Newsletter #001/2025 – Fintechs, Bancos, Serviços Financeiros e Ativos Virtuais

Newsletter (#001/2025) of Fintechs, Banks, Financial Services and Virtual Assets by Campos Thomaz Advogados

Alerts, materials, and updates on Fintechs, Banking, Financial Services, and Virtual Assets.

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Hot Topics for 2025 – Follow the next newsletters

• Open Finance
• Virtual Assets
• Bank as a Service
• Tokenization
• Artificial intelligence

Open Public Consultations – Contact our team

Central bank

• 113/2024 | Interoperability Fees Between Receivables Registrars – Access here
  Consultation end date: 03/02/2025
  Publishes a proposal for a resolution of the Central Bank of Brazil that regulates the standardization of interoperability events that can be charged between entities registering receivables from payment arrangements, in addition to establishing the maximum limits for the amounts of these fees and their forms of collection.
• 112/2024 | Interbank exchange operations – Access here
  Consultation end date: 14/03/2025
  Publishes a proposal for a BCB resolution aimed at amending BCB Resolution No. 277, of December 31, 2022, to improve the provisions on interbank exchange operations.
• 111/2024 | – Integration of cryptos with the exchange – Access here
  Consultation end date: 28/02/2025
  Publishes public consultation on the proposal for a resolution of the Central Bank of Brazil (BCB) aimed at amending BCB Resolution No. 277, of December 31, 2022, BCB Resolution No. 278, of December 31, 2022, and BCB Resolution No. 279, of December 31, 2022, to regulate item V of article 7 of Law No. 14,478, of December 21, 2022, in order to include activities or operations of virtual asset service providers in the foreign exchange market and provide for the cases in which they must be subject to the regulation of Brazilian capital abroad and foreign capital in the country.
• 110/2024 | Service Provision and Asset Segregation in Crypto Companies – Access here
  Consultation end date: 07/02/2025
  Publishes a public consultation on the proposal for a resolution of the Central Bank of Brazil that regulates the authorization processes for the operation of foreign exchange brokerage companies, securities brokerage companies, securities distribution companies, and virtual asset service providers. See also the full text of Bill No. 4,932, which regulates the asset segregation of crypto exchange assets from those of their customers.
• 109/2024 | Virtual Asset Services – Access here
  Consultation end date: 07/02/2025
  Publishes public consultation on the proposal for a resolution of the Central Bank of Brazil that regulates the constitution and operation of virtual asset service providers and provides for the provision of virtual asset services by other institutions authorized to operate by the Central Bank of Brazil and a proposal for a resolution of the National Monetary Council that amends and consolidates the rules on the collection of fees for the provision of services by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
• 108/2024 | Bank as a Service – Access here
  Consultation end date: 31/01/2025
  Publishes a public consultation on a proposal for a joint resolution of the National Monetary Council and the Central Bank of Brazil that provides for the provision of BaaS services by financial institutions, payment institutions, and other institutions authorized to operate by the Central Bank of Brazil.

Brazilian Securities and Exchange Commission (CVM)

• 03/2024 | Private Equity Investment Fund – Access here
  Consultation end date: 28/03/2025
  Provides for the specific rules of private equity investment funds (FIP), with the purpose of amending Normative Annex IV of CVM Resolution No. 175.

Regulatory Update

PIX Taxation – Provisional Measure

• Provisional Measure No. 1228, of January 16, 2025 – Provides for measures to expand and ensure the effectiveness of secrecy and the non-incidence of a higher price, amount, or additional charge on payments made through an arrangement of Instant Payments – Pix.

Regulation of the use of real estate as collateral in more than one real estate credit operation

• CMN Resolution No. 5,197, of December 19, 2024 – Amends Resolution No. 4,676, of July 31, 2018, which provides for the members of the Brazilian Savings and Loan System (SBPE), the Housing Financial System (SFH) and the Real Estate Financing System (SFI), the general conditions and criteria for contracting real estate financing by financial institutions and other institutions authorized to operate by the Central Bank of Brazil and regulates the allocation of funds raised in savings deposits. Regulates the use of real estate as collateral in more than one real estate credit operation.

FGC partnerships with private entities and public administration bodies

• CMN Resolution No. 5,196, of December 19, 2024 – Regulates the celebration of FGC partnerships with private entities and public administration bodies for the development of actions aimed at achieving its purposes.

