de titularidade da instituição prestadora de serviços de ativos virtuais e os ativos virtuais de titularidade dos seus clientes e usuários; e b) que sejam destinados à asseguração da prova de reservas dos ativos virtuais, demonstrando que a prestadora de serviços de ativos virtuais possui efetivamente os ativos virtuais que declara ter em nome de seus clientes e usuários; II - os serviços relevantes contratados, nos termos do Capítulo IX, Seção IV, da Resolução BCB nº 520, de 2025, principalmente aqueles listados nos arts. 32 e 33 da referida Resolução BCB, inclusive quanto à demonstração de adequação da contratação de serviços de processamento e armazenamento de dados e de computação em nuvem pelas instituições financeiras e demais instituições autorizadas a funcionar pelo Banco Central do Brasil; III - a capacidade técnica, operacional e de cumprimento da legislação e da regulamentação vigentes da(s) empresa(s) contratada(s) para realizar a prestação de serviços relevantes no âmbito da prestação de serviços de ativos virtuais, inclusive nos casos em que envolver prestador de serviços sediado no exterior, com observância ao disposto no art. 83 da Resolução BCB nº 520, de 2025, e aos termos definidos pela regulamentação vigente; IV - os planos de recuperação das posições e de controle dos ativos virtuais e dos recursos financeiros dos clientes e usuários, além dos próprios planos das instituições prestadoras de serviços de ativos virtuais, em caso de incidentes que afetem esses ativos virtuais e recursos financeiros, envolvendo a instituição ou entidade contratada; V - as políticas e procedimentos de que trata o art. 43 da Resolução BCB nº 520, de 2025, e demais regramentos relacionados à governança das atividades de prestação dos serviços de ativos virtuais; VI - os processos e procedimentos voltados: a) a atender a legislação específica e regulamentação aplicáveis à disciplina do combate à utilização criminosa do Sistema Financeiro Nacional, em especial em relação à prevenção e ao combate à lavagem de dinheiro, ao financiamento do terrorismo e a proliferação de armas de destruição em massa; e b) a garantir a segurança, a resiliência e o adequado funcionamento do ambiente computacional empregado para suportar a prestação de serviços de ativos virtuais, que abranjam, no mínimo, o previsto no art. 48, incisos I a VIII, da Resolução BCB nº 520, de 2025; VII - os requisitos regulamentares previstos para as políticas de guarda e proteção dos instrumentos de controle dos ativos virtuais de seus clientes e usuários; VIII - os mecanismos de monitoramento contínuo adotados pela prestadora de serviços de ativos virtuais de segurança institucional e de avaliação de riscos, com o objetivo de detectar, prevenir e responder a possíveis ameaças e incidentes; IX - os requisitos regulamentares e de normatização interna da prestadora previstos para: a) as políticas específicas voltadas para a oferta, listagem, suspensão e deslistagem dos ativos virtuais selecionados; b) atender ao disposto no art. 65, incisos I a IX, da Resolução BCB nº 520, de 2025, nos processos de seleção de ativos virtuais referenciados em moeda fiduciária para oferta ou listagem em suas plataformas; X - os sistemas de controle interno constituídos por políticas e procedimentos, além dos mecanismos necessários destinados a: a) segregar adequadamente as funções desempenhadas pela governança da instituição ou entidade que impliquem conflito de interesses, potencial ou efetivo; e b) controlar e monitorar o desempenho das atividades relacionadas aos serviços de intermediação e de custódia de ativos virtuais, observando, no mínimo: i. a regulamentação relativa a sistemas de controles internos das instituições financeiras e demais instituições autorizadas a funcionar pelo Banco Central do Brasil; ii. as condições previstas no art. 69, incisos I a IX, e no art. 85, incisos I a XX, da Resolução BCB nº 520, de 2025; XI - as estruturas de gerenciamento de risco e de capital, conformidade (compliance) e de auditoria interna na forma da regulamentação aplicável às instituições financeiras e demais instituições autorizadas a funcionar pelo Banco Central do Brasil; XII - as políticas de segurança cibernética e plano de ação e de resposta a incidentes, na forma da regulamentação em vigor; XIII - as políticas internas e os mecanismos de averiguação adotados com a finalidade de identificar, monitorar e evitar práticas espúrias no mercado de ativos virtuais; XIV - o contrato de custódia de ativos virtuais, conforme previsto nos art. 73, inciso VIII, 75 e 78, da Resolução BCB nº 520, de 2025; XV - as medidas e/ou planos implementados pelo custodiante de ativos virtuais em atendimento ao disposto no art. 76, incisos I a XII, da Resolução BCB nº 520, de 2025; XVI - os mecanismos de redundância adotados para os instrumentos de controle sobre os ativos virtuais, e XVII - os procedimentos de recuperação do material ao qual se aplica o mecanismo de redundância referido no inciso XVI, para fins de atuação da supervisão deste Banco Central do


BCB Normative Instruction 701/2026 — PSAV Technical Certification

- as políticas de segurança cibernética e plano de ação e de resposta a incidentes, na forma da regulamentação em vigor; XIII - as políticas internas e os mecanismos de averiguação adotados com a finalidade de identificar, monitorar e evitar práticas espúrias no mercado de ativos virtuais; XIV - o contrato de custódia de ativos virtuais, conforme previsto nos art. 73, inciso VIII, 75 e 78, da Resolução BCB nº 520, de 2025; XV - as medidas e/ou planos implementados pelo custodiante de ativos virtuais em atendimento ao disposto no art. 76, incisos I a XII, da Resolução BCB nº 520, de 2025; XVI - os mecanismos de redundância adotados para os instrumentos de controle sobre os ativos virtuais, e XVII - os procedimentos de recuperação do material ao qual se aplica o mecanismo de redundância referido no inciso XVI, para fins de atuação da supervisão deste Banco Central do Brasil. § 1º O parecer conclusivo elaborado pela empresa qualificada independente que compõe a certificação técnica mencionada no caput deve avaliar e assegurar, ainda, se a prestadora de serviços de ativos virtuais disponibiliza adequadamente aos clientes e usuários: I - as informações claras e precisas sobre: a) a própria instituição e as características dos serviços que realiza, bem como da legislação e regulamentação aplicáveis aos serviços que a entidade ou instituição oferece; b) os canais de comunicação e os recursos de suporte disponibilizados pela prestadora de serviços de ativos virtuais; c) as instituições e entidades contratadas e os serviços prestados, permitindo a compreensão das implicações e da relevância dessas participações para os clientes e usuários; d) a existência ou ausência de cobertura de fundos garantidores ou seguros para os serviços por ela realizados, observado o disposto no art. 68 da Resolução BCB nº 520, de 2025; e) os direitos e as obrigações envolvidos na relação entre clientes, usuários, prestadoras de serviços de ativos virtuais e outras instituições ou entidades envolvidas, assim como da existência de eventuais condicionantes; f) o funcionamento dos processos de guarda, custódia e armazenamento dos instrumentos de controle dos ativos virtuais de propriedade desses clientes e usuários, independentemente de tais serviços serem executados diretamente por ela ou por terceiros; g) o ativo virtual e o sistema baseado na tecnologia de registros distribuídos envolvido, considerando: i. a natureza do ativo e os riscos envolvidos em sua aquisição; ii. a divulgação, no mínimo, do previsto no art. 67, nos incisos I a VIII, da Resolução BCB nº 520, de 2025; e h) as operações de staking de ativos virtuais realizadas, contendo, pelo menos, os riscos e as informações dispostas no art. 71, da Resolução BCB nº 520, de 2025; e II - os conteúdos informativos relativos às boas práticas e aos riscos existentes nas operações realizadas no mercado de ativos virtuais; e III - o relatório atualizado de posição detida em ativos virtuais pelo cliente ou usuário. §2º A certificação técnica deverá abordar a adequação de que trata este artigo, especificamente, para cada item mencionado, não sendo admitido, em qualquer hipótese, parecer conclusivo emitido de caráter geral para todos os itens de forma consolidada. § 3º O Banco Central do Brasil poderá requisitar aprofundamentos em elementos do parecer de que trata o caput, com o propósito de mitigação de dúvidas ou esclarecimentos desta Autarquia, a serem fornecidos pela empresa responsável em prazo compatível com a complexidade. § 4º A certificação técnica deverá observar, quando aplicável, a modalidade de atuação e atividade executada pela instituição interessada em prestar serviços de ativos virtuais. § 5º Nos casos previstos nos arts. 22 e 23 da Resolução BCB nº 520, de 2025, a certificação técnica deverá assegurar que a prestadora de serviços de ativos virtuais já atende efetiva e integralmente aos requerimentos da referida Resolução BCB, inclusive o disposto neste artigo. CAPÍTULO III - DISPOSIÇÕES FINAIS Art. 5º Os papéis de trabalho e os memoriais de apoio utilizados pela entidade qualificada independente para subsídio na elaboração de sua certificação técnica deverão ficar à disposição do Banco Central do Brasil pelo período mínimo de 5 (cinco) anos, podendo ser requisitados a qualquer tempo. Art. 6º Esta Instrução Normativa entra em vigor em 2 de fevereiro de 2026. RICARDO SIVIERI ZENI Chefe do Desup Substituto JULIANA MOZACHI SANDRI Chefe do Decon ADALBERTO FELINTO DA CRUZ JÚNIOR Chefe do Desuc × Acesso ao Sistema × Como Assinar? Agende uma Apresentação! Sua mensagem foi enviada. Em breve entraremos em contato. Se antecipe baixando o visualizador: Baixar Visualizador Obrigado pelo interesse! Em breve um de nossos representantes entrará em contato. Ok Baixar Visualizador TeamViewer (Versão Windows) Baixar Visualizador AnyDesk (Versão Windows) Agendar Apresentação Fechar × Recuperar senha Caso você tenha esquecido sua senha, informe seu login e e-mail principal cadastrado no LegisWeb e clique no botão Recuperar Senha para dar início ao processo de recuperação de senha: Você


