Resolution CMN No. 3,932 — Amends and Consolidates Rules on Allocation of Funds from Savings Deposits by SBPE Entities

Resolution No. 3,932, of December 16, 2010 1

RESOLUTION NO. 3,932

Amends and consolidates the rules on the allocation of resources captured in savings deposits by entities members of the Brazilian Savings and Loan System (SBPE).

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on December 16, 2010, based on Articles 7 of Decree-Law No. 2,291, of November 21, 1986, and 28 of Law No. 10,150, of December 21, 2000,

HAS RESOLVED:

Article 1. The values related to real estate credits assigned starting from March 1, 2011, by institutions members of the Brazilian Savings and Loan System (SBPE) to real estate credit securitization companies, linked to real estate receivables certificates through a Credit Securitization Agreement, in accordance with Law No. 9,514, of November 20, 1997, may remain calculated for the purpose of complying with the requirement established in Article 1, item I, of the regulation annexed to this resolution, in the following manner:

I - in its entirety, until the first month following the date of formalization of the credit assignment contracts;

II - by the value referred to in item I of the main text, deducted, cumulatively, at a rate of 1/36 (one thirty-sixth) for each monthly position starting from the second month following the date of formalization of the credit assignment contracts.

Sole Paragraph. The provisions of this article apply to credits assigned until December 31, 2013.

Article 2. Real estate receivables certificates backed by the credits referred to in Article 1 may be calculated as real estate financing operations, for the purpose of complying with the requirement established in Article 1, item I, of the regulation annexed to this resolution, starting from the second month following the date of issuance, in an amount equivalent to 1/36 (one thirty-sixth) of the value of the title at the end of the first month following the date of issuance, plus the same rate for each monthly position, observing the provisions of Articles 2, item IX, and 9, item I, letter "b", of the regulation annexed to this resolution.

Sole Paragraph. The Credit Securitization Agreements related to the real estate receivables certificates referred to in the main text must contain information that allows identifying the assigning institution of the credits and the use of the option provided in Article 1.

Article 3. Institutions members of the SBPE must maintain internal controls that allow verifying compliance with the provisions of Articles 1 and 2 of this resolution.

Resolution No. 3,932, of December 16, 2010 2

Article 4. The rules governing the allocation of resources captured by entities members of the SBPE are consolidated in the regulation annexed to this resolution.

Sole Paragraph. The values calculated in accordance with the regulation annexed to Resolution No. 3,347, of February 8, 2006, and subsequent amendments, remain calculated for the purpose of verifying compliance with the requirement established in its Article 1, item I, until the end of the respective contractual periods.

Article 5. This resolution enters into force on the date of its publication, producing effects starting from March 1, 2011.

Article 6. The following are revoked:

I - Articles 6 of Resolution No. 3,549, of March 27, 2008, 3 to 8 of Resolution No. 3,706, of March 27, 2009, 8 of Resolution No. 3,811, of November 19, 2009, and 3 of Resolution No. 3,841, of February 25, 2010; and

II - Resolutions Nos. 3,347, of February 8, 2006, 3,410, of September 27, 2006, and 3,629, of October 30, 2008.

Brasília, December 16, 2010.

Henrique de Campos Meirelles
President

This text does not replace the published version in the DOU and Sisbacen.

Resolution No. 3,932, of December 16, 2010 3

Regulation annexed to Resolution No. 3,932, of December 16, 2010, which disciplines the allocation of resources captured in savings deposits.

CHAPTER I
ON THE ALLOCATION OF RESOURCES

Article 1. Resources captured in savings deposits by entities members of the Brazilian Savings and Loan System (SBPE) must be applied according to the following percentages:

I - 65% (sixty-five percent), at minimum, in real estate financing operations, being:

a) 80% (eighty percent), at minimum, of the above percentage in housing finance operations within the Housing Financial System (SFH); and

b) the remainder in real estate financing operations contracted at market rates;

II - 20% (twenty percent) in mandatory reserve at the Central Bank of Brazil; and

III - the remaining resources in financial availability and in other operations admitted in accordance with current legislation and regulation.

