Regulation 3/2024 makes changes and clarifications, as follows:
- Among the cumulative provisions relating to the use by participants in the system administered by the central depository of the system of omnibus accounts and the mechanism without pre-validation of financial instruments for the trading and recording of holdings of financial instruments in the central depository’s system, it is noted that participants in the central depository’s system are responsible for reporting to the central depository, within the deadlines and in the format established by the central depository’s own rules, information on the holders of financial instruments recorded in the omnibus accounts;
- As a new measure, it is regulated that the purpose of lending financial instruments will be expressly stated in the loan agreement;
- Another new measure brought by the changes relate to the obligation of the central depository to submit monthly reports to the A.S.F., within a maximum of 10 days from the end of the reporting period, or reports, within a maximum of 24 hours from the request of the A.S.F., on the transfers related to the lending operations of financial instruments, specifying the following:
- the number of transfers related to loan operations;
- the volume of financial instruments that have been subject to transfers related to lending operations, centralized by ISIN code;
- the participants and accounts involved in these operations, specifying their status as creditor or debtor, as appropriate.
- Further to this new enactment, participants are also obliged to submit monthly reports to the A.S.F., within a maximum of 10 days after the end of the reporting period, or reports, within a maximum of 24 hours from the request of the A.S.F., on the lending operations of financial instruments carried out by them or by their clients, specifying the following:
- number of loan operations;
- the volume of financial instruments borrowed or lent, respectively, centralized by ISIN code;
- the value, at the reporting date, of financial instruments borrowed or lent, respectively, centralized by ISIN code;
- a statement of the financial instruments borrowed or lent according to the purpose of the borrowing operations;
- the identity of the client who borrowed financial instruments, specifying the volume per symbol and the value of the financial instruments concerned at the date of the borrowing transaction.
- Also, as per this enactment, for the use of the system of omnibus accounts provided by the central depository, the participant in the central depository’s system may open with the central depository’s system an own account, if it has in its object of activity trading on its own account, the authorization granted by the A.S.F. for this activity, as well as at least one omnibus account in the name of its clients.