subsídio na elaboração de sua certificação técnica deverão ficar à disposição do Banco Central do Brasil pelo período mínimo de 5 (cinco) anos, podendo ser requisitados a qualquer tempo. Art. 6º Esta Instrução Normativa entra em vigor em 2 de fevereiro de 2026. RICARDO SIVIERI ZENI Chefe do Desup Substituto JULIANA MOZACHI SANDRI Chefe do Decon ADALBERTO FELINTO DA CRUZ JÚNIOR Chefe do Desuc × Acesso ao Sistema × Como Assinar? Agende uma Apresentação! Sua mensagem foi enviada. Em breve entraremos em contato. Se antecipe baixando o visualizador: Baixar Visualizador Obrigado pelo interesse! Em breve um de nossos representantes entrará em contato. Ok Baixar Visualizador TeamViewer (Versão Windows) Baixar Visualizador AnyDesk (Versão Windows) Agendar Apresentação Fechar × Recuperar senha Caso você tenha esquecido sua senha, informe seu login e e-mail principal cadastrado no LegisWeb e clique no botão Recuperar Senha para dar início ao processo de recuperação de senha: Você também pode entrar em contato conosco para solicitar a alteração de sua senha através da página Fale Conosco . Recuperar × Fale Conosco Ligue para nossa Central de Atendimento 0800 202 5544 Número alternativo: (19) 3070-9085 Número alternativo do Pará: (91) 3197-7414 Fechar Política de Privacidade e Termos de Uso Utilizamos cookies e tecnologias semelhantes para melhorar sua experiência, personalizar conteúdo e analisar o tráfego do site, em conformidade com a Lei Geral de Proteção de Dados (Lei nº 13.709/2018 – LGPD) . Ao continuar navegando, você declara que leu e concorda com nossa Política de Privacidade e nosso Termo de Uso . Li e concordo × Compartilhar legislação por E-mail × Compartilhar legislação por E-mail Fechar


BCB Normative Instruction 736/2026 — Amends IN BCB 693/2025

Instrução Normativa BCB Nº 736 DE 19/05/2026 - Federal - LegisWeb Página Inicial Legislações Legislação Federal Voltar Instrução Normativa BCB Nº 736 DE 19/05/2026 Publicado no DOU em 20 mai 2026 Compartilhar: Altera a Instrução Normativa BCB Nº 693/2025 que estabelece os procedimentos para a remessa ao Banco Central do Brasil de informações relativas a prestação de serviços de ativos virtuais no mercado de câmbio de que trata a Resolução BCB Nº 521/2025. O Chefe do Departamento de Monitoramento do Sistema Financeiro - Desig e a Chefe do Departamento de Regulação Prudencial e Cambial - Dereg, substituta, no uso das atribuições que lhes conferem o art. 23, inciso I, alínea "a" do Regimento Interno do Banco Central do Brasil, divulgado por meio da Resolução BCB nº 340, de 21 de setembro de 2023, com base no art. 85, inciso I, alínea "b", do referido Regimento, e tendo em vista o disposto nas Resoluções BCB ns. 519, 520 e 521, todas de 10 de novembro de 2025, sendo esta última a que altera a Resolução BCB nº, 277, de 31 de dezembro de 2022, resolvem: Art. 1º A Instrução Normativa BCB nº 693, de 19 de dezembro de 2025, publicada no Diário Oficial da União de 22 de dezembro de 2025, passa a vigorar com as seguintes alterações: "Art. 1º ........................................................................................................ I - pagamento ou transferência internacional com ativos virtuais; ............................................................................................................." (NR) "Art. 4º ....................................................................................................... I - em relação ao pagamento ou transferência internacional com ativos virtuais: ........................... II - em relação ao carregamento ou descarregamento de ativos virtuais em cartão ou outro meio de pagamento eletrônico de uso internacional: ............................................................................................................." (NR) Art. 2º Esta Instrução Normativa entra em vigor na data de sua publicação. KATHLEEN KRAUSE Chefe do Departamento de Regulação Prudencial e Cambial ANDRÉ MAURÍCIO TRINDADE DA ROCHA Chefe do Departamento de Monitoramento do Sistema Financeiro × Acesso ao Sistema × Como Assinar? Agende uma Apresentação! Sua mensagem foi enviada. Em breve entraremos em contato. Se antecipe baixando o visualizador: Baixar Visualizador Obrigado pelo interesse! Em breve um de nossos representantes entrará em contato. Ok Baixar Visualizador TeamViewer (Versão Windows) Baixar Visualizador AnyDesk (Versão Windows) Agendar Apresentação Fechar × Recuperar senha Caso você tenha esquecido sua senha, informe seu login e e-mail principal cadastrado no LegisWeb e clique no botão Recuperar Senha para dar início ao processo de recuperação de senha: Você também pode entrar em contato conosco para solicitar a alteração de sua senha através da página Fale Conosco . Recuperar × Fale Conosco Ligue para nossa Central de Atendimento 0800 202 5544 Número alternativo: (19) 3070-9085 Número alternativo do Pará: (91) 3197-7414 Fechar Política de Privacidade e Termos de Uso Utilizamos cookies e tecnologias semelhantes para melhorar sua experiência, personalizar conteúdo e analisar o tráfego do site, em conformidade com a Lei Geral de Proteção de Dados (Lei nº 13.709/2018 – LGPD) . Ao continuar navegando, você declara que leu e concorda com nossa Política de Privacidade e nosso Termo de Uso . Li e concordo × Compartilhar legislação por E-mail × Compartilhar legislação por E-mail Fechar


BCB Resolution 277/2022 — Foreign Exchange Market — English Version

This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. It considers Resolution BCB No. 337, of August 22, 2023, Resolution BCB No. 401, of July 17, 2024, and Resolution BCB No. 521, of November 10, 2025. RESOLUTION BCB No. 277, OF DECEMBER 31, 2022 Regulates Law No. 14,286, of December 29, 2021, in relation to the foreign exchange market , the inflow and outflow of values in Brazilian real and in foreign currency and adopts other provisions. The Board of Directors of the Banco Central do Brasil (BCB), in an extraordinary session held on December 30 and 31, 2022, based on art. 9 of Law No. 4,595, of December 31, 1964, in art. 2, in art. 3, in art. 4, §§ 1 and 2, in art. 5, items I, II, VIII and IX, and §§ 1 and 4, in art. 6, in art. 10, in art. 14, § 2, in art. 15 and in art. 18 of Law No. 14,286, of December 29, 2021, and in art. 2 of CMN Resolution No. 5.056, of December 15, 2022, and in view of CMN Resolution No. 5.042, of November 25, 2022, R E S O L V E S: TITLE I GENERAL PROVISIONS SOLE CHAPTER Art. 1 This Resolution regulates Law No. 14,286, of December 29, 2021, regarding the aspects of competence of the Banco Central do Brasil related to the foreign exchange market, which comprises: I - purchases and sales of foreign currency; II - cross-border payments and transfers carried out through cross-border payment or transfer services; III - accounts in Brazilian real (BRL) held by non-residents; IV - foreign currency accounts held in Brazil; V - operations with gold as a foreign exchange instrument; and VI - the provision of virtual asset services defined in this Resolution. Art. 2 The form of entering into a foreign exchange operation is free. Sole paragraph. In an operation with its customer, the institution authorized to operate in the foreign exchange market must be able to prove that the parties agree with its terms. Art. 3 The minimum information that is part of the foreign exchange operation is in Annex I to this Resolution. This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 Art. 4 In order to classify t he foreign exchange operation purpose, whose responsibility is of the customer , the institution authorized to operate in the exchange market must present or make available to the customer , in a free format that allows the clear understanding by the customer, the codes contained: I – in Annex III to indicate the purpose of the foreign exchange operation of up to US$50,000.00 (fifty thousand United States dollars), or its equivalent in other currencies; II - in Annex IV to indicate the purpose of the foreign exchange operation exceeding US$50,000.00 (fifty thousand United States dollars), or its equivalent in other currencies; III - in Annex V for the indication of the purpose of the foreign exchange operation, regardless of its value, related to international postal transfers or cross -border payment or transfer services (eFX). § 1 It also must be provided information contained in: I - Annex VI, with the indication made by the customer, about the payer or receiver abroad and their relationship with the customer in the case of the situations provided for in items II and III of the main section of this article; and II - Annex VII, with the indication made by the institution authorized to operate in the foreign exchange market, on the form of delivery of the foreign currency. § 2 At the request of the customer: I - the use of the code list contained in Annex IV for foreign exchange operation of up to US$50,000.00 (fifty thousand United States dollars), or its equivalent in other currencies, is allowed, upon agreement of the institution authorized to operate in the foreign exchange market; II - the institution authorized to operate in the foreign exchange market must adjust information previously provided by the customer in respect to the foreign exchange operation. § 3 Institutions authorized to operate in the foreign exchange market will provide guidance and technical support, including through digital means, to customers who need support for the correct classification of purpose of the operation in the foreign exchange market. Art. 5 The institution authorized to operate in the foreign exchange market must use the lists of codes contained: I - in Annexes IV, V, VI and VII for the classification of own foreign exchange operation, with an institution abroad, with the Banco Central do Brasil, with