§ 1. The percentages established in item I of the main text are based on the calculation of the lower of the following values, using the business day criterion:

I - the arithmetic mean of daily balances of savings deposits in the twelve months preceding the reference month; or

II - the arithmetic mean of daily balances of savings deposits in the reference month.

§ 2. For institutions members of the SBPE in the start of activity, while twelve months of savings deposit capture have not been completed, the calculation base must be determined by dividing the sum of daily balances by the number of business days considered in each position.

Article 2. For the purpose of verifying compliance with the requirement established in Article 1, item I, the following are calculated as housing finance operations within the SFH:

I - financing for the acquisition of residential properties, new or used, contracted under SFH conditions;

Resolution No. 3,932, of December 16, 2010 4

II - financing to natural persons for the construction of residential property, contracted under SFH conditions;

III - loans contracted, under SFH conditions, for the settlement of housing financing, provided they are secured by the mortgage or fiduciary alienation of the properties that were acquired through these financing;

IV - financing for the production of residential properties with an average financing value per produced unit equal to or lower than the limit established in Article 14, item II, observing the provisions of item III of that article;

V - the amount of scheduled disbursements for release until the end of financing contracts for construction and production referred to in items II and IV, observing the provisions of Article 6;

VI - financing for the acquisition of material for the construction or expansion of housing on a lot owned by the applicant for financing or whose regular possession is held by them, under SFH conditions;

VII - real estate credit certificates and mortgage certificates representing housing finance operations under SFH conditions;

VIII - real estate credit letters, mortgage letters, and interbank real estate deposits, guaranteed or backed by housing finance operations within the SFH;

IX - real estate receivables certificates issued by real estate credit securitization companies, backed by real estate financing, observing the provisions of Article 5;

X - credit rights originating from commitments or definitive purchase and sale contracts, concluded with natural persons, for new or under-construction residential real estate properties, observing the provisions of Article 14, items I to III;

XI - shares of real estate investment funds and funds for investment in credit rights, whose portfolios are constituted exclusively by housing finance contracted under SFH conditions or by credit rights referred to in item X, and, up to 20% (twenty percent) of the portfolio, by federal public bonds and other financial availability, observing the provisions of Article 5;

XII - operations calculated as special range during the validity of Resolution No. 2,458, of December 18, 1997;

XIII - balances of deposits in the Fund for Support to the Production of Housing for Low-Income Population (Fahbre);

XIV - credits with the Wage Variation Compensation Fund (FCVS);

Resolution No. 3,932, of December 16, 2010 5

XV - credits corresponding to FCVS debts novated, in accordance with Article 10 of Law No. 10,150, of 2000;

XVI - the value of discounts absorbed by financial institutions in contracts providing for coverage of eventual residual balances by FCVS, resulting from the provisions of Law No. 10,150, of 2000, adjusted in each position by the basic remuneration of savings deposits, in the following manner:

a) in its entirety, for a period of one year counted from the respective absorption;

b) by 50% (fifty percent) of its amount, for a period of one year counted from the end of the period referred to in letter "a";

XVII - the value of properties received in liquidation of housing financing contracted within the SFH, while not alienated, observing the maximum legal period established for their alienation;

XVIII - real estate financing for the production of properties within the SFH, contracted or renegotiated until June 30, 2000, based on Article 2 of Resolution No. 2,623, of July 29, 1999;

XIX - financing for the acquisition of construction materials, granted, starting from January 1, 2006, to construction and/or development companies, provided that the acquired materials are effectively used for the production of residential properties within the SFH;

XX - financing granted, starting from January 1, 2005, to legal entities for the construction of housing for their employees, provided they are under SFH conditions;

