Resolution CMN No. 4734 — Establishes Conditions and Procedures for Discounting Receivables of Payment Arrangements in the Brazilian Payment System Based on Postpaid Accounts and Demand Deposit Accounts, and Credit Operations Secured by Such Receivables

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 June 27, 2019, based on the provisions of Articles 4, items VI and VIII, of the aforementioned Law, and Article 26-A of Law No. 12,810 of May 15, 2013,

R E S O L V E S:

Article 1. This Resolution establishes conditions and procedures for financial institutions to conduct discounting operations of receivables from payment arrangements integrated into the Brazilian Payment System (SPB) based on postpaid accounts and demand deposit accounts, and credit operations secured by such receivables.

Article 2. For the purposes of this Resolution, the following are considered:

I - payment arrangement receivables: present or future credit rights related to payment obligations of accredited and sub-accredited institutions to end-user payees constituted within the scope of a payment arrangement based on a postpaid account and demand deposit account integrated into the SPB;

II - constituted receivables: payment arrangement receivables to be settled, resulting from transactions already completed;

III - receivables to be constituted: payment arrangement receivables of future existence and unknown amount, resulting from future transactions;

IV - debtor balance of the credit operation: the value necessary for the full early settlement of the credit operation on a given date;

V - discounting operations of payment arrangement receivables: operations involving the definitive assignment of payment arrangement receivables;

VI - credit operations secured by payment arrangement receivables: credit operations, including the granting of a credit limit that cannot be unconditionally and unilaterally canceled by the financial institution, whose guarantees include payment arrangement receivables provided to the financial institution through fiduciary assignment, pledge, or other guarantee instrument;

VII - anticipation operations: operations carried out by accredited and sub-accredited institutions characterized by the settlement of a constituted receivable within a period shorter than the maximum determined by the payment arrangement, which may be:

a) pre-contracted: when the contract between the accredited or sub-accredited institution and the end-user payee establishes the payment of all transactions within a period shorter than the maximum established by the payment arrangement; or

b) post-contracted: when the anticipation is carried out upon request of the end-user payee, applying to a specific set of transactions already completed; and

VIII - registry system: system intended for the registration of financial assets operated by a registry entity authorized by the Central Bank of Brazil.

Article 3. To carry out the operations mentioned in Article 1, financial institutions must ensure that the payment arrangement receivables subject to these operations are registered in registry systems.

Article 4. In contracts formalizing the operations mentioned in Article 1, financial institutions must:

I - specify the constituted and to-be-constituted payment arrangement receivables that are the subject of the operation, in the case of a discounting operation;

II - specify, in the case of a credit operation secured by receivables:

a) the constituted and to-be-constituted payment arrangement receivables provided as security for the operation, observing the value referred to in item "b" of this item in the case of constituted receivables; and

b) the value of constituted receivables that may be permanently maintained as security during the validity of the operation;

III - request the authorization of the end-user payee for the sending of information about the contract to the registry system;

IV - specify the home institution for the financial settlement of the receivables subject to discounting or provided as security for the credit operation;

V - guarantee the possibility of post-contracted anticipation by the accredited or sub-accredited institution of the constituted receivables provided as security for the credit operation, respecting the home institution specified in item IV for the settlement of the anticipated values; and

VI - specify the conditions for the release of funds resulting from the financial settlement of the receivables provided as security for the credit operation, including funds resulting from anticipation operations, observing the provisions of paragraph 4 of this article.

Paragraph 1. The specification referred to in the caput, items I and II, may be made in an aggregated manner and must contemplate, when applicable, the rule for sharing receivables among different accredited and sub-accredited institutions according to the choice of the end-user payee, so that the detailed identification of the receivables subject to discounting or provided as security is carried out by the registry system in which they are registered, according to rules defined in the credit contract, observed the specific regulation of the Central Bank of Brazil.