Annex IV for foreign exchange operation of up to US$50,000.00 (fifty thousand United States dollars), or its equivalent in other currencies, is allowed, upon agreement of the institution authorized to operate in the foreign exchange market; II - the institution authorized to operate in the foreign exchange market must adjust information previously provided by the customer in respect to the foreign exchange operation. § 3 Institutions authorized to operate in the foreign exchange market will provide guidance and technical support, including through digital means, to customers who need support for the correct classification of purpose of the operation in the foreign exchange market. Art. 5 The institution authorized to operate in the foreign exchange market must use the lists of codes contained: I - in Annexes IV, V, VI and VII for the classification of own foreign exchange operation, with an institution abroad, with the Banco Central do Brasil, with another institution authorized to operate in the foreign exchange market, or in the case of special operation; and II - in Annex VIII for the complementary classification, exclusively for submission to the Banco Central do Brasil. III - (Revoked) This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 Art. 6 For the return of values not applied in the purpose or in the form originally indicated or for the return of values unduly transferred, the classification corresponding to the same purpose indicated in the original operation must be used. Art. 7 The institution authorized to operate in the foreign exchange market may request or waive, according to its assessment , information and supporting documents, considering the customer's evaluation and the characteristics of the operation. Sole paragraph. The provisions on the criteria to be adopted in relation to information and supporting documents for the purposes of preventing money laundering and combating terrorist financing are in Circular No. 3.978, of January 23, 2020. Art. 8 The institution authorized to operate in the foreign exchange market must keep at the disposal of the Banco Central do Brasil and keep for a minimum period of ten years, from the end of the year in which the contracting event occurs, or if any, from the settlement , cancellation, or write-off of the foreign exchange operation: I - the proof of the customer's consent to the agreed conditions; II - information on the operation and the supporting documents that have been collected. Art. 9 Institutions authorized to operate in the foreign exchange market and cross- border payment, or transfer service providers must comply with the legislation and regulations related to the foreign exchange market. Art. 10. In the case of a foreign exchange operation carried out with the participation of a correspondent in Brazil, the institution authorized to operate in the foreign exchange market must keep in its possession a copy of the customer 's identification documentation. Art. 11. For the purposes of this Resolution, references to the purchase or sale of foreign currency mean that the institution authorized to operate in the foreign exchange market is the buyer or seller, respectively. Art. 12. The entry into Brazil or the exit from Brazil of BRL or of foreign currency in cash exceeding US$10,000.00 (ten thousand United States dollars), or its equivalent in other currencies, whether in BRL or in foreign currency, can only be carried out by an institution authorized to operate in the foreign exchange market with the participation of a bank authorized to operate in the foreign exchange market, except for the situation related to the carrying of values provided for in item II of § 1 of art. 14 of Law No. 14,286, of 2021. Sole paragraph. Payment institutions authorized to operate in the foreign exchange market cannot carry out the inflow and outflow of currency referred to in the main section of this article. Art. 13. Payment abroad or receipt from abroad must be made through an institution authorized to operate in the foreign exchange market or otherwise provided for in the legislation, and the institution authorized to operate in the foreign exchange market must resort This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 to means that ensures that the respective payment instruction is accompanied by information related to the sender and the beneficiary of the resources. Sole paragraph. In the case of remittance of resources abroad, the respective payment instruction must be accompanied by the following information: I - related to the sender: name, identification document number, address and account identifier or registration number with the Cadastro de Pessoas Físicas1 (CPF) or


the main section of this article. Art. 13. Payment abroad or receipt from abroad must be made through an institution authorized to operate in the foreign exchange market or otherwise provided for in the legislation, and the institution authorized to operate in the foreign exchange market must resort This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 to means that ensures that the respective payment instruction is accompanied by information related to the sender and the beneficiary of the resources. Sole paragraph. In the case of remittance of resources abroad, the respective payment instruction must be accompanied by the following information: I - related to the sender: name, identification document number, address and account identifier or registration number with the Cadastro de Pessoas Físicas1 (CPF) or with the Cadastro Nacional da Pessoa Jurídica2 (CNPJ), in the case of a person required to register in said registrations, and form of delivery of the currency by the sender other than debit on account; II - related to the beneficiary: name and the identifier of the account or the transaction identifier. Art. 14. For payment orders in foreign currency: I - the institution authorized to operate in the foreign exchange market must immediately communicate to the beneficiary the receipt of a payment order from abroad in its favor, informing him that the order can be negotiated in full or in installments; II - the payment order not fulfilled abroad must be subject to a foreign exchange operation with the sender of the order, and the institution must communicate the fact to the said sender within three working days, counted from the date on which the institution received the information of non-compliance with the order. Art. 15. Foreign exchange operations may be contracted for spot or future settlement and, in the case of interbank operations, for forward settlement, provided that: I - in operations for spot or future settlement , the foreign exchange rate must exclusively reflect the price of the currency negotiated for the date of contracting the foreign exchange operation, and the agreement of premium or bonus in operations for future settlement is allowed; II - in forward settlement operations, the foreign exchange rate is freely agreed between the parties and must focus the negotiated price of the foreign currency for the settlement date of the foreign exchange operation. Art. 16. The purchase or sale of foreign currency at exchange rates that are at diverse levels from those practiced by the market or that may constitute foreign exchange evasion, artificial price formation or price manipulation is subject to the penalties and other sanctions provided for in the legislation and regulations in force. Art. 17. For the purposes of determining the equivalence in United States dollars of foreign exchange operations carried out in other foreign currencies, it must be used the most recently available foreign exchange rate information for the date of the event disclosed by the Banco Central do Brasil. 1 Translated: Registration of Individuals 2 Translated: National Registration of Legal Entities This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 Art. 18. The Valor Efetivo Total 3 (VET), expressed in BRL per unit of foreign currency, is calculated considering the foreign exchange rate, taxes levied on the foreign exchange operation and any fees charged. Sole paragraph. For foreign exchange operations with customers for spot settlement of up to US$100,000.00 (one hundred thousand United States dollars), or its equivalent in other currencies, institutions authorized to operate in the foreign exchange market must: I - inform the VET to its customer or user prior to carrying out the foreign exchange operation; II - include the VET among the information contained in Annex I to this Resolution that must be known by the parties. Art. 19. In the purchase or sale of foreign currency operation, the receipt or delivery of the respective value in BRL must be made through credit or debit to the customer's deposit or payment account maintained in financial institutions and other institutions authorized to operate by the Banco Central do Brasil or in payment institutions that, due to their adhesion to Pix, are part of the Sistema de Pagamentos Brasileiro 4 (SPB). § 1 The receipt or delivery of the value in BRL referred to in the main section of this article may also be carried out by check, in the form of its regulation. § 2 The use of a postpaid payment account is limited to the sale of foreign currency. § 3 When it does not exceed R$10,000.00 (ten thousand


VET among the information contained in Annex I to this Resolution that must be known by the parties. Art. 19. In the purchase or sale of foreign currency operation, the receipt or delivery of the respective value in BRL must be made through credit or debit to the customer's deposit or payment account maintained in financial institutions and other institutions authorized to operate by the Banco Central do Brasil or in payment institutions that, due to their adhesion to Pix, are part of the Sistema de Pagamentos Brasileiro 4 (SPB). § 1 The receipt or delivery of the value in BRL referred to in the main section of this article may also be carried out by check, in the form of its regulation. § 2 The use of a postpaid payment account is limited to the sale of foreign currency. § 3 When it does not exceed R$10,000.00 (ten thousand BRL ), the receipt or delivery of the value in BRL referred to in the main section of this article may be carried out by any means of payment in use in the financial market, including cash, pursuant to §2. Art. 20. The institution authorized to operate in the foreign exchange market, in its relationship with a postal service provider, according to art. 2 of Law No. 6.538, of June 22, 1978, must be able to prove to the Banco Central do Brasil that it has made sure that said provider: I - adopts a policy, procedures, and internal controls to comply with the duties and obligations provided for in this Resolution, including with the aim of avoiding offsetting between payments of interest to it; and II - makes receipts and payments for the purpose of providing international postal voucher service of up to US$50,000.00 (fifty thousand United States dollars), or its equivalent in other currencies, referring to businesses that do not need to be linked to foreign capital operations informed in a system of the Banco Central do Brasil, with delivery of proof to its customer containing the identification of the customer, the payer or receiver abroad, the 3 Translated: Total Effective Value 4 Translated: Brazilian Payment System This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 purpose of the business, the foreign currency, the conversion rate, the values in foreign currency and in national currency, the values referring to any tariffs and the values referring to any taxes. Art. 21. For the foreign exchange operation related to advance payment or early receipt: I - in the case of advance payment, the institution authorized to operate in the foreign exchange market must inform the customer that, if the operation that supported the transfer does not materialize, the buyer of the foreign currency must arrange for the return to Brazil of the corresponding resources; II - in the case of early receipt related to a business not carried out in accordance with the purpose originally indicated, the institution authorized to operate in the foreign exchange market must inform the customer that the value can be returned abroad within three hundred and sixty days or, upon prior consent of the payer abroad, be converted to another purpose, subject to the applicable tax regulations. Art. 22. Foreign exchange operations fractionation is not allowed for the purpose of using prerogatives granted under this Resolution. Art. 23. Institutions authorized to operate in the foreign exchange market may convert foreign currency in cash into foreign currency deposit and foreign currency deposit in foreign currency in cash among themselves or with financial institutions from abroad. Art. 24. A foreign exchange operation and a transaction in a non-resident account in BRL subject to the reporting obligation in the form of Annex II regarding payments abroad and receipts from abroad must be carried out separately for the total values that have the same informed purpose. Art. 25. In foreign exchange operations , in transactions in accounts of non- residents in BRL subject to the reporting obligation in the form of Annex II, or in operations involving the provision of virtual asset services defined in this Resolution , with settlement, account transaction or virtual asset transaction on the same date, respectively, the conduct of business must be informed to the Banco Central do Brasil by the full values, and the transfer of resources, from abroad and to abroad, may be carried out at net value. Art. 26. Institutions authorized to operate in the foreign exchange market are allowed to receive a payment order in foreign currency for the inflow of funds from abroad related to unilateral transfers, to convert such values into BRL , and to direct the resulting resources to individuals, pursuant to the


