backNewsletter (#002/2026) on Fintechs, Banks, Financial Services, and Virtual Assets by Campos Thomaz Advogados.
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Topics for 2026 – Stay tuned for upcoming newsletters
- Open Finance
- Virtual Assets
- Bank as a Service
- Tokenization
- Artifical intelligence
Alerts
CMN approves changes to the Credit Guarantee Fund (FGC) bylaws
On January 22, 2026, Valor Investe published an analysis by partner Alan Campos Thomaz regarding the amendments approved by the Brazilian National Monetary Council to the bylaws of the Credit Guarantee Fund (FGC). The changes are intended to strengthen the stability of the financial system and reduce incentives for excessive risk-taking, particularly through the revision of contribution criteria, imposing higher costs on institutions with higher risk profiles.
In his assessment, the CMN’s decision reinforces the prudential framework of the Brazilian financial system by aligning funding costs with the level of risk assumed by financial institutions. As highlighted in the publication, the new regulatory design also introduces additional governance and compliance challenges, requiring a review of funding strategies and risk management practices in an environment that prioritizes soundness, sustainability, and the protection of depositors and investors. Learn more.
Responsibility of fintechs for client errors in digital frauds
Monitor Mercantil – Regulation & Justice — Published in January 2026
In January 2026, Monitor Mercantil published an article featuring an analysis by partner Alan Campos Thomaz on fintech liability in digital fraud cases involving customer error. The topic has gained prominence amid the expansion of electronic payment methods and the increase in incidents related to social engineering and unauthorized transactions, particularly when discussing the scope of the duty of care owed by financial and payment institutions.
According to Alan, Brazilian case law has required high standards of security, monitoring, and fraud prevention, even in situations involving transactions formally authorized by the user. As emphasized in the article, legal assessments tend to consider potential system failures, the absence of adequate alerts, or insufficient authentication mechanisms, underscoring the central role of digital governance, risk management, and the adoption of controls proportionate to the risks inherent in the activity. Learn more.
Regulatory Update
BCB Normative Instructions
Procedures for the Authorization of Brokerage Firms, Dealers and Virtual Asset Service Providers
BCB Normative Instruction No. 704, January 29, 2026 – Establishes the procedures, documentation, deadlines and information required for the processing of authorization requests related to the operation of foreign exchange brokerage firms, securities brokerage firms, securities dealers, and virtual asset service providers.
Amendments to Authorization Requests to Operate in the Foreign Exchange Market
BCB Normative Instruction No. 705, January 29, 2026 – Amends BCB Normative Instruction No. 103, of April 30, 2021, and BCB Normative Instruction No. 299, of August 30, 2022, to revise the documentation requirements for authorization requests to operate in the foreign exchange market by payment institutions and by the institutions referred to in CMN Resolution No. 4,970, of November 25, 2021, respectively. It also removes references to foreign exchange brokerage firms, securities brokerage firms, and securities dealers from BCB Normative Instruction No. 299, of 2022.
Publication of Version 3.0 of the Open Finance Monitoring Manual
BCB Normative Instruction No. 706, January 29, 2026 – Publishes Version 3.0 of the Open Finance Monitoring Manual.
Rules for Contracting Real Estate Credit with Shared Collateral
BCB Normative Instruction No. 707, January 29, 2026 – Clarifies the conditions applicable to real estate credit transactions in which the same property is used as shared collateral.
Update to Procedures for Submission of the Combined Trial Balance of the Cooperative System
BCB Normative Instruction No. 708, February 11, 2026 – Amends BCB Normative Instruction No. 179, of October 25, 2021, which consolidates and updates the procedures for submitting the Combined Trial Balance of the Cooperative System, as provided for in Circular No. 3,669, of October 2, 2013.
Amendments to BCB Normative Instruction No. 385/2023
BCB Normative Instruction No. 709, February 12, 2026 – Amends BCB Normative Instruction No. 385, of May 30, 2023.
BCB Resolutions
Amendments to the Pix Payment Scheme Regulation
BCB Resolution No. 546, January 22, 2026 – Amends the regulation annexed to BCB Resolution No. 1, of August 12, 2020, which establishes the Pix payment scheme and approves its regulation.
New Rules for the Accreditation of Information Technology Service Providers (PSTIs)
BCB Resolution No. 547, January 30, 2026 – Amends BCB Resolution No. 498, of September 5, 2025, which governs, within the scope of the National Financial System and the Brazilian Payment System, the requirements, procedures and conditions for the accreditation of Information Technology Service Providers (PSTIs), and sets forth additional provisions.
Revision of Economic Activity Licensing Acts and Risk Levels
BCB Resolution No. 548, February 19, 2026 – Amends Table I – Public licensing acts with Risk Level III and Table II – Public licensing acts with Risk Level I, set out in the annex to BCB Resolution No. 317, of April 27, 2023, which establishes maximum deadlines for administrative decisions on applications for public acts authorizing economic activities submitted to the Central Bank of Brazil.
Update of Deadlines for Administrative Proceedings Related to Economic Licensing
BCB Resolution No. 549, February 19, 2026 – Amends Annex II to BCB Resolution No. 108, of June 24, 2021, which sets forth specific deadlines for the different stages of administrative proceedings related to the authorization of economic activities within the scope of the Central Bank of Brazil.
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Produced by Alan Campos Thomaz and João Marcelo Oliveira
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