Circular 002/2024-PRE references changes to access regulations of the B3 Trading.
In addition, changes to B3 variable income depository central – BRZ BSM’s operations.
Including to the B3 access regulations and access manual; committee regulations.
B3 trading operational procedures manual; variable income central depository rules.
Reflect operations carried out by self-regulation area, no changes to responsibilities.
BVMF issued Circular 003/2024-PRE reported that the changes to the B3 Listed regulations comply with CVM Resolution 175, requiring investment fund updates.
Follows BRZ CVM Dec. 2022 issuance of investment funds framework, see #157547.
Participant Resolution Updates
Circular 004/2024-PRE issued to change rules to include measures and procedures to adopt in the event that participant submits to extrajudicial liquidation or bankruptcy.
Updated clearing house, operating procedures, exchange chamber and clearing house.
Also updated trading regulation and procedures, variable income central depository regulations, operating procedure manual and variable income depository, OTC rules.
Also revised manuals for subsystem re registration, centralized, clearing, settlement.
Risk Management Manual
Circular 005/2024-PRE changed B3 clearing house rule and risk management manual.
Updates will implement acceptance of Euro as collateral for principals domiciled in UK.
Will also accept the bank guarantee letter as collateral for non-resident principals.
Also assets deposited as collateral by broker/investment firm established in the US.
Changes address deposit, maintenance and execution of guarantees abroad, with rules and procedures applicable to non-resident principals domiciled in the United Kingdom.
Will authorize deposit of ADRs, US and German treasury bonds as collateral on clearing house by broker/investment firm in US, guarantee letters for non-resident principals.
Collateral types that are not accepted are those governed by CMN Resolution 2,687.
Gold Excluded as Collateral
Circular 006/2024-PRE updated the B3 risk management manual to exclude financial asset gold from the list of assets accepted as collateral at the B3 Clearing House.
Assets eligible for guarantee at clearing house, set in Circular 169/2023-PRE of 2023.
Effectiveness
New versions of the aforementioned regulations will come into force on Jan. 24, 2024.
Jan. 2024 BVMF Updated Normative
On Jan. 18, 2024, BVMF issued Circular 009/2024 re movement between segments.
Updated version of the Operational Procedures Manual of the B3 Equity Depositary.
Update includes changes to Subsection 4.2.3.1 re asset transfer with same ownership.
The revised subsection now allows for the movement of securities with the same ownership between B3 depositaries and between Listado and Balcão B3 segments.
Aligns with guidelines outlined in Circular Letter 016/2017-DO, from Nov. 10, 2017.
Provided updated normative version that becomes effective on Jan. 24, 2024.
Jun. 2024 BVMF Adjustments
On Jun. 11, 2024, BVMF published Circular 080/2024-PRE to adjust B3 Clearinghouse Operating Procedures Manual, re donation of assets from the intermediation account.
Also, published Circular 079/2024-PRE to adjust the B3 Access Manual, re economic, financial and contribution requirements for the B3 clearinghouse settlement fund.
Circular 080/2024-PRE revokes and replaces Circular 078/2024-PRE, see #215105.
Also, announced the postponement of the release of the solution into production and, consequently, of the entry into force of the manual referred to in Circular 078/2024.
The new version of the B3 Access Manual will come into force on Jun. 12, 2024.
Updated registration, procedures, compliance protocols for donation of assets into loan intermediation accounts and permits use of the loan coverage portfolio balance.
New version of the B3 chamber operating procedures manual effective Jul. 12, 2024.
Jul. 18, 2024 BVMF Manual Update
On Jul. 18, 2024, BVMF published Circular 007/2024-VNC to announce entry into force of the new version of the B3 Trading Operational Procedures Manual on Jul. 22, 2024.
Established that trading participants and full trading participants must conduct morning connectivity tests of connections they consider relevant to their operations.
Excluded certain subsections that deal with asset and derivative call extensions.
Market offerings during auction (MOA), closing call (MOC) have priority over others.
Changed quote used to calculate base price of non-BDRs sponsored for spot quotation.
Excluded reference of forward interest rate futures contract volatility and one-day interbank deposit average rate index futures contract volatility due to cancellation.
On Aug. 6, 2024, BRZ CVM updated clearinghouse operating manual, see #222233.
Sep. 26, 2024 BVMF Manuals Update
On Sep. 26, 2024, BVMF issued Circular 4126/2024 re B3 Clearinghouse Regulations.
New updated versions of B3 Clearinghouse regulations come into effect Oct. 1, 2024.
Registration Subsystem, Centralized Depository Subsystem, Clearing and Settlement Subsystem Rules Manual; and the Access Rights Rules Manual for B3 Clearinghouse.
Document takes effect from date of publication, subject to any specific effective dates.
Oct. 2024 BVMF Manual Update
On Oct. 24, 2024, BVMF issued Circular 142/2024 re B3 Investment Fund Quota Rules.
Manual effective on Oct. 21, 2024; Relaxes confirmation requirement for registration, deregistration requests by the open-end fund quota registration agent in certain cases.
Allows registration without need for dual command; adapts current market operations.
Nov. 2024 BVMF Manual Update
On Nov. 12, 2024, BVMF issued Circular 152/2024 re B3 participant balance sheets.
As of Nov. 25, 2024, periodic sending of a copy of two balance sheets must be directed exclusively to B3, which will exclusively verify compliance with the requirements.
For purposes of maintenance and authorization of access granted to the participant.
To verify compliance with economic and financial requirements of listed B3 participants
B3 to analyze reframing plan of participant and apply sanctions for non-compliance.
The B3 Access Manual amended for the exclusion of the obligation for sending monthly copy of the balance sheets; and inclusion of a forecast on treatment if noncompliant.