separately for the total values that have the same informed purpose. Art. 25. In foreign exchange operations , in transactions in accounts of non- residents in BRL subject to the reporting obligation in the form of Annex II, or in operations involving the provision of virtual asset services defined in this Resolution , with settlement, account transaction or virtual asset transaction on the same date, respectively, the conduct of business must be informed to the Banco Central do Brasil by the full values, and the transfer of resources, from abroad and to abroad, may be carried out at net value. Art. 26. Institutions authorized to operate in the foreign exchange market are allowed to receive a payment order in foreign currency for the inflow of funds from abroad related to unilateral transfers, to convert such values into BRL , and to direct the resulting resources to individuals, pursuant to the following: I - the modification of the foreign exchange position of the institution authorized to operate in the foreign exchange market occurs by registering the purchase operation in the Sistema Câmbio 5 for spot settlement, observed the correct classification; 5 Translated: Foreign Exchange System This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 II - the institution authorized to operate in the foreign exchange market, regarding the delivery of BRL to the natural person who is the final beneficiary of the resources, must note that: a) the conditions of the payment order are agreed by the sender abroad, including the pre-establishment of the value in BRL to be fully received by the natural person to be final beneficiary in Brazil; b) upon receipt of the payment order in foreign currency, the institution authorized to operate in the foreign exchange market must deliver within three business days the value in BRL pre-established abroad to the final recipient natural person, in cash or by crediting the deposit or prepaid payment account of the natural person maintained in financial institutions and other institutions authorized to operate by the Banco Central do Br asil or in payment institutions that, by virtue of their adhesion to Pix, are part of the SPB; c) the value of the delivery is limited to R$10,000.00 (ten thousand BRL ), per operation; and d) in the case of delivery of BRL in cash, the institution authorized to operate in the foreign exchange market must adopt in relation to the natural person who is the final beneficiary of the resources the procedures for customers provided for in this Resolution, as well as keep in its possession a copy of the identification documentation of the natural person. Art. 27. For sale of foreign currency in cash seized referred to in § 1 of art. 60-A of Law No. 11.343, of August 23, 2006, the seller of the foreign currency in the foreign exchange operation is considered, for the purposes of the foreign exchange regulation, the Union, a State or the Federal District, as the case may be, represented by the judicial body that has determined the conversion of the foreign currency seized into national currency. Sole paragraph. The value limit provided for in item "a" of item III of art. 29 does not apply to the foreign exchange operation referred to in the main section of this article. Art. 28. Foreign currency accounts abroad held by institutions authorized to operate in the foreign exchange market and intended for the settlement of their operations must be maintained in an institution subject to effective prudential and conduct supervision in their respective jurisdiction or a member of a financial group subject to effective consolidated supervision, and the institution authorize d to operate in the foreign exchange market must be sure that the depository institution abroad has this qualification, including for proof purposes to the Banco Central do Brasil. TITLE II INSTITUTIONS AUTHORIZED TO OPERATE IN THE FOREIGN EXCHANGE MARKET SOLE CHAPTER Art. 29. Authorizations to operate in the foreign exchange market may be granted for the institutions listed below to carry out the following operations: This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 I - banks and the Caixa Econômica Federal: all foreign exchange market operations, subject to the condition that operations involving the provision of virtual asset services defined in this Resolution are allowed only for institutions that act as virtual asset service providers, in accordance with the regulation on the subject; II - securities and stock brokerage companies, securities and stock dealer companies, foreign exchange brokerage companies, credit, financing and investment companies and


proof purposes to the Banco Central do Brasil. TITLE II INSTITUTIONS AUTHORIZED TO OPERATE IN THE FOREIGN EXCHANGE MARKET SOLE CHAPTER Art. 29. Authorizations to operate in the foreign exchange market may be granted for the institutions listed below to carry out the following operations: This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 I - banks and the Caixa Econômica Federal: all foreign exchange market operations, subject to the condition that operations involving the provision of virtual asset services defined in this Resolution are allowed only for institutions that act as virtual asset service providers, in accordance with the regulation on the subject; II - securities and stock brokerage companies, securities and stock dealer companies, foreign exchange brokerage companies, credit, financing and investment companies and development agencies: a) foreign exchange operations with customer s for spot settlement of up to US$500,000.00 ( five hundred thousand United States dollars) or its equivalent in other currencies, considering that transfers related to the trading of derivative financial instruments abroad are not allowed; b) operations for spot settlement in the interbank market, cross-currency trades6 in Brazil and cross-currency abroad; and c) operations involving the provision of virtual asset services defined in this Resolution only for institutions that act as virtual asset service providers, in accordance with the regulation on the matter, subject to the condition that international payment or transfer with virtual assets is limited to the amount equivalent to US$500,000.00 (five hundred thousand United States dollars) when the counterparty is not an authorized institution to operate in the foreign exchange market; III - payment institutions authorized to operate by the Banco Central do Brasil that provide services as an issuer of electronic money, issuer of postpaid payment instrument or acquirer, who are prohibited from conducting operations with correspondents and operations involving national or foreign currencies in cash: a) foreign exchange operations with customer s for spot settlement of up to US$100,000.00 (one hundred thousand United States dollars) or its equivalent in other currencies, considering that transfers related to the trading of derivative financial instruments abroad are not allowed; and b) operations for spot settlement in the interbank market, cross -currency trades in Brazil, and cross-currency trades abroad; and IV - virtual asset service provider companies: operations involving the provision of virtual asset services defined in this Resolution , subject to the condition that international payment or transfer with virtual assets is limited to the amount equivalent to US$100,000.00 (one hundred thousand United States dollars) when the counterparty is not an authorized institution to operate in the foreign exchange market, provided that operations involving national or foreign currencies in cash are prohibited. § 1 The value limits established in this article: 6 Please note that in this translation “cross-currency trade” means a foreign exchange transaction in which two foreign currencies are traded without conversion to BRL. This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 I - do not prevent the execution of a foreign exchange operation related to payment or receipt of installments provided for in a business disbursement schedule with a total value higher than the aforementioned limits; II - do not apply when the institution authorized to operate in foreign exchange is the buyer and seller of the foreign currency and is acting to fulfill obligations arising from the operations of its customers. § 2 The institution authorized to operate in the foreign exchange market must appoint a director responsible for the operations referred to in this Resolution. § 3 Institutions authorized to operate in the foreign exchange market may conduct foreign exchange operations through a service station, subject to the regulations on the subject. § 4 The provisions of § 3 of this article shall not apply to payment institutions and to virtual asset service provider companies; § 5 Virtual asset service provider companies that are active under the terms of Article 9 of Law No. 14,478, of December 21, 2022, on the date of entry into force of the BCB resolution governing their incorporation and operation, may continue performing the operations involving the provision of virtual asset services defined in this Resolution, subject to the condition they comply with the deadlines and conditions established in the regulation for requesting authorization from the BCB to operate, noting tha t such request must include an application to operate in the foreign exchange market. Art. 30. The authorizations referred to in art. 29 require: I - economic-financial viability of the enterprise; II - compliance with the minimum capital and equity requirements provided for


