Resolution CMN No. 4870 — Provisions on the Registration and Deposit of the Rural Product Note

Resolution

RESOLUTION CMN
NO. 4,870, OF NOVEMBER 27, 2020

Provides for the registration and deposit of the Rural Product Note.

The Central Bank of Brazil, in accordance with art. 9 of Law No. 4,595, of December 31, 1964, makes it public that the National Monetary Council, in a session held on November 26, 2020, based on the provisions of art. 12, § 5, of Law No. 8,929, of August 22, 1994,

RESOLVES:

Art. 1 This Resolution provides for the registration and deposit of the Rural Product Note in a registration or centralized deposit system operated by a registrar or central depository entity authorized by the Central Bank of Brazil to exercise these activities.

Sole Paragraph. The registration or deposit referred to in the main text must contain, at a minimum, the information of the requirements listed in art. 3 of Law No. 8,929, of August 22, 1994.

Art. 2 The registration and deposit of the Rural Product Note are exempted when its reference issuance value is lower than:

I - R$1,000,000.00 (one million reais), issued in the period from January 1, 2021 to December 31, 2021; (Amended by Resolution CMN No. 4,927, of 6/24/2021).

II - R$250,000.00 (two hundred and fifty thousand reais), issued in the period from January 1, 2022 to December 31, 2022; and (Amended by Resolution CMN No. 4,927, of 6/24/2021).

III - R$50,000.00 (fifty thousand reais), issued in the period from January 1, 2023 to December 31, 2023. (Amended by Resolution CMN No. 4,927, of 6/24/2021).

§ 1 The reference issuance value referred to in the main text shall be calculated by multiplying the price practiced for the product, on the business day immediately preceding the date of issuance of the Rural Product Note, by the quantity of the product specified.

§ 2 In the event of unavailability of the price on the date referred to in § 1, the last available price for the product shall be considered.

§ 3 The price referred to in § 1 shall be ascertained, for the exclusive purpose of verifying the obligation to register or deposit the Rural Product Note, based on publicly accessible information, periodically disclosed, preferably on a daily basis, by a reputable and credible institution in the market previously defined by the parties.

§ 4 In the case of a Rural Product Note with Financial Settlement, the institution referred to in § 3 must be the same one defined for obtaining the price references necessary for the settlement of the Note.

§ 5 When the price referred to in § 1 is denominated in foreign currency, the reference issuance value must be converted into reais based on the closing quote, on the date of price calculation, available in the PTAX System.

§ 6 The Rural Product Note issued in the period from January 1, 2021 to December 31, 2023, in addition to the requirements listed in art. 3 of Law No. 8,929, of 1994, must contain the following information, for the purpose of verifying the conditions for exemption from registration or centralized deposit:

I - the reference issuance value, indicating the price and its date of calculation; and

II - the identification of the institution referred to in § 3 and of the exchange or market where the price is formed.

§ 7 The exemption referred to in the main text does not apply to Rural Product Notes:

I - issued in favor of financial institutions and other institutions authorized to operate by the Central Bank of Brazil or negotiated with them; or

II - traded on stock or over-the-counter markets.

Art. 3 This Resolution enters into force on January 1, 2021.

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