the request by the secured party or usufructuary provided for in the caput.

§
3º The transfer of securities for the purpose of extinguishing the registration of liens and encumbrances must observe the process described in art. 118 and, for liens and encumbrances carried out in a universal manner, the provisions of art. 119.

§
4º In the event of the death of the usufructuary, the representative of the estate must effect the commands to transfer the securities to the owner.

Section
VII

Of the inquiries and statements

Art.
122. The secured party and the guarantor, or the usufructuary and the owner, may consult the information provided by both parties during the procedures for the registration of liens and encumbrances, including in situations of rejection or non-completion of the registration request, as well as consult information about the lien and encumbrance account and obtain the corresponding statements.

§ 1º The guarantor does not have access to the identification of the counterparty of the definitive purchase and sale operation related to the execution.

§
1º The guarantor does not have access to the identification of the counterparty of the definitive purchase and sale operation related to the execution, except within the scope of Tesouro Direto, in which the National Treasury is the counterparty. (Amended by Resolution BCB No. 409, of 8/29/2024.)

§
2º In the case provided for in § 3º of art. 116, the intervenor may also consult the information mentioned in the caput, as well as obtain the statements related to the lien and encumbrance account managed by him.

Section VIII

Of the issuer events

Art.
123. The issuer events, namely the payment of interest or amortization and the redemption, related to the securities custodied in the normal custody account of liens and encumbrances shall be credited to the STR account owned by the clearing participant of the secured party or the usufructuary.

Sole Paragraph. The issuer events related to the securities custodied in the special custody account of liens and encumbrances managed by an intervenor shall be credited to the STR account owned by the clearing participant of the intervenor.

§
1º The issuer events related to the securities custodied in the special custody account of liens and encumbrances managed by an intervenor shall be credited to the STR account owned by the clearing participant of the intervenor. (Transformed into § 1º by Resolution BCB No. 409, of 8/29/2024.)

§
2º The issuer events related to the securities custodied in the normal custody account of liens and encumbrances of Tesouro Direto shall be credited to the STR account owned by the clearing participant of the participant responsible for Tesouro Direto. (Included by Resolution BCB No. 409, of 8/29/2024.)

Section
IX

Of the issuance of certificate

Art.
124. The certificate regarding the effected registration of liens and encumbrances is issued exclusively in electronic form:

I

• at any time, for the secured party and for the guarantor, or for the usufructuary and for the owner; or

II - until its extinction, for a third party, provided that, in the electronic form referred to in art. 117, item I, authorization for the issuance of the certificate is granted.

§
1º The certificate referred to in the caput indicates:

I

• for the secured party and for the guarantor, or for the usufructuary and for the owner, the information related to the registration of liens and encumbrances, observing the provisions of § 1º of art. 122; and

II

• for a third party, the moment of the effection of the registration, the parties involved, the digitized instrument, if existing, and the balance of securities in the lien and encumbrance account.

§
2º If it is a registration of liens and encumbrances carried out in a universal manner, the certificate may be issued prior to the movement of securities to the lien and encumbrance account, in which case the non-perfection of the constitution of the lien and encumbrance will be highlighted.

§
3º In the case provided for in § 3º of art. 116, the certificate may also be issued to the intervenor, in the manner provided for in item I of the caput and item I of § 1º.

Section
X

Of the pre-existing liens and encumbrances

Art.
125. In the case of liens and encumbrances constituted prior to the entry into force of this Chapter, it is the exclusive responsibility of the participants to use the following accounts:

I

• normal custody fiduciary assignment;

II

• special custody managed by an intervenor in fiduciary assignment; and

III

• normal custody guarantee.

§
1º For the accounts cited in items I to III of the caput, requests regarding:

I

• registration of instrument;

II

• issuance of certificate; and

III

• inquiries and statements carried out by the guarantor, are not accepted.