on the subject. § 4 The provisions of § 3 of this article shall not apply to payment institutions and to virtual asset service provider companies; § 5 Virtual asset service provider companies that are active under the terms of Article 9 of Law No. 14,478, of December 21, 2022, on the date of entry into force of the BCB resolution governing their incorporation and operation, may continue performing the operations involving the provision of virtual asset services defined in this Resolution, subject to the condition they comply with the deadlines and conditions established in the regulation for requesting authorization from the BCB to operate, noting tha t such request must include an application to operate in the foreign exchange market. Art. 30. The authorizations referred to in art. 29 require: I - economic-financial viability of the enterprise; II - compliance with the minimum capital and equity requirements provided for in the regulations in force; III - compatibility of the information technology infrastructure with the complexity and risks of the business; and IV - compatibility of the corporate governance structure with the complexity and risks of the business. § 1 The Banco Central do Brasil may require the presentation of a business plan to verify the requirement referred to in item III of the main section of this article. § 2 The Banco Central do Brasil may require technical certification or assessment issued by a qualified independent company to verify the requirements referred to in the main section of this article. Art. 31. The Banco Central do Brasil, before or after the issuance of the authorizations provided for in art. 29, may: I - request any additional documents and information it deems necessary, as well as request them from other public administration bodies and authorities abroad; This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 II - call for interview the institution's administrator; and III - require the implementation of adjustment measures considered appropriate. Art. 32. Regarding the requests for authorization referred to in art. 29, the Banco Central do Brasil may: I - close the procedure, without assessing the merits of the request, when: a) the subject or elements on which the application is based have changed during the procedure; b) there is non- compliance with the deadlines provided for in the regulations in force; c) the requirements to complement the instruction of the process have not been met, within the established period; d) the administrator fails to attend Banco Central do Brasil call for interview; or e) the proceeding is out of the format required by current regulations; II - reject them, if it comes to ascertain: a) falsity or omission in the statements and documents presented in the investigation of the proceedings or discrepancy between them and the facts or data found in the analysis; or b) failure to comply with the requirements established in this Resolution, or failure to prove its compliance by interested parties. Sole paragraph. In the cases referred to in item II of the main section of this article, the Banco Central do Brasil may grant, before the decision, a period to the interested parties for manifestation. Art. 33. The Banco Central do Brasil may review the authorization decision, considering the relevance of the facts, based on the circumstances of each case and the public interest, if it finds: I - falsity or omission in the statements and documents presented in the investigation of the proceedings or discrepancy between them and the facts or data found in the analysis; or II - pre-existing circumstances to the decision that may affect the evaluation of compliance with authorization requirements. Sole paragraph. In the cases described in the main section of this article, the Banco Central do Brasil must notify the institution to express its opinion on the irregularity found. Art. 34. The cancellation of authorization will occur in the following cases: I - at the request of the institution; and II - ex officio, by the Banco Central do Brasil. This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 § 1 The Banco Central do Brasil may condition the cancellation referred to in item I of the main section of this article to the settlement or transfer of operations in the foreign exchange market that are private or allowed to the institution due to the respective authorization. § 2 The Banco Central do Brasil may cancel the provisions of item II of the main section of this article when one or more of the following situations can


to express its opinion on the irregularity found. Art. 34. The cancellation of authorization will occur in the following cases: I - at the request of the institution; and II - ex officio, by the Banco Central do Brasil. This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 § 1 The Banco Central do Brasil may condition the cancellation referred to in item I of the main section of this article to the settlement or transfer of operations in the foreign exchange market that are private or allowed to the institution due to the respective authorization. § 2 The Banco Central do Brasil may cancel the provisions of item II of the main section of this article when one or more of the following situations can be found at any time: I - lack of habitual practice of carrying out operations in the foreign exchange market; II - non-compliance with the business plan during its coverage period, in an insufficiently justified manner, at the discretion of the Banco Central do Brasil. § 3 The Banco Central do Brasil, prior to the cancellation provided for in item II of the main section of this article, shall notify the institution to express its intention to cancel. Art. 35. The Banco Central do Brasil shall define the procedures, documents and information required in the authorization processes provided for in art. 29, as well as the respective deadlines, to meet the requirements established in art. 30. TITLE III FOREIGN EXCHANGE OPERATION CHAPTER I ADVANCE PAYMENT ON THE FOREIGN EXCHANGE OPERATION Art. 36. An advance payment on foreign exchange operation constitutes a partial or a total advancement according to the price in national currency of the foreign currency purchased for future delivery, and may be granted at any time, at the discretion of the parties. Art. 37. In the case of an export foreign exchange operation , the instrument chosen between the parties for its formalization must have an annotation containing the information on the advanced amount and the information that said amount serves for the purposes and effects of art. 75 of Law No. 4,728, of July 14, 1965, and may be additionally indicated the institution of the foreign supplier of the credit and its country. Sole paragraph. In cases of bankruptcy, extrajudicial liquidation or intervention in the financial institution that granted the advance payment, for the purpose of satisfying the obligations arising from the use of credits obtained abroad for export financing: I - payments must be made based on the resources received and arising from export foreign exchange operations, object of the advance payments granted, observing the proportionality in relation to the total credits taken; II - the funds received from the exporter must be employed to pay the respective credit taken abroad, when there an annotation, observing that, if there is characterization of This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 default of the exporter, the payment to the institution providing the credit occurs as prescribed by item I. CHAPTER II SETTLEMENT, AMENDMENT, EXTENSION, CANCELLATION OR WRITE-OFF OF FOREIGN EXCHANGE OPERATION Art. 38. The settlement of the foreign exchange operation occurs by the delivery of both domestic and foreign currencie s, subject of the deal , or by the delivery of securities representing such currencies and it can be: I - spot, that is, within two business days from the date of contracting, excluding non-working days in at least one of the places of the currencies involved; II - future, with a term of up to fifteen hundred days; or III - term for interbank operations, with a term of up to fifteen hundred days. § 1 If the parties agree, settlement is allowed on a date prior to the date originally agreed, except if prohibited in this Resolution. § 2 Settlement on the same day as contracting foreign exchange is mandatory for the purchase or sale of foreign currency in cash, in traveler's checks and for the deposit and withdrawal of funds in foreign currency in card or other electronic means of payment for international use. § 3 The minimum period for settlement of a foreign currency sale operation referring to a donation of a value from R$100,000.00 (one hundred thousand BRL) is one business day. § 4 If the settlement of an export foreign exchange operation occurs after the date of shipment of the goods or the provision of the service, the maximum period between such events is fifteen hundred days. § 5 For the purposes of the provisions of


fifteen hundred days. § 1 If the parties agree, settlement is allowed on a date prior to the date originally agreed, except if prohibited in this Resolution. § 2 Settlement on the same day as contracting foreign exchange is mandatory for the purchase or sale of foreign currency in cash, in traveler's checks and for the deposit and withdrawal of funds in foreign currency in card or other electronic means of payment for international use. § 3 The minimum period for settlement of a foreign currency sale operation referring to a donation of a value from R$100,000.00 (one hundred thousand BRL) is one business day. § 4 If the settlement of an export foreign exchange operation occurs after the date of shipment of the goods or the provision of the service, the maximum period between such events is fifteen hundred days. § 5 For the purposes of the provisions of § 4, the date of shipment shall be deemed to be: I - the date of issue of the international bill of lading; II - the date of registration of the order, if the date of issuance of the international bill of lading is not available; or III - the date of the document equivalent to the international bill of lading if the goods are admitted under special customs procedure. Art. 39. The regularization of a foreign exchange operation may occur by its extension, settlement, cancellation, or write -off, subject to the terms and other conditions established in the regulations. Art. 40. The institution authorized to operate in the foreign exchange market must be able to prove the customer's agreement to change the condition agreed upon in a foreign This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 exchange operation, observing that it is forbidden to change the buyer, the seller, the value in foreign currency, the value in national currency, the foreign currency, and the foreign exchange rate. Art. 41. The cancellation of the foreign exchange operation occurs by consensus of the parties, who must declare the undoing of the previous legal relationship, in compliance with the applicable legal and regulatory principles. Sole paragraph. In cases where there is no consensus for the cancellation, the institution authorized to operate in the foreign exchange market may write off the foreign exchange operation from its foreign exchange position, which represents an accounting operation and does not imply unilateral termination of the business or amendment of the contractual relationship existing between the parties, observing that the equivalent value in national currency of the write -off is calculated with the same foreign exc hange rate applied to the written-off operation. CHAPTER III PROCEDURES FOR COLLECTION OF THE FINANCIAL CHARGE Art. 42. The buyer of the foreign currency will receive notification from the Banco Central do Brasil on the value of the financial charge referred to in art. 7 of Law No. 14,286, of 2021, and art. 1 of CMN Resolution No. 5.056, of December 15, 2022, to be collected from the Banco Central do Brasil through the Sistema de Lançamentos do Banco Central 7 (SLB) or by another means that ensures receipt. § 1 The deadline for the buyer of the foreign currency to present a challenge to the collection is up to fifteen days from the receipt of the notification referred to in the main section of this article. § 2 If there is no challenge to the collection, the deadline for the buyer of the foreign currency to pay the financial charge is up to thirty days from the receipt of the notification referred to in the main section of this article. § 3 If there is a dispute, and if the decision of the Banco Central do Brasil ratifies the collection of a financial charge, the deadline for the buyer of the foreign currency to make the payment is up to fifteen days from the receipt of notification of this decision. § 4 The value collected after the deadline referred to in § 2 or § 3, as appropriate, is increased by default interest and past due payment penalty, pursuant to art. 37 of Law No. 10,522, of July 19, 2002. § 5 The non -payment of the charge entails the registration of the debt in the Active Debt of the Banco Central do Brasil, as well as the registration of the debtor in the Cadastro 7 Translated: Central Bank Entry System This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 Informativo de Créditos não Quitados do Setor Público Federal 8 (Cadin),


