The latest issue of our Brazil On The Record Newsletter is out! Every Saturday, we bring you the most important laws, decrees, administrative acts, and executive orders which have been approved by the Brazilian government — and published on the Federal Register (the Diário Oficial da União).
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BUSINESS AND INVESTMENTS
Schedule of receivables
To the core: Brazil’s Central Bank broadened competition in the banking sector by allowing, upon direct request from companies that sell products or services by credit card, payment accreditors (such as Cielo, Rede, American Express) to send the amounts related to installments (schedule of receivables) to any other financial institution. Until now, the sending could only be made to the bank with which the company had contracted a loan using these receivables as contractual guarantees.
Other issues to bear in mind:
In another decision published last week, the Central Bank decided to postpone, until April 8, the entry into force of a resolution that defines the conditions and procedures for banks to carry out credit operations linked to the amounts to be received by companies as a result of credit card installments.
Source: Circular nº 3.928, de 13 de fevereiro de 2019 (Banco Central) e Resolução nº 4.710, de 31 de janeiro de 2019 (Banco Central)
To the core: it increases the power of the Central Bank (Bacen) President on the committee responsible for