Financial System Infrastructure in Brazil Regulatory Changes Analysis¶
Potential Regulatory Changes¶
The Brazilian Financial System Infrastructure (FSI) is currently undergoing and is expected to continue to experience significant regulatory evolution, primarily driven by the Central Bank of Brazil (BCB) and the Comissão de Valores Mobiliários (CVM). These changes are part of a broader agenda focused on promoting financial inclusion, competitiveness, transparency, sustainability, and efficiency within the National Financial System (SFN). Key areas of focus include the ongoing development of Open Finance, the regulation of virtual assets and related services, the enhancement of payment system functionalities, updates to prudential and risk management frameworks, and efforts to bolster cybersecurity.
A central theme in the BCB's regulatory agenda (Agenda BC#) for 2025 and 2026 is the evolution of Open Finance. This involves improving the operational aspects of the system, discussing the portability of credit operations, enhancing the Open Finance experience for legal entities, and potentially expanding the scope to include salary and investment portability in conjunction with the CVM. Open Finance is already extending beyond traditional banking data to encompass credit, insurance, investments, and pensions.
Another critical area is the regulation of virtual assets. Following the enactment of Law No. 14,478/22, which established a legal framework focused on anti-money laundering (AML) and counter-terrorism financing (CTF), the BCB was designated as the regulatory authority for Virtual Asset Service Providers (VASPs). New regulations detailing authorization requirements and procedures for VASPs are anticipated in the second half of 2025, building on public consultations held in 2024. Stablecoins have been specifically mentioned as a topic for future regulation. Obtaining a license will be a requirement for crypto brokers operating in Brazil.
The BCB also plans to enact regulations for Banking as a Service (BaaS) by the end of 2025. Concurrently, the BCB is in a monitoring phase regarding tokenization and legal and technological developments to prepare the SFN for the tokenization of financial assets. This aligns with the DREX initiative, Brazil's wholesale Central Bank Digital Currency (CBDC) pilot, which utilizes Distributed Ledger Technology (DLT) and aims to facilitate transactions with digital assets and smart contracts.
Further expansion and improvement of Pix functionalities are on the horizon. Plans include simplifying the user journey for NFC payments (expected by May 2025), enhancing the Special Return Mechanism for combating fraud (expected by October 2025), and standardizing the user experience for Split Pix Payments (expected by September 2025). The BCB is also looking to increase the types of assets that can serve as collateral, potentially including future credits from Pix transactions. Integration of Pix with global instant payment networks is also being explored.
Prudential standards for financial institutions and IMFs are subject to ongoing review and updates. Recent and upcoming changes include the adaptation of the International Financial Reporting Standards (IFRS 9) for credit loss provisions, which requires forward-looking parameters and scenario modeling. Changes to the calculation of operational risk for regulatory capital adequacy, introducing the Business Indicator Component (BIC), are also being implemented. Tax accounting rules are being updated to address the discrepancy related to Deferred Tax Assets (DTAs) from loan-loss reserves. Reviewing prudential standards is a BCB priority for 2025-2026.
The regulation of the capital markets is also seeing significant changes under the CVM. Resolutions CVM 215 and 216, introduced in October 2024, reformed the framework for public tender offers (OPAs), altering thresholds for mandatory offers, simplifying procedures, and enhancing transparency and minority shareholder protection. CVM Resolution No. 175, with a compliance deadline for existing funds in June 2025, is restructuring the investment fund industry by changing responsibilities among administrators, asset managers, and distributors, and facilitating cross-border operations. This resolution also introduced measures to limit leverage and expanded the availability of Liquidity Management Tools (LMTs). The CVM is also enhancing its oversight of self-regulatory entities like ANBIMA.
Cybersecurity regulations continue to evolve as a critical component of maintaining financial stability. The BCB's Resolutions 4,893/2021 (for financial institutions) and 85/2021 (for payment institutions) set requirements for cybersecurity policies and the use of cloud computing. The establishment of the National Cybersecurity Policy (PNCiber) and the National Cybersecurity Committee (CNCiber) in late 2023 signifies a concerted effort at the federal level to guide cybersecurity activities and protect critical infrastructure. These efforts align with international standards.