deadline for the buyer of the foreign currency to make the payment is up to fifteen days from the receipt of notification of this decision. § 4 The value collected after the deadline referred to in § 2 or § 3, as appropriate, is increased by default interest and past due payment penalty, pursuant to art. 37 of Law No. 10,522, of July 19, 2002. § 5 The non -payment of the charge entails the registration of the debt in the Active Debt of the Banco Central do Brasil, as well as the registration of the debtor in the Cadastro 7 Translated: Central Bank Entry System This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 Informativo de Créditos não Quitados do Setor Público Federal 8 (Cadin), in accordance with the legislation and regulations in force. Art. 43. If there was no payment of the financial burden because of the decree of bankruptcy of the seller of the foreign currency or intervention or extrajudicial liquidation of the buyer of the foreign currency, the following procedures apply: I - in cases of bankruptcy of the seller of the foreign currency, it is incumbent upon the buyer of the foreign currency: a) on the date of cancellation or write -off of the foreign exchange operation, communicate to the liquidator of the bankrupt estate the existence of a debt related to the financial charge, identifying the foreign exchange operation, the foreign currency se ller, if there was cancellation or write-off, the value in BRL to be collected, the date of cancellation or write - off and the applicable legislation and regulation, sending to the Banco Central do Brasil a copy of the correspondence and proof of receipt by the recipient; b) upon receipt of the value of the charge, inform the Banco Central do Brasil, until the following business day, for the purpose of collecting the financial charge; II - in cases of intervention or extrajudicial liquidation of the buyer of the foreign currency, the intervener or liquidator shall: a) on the date of cancellation or write -off of the foreign exchange operation, arrange for the collection of the charge to the foreign currency seller, identifying the foreign exchange operation, if there was a cancellation or write-off, the value in BRL to be collected, the date of cancellation or write-off and the applicable legislation and regulations; b) inform the seller of the foreign currency that the payment of the financial charge must be made to the buyer of the foreign currency and that, in the impossibility of payment being made to the buyer of the foreign currency, the charge must be collected directly from the Banco Central do Brasil, observing that a copy of the correspondence with proof of receipt by the recipient must be sent to the Banco Central do Brasil; c) in the event of bankruptcy of the foreign currency seller, notify the liquidator of the bankruptcy estate, on the date of cancellation or write-off of the foreign exchange operation, of the existence of a debt related to the financial charge, identifying the foreign exchange operation, the foreign currency seller, if there was cancellation or write -off, the value in BRL to be collected, the date of cancellation or write -off and the applicable legislation and regulation, forwarding to the Banco Central do Brasil a copy of the correspondence with proof of receipt by the recipient; d) upon receipt of the value of the charge, inform the Banco Central do Brasil, until the following business day, for the purpose of collecting the financial charge in the form contained in this Chapter, or for direct transfer to the Banco Central do Brasi l of the value received; 8 Translated: Informative Register of Unpaid Credits of the Federal Public Sector This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 III - in the cases provided for in items I or II, the Banco Central do Brasil, after receiving communication from the buyer of the foreign currency on the receipt of the value of the financial charge, may resubmit the notification through the SLB, or by another means that ensures receipt, in this case, the period of one business day, which begins on the date of receipt of the notification, for the payment of the financial charge or the waiver of the resubmission of the notification, in cases of direct transfer. Art. 44. In the event of intervention or extrajudicial liquidation of the buyer of the foreign currency without the decree of bankruptcy of the seller of


This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 III - in the cases provided for in items I or II, the Banco Central do Brasil, after receiving communication from the buyer of the foreign currency on the receipt of the value of the financial charge, may resubmit the notification through the SLB, or by another means that ensures receipt, in this case, the period of one business day, which begins on the date of receipt of the notification, for the payment of the financial charge or the waiver of the resubmission of the notification, in cases of direct transfer. Art. 44. In the event of intervention or extrajudicial liquidation of the buyer of the foreign currency without the decree of bankruptcy of the seller of the foreign currency, there is an increase in default interest and late payment fine, pursuant to art. 37 of Law No. 10,522, of 2002, implying, when applicable, the registration of the debt in the Active Debt of the Banco Central do Brasil, and the name of the debtor in Cadin. Sole paragraph. In the event of impossibility of payment to the buyer under intervention or in extrajudicial liquidation, the debtor of the charge must make the payment directly to the Banco Central do Brasil, in which case the buyer is released from the payment of the financial charge. CHAPTER IV FOREIGN EXCHANGE POSITION AND OPERATIONAL LIMIT Art. 45. The foreign exchange position is represented by the balance of foreign exchange operations (purchase and sale of foreign currenc ies, of securities and documents representing them , and of gold as a foreign exchange instrument), recorded in the Sistema Câmbio. § 1 For all purposes and effects, the foreign exchange position is modified on the date of information to the Banco Central do Brasil of the contracting of the foreign exchange operation, except for forward interbank operations, in which the foreign exchange position is modified from the second business day prior to its settlement. § 2 The equivalence in United States dollars is calculated by applying the quotations for accounting of the parities available in the Sistema de Informações do Banco Central (Sisbacen) of the previous business day, observing that: I - for currencies of type "A", the selling parity must be used as follows: value in foreign currency divided by the parity; II - for currencies of type "B", the purchase parity must be used as follows: value in foreign currency multiplied by the parity. § 3 Regarding limits for foreign exchange position: I - there is no limit to the foreign exchange positions purchased or sold from banks and savings banks authorized to operate in the foreign exchange market; This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 II - there is no limit to the purchased exchange position of other institutions authorized to operate by the Banco Central do Brasil, and the sold foreign exchange position is limited to zero. TITLE IV OPERATIONS WITH CUSTOMERS SOLE CHAPTER Art. 46. Export revenues may be entered or received in Brazil in BRL or in foreign currency, regardless of the currency of the commercial negotiation, prior to or after the shipment of the goods or the provision of services, subject to the general provisions on the entry and receipt of funds in Brazil. § 1 The receipt of export revenues may occur, among other ways, through credit in an account held abroad by an institution authorized to operate in the foreign exchange market in Brazil, at the discretion of the parties. § 2 The export foreign exchange operation may be entered into prior to or subsequent to the shipment of the goods or the provision of the service, subject to the deadlines established in this Resolution. Art. 47. The import payment can be made in BRL or in foreign currency, observing that the anticipation of this payment can occur up to three hundred and sixty days prior to the date scheduled for: I - shipment, in the case of goods imported directly from abroad on a definitive basis, including under the drawback regime, or when intended for admission into the Zona Franca de Manaus 9, in Área de Livre Comércio10 or in Entreposto Industrial11; II - the nationalization of goods that have been admitted under other special or atypical customs procedures. Sole paragraph. The advance import payment may be made in advance of up to one thousand and eight hundred days in relation to the dates indicated in items I and II of the main section of this


shipment of the goods or the provision of the service, subject to the deadlines established in this Resolution. Art. 47. The import payment can be made in BRL or in foreign currency, observing that the anticipation of this payment can occur up to three hundred and sixty days prior to the date scheduled for: I - shipment, in the case of goods imported directly from abroad on a definitive basis, including under the drawback regime, or when intended for admission into the Zona Franca de Manaus 9, in Área de Livre Comércio10 or in Entreposto Industrial11; II - the nationalization of goods that have been admitted under other special or atypical customs procedures. Sole paragraph. The advance import payment may be made in advance of up to one thousand and eight hundred days in relation to the dates indicated in items I and II of the main section of this article in cases of: I - machinery and equipment with a long production or custom manufacturing cycle, if it is compatible with the production or marketing cycle of the good; or II - proof of impossibility of shipment or nationalization of the good due to factors unrelated to the will of the importer. 9 Translated: Manaus Free Trade Zone 10 Translated: Free Trade Area 11 Translated: Industrial Warehouse This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 Art. 48. The non -resident temporarily in Brazil is allowed to receive foreign currency in cash without carrying out a foreign exchange operation related to the payment order in his favor. TITLE V CROSS-BORDER PAYMENT OR TRANSFER SERVICE (EFX) CHAPTER I GENERAL PROVISIONS Art. 49. For the purposes of this Resolution, eFX is the cross -border payment or transfer service, carried out through a foreign exchange operation or through a transaction in non-resident BRL account in the manner provided for in this Resolution, which enables: I - acquisition of goods and services, in Brazil or abroad, which occurs: a) in person; or b) through a digital payment solution offered by the eFX provider and integrated into the e-commerce platform; II - current unilateral transfer, limited to US$10,000.00 (ten thousand United States dollars) or its equivalent in other currencies; III - transfer of funds between an account in Brazil and an account abroad of the same ownership, limited to US$10,000.00 (ten thousand United States dollars) or its equivalent in other currencies, with the following characteristics: a) deposit account or prepaid payment account held in Brazil in financial institutions and other institutions authorized to operate by the Banco Central do Brasil or in payment institutions that integrate SPB exclusively by virtue of its adhesion to Pix; and b) deposit account or payment account held in an institution abroad subject to effective prudential and conduct supervision or member of a financial group subject to effective consolidated supervision; IV - withdrawal in Brazil or abroad. § 1st Braking up operations carried out by rendering eFX for the purpose of using the prerogative provided for in this Chapter is not allowed. § 2 The following can act as eFX providers: I - multiple banks, commercial banks, savings banks, investment banks, development banks, foreign exchange banks, development agencies, credit, financing and investment companies, securities brokerage companies, securities distribution companies, exchange brokerage companies and payment institutions authorized to operate by the Banco Central do Brasil that provide services as an issuer of electronic money, issuer of postpaid payment instrument or accreditor, regardless of authorization to operate in the foreign exchange market, to enable the activities provided for in items I to IV of the main section of this article; This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 II - payment institutions not provided for in item I of this paragraph, to enable: a) the activities provided for in item "a" of item I and item IV of the main section of this article , without limitation of value, when acting as issuer of electronic money, issuer of postpaid payment instrument or accreditor within the scope of a payment scheme authorized by the Banco Central do Brasil; b) the acquisition of goods and services contained in item "b" of item I of the main section of this article , limited to US$10,000.00 (ten thousand United States dollars) or its equivalent in other currencies, if there is no legal, regulatory or proper impediment for such legal entities to provide this service; III - by other legal entities exclusively to enable the acquisition of goods and services contained in item "b" of item I


