Circular No. 4,031 was published yesterday, establishing the conditions for payment arrangements to join the Brazilian Payment System (SPB) due to the risk to the normal functioning of retail payment transactions.
The new regulation amends article 3 of Circular No. 3,682/2013, which deals with payment arrangements.
From now on, if the Central Bank of Brazil considers that a given arrangement offers risk to the normal functioning of retail payment transactions based on the effects of the functioning of the payment arrangement on the market (parameter defined in art. 6, sole paragraph, item VI, of Resolution No. 4,282, of 2013), it will decide for its integration into the SPB and will notify its institutor about the decision.
The rules applicable to the arrangements that make up the SPB, including the possible need for authorization to operate, will apply to the arrangement and its creator after 30 (thirty) days from the date of receipt of the communication, except that the Central Bank of Brazil may specify a different term in its decision or condition the commencement or continuity of the activities of the arrangement to obtaining authorization.
Previously, the period granted was 180 (one hundred and eighty) days from the date of receipt of the communication.