Furthermore, Brazil is moving towards mandatory Regulatory Impact Assessment (RIA) for federal regulatory bodies, including the BCB and CVM. This aims to improve the quality and transparency of regulatory processes.
Finally, while not a new regulation, the global ISO 20022 migration for payments and cash messages, with a SWIFT deadline in November 2025, necessitates significant adaptation by Brazilian financial institutions and impacts the payments value chain. Brazil is actively working on mapping its payment system to this standard.
Table of Potential Impact of Regulatory Changes¶
| Potential Regulatory Change Area | Relevant Value Chain Stage(s) | Potential Impact |
|---|---|---|
| Open Finance Evolution | Origination & Structuring, Trading & Execution, Custody, Payments Processing, Risk Management, Technology & Innovation | Increased competition in credit and investment services; New product development based on shared data; Enhanced customer experience through integrated services; Challenges in data governance and privacy; Potential for new business models (e.g., PFM, embedded finance). |
| Virtual Asset Regulation | All stages (indirectly), Trading & Execution, Custody, Registry, Payments Processing, Risk Management, Technology & Innovation | Increased legitimacy and adoption of crypto assets; New licensed entities (VASPs) entering the market; Enhanced AML/CTF compliance requirements; Potential for tokenized assets integration; Regulatory clarity attracting investment but also imposing compliance costs. |
| BaaS Regulation | Technology & Innovation, Origination & Structuring, Payments Processing, Custody | Facilitation of non-financial entities offering financial services; Increased modularity and specialization in the FSI; New partnership opportunities and revenue streams; Challenges in oversight and risk management of BaaS providers. |
| Tokenization & DREX Development | Origination & Structuring, Trading & Execution, Clearing, Settlement, Custody, Registry, Technology & Innovation | Potential for more efficient issuance, trading, and settlement of assets; Development of new digital asset classes and markets; Increased use of DLT and smart contracts; Need for new infrastructure and legal frameworks for digital assets. |
| Pix Functionality Expansion | Payments Processing, Origination & Structuring (credit) | Increased convenience and use cases for Pix; Potential for Pix to substitute other payment methods further; Improved fraud prevention mechanisms; New opportunities for credit products collateralized by Pix flows; Enhanced cross-border payment potential. |
| Review of Prudential Standards | Risk Management, All stages (indirectly) | Strengthened financial stability and risk management practices; Increased operational and capital costs for financial institutions, particularly smaller ones; Alignment with international standards (e.g., Basel III, IFRS 9); Potential impact on credit availability and pricing. |
| Modernization of Payment Schemes | Payments Processing | Improved efficiency, speed, and interoperability of non-Pix payment methods; Potential for convergence with instant payment features. |
| CVM Capital Markets Regulations (OPAs, Funds) | Origination & Structuring, Trading & Execution, Custody, Risk Management | Increased transparency and investor protection in public offers; Changes in M&A deal structures; Restructuring of the investment fund industry; Potential impact on fund management strategies, fees, and cross-border flows; Enhanced risk management for investment funds. |
| Cybersecurity Regulations | Risk Management, Technology & Innovation, All stages (pervasive) | Increased investment in cybersecurity infrastructure and personnel; Enhanced resilience against cyber threats and fraud; Stricter requirements for data protection and cloud service usage; Higher compliance costs; Promotion of a more secure digital environment. |
| Mandatory Regulatory Impact Assessment (RIA) | Regulation & Supervision, All stages (indirectly through policy) | More transparent and data-driven policymaking; Potential for better-designed and less burdensome regulations in the long term; Increased administrative effort for regulatory bodies. |
| ISO 20022 Migration | Payments Processing, Clearing, Settlement | Standardization and enrichment of payment data; Improved Straight-Through Processing (STP); Enhanced fraud detection and compliance (AML/CFT); Significant IT system updates and migration costs; Potential for improved interoperability with global payment systems. |
References¶
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