The Central Bank published yesterday (02/13/2019), Circular No. 3,928/2019, bringing amendments to Circular No. 3,924/2018, on the use of payment arrangement receivables as collateral for credit transactions between commercial establishments (CEs) and financial institutions (FIs).
By the referred change, the CEs' receivables schedule shall be made available not only to the FIs responsible for the operation, but also to any others, as long as they are expressly requested by the CEs - directly or through the FI itself, when authorized by the CE in a specific contract. The availability of the agenda exclusively aimed at granting credit also depends on the explicit request of the CE.
The accrediting companies undertake to include clauses that oblige the sub-accrediting companies to comply with the referred Circulars in the partnership agreements to be entered into. In addition, the acquirers shall ensure that the controls adopted by the sub-accrediting company allow the compliance with the availability of the CEs' agenda as amended. These assumptions, however, are waived until August 9, 2019, in relation to sub-accreditors whose participation in the centralized settlement is optional.
From now on, the new contracts foreseeing credit operations with receivables guarantee must be executed by means of specific contracts. In addition, the new Circular includes the obligation that all exchange of information between the FIs before the accrediting and sub-accrediting entities - arising from the CEs' schedule of receivables - shall be made available in an isonomic manner, preserving the confidentiality of the information and ensuring the continuity of the services and protection of the processed data. The maximum amount of the receivables schedule that may be withheld, as well as the excess amount free of movement by the CE, shall be timely made available by the FIs.
For further information, please contact the lawyers of the Electronic Means of Payment Department at Barcellos Tucunduva Advogados([email protected] or 11-3069.9080).