XXI - financing for investment projects of private concessionaires in the sanitation sector, for application in actions provided in Article 9-B, § 1, of Resolution No. 2,827, of March 30, 2001, included by Resolution No. 3,153, of December 11, 2003, and subsequent amendments, provided that the provisions of Articles 7 and 14, item III, of this regulation are observed;

XXII - financing for technical studies for the structuring of public-private partnership models in environmental sanitation, referred to in Article 9-E of Resolution No. 2,827, of 2001, included by Resolution No. 3,331, of November 28, 2005, and subsequent amendments, observing the provisions of Article 7 and the following conditions:

a) maximum interest rate equivalent to that provided in Article 14, item III;

b) maximum amortization period of up to eighteen months; and

c) maximum grace period of up to nine months;

XXIII - financing for the renovation of non-residential properties with the objective of adapting them for residential use, contracted starting from April 1, 2005;

Resolution No. 3,932, of December 16, 2010 6

XXIV - up to 35% (thirty-five percent) of the value of guarantee letters for the acquisition of real estate receivables certificates issued after December 18, 2003, backed by credit rights originating from operations for the purchase and sale of residential real estate properties or housing financing, in the latter case provided they were granted after December 18, 2003, observing the provisions of Articles 5 and 6;

XXV - working capital financing, with a maximum term of sixty months, observing the provisions of Article 8, granted until December 31, 2009, destined to:

a) real estate developments subject to the affected property regime, referred to in Articles 31-A to 31-F of Law No. 4,591, of December 16, 1964, with the wording given by Law No. 10,931, of August 2, 2004; or

b) companies constituted with the specific purpose of administering risks, benefits, assets, and obligations resulting from activities aimed at promoting and carrying out the construction, for total or partial alienation, of buildings or sets of buildings composed of autonomous units;

XXVI - financing for infrastructure works in urban subdivisions, observing the provisions of Article 7, destined to residential properties granted to:

a) real estate developments subject to the affected property regime, referred to in Articles 31-A to 31-F of Law No. 4,591, of 1964, with the wording given by Law No. 10,931, of 2004; or

b) companies constituted with the specific purpose of administering risks, benefits, assets, and obligations resulting from activities aimed at promoting and carrying out the construction, for total or partial alienation, of buildings or sets of buildings composed of autonomous units;

XXVII - the values referred to in Article 1 of Resolution No. 3,841, of February 25, 2010; and

XXVIII - the values referred to in Articles 1 and 2 of this resolution, regarding operations contracted under SFH conditions or backed by these operations.

§ 1. The contracting of the financing referred to in item VI must be carried out by opening credit to the final consumer or to the merchant, with the financial agent responsible for verifying the effective destination of the corresponding resources.

§ 2. The guarantee letters referred to in item XXIV must establish:

I - that the acquisition of real estate receivables certificates will only be effective if the said certificates have been offered in two auctions or in two consecutive negotiation sessions on a stock exchange, in an organized over-the-counter market, or in registration and financial liquidation systems authorized by the Central Bank of Brazil or by the Securities and Exchange Commission; and

Resolution No. 3,932, of December 16, 2010 7

II - prices and dates of exercise of the real estate receivables certificates, provided that the first exercise cannot occur within a period of less than 20% (twenty percent) of the total term of the certificate.

§ 3. The percentage of up to 35% (thirty-five percent) referred to in item XXIV applies, in each position, to the exercise price established for the next exercise date.

§ 4. Real estate receivables certificates with a guarantee letter granted by an institution member of the SBPE can only be calculated for the purpose of verifying compliance with the requirement established in Article 1, item I, up to the limit of 65% (sixty-five percent) of their acquisition value.

Article 3. For the purpose of verifying compliance with the requirement established in Article 1, item I, the following are calculated as real estate financing operations at market rates:

I - financing for the acquisition, construction, renovation, or expansion of properties, commercial or residential, new, used, or under construction, at market rates;

II - loans contracted at market rates for the settlement of real estate financing, provided they are secured by the mortgage or fiduciary alienation of the properties that were acquired through these financing;

III - financing for the production of commercial or residential properties at market rates;

IV - the amount of scheduled disbursements for release until the end of financing contracts for construction and production referred to in items I and III, observing the provisions of Article 6;

V - financing for the acquisition of material for the construction, renovation, or expansion of properties, commercial or residential, at market rates;

VI - real estate credit certificates and mortgage certificates representing real estate financing operations contracted at market rates;

VII - real estate credit letters, mortgage letters, and interbank real estate deposits, guaranteed or backed by real estate financing operations contracted at market rates;

VIII - credit rights originating from commitments or definitive purchase and sale contracts for real estate properties, new or under construction, contracted at market rates;

IX - shares of real estate investment funds and funds for investment in credit rights, whose portfolios are constituted by real estate financing or by credit rights linked to real estate, and, up to 20% (twenty percent) of the portfolio, by federal public bonds and financial availability, observing the provisions of Article 5;

Resolution No. 3,932, of December 16, 2010 8

X - debentures with real guarantee linked to real estate financing operations;

XI - real estate lease operations of properties acquired for the own use of the lessee entity, observing the regulations applicable to operations of this kind;

XII - financing for infrastructure works in urban subdivisions;

XIII - the value of properties received in liquidation of financing contracted at market rates, while not alienated, observing the maximum legal period established for their alienation;

XIV - real estate financing for the production of properties at market rates, contracted or renegotiated until June 30, 2000, based on Article 2 of Resolution No. 2,623, of 1999; and

XV - the values referred to in Articles 1 and 2 of this resolution, regarding operations contracted at market rates or backed by these operations.

Article 4. Interbank real estate deposits referred to in Articles 2, item VIII, and 3, item VII, must observe current regulation for interbank deposits.

CHAPTER II
ON LIMITS

Article 5. The total value of real estate receivables certificates, shares of real estate investment funds and funds for investment in credit rights, and resources corresponding to the percentage of up to 35% (thirty-five percent) of guarantee letters for the acquisition of real estate receivables certificates, calculated for the purpose of verifying compliance with the requirement established in Article 1, item I, cannot exceed 50% (fifty percent) of the limit provided in letter "a" of that item.

Article 6. Resources corresponding to the amount of disbursements referred to in Articles 2, item V, and 3, item IV, and those related to the percentage of up to 35% (thirty-five percent) of guarantee letters for the acquisition of real estate receivables certificates referred to in Article 2, item XXIV, must be represented by federal public bonds belonging to the institution's own portfolio, which will remain unavailable through registration in a specific account in the Special Settlement and Custody System (Selic), while calculated for the purpose of meeting the requirement.

Sole Paragraph. The federal public bonds referred to in this article must be:

I - issued by the National Treasury or the Central Bank of Brazil;

Resolution No. 3,932, of December 16, 2010 9

II - registered in Selic;

III - considered by their unit prices accepted by the Open Market Operations Department (Demab) of the Central Bank of Brazil in repurchase operations.

Article 7. The total value of operations referred to in Article 2, items XXI, XXII, and XXVI, cannot exceed 5% (five percent) of the limit provided in Article 1, item I, letter "a".

Article 8. The total value of operations referred to in Article 2, item XXV, cannot exceed 5% (five percent) of the value determined in the manner of Article 1, § 1.

CHAPTER III
ON ADJUSTMENTS

Article 9. For the purpose of verifying compliance with the requirement established in Article 1, item I:

I - are calculated:

a) real estate financing, real estate credit certificates, and mortgage certificates, by the updated gross debtor balance, including credits in execution or litigation, while the respective judicial or extrajudicial execution processes are not concluded, observing the same rules for calculating their values for accounting in the Accounting Plan of Institutions of the National Financial System (Cosif), without deduction of provisioned values, nor addition of installments to be released;

b) other operations considered as real estate financing in accordance with Articles 2 and 3, by the arithmetic mean of daily balances maintained in the portfolio in the reported month, using the business day criterion and the same rules for calculating their values for accounting in Cosif;

II - are deducted, from operations calculated in accordance with Articles 2 and 3, the following creditor balances:

a) from transfer and refinancing operations, including those carried out with resources from social funds and programs;

b) from interbank real estate deposits captured and from mortgage letters and real estate credit letters issued backed by real estate financing.

