Working for the Market has always been in the Consulting Firm’s DNA. Since the beginning, our concern has always been to take market vision to regulatory entities, with all nuances, products, operations and dynamism, and to pass to contractors the regulatory bodies vision about certain subjects, almost never dissociated from government and economic policies guidelines.
Over those years, we can spot some cases in which the Consulting firm has worked directly, always guided by studies and technical reasoning, in order to stimulate the modernization of Financial System rules:
One of the first cases in which JL Rodrigues has participated which has brought benefits for the whole Financial Sector.
Financial Institutions used to have serious damages due to due to gaps in the rules that governed the Brazilian payment orders received abroad (remittance). Due to the high cost to send money legally to Brazil, the informal market captured most of the transactions, causing the inhibition of tax income.
According to the World Bank, from each US $ 4 billion in financial transactions from abroad to Brazil, US $ 3 billion used to circulate in parallel market. A Brazilian bank, interested in expanding his participation in Remittance Market, requested our services to structure its arguments, with the objective to take to the Central Bank of Brazil components that could result in a change, in order to correct a rule inconsistency.
The Foreign Exchange Regulation - Regulamento do Mercado de Capitais Internacionais e Câmbio Estrangeiro – RMCCI stablished by Circular nº 3280/05 did not ratify the rules of the previous Committee for Trade Negotiations (CNC 2.4.6), which exempted signing invoice in transaction involving money transfer from abroad to national beneficiaries. This situation has brought enormous bureaucracy, making operations difficult and expensive.
In several meetings with managers and officers from the Central Bank of Brazil, JL consultants proved that the invoice signing was totally unnecessary, and its exemption would allow financial institutions to operate its remittance transactions with reduced costs and would make the whole process faster.
The perfect identification of the transaction and the beneficiary occurs in all steps of this financial transaction, since the receiving until payment transfer. BCB realized that the institution was, at the same time, responsible for the operation, for client identification and information registry, as it is required by Law nº 4.131/62.
All amendments were included in Central Bank of Brazil Resolution nº 3.568, dated of May 29th, 2008, which represented an important step in democratization of access to Foreign Exchange Market.
The number of Brazilian resources transferred to the country raised due to its practicality, low cost and security in receiving such amounts of funds. Although the parallel market still resists, there has been an important raise in participation of legalized financial institutions.
If before the legal channels were responsible for just one quarter of the US $ 4 billion from resources movement to Brazil, in the first year when the new rule was in force, those channels were responsible for more than the half of a US $ 11 billion total.
Although this case was generated by a request from a home loan company interested in expanding its activities in the market, in the end, it brought benefits to the whole industry and mainly to the population.
In 2004, our Consulting firm was retained to evaluate a home equity transaction development, totally fitted to Brazilian reality. The proposal was to establish strategies to obtain Government approval so that the company could grant loans guaranteed by mortgage/security transfer for more than 36 months, regardless of funds to be used in acquisition or in property improvement.
The problem was that Resolution nº 2122, as of November 30th, 1994, from the National Monetary Council, which regulates mortgage companies’ activity at the time, did not allow that kind of loan.
The discussions about the new product advantages to national economy was guided by a rigid criteria environment, such as to restrict the minimum value of fund raising to 50 per cent of property’s commercial cost, with installments not superiors of 10 per cent of the property’s value. With such rules, it has become possible to emerge a great attraction from a great part of market’s capital in general, until then, held with a meaningful portion of the population: families that were waiting more flexible financing conditions for buying or improving its real estate properties.
In less than three years of our work, the National Monetary Council has regulated, on December 21st, 2006, by issuing the CMN Resolution nº 3425/06, which added to CMN Resolution nº 2122/94 another important activity to mortgage companies purpose: the granting of loans and financing with security consisting of mortgage, personal guarantee or property lease/sale back, with diversified purposes of acquisitions, improvements or business.
Financing contracts whether for vehicles or real estate properties consist of a relevant issue for the soundness of the Financial System, since credit risk of a single institution imposes a potential risk for the system. For that reason, monitoring and eventually intervening in market’s dynamic is one of the greatest concerns of the Central Bank of Brazil.