Paragraph 2. Throughout the validity of the credit operation, the value of constituted receivables maintained as security referred to in the caput, item II, item "b", must be reduced, when applicable, so that it remains limited to the debtor balance of the credit operation, or to the value of the limit granted, in the case of a credit limit granting operation that cannot be unconditionally and unilaterally canceled by the financial institution.

Paragraph 3. In the situation where the value of constituted receivables maintained as security referred to in the caput, item II, item "b", is lower than the debtor balance of the credit operation, it is optional for the financial institution to increase this value up to the limit of the debtor balance, provided that the default of the debtor of the credit operation or another occurrence provided in the contract that allows for this alteration is verified.

Paragraph 4. Financial funds resulting from anticipation operations referred to in the caput, item V, up to the limit of the debtor balance of the credit operation, may be retained by the financial institution for up to two business days, after which such funds must be released to the end-user payee or used to amortize the debtor balance of the credit operation.

Article 5. In the environment of registry systems in which the payment arrangement receivables subject to the operations mentioned in Article 1 are registered, financial institutions must:

I - inform about the alteration in the effective ownership of the payment arrangement receivables subject to the operations, when applicable, on the same day they are contracted;

II - issue the command for:

a) the constitution of liens and encumbrances on the payment arrangement receivables subject to the operations, when applicable, according to the regulation of the registry system in which they are registered;

b) the deconstitution of liens and encumbrances on the receivables subject to the operations, observing the provisions of Article 6; and

c) the alteration of the value of constituted receivables maintained as security referred to in paragraphs 2 and 3 of Article 4; and

III - provide updated information about the contracts necessary for the registry system to fulfill its duties, including:

a) information related to the provisions of Article 4, items I to IV; and

b) the debtor balance or the limit of the credit operation secured by payment arrangement receivables.

Article 6. Beneficiary financial institutions must provide for the deconstitution of liens and encumbrances on:

I - the remaining payment arrangement receivables provided as security for credit operations, within two business days after the fulfillment of obligations by the end-user payee related to the contracted credit operations;

II - the excess value of constituted receivables maintained as security for a credit limit granting operation that cannot be unconditionally and unilaterally canceled by the financial institution in relation to the debtor balance of this operation, within one business day after the request for deconstitution of liens and encumbrances on these receivables by the end-user payee; and

III - the excess value of constituted receivables maintained as security in relation to the maximum value referred to in Article 4, item II, item "b", on the same day this excess is verified.

Paragraph 1. The request referred to in the caput, item II, may be made directly by the end-user payee or indirectly, with their consent, through the accredited or sub-accredited institutions responsible for the receivables or through the registry system in which the receivables are registered.

Paragraph 2. The verification of the excess and the deconstitution of liens and encumbrances referred to in the caput, item III, may be carried out by the registry system by determination of the beneficiary financial institution, according to rules defined in the credit contract, observed the specific regulation of the Central Bank of Brazil.

Article 7. The financial institution authorized to view the payment arrangement receivables of the end-user payee must make available to this user, at minimum, information about the value of constituted receivables to be settled each day, disaggregated by:

I - value of receivables blocked on the day that have already been subject to negotiation or delivered as security; and

II - value of receivables free for negotiation on the day.

Article 8. The Central Bank of Brazil is authorized to establish the procedures necessary to comply with the provisions of this Resolution.

Article 9. Resolution No. 4,593 of August 28, 2017, shall be amended as follows:

"Article 2. ........................................................

I - ..............................................................

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e) registered according to the regulation of the Central Bank of Brazil or custodied by institutions mentioned in Article 1; or

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Paragraph 1. The financial assets referred to in the caput may originate from operations carried out in the financial, commercial, industrial, real estate, mortgage, leasing, service provision segments, among others, including in the case of credit rights of future existence and unknown amount, as long as they are derived from already constituted relations.

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Article 10. The following are revoked:

I - Resolution No. 4,707 of December 19, 2018; and

II - Resolution No. 4,710 of January 31, 2019.

Article 11. This Resolution enters into force:

I - on the date of its publication, regarding Articles 8 and 9; and

II - on August 3, 2020, regarding the other provisions.

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil