Resolution CMN No. 3998 — Provides for the registration of credit assignment and financial leasing operations in asset registration and financial settlement systems authorized by the Central Bank of Brazil

RESOLUTION NO. 3998

Provides for the registration of operations for the assignment of credits and of financial leasing in systems of registration and financial settlement of assets authorized by the Central Bank of Brazil.

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 July 28, 2011, based on Articles 4, items VI and VIII, of the aforementioned Law, on Article 23 of Law No. 6,099, of September 12, 1974, and on Law No. 10,214, of March 27, 2001,

R E S O L V E:

Article 1. The credit assignment operations related to
loans and financing with payroll deduction of installments, as well as financing of motor vehicles carried out by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, in accordance with the current regulations, must be registered, by the assignor and by the assignee, in systems of registration and of financial settlement of assets authorized by the Central Bank of Brazil.

Sole Paragraph. Also subject to the registration provided for in the main text are:

I - the credit assignment operations in the modalities cited in the main text contracted before the entry into force of this Resolution, whose assigned credits have installments due from August 22, 2011; and

II - the other credit assignment operations and those of assignment of financial leasing, according to a schedule to be established by the Central Bank of Brazil.

Article 2. The registration and financial settlement systems of
assets referred to in Article 1, main text, must allow the Central Bank of Brazil access to the information and documents necessary for the performance of its legal duties.

Article 3. The institutions mentioned in Article 1 must
designate a director responsible for the registration procedure and control of credit assignment operations.

Sole Paragraph. For the purposes of the responsibility provided for in the main text, it is admitted that the designated director performs other functions in the institution, except those related to the administration of third-party funds, internal audit, internal controls or others that may imply conflicts of interest or represent deficiency in segregation of duties.

Article 4. The contracts of the credit assignment operations
provided for in this Resolution, including in situations of partial assignment of credit, must provide for the obligation of registration by the assignor and its confirmation by the assignee, and credit assignment operations are not admitted without the corresponding registration.

Article 5. The Central Bank of Brazil is authorized to issue
complementary norms and to adopt the necessary measures for compliance with this Resolution, disciplining, in particular, the following aspects:

I - information required for registration; and

II - conditions for identification of the operations subject to registration.

Article 6. This Resolution enters into force on August 22,
2011.

Article 7. Paragraph 4 of Article 6 of Resolution No.
2,836, of May 30, 2001, is hereby revoked.

Brasília, July 28, 2011.

Alexandre Antonio Tombini
President of the Central Bank