Resolution CMN No. 4571

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 May 26, 2017, based on the provisions of Article 4, items VI and VIII, of the aforementioned Law, Article 7 of Law No. 6,099 of September 12, 1974, Article 1, paragraph 1, item XIII, and paragraph 3, item I, of Complementary Law No. 105 of January 10, 2001, Article 12 of Complementary Law No. 130 of April 17, 2009, and considering the provisions of Article 3, items V and VI, of Law No. 4,595 of 1964, Articles 106 and 107 of Law No. 13,097 of January 19, 2015, and Law No. 12,810 of May 15, 2013,

RESOLVES:

Art. 1 The Credit Information System (SCR) is a system constituted by information sent to the Central Bank of Brazil regarding credit operations, as defined in this Resolution.

Sole Paragraph. The SCR is administered by the Central Bank of Brazil.

Art. 2 The SCR has the following purposes:

I - to provide information to the Central Bank of Brazil, for the purpose of monitoring credit in the financial system and for the exercise of its supervisory activities; and

II - to facilitate the exchange of information among financial institutions, as defined in paragraph 1 of Article 1 of Complementary Law No. 105 of January 10, 2001, regarding the amount of client liabilities in credit operations.

Art. 3 For the purposes of this Resolution, the following are considered credit operations:

I - loans and financing;

II - advances;

III - leasing operations;

IV - provision of surety, guarantee, joint liability, or any other form of personal guarantee for the fulfillment of financial obligations of third parties;

V - irrevocable and unilateral credit commitments by the granting institution;

VI - credits contracted with funds to be disbursed;

VII - credits written off as losses;

VIII - credit operations that have been subject to negotiation with retention of substantial risks and benefits or control;

IX - operations with post-paid payment instruments;

X - other operations or contracts with credit characteristics, as recognized by the Central Bank of Brazil.

Sole Paragraph. Information regarding the operations referred to in this article must be sent to the Central Bank of Brazil regardless of the fulfillment of such operations.

Art. 4 The following institutions must send information to the Central Bank of Brazil regarding credit operations:

I - development agencies;

II - savings and loan associations;

III - the National Bank for Economic and Social Development (BNDES);

IV - commercial banks;

V - foreign exchange banks;

VI - development banks;

VII - investment banks;

VIII - multiple banks;

IX - savings banks;

X - mortgage companies;

XI - credit cooperatives;

XII - securities and currency trading companies;

XIII - leasing companies;

XIV - microentrepreneur and small business credit companies;

XV - credit, financing, and investment companies;

XVI - real estate credit companies;

XVII - securities distribution companies;

XVIII - other classes of institutions subject to regulation by the Central Bank of Brazil, authorized to carry out or acquire credit operations referred to in this Resolution, in accordance with regulations issued by the Central Bank of Brazil; and

XIX - other classes of institutions authorized to carry out or acquire credit operations referred to in this Resolution and subject to regulation by an authority other than the Central Bank of Brazil, observing the requirements set forth in paragraphs 2 and 3.

§ 1 The provisions of this article also apply to institutions in extrajudicial liquidation, under intervention, or under a special temporary administration regime.

§ 2 The receipt of information sent by the institutions referred to in item XIX of the main text is conditioned on:

I - the provision for sending information to the SCR in an agreement concluded between the Central Bank of Brazil and the supervisory authority of the sending entity;

II - the issuance, by the regulatory authority of the sending entity, of a normative act that regulates the sending of data to the SCR.

§ 3 The agreement mentioned in item I of paragraph 2 must contain clauses that regulate the responsibilities of the signatories regarding procedures aimed at information quality, as well as compliance by the sending entities with the conditions required for access to information contained in the SCR.

Art. 5 The institutions referred to in Article 4 must send information to the Central Bank of Brazil regarding credit operations carried out or acquired by them, as well as those carried out or acquired by:

I - other entities, not mentioned in Article 4, whose financial statements are consolidated in their respective prudential conglomerates; and

II - public programs or funds, including municipal, state, and federal constitutional funds, not consolidated in their respective prudential conglomerates, in which the institutions referred to in the main text or the entities referred to in item I perform the function of administrator, financial agent, or operator.

§ 1 The provisions of item I of the main text do not apply to credits resulting from commercial sales or installment service provision carried out by the aforementioned entities.

§ 2 For the entities and programs or funds cited in items I and II of the main text, the sending referred to in this article must be carried out by the lead institution of the conglomerate.

Art. 6 The institutions referred to in Article 4 must send information to the Central Bank of Brazil regarding credit operations carried out or acquired by their branches and subsidiaries located abroad, with the identification of counterparties, according to rules defined by the Central Bank of Brazil.

§ 1 The identification of counterparties may be suppressed, according to rules defined by the Central Bank of Brazil, in cases where the legislation of the jurisdiction where the branch or subsidiary is located prevents the provision of this information for the purposes established in this Resolution, except as provided in paragraph 2 of this article.

§ 2 The identification of counterparties cannot be suppressed in credit operations where the counterparty of the branch or subsidiary is part of the same prudential conglomerate as the institution providing the information.

Art. 7 For the purpose of verifying the quality of information recorded in their own systems, when referencing credit operations, the following may have access to information stored in the SCR, according to procedures established by the Central Bank of Brazil:

I - clearing houses and providers of clearing and settlement services, within the Brazilian payments system; and

II - entities authorized to exercise the activities of centralized deposit or registration of financial assets and securities.

Sole Paragraph. The entities referred to in item II of the main text are subject to the provisions of Complementary Law No. 105 of January 10, 2001.

Art. 8 The Central Bank of Brazil, in accordance with the operational procedures it establishes, must make available, to holders who request them, information contained in the SCR used for the purpose set forth in item II of Article 2, regarding their credit operations.

Art. 9 For the purpose of item II of Article 2, the Central Bank of Brazil is authorized to make consolidated information regarding client credit operations available to the institutions referred to in Article 4, respecting the rules established in this Resolution and in complementary regulation issued by the Central Bank of Brazil.

§ 1 In the event of delay in sending information regarding their respective credit operations, the institutions referred to in the main text may have their access to query SCR data restricted, according to rules to be established by the Central Bank of Brazil.

§ 2 The availability of information to the institutions referred to in item XIX of the main text of Article 4 is conditioned on:

I - compliance with the provisions of paragraphs 2 and 3 of Article 4;

II - adherence to the rules of this Resolution and to the regulation of the Central Bank of Brazil; and

III - the institutions referred to in item XIX of the main text of Article 4 being subject to the provisions of Complementary Law No. 105 of 2001.

§ 3 The condition established in item III of paragraph 2 of this article must also be complied with by the institutions referred to in item XVIII of the main text of Article 4.

Art. 10 Queries to the information referred to in Article 9 are conditioned on obtaining specific authorization from the client.

§ 1 The authorization referred to in the main text must expressly include its extension to institutions that may consult the SCR in accordance with current regulation and that acquire or receive as collateral, or manifest interest in acquiring or receiving as collateral, in whole or in part, credit operations responsible by the client.

§ 2 The authorization referred to in the main text must contain the guidelines and clarifications listed in Article 14.

§ 3 Regardless of the carrying out of a credit operation with the client, the institutions referred to in Article 4 must keep the authorization for consultation, in physical or electronic medium, allowing proof of its authenticity, for a period of five years, counted from the date of the last query, without prejudice to other provisions that set a longer period for document retention.

§ 4 The manifestation of interest referred to in paragraph 1 must be provable by means of a suitable document, containing the identification of the creditor, the clients, and the respective credit operations, which must be kept for a period of five years, counted from the date of the last query made in the SCR regarding the aforementioned clients, without prejudice to other provisions that set a longer period for document retention.

Art. 11 The institutions originating the credit operations must notify the client in advance that data regarding their respective operations will be recorded in the SCR.

§ 1 The communication referred to in the main text must contain the guidelines and clarifications listed in Article 14.

§ 2 The institutions referred to in the main text must keep the communication referred to in this article, in a physical or electronic medium that allows proof of its authenticity, for a period of five years, counted from the date of issuance of the document, without prejudice to other provisions that set a longer period for its retention.

Art. 12 The institutions sending information to the Central Bank of Brazil must identify, in the manner determined by that Autarchy, the operations that on the reporting base date present a delay equal to or greater than sixty months.

Sole Paragraph. The operations referred to in the main text will not be considered for the purpose referred to in item II of Article 2.

Art. 13 The information contained in the SCR is the exclusive responsibility of the sending institutions.

Sole Paragraph. The responsibility referred to in the main text covers the following measures:

I - inclusion of information in the SCR;

II - correction and exclusion of information contained in the SCR;

III - identification of credit operations that are sub judice;

IV - compliance with judicial determinations and the provision of information about these determinations; and

V - registration of statements of disagreement presented by the contractors, as well as other conditions and annotations necessary to guarantee the completeness, fidelity, and integrity of information regarding credit operations.

Art. 14 The institutions referred to in Article 4 and that comply with the provisions of Article 9 must disseminate guidelines about the system, including, at a minimum:

I - the purpose and use of the system's information;

II - the methods of querying the system's information;

III - the procedures to be observed by the institutions themselves, regarding:

a) the correction and exclusion of information contained in the system;

b) the registration of judicial measures;

c) the registration of statements of disagreement regarding the information contained in the system;

IV - clarifications about the functioning of the system.

§ 1 The dissemination referred to in the main text, drafted in easy-to-understand language, must be available on the institutions' internet pages, as well as in their premises, exposed in a visible and easily accessible location.

§ 2 The provisions of paragraph 1 also apply to the premises and internet pages of persons contracted by the institutions mentioned in Article 4, in the capacity of correspondents in the country, for the provision of products and services responsible by the contracting institution related to credit operations.

Art. 15 The Central Bank of Brazil is authorized to issue complementary norms for the compliance with this Resolution, including the power to establish:

I - a value limit for the provision of information for storage in the SCR; and

II - differentiated schedules for the beginning of compliance with the provisions of Articles 5, 6, 7, 9, and 10, paragraphs 1 and 4, of this Resolution.

Art. 16 Consultation authorizations granted by clients and records of judicial determinations prior to the effectiveness of this Resolution remain valid.

Art. 17 Any citation to Resolution No. 3,658 of December 17, 2008, contained in normative acts published by the Central Bank of Brazil, shall henceforth refer to this Resolution.

Art. 18 This Resolution enters into force on January 1, 2018.

Art. 19 Resolution No. 3,658 of December 17, 2008 is hereby revoked.

Ilan Goldfajn
President of the Central Bank of Brazil