Resolution CMN No. 4,952

Resolution CMN No. 4,952, of 30 September 2021

Provides for the operation of clearing and settlement chambers and service providers within the Brazilian Payment System.

The Central Bank of Brazil, pursuant to art. 9 of Law No. 4,595 of 31 December 1964, makes public that the National Monetary Council, in a session held on 30 September 2021, taking into account the provisions of arts. 4, item VIII, and 11, item VII, of the said Law, of arts. 3, items I, III, IV and § 1, and 15, item VII and §§ 2 and 3, of Law No. 6,385 of 7 December 1976, and of Law No. 10,214 of 27 March 2001,

RESOLVES:

Art. 1º The chambers and clearing and settlement service providers that operate any of the settlement systems that are part of the Brazilian Payment System are subject to the provisions of this Resolution.

Art. 2º For the purposes of this Resolution, the following definitions apply:

I – clearing and settlement chamber: a legal entity that operates, as its main activity, a settlement system;

II – direct participant for settlement purposes: a financial institution or any other institution authorized by the Central Bank of Brazil that assumes the position of contracting party for settlement purposes, within a settlement system that is part of the Brazilian Payment System, directly with the chamber or with the clearing and settlement service provider;

III – indirect participant for settlement purposes: a legal entity with access to a settlement system that is part of the Brazilian Payment System, whose operations are settled through a direct participant;

IV – clearing and settlement service provider: a legal entity that operates, as an ancillary activity, a settlement system;

V – settlement system: a set of rules, procedures and operational structure for settlement purposes, through which the processing, clearing and settlement of fund transfers, financial assets and securities are carried out, with at least three direct participants.

Art. 3º The Brazilian Payment System must be structured according to principles that guarantee the security, efficiency, integrity and reliability of the chambers and clearing and settlement service providers that operate within it.

Art. 4º Without prejudice to the legal and regulatory norms applicable to the Brazilian Payment System, the Central Bank of Brazil and the Securities Commission, within their areas of competence, shall use the Principles for Financial Market Infrastructures (PFMI), originally published by the Committee on Payment and Settlement Systems of the Bank for International Settlements (CPSS/BIS) and by the Technical Committee of the International Organization of Securities Commissions (TC/IOSCO), in the regulation, monitoring and assessment of the safety and efficiency of the chambers and clearing and settlement service providers.

Art. 5º In the exercise of the competencies established in this Resolution:

I – the Central Bank of Brazil shall act to promote the soundness, normal operation and continuous improvement of the National Financial System and the Brazilian Payment System;

II – the Securities Commission shall act to ensure the efficient and regular functioning of the securities market; and

III – the Central Bank of Brazil and the Securities Commission shall cooperate with each other and with other relevant national and foreign authorities, aiming at the promotion of the principles set out in arts. 3º and 4º of this Resolution.

Art. 6º With a view to aligning chambers and clearing and settlement service providers with the principles and rules applicable to the Brazilian Payment System established in this Resolution, the Central Bank of Brazil shall regulate and supervise their activities, as well as authorize the operation of the settlement systems they operate.

§ 1º The regulation referred to in the caput may contemplate differentiated rules according to the activities exercised within settlement systems, especially regarding the classification of the settlement system by the Central Bank of Brazil as systemically important.

§ 2º The Central Bank of Brazil shall publicly disclose on its website the list of settlement systems it authorizes.

Art. 7º Regarding chambers and clearing and settlement service providers, the Securities Commission, with respect to operations involving securities, shall regulate, authorize and supervise the chambers and clearing and settlement service providers and the settlement systems they operate.

Parágrafo único. Without prejudice to the provisions of this article, the chambers and clearing and settlement service providers referred to in the caput are also subject to art. 6º, with the Central Bank of Brazil having exclusive competence to analyze aspects related to risk to the soundness and normal operation of the National Financial System and the Brazilian Payment System.

Art. 8º The Central Bank of Brazil shall operate, exclusively, systems with real‑time gross settlement.

Art. 9º The Central Bank of Brazil shall regulate the procedures and standards for electronic data communication in the Brazilian Payment System.

Art. 10 Chambers and clearing and settlement service providers are authorized to maintain a securities‑lending service.

§ 1º A prerequisite for carrying out the operations referred to in this article is prior written or electronic authorization from the owners of the securities to be lent.

§ 2º The securities‑lending referred to in the caput of this article must be intermediated by a securities brokerage firm or a securities distribution firm.

§ 3º Chambers and clearing and settlement service providers must submit the regulation of the securities‑lending service to prior approval by the Securities Commission.

Art. 11 In securities‑lending operations, the chamber or the clearing and settlement service provider must assume the role of contracting party, in accordance with art. 4 of Law No. 10,214 of 27 March 2001, and with complementary regulation.

Art. 12 The Central Bank of Brazil and the Securities Commission, in the exercise of their legal competencies, shall adopt the norms and measures necessary for the implementation of this Resolution.

Art. 13 The following are revoked:

I – Resolution No. 2,882, of 30 August 2001; and

II – Resolution No. 3,539, of 28 February 2008.

Art. 14 This Resolution enters into force on 3 January 2022.

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