Sole Paragraph. Real estate financing, real estate credit certificates, and mortgage certificates acquired from third parties are calculated, in the month of their acquisition, in accordance with item I, letter "b", of the main text.

Resolution No. 3,932, of December 16, 2010 10

Article 10. Institutions members of the SBPE may apply, for the purpose of verifying compliance with the requirement established in Article 1, item I, the following multiplication factors to the balances of financing granted for the acquisition of new residential property:

I - 1.5 (one and five tenths) for financing granted between July 30, 1999, and July 30, 2002, inclusive, for the acquisition of properties whose evaluation or negotiation value, whichever is higher, does not exceed:

a) R$70,000.00 (seventy thousand reais), in the case of property located in the Municipality of Rio de Janeiro or the Municipality of São Paulo;

b) R$50,000.00 (fifty thousand reais), in the case of property located in other localities of the national territory;

II - 1.5 (one and five tenths), for financing granted between July 31, 2002, and December 31, 2004, inclusive, for the acquisition of properties whose evaluation or negotiation value, whichever is higher, does not exceed:

a) R$100,000.00 (one hundred thousand reais), in the case of property located in the Municipality of Rio de Janeiro or the Municipality of São Paulo;

b) R$80,000.00 (eighty thousand reais), in the case of property located in other localities of the national territory.

Article 11. Institutions members of the SBPE may apply, for the purpose of verifying compliance with the requirement established in Article 1, item I, a multiplication factor to the balances of the financing mentioned in § 1 of this article, calculated based on the following formula:

M_i = 1 + ( (V_i - $150,000.00) / $150,000.00 ) * 0.6

in which:

M_i = multiplication factor of the i-th financing contract for the acquisition, construction, or production of new or used residential property; and

V_i = evaluation or negotiation value, whichever is higher, of the property object of the i-th financing contract for acquisition or construction, or average evaluation or negotiation value, whichever is higher, of the residential units of the development object of the i-th financing contract for production.

§ 1. The multiplication factor referred to in this article may be applied to the balances of the following financing, granted within the SFH:

I - starting from January 1, 2005, for the acquisition of new residential property;

Resolution No. 3,932, of December 16, 2010 11

II - from April 1, 2005, for the acquisition of new and used residential real estate;

III - from January 1, 2006, for the acquisition of new and used residential real estate and for the construction and production of residential real estate, provided that the institution of affected assets referred to in Articles 31-A to 31-F of Law No. 4,591, of 1964, as amended by Law No. 10,931, of 2004, is adopted; and

IV - from March 1, 2010, in addition to the operations mentioned in items I to III, to the new value of the borrower's financing calculated in the renegotiation provided for in Law No. 11,922, of April 13, 2009, provided that the property's appraisal value, calculated in the manner of Article 6 of Law No. 11,922, of 2009, does not exceed R$150,000.00 (one hundred and fifty thousand reais), as provided in Article 2, item II, of Resolution No. 3,841, of 2010.

§ 2º For each percentage point reduction in the maximum effective cost for the final borrower provided for in Article 14, item III, the multiplication factor referred to in this article may be increased by the value calculated based on the following formula:

$$ A_i = 0.9 imes \left( rac{R_i - $150,000.00}{$150,000.00} ight) $$

where:

$A_i$ = additional to the multiplication factor $M_i$;

$V_i$ = appraisal or negotiation value, whichever is higher, of the property subject to the i-th contract for financing for acquisition or construction, or average appraisal or negotiation value, whichever is higher, of the residential units of the project subject to the i-th contract for financing for production.

