On May 15, BRZ CB published procedures re compulsory collection.
BRZ CB issued Instruction 470 on procedures to define and consolidate rules for the mandatory collection of deposit funds referred to in Resolution 188 of Feb 23, 2022.
Follows BRZ CB Apr. 2022 changing various regulatory effective dates, see #130215.
Highlights
Institutions must observe procedures to provide information re compulsory collection.
Procedures such as the use of National Financial System Network (RSFN) by institutions participating in the Reserve Transfer System (STR) with main access.
Additionally, they must observe the use of STR-Web application by other institutions.
Institutions must provide information using codes from the Domain Dictionary linked to the National Financial System Service Catalog listed on this regulatory instruction.
According to Resolution 131, of Aug. 20, 2021, the Department of banking operations and payment system (Deban) will monitor procedures re compulsory collections.
The institution and administrators are subject to penalties provided in the regulation.
These provisions must be observed starting with calculation period of May 13, 2024, and ending on May 17, 2024, adjustment of which will occur on May 27, 2024.
Repeals Instruction 240, Mar. 11, 2022, and art. 1 of Instruction 281, Apr. 18, 2022.
Effectiveness
This instruction comes into force on the date of its publication.
Which provide for rules on compulsory collections; repeals Circular 3.380, from 2008.
Re obligations of foreign exchange, investment, banks without a commercial portfolio.
Certain balances registered in Cosif constitute an Amount Subject to Payment (VSR).
Chargeability shall be deducted by the average, in the calculation period, of the value of the Total Financial Limit for the operations of the Forward Liquidity Line (LT. LLT).
Daily closing balance of the collection account, limited to the amount of chargeability, will receive remuneration calculated based on Selic Rate, using the specified formula.
Savings deposit balances are exempt from compulsory collection on deposit funds.
Each savings deposit type collection account is entitled to renumeration of the daily closing balance, credited to the account until 4:30 p.m. of the following business day.
Calculated based on the Reference Rate (TR), plus interest per the specified formula.
Re calculating compulsory collection, those raised by multiple banks, exchange banks, investment banks, financing, investment companies are considered cash resources.
BCB Resolution 426 re compulsory collections will enter into force on Jan. 1, 2025.
Regulators
BRZ CB
Entity Types
B/D; Bank; IA; Inv Co
Reference
Res 426, 10/17/2024; Rpl Cir 3.380, 10/17/2024; Ins 470, 5/15/2024; Rpl Ins 240, 3/11/2022;