No. 277, of December 31, 2022 II - payment institutions not provided for in item I of this paragraph, to enable: a) the activities provided for in item "a" of item I and item IV of the main section of this article , without limitation of value, when acting as issuer of electronic money, issuer of postpaid payment instrument or accreditor within the scope of a payment scheme authorized by the Banco Central do Brasil; b) the acquisition of goods and services contained in item "b" of item I of the main section of this article , limited to US$10,000.00 (ten thousand United States dollars) or its equivalent in other currencies, if there is no legal, regulatory or proper impediment for such legal entities to provide this service; III - by other legal entities exclusively to enable the acquisition of goods and services contained in item "b" of item I of the main section of this article, limited to US$10,000.00 (ten thousand US dollars) or its equivalent in other currencies, if there is no legal, regulatory, or own impediment for such legal entities to provide this service. Art. 50. Foreign exchange operations and transactions in accounts in BRL of non- residents to enable payments, receipts, and transfers from customers of eFX providers are carried out on an individualized or consolidated basis, as provided for in this Resolution, and must comply with their own classification, when required. § 1 Any type of offsetting involving the payments and receipts referred to in the main section of this article is prohibited. § 2 The institution authorized to operate in the foreign exchange market, in its relationship with an eFX provider not authorized to operate by the Banco Central do Brasil, must: I - maintain recorded data of the unauthorized institution; II - be able to prove to the Banco Central do Brasil that it has made sure that the unauthorized eFX provider adopts policy, procedures, and internal controls to fulfill the duties and obligations set forth in this Resolution. § 3 The information and documents necessary to comply with the provisions of §2 must be kept by the institution authorized to operate in exchange available to the Banco Central do Brasil for a period of ten years from the purchase or sale of foreign currency carried out through said institution or from transactions in a non-resident's account in BRL. Art. 51. The eFX provider must ensure that its customer in Brazil has been informed in a clear and timely manner about: I - the responsibilities of the eFX provider regarding the service; II - the nature and conditions of the service provided; and III - the specific conditions related to the rights of the customer according to the payment instrument used for the delivery of the BRL to the eFX provider. This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 Sole paragraph. The eFX provider must be able to prove the knowledge and prior agreement of the customer in relation to the responsibilities and conditions referred to in the main section of this article. Art. 52. The eFX provider must ensure that its customer has access to a statement or invoice of the operations, containing at least the breakdown of the operation, including its date, the parties involved, the value in national currency, any tariff charged for the operation, in addition to the subtotals related to withdrawals, payments and transfers made. Sole paragraph. It should be noted in addition in relation to operations denominated in foreign currency that: I - the statement or invoice must identify the foreign currency and the value in said currency of the operation; II - in the case of withdrawal abroad or the acquisition of goods and services from abroad carried out using a card for international use, the eFX provider must also detail in the statement or invoice the operations referred to in the main section of this article: a) the equivalent amount in United States dollar on the date of each operation; b) the conversion rate of the United States dollar into BRL on the date of each operation; and c) the equivalent value in BRL , resulting from the conversion of the value of item "a" of this item, using the conversion rate referred to in item "b" of this item; Art. 53. The following rules apply to the card and other electronic means of payment for international use, with values in foreign currency previously loaded in Brazil: II - withdrawal and payment operations are conditioned on the existence of resources previously contributed; III - the contribution of values denominated in more than one foreign currency is allowed; and IV -


card for international use, the eFX provider must also detail in the statement or invoice the operations referred to in the main section of this article: a) the equivalent amount in United States dollar on the date of each operation; b) the conversion rate of the United States dollar into BRL on the date of each operation; and c) the equivalent value in BRL , resulting from the conversion of the value of item "a" of this item, using the conversion rate referred to in item "b" of this item; Art. 53. The following rules apply to the card and other electronic means of payment for international use, with values in foreign currency previously loaded in Brazil: II - withdrawal and payment operations are conditioned on the existence of resources previously contributed; III - the contribution of values denominated in more than one foreign currency is allowed; and IV - the rendering of information to the Banco Central do Brasil on the conversion, between foreign currencies, of a previously contributed balance is waived. CHAPTER II DELIVERY AND RECEIPT OF BRL IN BRAZIL Art. 54. Payment or receipt in Brazil arising from an operation carried out through an eFX provider must be carried out exclusively in BRL. § 1 The value in BRL referred to in the main section of this article is final, and any indexation to foreign currency or subsequent conversion is prohibited. § 2 The conversion rate for BRL of the operation or any return of funds must refer to the date of the respective event, observing that, if the payment of BRL by the customer to the This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 eFX provider occurs after the date of the operation, the eFX provider may offer its customer the possibility of converting the obligations by the equivalent value in BRL on the day of the respective payment, subject to the express acceptance of the customer. Art. 55. In cross -border payments or transfers from Brazil, the delivery of BRL by the customer to the eFX provider must be carried out from: I - deposit or payment account held by the customer held in financial institutions and other institutions authorized to operate by the Banco Central do Brasil or in payment institutions that integrate the SPB exclusively by virtue of their adhesion to the Pix; or II - payment slip (boleto de pagamento) with the customer in Brazil as the payer and the eFX provider as the beneficiary. Art. 56. In cross-border payments or transfers from abroad, delivery of BRL by the eFX provider to its customer must be carried out by crediting the customer 's prepaid deposit or payment account held in financial institutions and other institutions authorized to operate by the Banco Central do Brasil or in payment institutions that, due to their adhesion to Pix, are part of the SPB. Sole paragraph. Exceptions from the provisions of the main section of this article are the operations of withdrawal of funds carried out in Brazil using a card or other means of electronic payment for international use issued abroad. TITLE VI OPERATIONS BETWEEN AUTHORISED INSTITUTIONS AND WITH FINANCIAL INSTITUTIONS ABROAD CHAPTER I INSTITUTIONS AUTHORIZED TO OPERATE IN THE FOREIGN EXCHANGE MARKET Art. 57. Operations carried out in the interbank market are those carried out between institutions authorized to operate in the foreign exchange market. § 1 Operations in the interbank market may be entered into for spot , future or forward settlement; and their cancellation, write -off, extension or early settlement are prohibited. § 2 The delivery of BRL in the foreign exchange operations referred to in this Chapter is carried out by means of its own command in the Reserve Transfer System (STR). § 3 For forward interbank exchange operations, the foreign exchange rate is freely agreed between the parties and must mirror the negotiated price of the foreign currency for the settlement date of the foreign exchange operation, observing that, on said date, there is the effective and simultaneous delivery of the currencies, national and foreign, and no advance payments of the currencies are allowed. § 4 The purchase and sale of foreign currency by cross -currency trade are recorded with attribution, to the currencies bought and sold, of the same equivalent in BRL. This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 § 5 The operations in the interbank market are carried out with or without intermediation of a chamber or provider of clearing and settlement services (clearing house) whose system


