Rural Product Note (CPR) | B3

Rural Product Note (CPR)

  • Created by Law No. 8,929 of 1994, CPR is a bond characterized by the promise of future delivery of agricultural products. It may be issued by farmers or their associations, including cooperatives.

    Currently, CPR is the key instrument used for financing the agribusiness supply chain, as it allows issuers to raise funds for the development of their rural products or enterprises.

    CPR is a foreign exchange bond tradable on the organized OTC market and can be issued in two ways:

    Physical CPR:
    Its settlement takes place through delivery of the product by the issuer in the quantity and quality described on the bond.

    Financial CPR:
    The Financial CPR modality was created by Law No. 10,200 of 2001 and, unlike the physical CPR, its payment is carried out through cash settlement of the amount shown on the bond at maturity.

    About Rural Product Note (CPR) registration

    With the enactment of Law No. 13.986, of April 7, 2020, since January 1st, 2021, Rural Product Notes, whether financial or physical CPRs, must be registered with an entity authorized to operate by the Central Bank of Brazil to be valid and effective.

    Specifically for CPRs whose original creditor is not a financial institution, as provided for in CMN Resolution No. 4,870/20, these CPRs will be exempt from registration when their reference issue price is less than:

    • BRL1,000,000.00 (one million Brazilian Reais) issued from January 1st to June 30, 2021
    • BRL250,000.00 (two hundred and fifty thousand Brazilian Reais) issued from July 1st, 2021 to June 30, 2022
    • BRL50,000.00 (fifty thousand Brazilian Reais) issued from July 1st, 2022 to December 31st, 2023.

    There are two ways to register your CPR at B3:

    • Through intermediaries: Using the connection infrastructure of a third party providing registration services and connected to B3, such as agritechs, law firms and financial institutions; or
    • Through B3 account: You can register your CPR directly with us. To do so, you will need to follow these three steps: register and open an account, use a secure connection to our system (RTM connection) and register the CPR. Our team will be glad to assist you in these steps!

    Single fee

    The only CPR cost at B3 is the monthly custody fee. For further information, please contact our team.