Regulation on securities brokers, securities distribution companies and exchange brokerage companies

• CMN Resolution No. 5,194, of December 19, 2024 – Excludes from the scope of application of Resolutions No. 4,553/2017, No. 4,557/2017, No. 4,606/2017, and amends CMN Resolutions No. 4,945/2021, No. 4,955/2021, and No. 4,958/2021, securities brokerage companies, securities distribution companies and exchange brokerage companies authorized to operate by the Central Bank of Brazil (“BC”).
• BCB Resolution No. 447, of December 19, 2024 – Amends Circulars Nos.: 3,634, 3,635, 3,636, 3,637, 3,638, 3,639 and 3,641, of March 4, 2013; No. 3,809, of August 25, 2016; No. 3,846, of September 13, 2017; No. 3,861 and No. 3,863, of December 7, 2017; No. 3,876, of January 31, 2018; and No. 3,979, of January 30, 2020. In addition, BCB Resolution No. 447 amends the following BCB Resolutions: No. 54, of December 16, 2020; No. 111, of July 6, 2021; No. 139, of September 15, 2021; Ns. 199, 200, 201 and 202, of March 11, 2022; No. 229, of May 12, 2022; No. 265, of November 25, 2022; No. 291, of February 08, 2023; No. 303, of March 16, 2023; No. 307, of March 23, 2023; No. 313, of April 26, 2023; No. 319, of May 18, 2023; No. 331, of June 27, 2023; and No. 356, of November 28, 2023. The resolution aims to expand its regulatory scope, in order to cover securities brokerage companies, securities distribution companies and exchange brokerage companies authorized to operate by the Central Bank.

Proex Equalization

• CMN Resolution No. 5,192, of December 19, 2024 – Amends CMN Resolution No. 4,897, of March 25, 2021, to allow the equalization of interest in the case of advance of funds in financing eligible for Proex Equalization.

Public Sector Credit

• CMN Resolution No. 5,191, of December 19, 2024, proposes to relocate the authorized sub-limits for contracting credit operations with public sector bodies and entities for the year 2024, through the modification of the Annex to CMN Resolution No. 4,995, of March 24, 2022.

Consortium Administrators

• BCB Resolution No. 444, of December 12, 2024, amends BCB Resolution No. 234, of July 27, 2022 – Provides for the constitution and operation of consortium administrators.

Boleto

• BCB Resolution No. 443, of December 12, 2024 – Regulates the payment arrangement of the boleto, the types of the boleto instrument, its issuance and forms of presentation, as well as the form of settlement of the transfers of funds associated with it.

LCD – Development Letter of Credit

• BCB Resolution No. 441. of December 04, 2024 – Amends BCB Resolution No. 102, of June 07, 2021, to include, for the purposes of this resolution, the development letter of credit (LCD) as a financial instrument representing credit guaranteed by the FGC.

Adhesion to PIX

• BCB Normative Instruction No. 581, of December 30, 2024 – Amends BCB IN No. 511, of August 30, 2024, which establishes the procedures necessary for adhesion to Pix, to adjust provisions related to the user institution, Pix Automatic, and resources within the scope of Pix adhesion processes.

Payment Institutions and Payment Services

• BCB Normative Instruction No. 569, of December 20, 2024 – Amends BCB IN No. 103, of April 30, 2021, which discloses the procedures, documents, deadlines and information necessary for the instruction of authorization applications related to the operation of payment institutions and the provision of payment services by other institutions authorized to operate by the Central Bank, as well as the form and terms to be observed in the preparation of the plan for the cessation of activities related to payment services provided by payment institutions.

Accounting Criteria for Financial Institutions

• BCB Normative Instruction No. 560, of December 06, 2024 – Clarifies criteria to be observed in the application of CMN Resolution No. 4,966, of November 25, 2021, and BCB Resolution No. 352, of November 23, 2023 (i.e., accounting concepts and criteria to be observed by financial institutions).

Non-Resident Investment

• Joint Resolution No. 13, of December 03, 2024 – Provides for the investment of non-residents in the financial market and in the securities market, regulating the flows, inventories, investor registration and the provision of information related to non-resident investments in the financial market and securities market, including through the Depositary Receipts mechanism.

Adequacy of FIDCs to CVM Resolution 175

• The deadline for FIDCs to comply with the new rule of CVM Resolution No. 175 ended on November 29, 2024.

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Produced by Alan Campos Thomaz

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