§ 3º The additional amount provided for in § 2º may not exceed 0.6 (six tenths) per percentage point reduction in the maximum effective cost for the final borrower.

§ 4º The provisions of this article do not apply to properties whose appraisal or negotiation value, whichever is higher, exceeds R$150,000.00 (one hundred and fifty thousand reais).

§ 5º In the event of the charge of the fee mentioned in Article 14, § 1º, item II, the resulting value of the sum of the multiplication factor $M_i$ and the additional amount $A_i$ is reduced by 0.3 (three tenths).

Article 12. Institutions integrated into the SBPE may apply, for the purpose of verifying compliance with the exigibility established in Article 1, item I, a multiplication factor of 1.2 (one and two tenths) to real receivables certificates backed by housing financing.

§ 1º The provisions of this article do not apply to real receivables certificates backed by financing originated by the acquiring institution itself or by another institution within the same conglomerate.

Resolution No. 3,932, of December 16, 2010 12

§ 2º The increase resulting from the eventual application of the multiplication factor referred to in this article is limited to 5% (five percent) of the limit provided for in Article 1, item I, letter "a".

Article 13. Institutions integrated into the SBPE may apply, for the purpose of verifying compliance with the exigibility established in Article 1, item I, a multiplication factor of 1.5 (one and five tenths) to the value of quotas of real estate investment funds and funds for investment in structured credit rights within the framework of the Program for Incentive to the Implementation of Projects of Social Interest (PIPS), provided that with the objective of creating and implementing housing nuclei provided with basic public services, commerce and services, in the manner of Article 5, item I, of Law No. 10,735, of September 11, 2003, observing the limit established in Article 5 of this regulation.

CHAPTER IV

ON THE CONDITIONS OF OPERATIONS

Article 14. In addition to the other conditions established in current legislation, operations within the SFH must observe the following:

I - unit value of financing, comprising principal and ancillary expenses, not exceeding R$450,000.00 (four hundred and fifty thousand reais);

II - maximum limit of the appraisal value of the financed property of R$500,000.00 (five hundred thousand reais);

III - maximum effective cost for the final borrower, comprising interest, commissions and other financial charges, except those referred to in § 1º of this article, of 12% a.a. (twelve percent per year);

IV - contractual provision that any outstanding balance, at the end of the agreed term, will be the responsibility of the borrower, and the financing term may be extended for a period of up to 50% (fifty percent) of that initially agreed.

§ 1º The maximum effective cost for the final borrower referred to in item III of the caput does not include:

I - the costs of contracting life and permanent disability insurance policies, physical damage to the property and, where applicable, the builder's civil liability, observing the provisions of Article 79 of Law No. 11,977, of July 7, 2009, as amended by Provisional Measure No. 514, of December 1, 2010;

II - the value of a monthly fee possibly charged to the borrower of a real estate financing contract with the objective of reimbursing costs of administration of that contract, limited to R$25.00 (twenty-five reais) per contract;

Resolution No. 3,932, of December 16, 2010 13

III - the percentage referred to in Article 18-A, sole paragraph, of Law No. 8,177, of March 1, 1991, included by Law No. 11,434, of December 28, 2006, for contracts without a clause updating by the basic remuneration of savings deposits;

IV - the value of the fee possibly charged to the borrower of a real estate financing contract or to the applicant for housing financing, with the objective of reimbursing costs related to the analysis of a proposal for an individual housing insurance policy, limited to R$100.00 (one hundred reais).

§ 2º The other fees and expenses charged to the borrower, including for the appraisal of the financed or pledged property, are included in the maximum effective cost referred to in item III of the caput.

§ 3º In the case of new residential properties whose acquisition was contracted by the applicant during the production phase, the classification of housing financing operations within the limits provided for in items I and II of the caput must take into account the situation existing at the time of contracting or, if applicable, upon subsequent alteration of the construction project.