§
2º The movement of securities:

I

• to the accounts cited in items I and II of the caput, is carried out by transfer operations of securities related to the fiduciary assignment through:

a) the transfer of the securities from the normal free-flowing custody account in which the securities of the guarantor are located to the normal custody fiduciary assignment account in the name of the secured party; or

b) the intervention of a third party, in which case the securities are registered in a special custody fiduciary assignment account owned by the intervenor, in the name of the secured party.

II

• to the account cited in item III of the caput, is carried out in accordance with the provisions of art. 44.

§
3º Exclusively for the purpose of adapting to the procedures provided for in this Chapter, the secured party or, in the case provided for in § 3º of art. 116, the intervenor, may authorize the transfer of securities from the accounts cited in items I to III of the caput to a normal or special custody account of liens and encumbrances, as the case may be, through commands, observing the procedures defined in arts. 117 and 119.

§
4º In the event of the extinction of the liens and encumbrances referred to in the caput, the accounts cited in items I to III of the caput must be closed by their owner.

Section
XI
Of the purchase and sale of securities encumbered by usufruct

Art. 126. The owner may carry out the definitive sale of the securities encumbered by usufruct, regardless of the will of the usufructuary.

CHAPTER XIII
OF
GENERAL PROVISIONS

Art.
127. Every clearing participant and, when applicable, non-clearing participant must keep at their workplace a person qualified to transmit operation commands:

I - preferably, during the entire period of Selic functioning; and

II - obligatorily, in the 60 (sixty) minutes preceding the closing of Selic.

Art.
128. The following must be subject to agreement between the parties:

I - the transmission of commands by a non-clearing participant by its respective standard clearing participant;

II - the definition, by the clearing participant, of the operational limit opened to the non-clearing participant; and

III - the extinction of the obligation resulting from the settlement of operations of a non-clearing participant by a clearing participant.

Art.
129. Selic participants are subject to the collection of a monthly value aimed at reimbursing the operating and investment expenses of the Brazilian Association of Financial and Capital Markets Entities (Anbima) and the Central Bank of Brazil related to the functioning of Selic and its complementary modules, as well as the expenses incurred by Anbima in its activities to promote the federal public debt securities market.

Sole
Paragraph. The Central Bank of Brazil, the National Treasury, issuer of the federal public debt securities, the Brazilian Sovereign Wealth Fund, created by Law No. 11,887, of December 24, 2008, and the regulatory bodies are exempt from the collection referred to in the caput.

Art.
130. The value to be reimbursed by the participant is:

I - calculated according to a calculation methodology published by Demab;

II - due on the tenth business day of the month following the month of use of Selic; and

III - plus delinquency interest of 1% (one percent) per month or proportional fraction and a fine of 2% (two percent), calculated on the value of the overdue debt, when paid after the date referred to in item II.

Art. 131. Omitted cases shall be resolved by Demab.

CHAPTER XIV
OF
TRANSITORY PROVISIONS

Art. 132. The registration of an operation on a date subsequent to that on which it was carried out is permitted until June 30, 2021 only for the purchase with commitment to resell and for the sale with commitment to repurchase, in the manner of item IV of the caput of art. 29, contracted by:

I - fund client with its administrator;

II - fund client with clearing participant; and

III - fund administrator, if non-clearing participant, with clearing participant to remedy any imbalance resulting from the realization of the operation referred to in item I.

Sole Paragraph. Registrations on a subsequent date are prohibited for operations whose object is securities already redeemed, for operations with financial settlement by STR, for operations with repurchase or resale for the same day, for operations with intermediation, and for conjugated or associated operations, provided for in arts. 74 to 78.

Art.
132. (Revoked by Resolution BCB No. 409, of 8/29/2024.)

Art. 133. The commands referred to in Chapter VIII, for the registration on a subsequent date of an operation, must be transmitted on the business day following the day on which the operation was carried out, until the time defined by Demab.

Sole
Paragraph. When transmitted on the very day of the maturity of the commitment, the commands referred to in the caput authorize the registration and settlement of the committed operation and its respective repurchase or resale.

Art. 133. (Revoked by Resolution BCB No. 409, of 8/29/2024.)