BRAZIL: B3 Announces Changes to Clearinghouse Operating Procedures Manual

Wednesday August 6 2025

On 5^th August 2025, Brasil Bolsa Balco S.A. (B3) announced that a new version of the Clearinghouse Operating Procedures Manual will come into effect on 8^th August 2025. The Manual seeks to improve the procedures for processing corporate actions on equities securities positions and thus:

• establishes that corporate action processing may be taxable, according to the applicable legislation and regulations, with the investor or tax responsible party being responsible for tax payment
• establishes the processing to apply to forward contract positions that result in a quantity of zero after execution of the corporate action, also encompassing processing of any fractions in the contract
• updates the basis for the calculation of the adjustment factor used for distribution of the financial volume of forward contracts and of securities lending, in the case of a corporate action that results in more than one forward or securities lending position
• improves the description of the processing of fees and charges in the case of redemption of the underlying to equities securities lending positions
• establishes the processing applicable to equities securities lending positions after execution of a corporate action that results in a security that cannot be transacted in the securities lending syste
• defines the procedure applicable to the subscription of assets based on lending positions, in the case of postponement of the start date for trading the subscription right
• establishes the processing applicable to the subscription right price, in the subscription process for securities based on securities lending positions, in the case of baskets of rights being created or of the quotation factor changing
• includes procedures for processing delivery failure and buy-in positions in the case of a (i) position smaller than one quantity, after the execution of a corporate action, (ii) redemption of the failure’s underlying; and (iii) corporate action that results in an untradable security or right or in a security or right not subject to settlement at the B3 Central Depository for Equities
• establishes futures contract position processing in the case of redemption of the underlying asset and in the case of a corporate action that results in an asset that cannot underlie a futures contract
• includes the procedure to be applied to a position in futures on assets traded in the equities market in the case of an auction in an asset whose trading has been suspended due to the issuer’s bankruptcy order or extrajudicial settlement
• complements the procedure for processing delivery failure for equities securities with the objective of avoiding intentional failure at the end of the selection period for processing a corporate action in the asset.

The new version of the Manual will be available as of august 8^th, 2025

Click on the above link for further information