§ 4º The notarial costs incurred by the borrower as a result of the granting of financing for the acquisition of new or used residential real estate, as well as those related to the payment of the Tax on the Transfer of Real Estate "Inter Vivos" (ITBI), may be added to the value of the financing.

§ 5º In the event referred to in § 4º, the value of the financing may exceed the limit referred to in item I of the caput, provided that up to the added amount.

Article 15. The real estate financing referred to in this regulation, including the operations considered as such for the purpose of verifying compliance with the exigibility established in Article 1, item I, discriminated in Articles 2 and 3, must have as collateral:

I - the mortgage, in first degree, of the property subject to the operation;

II - the fiduciary alienation of the property subject to the operation, in accordance with Law No. 9,514, of November 20, 1997;

III - the mortgage, in first degree, or the fiduciary alienation, in accordance with Law No. 9,514, of 1997, of another property of the borrower or of third-party property; or

IV - other guarantees, at the discretion of the financial agent.

Sole paragraph. Substitution of the collateral referred to in this article is admitted.

Article 16. In operations not included within the scope of the SFH, SBPE entities may charge their debtors, for each day of delay in payment or settlement of their debts, the charges provided for in Resolution No. 1,129, of May 15, 1986.

Resolution No. 3,932, of December 16, 2010 14

CHAPTER V

ON MANDATORY ALLOCATION

Article 17. The requirements for the collection of mandatory allocation on savings deposits, referred to in Article 1, item II, must observe the specific provisions on the subject issued by the Central Bank of Brazil.

CHAPTER VI

ON UNAPPLIED RESOURCES

Article 18. The resources not applied in the manner provided for in Article 1, item I, must be deposited with the Central Bank of Brazil, in the manner determined by it, in current currency, on the fifteenth day of the month following the month of the calculated position or on the next business day, if the fifteenth day is a non-business day, remaining unavailable until the fifteenth day of the month following the deposit or until the next business day, if the fifteenth day is a non-business day.

§ 1º The balance deposited in each monthly calculation will be:

I - calculated by the difference between the percentage established in Article 1, item I, and the arithmetic mean of the percentages of effective application verified in the last twelve months prior to the reference month or the percentage of effective application verified in the reference month, whichever is higher, calculated in relation to the respective calculation bases referred to in Article 1, § 1º; and

II - updated monthly by 80% (eighty percent) of the yield of savings deposits.

§ 2º In the event that insufficiency in the deposit is found, the financial institution will incur the payment of financial costs identical to those determined for deficiencies regarding mandatory allocation.

CHAPTER VII

ON STATEMENTS

Article 19. The Central Bank of Brazil will institute a document, mandatory for submission by financial institutions, to monitor the operations referred to in this regulation.

Sole paragraph. The information sent to the Central Bank of Brazil must, annually, be subject to assurance performed by independent audit.

CHAPTER VIII

Resolution No. 3,932, of December 16, 2010 15

ON GENERAL PROVISIONS

Article 20. The allocation of funds captured in savings deposits by institutions integrated into the SBPE may be proven in a consolidated manner, using for this purpose the concept of financial conglomerate adopted by Cosif.

§ 1º The option for consolidated proof in the manner of the caput of this article must be communicated to the Central Bank of Brazil, after the holding of a general assembly of each of the institutions integrated into the financial conglomerate, in the manner provided for in Article 2 of Resolution No. 2,283, of June 5, 1996.

§ 2º The provisions of § 1º do not apply to institutions subject to the preparation of consolidated financial statements in accordance with Article 3 of Resolution No. 2,723, of May 31, 2000, as amended by Resolution No. 2,743, of June 28, 2000, without prejudice to the obligation of prior communication to the Central Bank of Brazil of the option for consolidated proof referred to in the caput.

Article 21. For institutions integrated into the SBPE in the initial stage of activity, the limit referred to in Article 5 does not apply during the first six months of savings deposit capture.