Resolution CMN No. 5146 — Amends Resolution CMN No. 4.966 on accounting criteria for financial instruments and hedge accounting

RESOLUTION
CMN NO. 5,146, OF JUNE 26, 2024

Amends Resolution CMN No. 4,966, of November 25, 2021, which provides for the concepts and accounting criteria applicable to financial instruments, as well as for the designation and recognition of hedging relationships (hedge accounting) by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

The Central Bank of Brazil, in accordance with Art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on June 26, 2024, based on Art. 4, caput, items VIII and XII, of the aforementioned law, and taking into account the provisions of Art. 61 of Law No. 11,941, of May 27, 2009,

R E S O
L V E U:

Art. 1. Resolution CMN No. 4,966, of November 25, 2021, published in the Official Gazette of the Union on November 29, 2021, shall enter into force with the following alterations:

"Art.
3. A financial instrument is characterized as a financial asset with a credit recovery problem (problematic asset) when the following occurs:

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(NR)

"Art. 12.
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§ 1. ...........................................................................................................................

I - recognize the difference in the result of the period, for financial instruments measured at Level 1 or Level 2 of the fair value hierarchy, in accordance with current regulation; or

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(NR)

"Art. 50.
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§ 5. The provisions of the caput do not apply to credit cooperatives:

I - members of cooperative systems with two or three levels that contain an institution classified in segments 1 (S1), 2 (S2), or 3 (S3), in accordance with current regulation; or

II - members of cooperative systems composed only of institutions classified in segments 4 (S4) or 5 (S5), in accordance with current regulation, whose central cooperative, in the case of two levels, or confederation, in the case of three levels, is authorized by the Central Bank of Brazil to use the methodology referred to in § 1.

§ 6. All institutions that are part of the cooperative systems referred to in § 5 must use the same internal models and systems for measuring and classifying credit risk." (NR)

"Art. 51.
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§ 4. When a financial instrument is characterized as an asset with a credit recovery problem, all financial instruments of the same counterparty must, on the reference date of the balance sheet for the month in which the characterization occurred, be characterized as a financial asset with a credit recovery problem, exceptionally admitting the non-characterization of a specific instrument that, due to its nature or purpose, presents significantly lower credit risk.

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(NR)

"Art.
71-A. The use of the renegotiated effective interest rate for the calculation of the present value of the contractual cash flows of the restructured instruments referred to in Art. 22 is permitted until December 31, 2026." (NR)

"Art. 72-A. For the purposes of characterizing a financial instrument as an asset with a credit recovery problem referred to in Art. 3, the restructuring of a credit operation carried out in the period from May 1 to December 31, 2024, due to the economic consequences derived from climate events in the state of Rio Grande do Sul, is not indicative that the respective obligation will not be fully honored under the agreed conditions, without the need to resort to guarantees or collateral, as provided in Art. 3, § 2, item II.

§ 1. The provisions of the caput do not apply to operations:

I - already characterized as problematic assets on the date of restructuring; or

II - with evidence of the counterparty's inability to honor the obligation under the new agreed conditions.

§ 2. The institution must keep available to the Central Bank of Brazil, for five years, the credit analysis documentation related to the restructurings referred to in the caput." (NR)

"Art. 72-B. The use of the methodology for evaluating expected loss and calculating and establishing the provision for expected losses associated with credit risk, as defined in Sections I to III of Chapter IV, is permitted from the date of entry into force of this Resolution:

I - to institutions classified in S4 or part of a prudential conglomerate classified in this segment, whose classification in S3 is provided for, according to specific regulation, to take effect in the year 2025; and

II - to institutions that are part of a two- or three-level cooperative system formed only by institutions classified in S4 and S5, which contain an institution whose classification in S3 is provided for, according to specific regulation, to take effect in the year 2025, observed the provisions of § 6 of Art. 50." (NR)

"Art. 77. The institutions mentioned in Art. 1 are permitted to prepare and disclose consolidated financial statements in accordance with the Accounting Standard for Institutions Regulated by the Central Bank of Brazil (Cosif), until the 2027 fiscal year, in addition to statements under international accounting standards, as provided in Resolution No. 4,818, of May 29, 2020.

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(NR)

"Art. 80. ....................................................................................................................

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XVIII - Circular No. 3,150, of September 11, 2002;

XIX - Art. 13 of Resolution CMN No. 4,858, of October 23, 2020;

XX - Resolution CMN No. 5,133, of May 13, 2024;

XXI - Resolution CMN No. 5,134, of May 13, 2024;

XXII - Resolution CMN No. 5,137, of May 23, 2024;

XXIII - Arts. 6 and 7 of Resolution CMN No. 4,846, of August 24, 2020;

XXIV - Art. 1, §§ 2, 3, 4, and 5, of Circular No. 3,082, of January 30, 2002; and

XXV - Art. 3, § 4, of Circular No. 3,082, of January 30, 2002." (NR)

"Art. 81.
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II - ..............................................................................................................................

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b) to Art. 80, caput, items IX and XV; and

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(NR)

Art.
2. Art. 2, caput, item II, letter “c”, of Resolution CMN No. 5,100, of August 24, 2023, published in the Official Gazette of the Union on August 25, 2023, is hereby repealed.

Art. 3. This Resolution enters into force on August 1, 2024.

ROBERTO DE
OLIVEIRA CAMPOS NETO
President of the Central Bank of Brazil