In this scenario, based on a client market knowledge, JL Rodrigues worked in the regulation, in a way to make financial institutions and other institutions authorized to operate by BCB to enter in a system of registry for and assets financial settlement, also authorized by BCB, in a first moment, the guarantees over vehicles backing credit transactions, and after, with the regulation evolution, the guarantees granted over real estate properties.
In 2012, the National Monetary Council published the Resolution 4.088, which imposed to financial institutions that act in vehicle financing market the obligation to inform every transaction of this nature, after that, in February 2015, the Central Bank of Brazil published the Circular nº 3.747 extending this obligation to transactions involving real estate properties.
Desmaterialização de Papeis
Em dezembro de 2016, demandados pela CETIP (atual B3), após uma ampla discussão sobre a evolução do mercado de títulos e valores mobiliários, tendo como ponto focal a necessidade de integrar este mercado ao mundo digital para simplificar, reduzir custos e dar segurança no processo de emissão e negociação de títulos que, em sua maioria, por obrigação legal ou regulatória, tinha emissão física, cartular, juntamente com a equipe técnica da Companhia e o apoio de escritórios de advocacia especializada, iniciamos os estudos para propor aos reguladores a revisão da regulamentação de diversos títulos de captação bancária, imobiliária, títulos do agronegócio e de crédito, além de outros valores mobiliários emitidos de forma física , sendo o mais conhecido pelo mercado o CDB – Certificado de Depósito Bancário, que foi criado pela Lei 4.728 de 14 de julho de 1965, com emissão cartular, e que vinha sendo emitido de forma escritural há muitos anos, sem amparo legal.
Vantagens da desmaterialização
Os PapeisIdentificamos mais de 10 papeis movimentados no mercado com obrigatoriedade de emissão física ou com desmaterialização possível somente após sua negociação. CDB – Certificado de Depósito Bancário, Lei 4.728 de 14 de julho de 1965; CCB – Certificado de Crédito Bancário, Lei 10.931 de 2 de agosto de 2004; CPR – Certificado de Produtor Rural, Lei 8.929 de 1994; CRP – Cédula Pignoratícia Rural, Lei 3.253 de 1957 e Decreto-lei 167/1967; CDA – Certificado de Depósito Agropecuário, Lei 11.076/2004; WA – Warrant Agropecuário, Lei 11.076/2004; CDCA – Certificado de Direitos Creditórios do Agronegócio, Lei 11.076/2004; LCI – Letra de Crédito Imobiliário, Lei 10.931/2004; LCA – Letra de Crédito o Agronegócio, Lei 11.076/2004; CCI – Cédula de Crédito Imobiliário, Lei 10.931/2004; Tratar de papeis físicos, quando a negociação quase sempre se processa de forma remota, comprovada apenas pela movimentação financeira em conta corrente bancária ou em contas digitais e registro em infraestrutura de mercado é uma prática totalmente incompatível com a realidade, até pela dificuldade e pelos custos de endossos presenciais e guarda de papeis físicos.
O desenvolvimento do trabalhoOrganizamos e coordenamos a ação de diversos grupos técnicos, verificando os impedimentos regulatórios e a origem do ato que criou e deu forma ao título representativo do ativo financeiro, oferecendo aos reguladores material técnico para o aprimoramento regulatório. Importante destacar que a ação teve um apoio institucional decisivo: o desenvolvimento e uso de tecnologias digitais pelas fintechs. O modelo operacional desenvolvido por essas em, principalmente na área de crédito e investimentos, exigiu uma ação rápida do Legislativo e dos reguladores na desmaterialização dos papeis. Atentos a esta pauta, em 2…. entramos em contato com a FPA – Frente Parlamentar da Agricultura que, na ocasião, vinha estruturando uma proposta de projeto de lei para possibilitar a criação e a estruturação de novos papeis capazes de incrementar a captação de recursos e trazer segurança jurídica para os financiamentos das atividades da agroindústria, como alternativa ao escasso e difícil crédito rural.