interbank exchange operations, the foreign exchange rate is freely agreed between the parties and must mirror the negotiated price of the foreign currency for the settlement date of the foreign exchange operation, observing that, on said date, there is the effective and simultaneous delivery of the currencies, national and foreign, and no advance payments of the currencies are allowed. § 4 The purchase and sale of foreign currency by cross -currency trade are recorded with attribution, to the currencies bought and sold, of the same equivalent in BRL. This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 § 5 The operations in the interbank market are carried out with or without intermediation of a chamber or provider of clearing and settlement services (clearing house) whose system has been authorized by the Banco Central do Brasil for the settlement of foreign exchange operations. Art. 58. The formalization of the foreign exchange operation occurs with: I - in the case of an operation carried out in Brazil without intermediation of a clearing house: the confirmation by the institution selling the foreign currency of the operation data registered in the Sistema Câmbio by the institution buying the foreign currency; II - in the case of an operation carried out through a clearing house: a) the confirmation in the Sistema Câmbio, by the clearing house, of the operation data recorded by the foreign currency purchasing institution and confirmed by the foreign currency selling institution, when there is no use of trading systems without counterparty identification (blind screen); b) the identity verification in the Sistema Câmbio of the keys contained in the messages sent by the purchasing institution and the selling institution with the key sent by the clearing house, when there is use of trading systems without counterparty identification (blind screen); III - in the case of cross -currency trade in Brazil: the confirmation, by the counterparty institution of the operation, of the data registered in the Sistema Câmbio by the other institution party to the operation; IV - in the case of an operation carried out with an institution abroad : the registration, by the institution in Brazil, of the data in the Sistema Câmbio; V - in the case of an operation carried out with the Banco Central do Brasil: the registration carried out automatically in the Sistema Câmbio does not require confirmation by the counterparty. Art. 59. In the case of an operation carried out without intermediation of a clearing house, the confirmation of the operation in the Sistema Câmbio by the institution selling the foreign currency implies the formalization of two foreign exchange operations where the purchasing institution and the institution selling the foreign currency appear as parties. Art. 60. In the case of an operation carried out through a clearing house , the confirmation or verification of identity in the Sistema Câmbio implies the formalization of four foreign exchange operations, as follows: I - a pair of foreign exchange operations in which the institution purchasing the foreign currency and the clearing house appear as parties; and II - a pair of foreign exchange operations in which the institution selling the foreign currency and the clearing house appear as parties. This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 Art. 61. In the case of a foreign exchange operation carried out without the intermediation of a clearing house: I - the institution that purchases the foreign currency records the operation data in the Sistema Câmbio and must make such registration within thirty minutes after adjusting the conditions with the institution selling the foreign currency; II - the institution that sells the foreign currency confirms in the Sistema Câmbio the data and elements of the operation during the first thirty minutes, which begin with the registration made by the institution purchasing the foreign currency; III - two foreign exchange operations are recorded without automatic settlement by the Sistema Câmbio; IV - institutions that buy and sell foreign currency must record the settlement of operations in the Sistema Câmbio; V - the operation registered by the institution purchasing the foreign currency but not confirmed by the institution selling the foreign currency within the period indicated in item II is blocked by the system, and the reactivation of the registration in the Sistema Câmbio is a responsibility of the institution that purchases the foreign currency; VI - in the case of operation with the Banco Central do Brasil, the information to the counterparty institution on the registration is provided by the Sistema Câmbio. Art. 62.


currency confirms in the Sistema Câmbio the data and elements of the operation during the first thirty minutes, which begin with the registration made by the institution purchasing the foreign currency; III - two foreign exchange operations are recorded without automatic settlement by the Sistema Câmbio; IV - institutions that buy and sell foreign currency must record the settlement of operations in the Sistema Câmbio; V - the operation registered by the institution purchasing the foreign currency but not confirmed by the institution selling the foreign currency within the period indicated in item II is blocked by the system, and the reactivation of the registration in the Sistema Câmbio is a responsibility of the institution that purchases the foreign currency; VI - in the case of operation with the Banco Central do Brasil, the information to the counterparty institution on the registration is provided by the Sistema Câmbio. Art. 62. In the case of a foreign exchange operation carried out through a clearing house when there is no use of trading systems without counterparty identification (blind screen): I - the institution that purchases the foreign currency records the operation data in the Sistema Câmbio, and must make such registration within thirty minutes after adjusting the conditions with the foreign currency selling bank; II - the institution that sells the foreign currency confirms the data and elements of the operation during the first thirty minutes, which begin with the registration made by the institution buying the foreign currency, and in cases where the confirmation is due after the closing of the time grid of the interbank market, the closing time of the added grid of fifteen minutes for such measure, respecting the maximum period of thirty minutes; III - the clearing house confirms the data and elements of the operation during the first thirty minutes, which begin with the confirmation made by the institution selling the foreign currency, and in cases where the confirmation is due after the closing of the schedule of the interbank market, the closing time of the added grid of thirty minutes for such measure, respecting the maximum period of thirty minutes; IV - four foreign exchange operations are recorded in the Sistema Câmbio and the settlement event of each foreign exchange operation is carried out automatically by this system; V - the operation registered by the institution purchasing the foreign currency but not confirmed by the institution selling the foreign currency within the period indicated in item This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 II is blocked by the system, and the reactivation of the registration in the Sistema Câmbio is a responsibility of the institution that purchases the foreign currency; VI - the operation confirmed by the institution that sells the foreign currency but not confirmed by the clearing house within the period indicated in item III is blocked by the system, and the reactivation of the registration in the Sistema Câmbio being is a responsibility of the institution that purchases the foreign currency and the respective confirmations are responsibilities of the institution that sells the foreign currency and of the clearing house. Art. 63. In the case of a foreign exchange operation carried out through a clearing house when there is no use of trading systems without counterparty identification (blind screen): I - the clearing house, immediately after the closing of the operation in the trading system, by the buying and selling institutions of the foreign currency, records the operation data in the Sistema Câmbio and informs them to the buying and selling institutions; II - the purchasing and selling institutions, after receiving the information from the clearing house , confirm the transaction data, within thirty minutes, in the Sistema Câmbio , observing the deadline of thirty minutes after the closing of the schedule of the interbank market; lll - four foreign exchange operations are recorded in the Sistema Câmbio and the settlement event of each foreign exchange operation is carried out automatically by the Sistema Câmbio; IV - failure to comply with the provisions of item II implies the purge of said Sistema Câmbio operations, which will be considered non-existent. Art. 64. In the case of a cross-currency trade in Brazil, confirmation in the Sistema Câmbio by the counterparty institution implies the execution of two pairs of foreign exchange operations, in which the purchasing institution and the selling institution of the foreign currencies appear as contracting parties, with each pair of operations relate d to each arbitrated currency, provided that: I - the party institution records the operation data in the Sistema Câmbio, and must make such registration within thirty minutes after adjusting the conditions with the


after the closing of the schedule of the interbank market; lll - four foreign exchange operations are recorded in the Sistema Câmbio and the settlement event of each foreign exchange operation is carried out automatically by the Sistema Câmbio; IV - failure to comply with the provisions of item II implies the purge of said Sistema Câmbio operations, which will be considered non-existent. Art. 64. In the case of a cross-currency trade in Brazil, confirmation in the Sistema Câmbio by the counterparty institution implies the execution of two pairs of foreign exchange operations, in which the purchasing institution and the selling institution of the foreign currencies appear as contracting parties, with each pair of operations relate d to each arbitrated currency, provided that: I - the party institution records the operation data in the Sistema Câmbio, and must make such registration within thirty minutes after adjusting the conditions with the counterparty institution of the operation; II - the counterparty institution of the operation confirms the data and elements of the operation in the Sistema Câmbio during the first thirty minutes, which begin with the registration made by the other institution party to the operation; III - four foreign exchange operations are recorded in the Sistema Câmbio according to the main section of this article , which are not automatically settled by the Sistema Câmbio; IV - the party and counterparty institutions in the operation must settle these operations in the Sistema Câmbio. This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 Sole paragraph. The operation registered by the party institution and not confirmed by the counterparty institution within the period indicated in item II is blocked by the system, and the reactivation of the registration in the Sistema Câmbio is a responsibility of the party institution in the operation. CHAPTER II OPERATIONS WITH FINANCIAL INSTITUTIONS ABROAD Art. 65. An institution authorized to operate in the foreign exchange market may carry out operations with an institution from abroad subject to financial regulation and supervision in its home country. § 1 The purchase and sale of foreign currency by cross -currency trade must be recorded in the manner established by the Banco Central do Brasil, assigning to the purchased and sold currencies the same equivalent in BRL. § 2 A banking institution authorized to operate in the foreign exchange market may carry out a purchase or sale operation of foreign currency with an institution from abroad subject to regulation and financial supervision in their home country, in return for BRL in cash received from or sent abroad, in accordance with the regulations in force, being mandatory: I - conduct operations in only one agency previously registered in the Sistema Câmbio by the director responsible for the operations referred to in this Resolution; II - maintain proof that the entry or exit of resources in or from Brazil was the subject of a declaration in the form of the regulations in force; III - previously obtain the CNPJ of the institution abroad, subject to regulation and financial supervision in their country-of-origin counterparty in the operation; and IV - use new banknotes for shipment abroad, observing that the banking institution responsible for the remittance of banknotes abroad is also responsible for maintaining registration and controlling the numbering of the banknotes sent. CHAPTER III OPERATIONS WITH GOLD Art. 66. Gold classified as a foreign exchange instrument is included in the foreign exchange position of an institution authorized to operate in the foreign exchange market and arises from the operation of: I - purchase of gold-financial assets of the institution itself; II - purchase or sale of gold from or to the Banco Central do Brasil for this purpose; III - purchase or sale of gold -foreign exchange instrument of another institution authorized to operate in the foreign exchange market; or This English version is a translation of the original in Portuguese for information purposes only. In case of a discrepancy, the Portuguese original will prevail. Resolution BCB No. 277, of December 31, 2022 IV - cross-currency trade with another institution authorized to operate in the foreign exchange market or with an institution from abroad subject to financial regulation and supervision in its home country, as provided for in this Resolution. § 1 The regulatory provisions relating to operations with gold- foreign exchange instrument are the same as those relating to the purchase and sale of foreign currency, including those regarding the composition and limits of exchange positions and the possibility of cross - currency trade operations. § 2 Once incorporated into the institution's foreign exchange position, gold can only be traded with another institution authorized to operate in the foreign exchange