Financial Market: main news from 20 to 24/07

On Tuesday (21), Ordinance No. 127,250/2026 was published, establishing procedures for the internal exchange of information in authorization proceedings conducted by the Department of Financial System Organization (DEORF). The rules apply to requests involving the operation of institutions, corporate reorganizations, changes to corporate purpose, and activities in the foreign exchange market, among other matters. To support these proceedings, DEORF will primarily rely on information available in computerized systems. Where such information is insufficient or additional clarification is required, DEORF may request opinions from the competent supervisory departments, namely the Department of Banking Supervision (DESUP), the Department of Supervision of Cooperatives and Non-Bank Institutions (DESUC), the Department of Financial System Monitoring (DESIG), and the Department of Conduct Supervision (DECON). The departments consulted will have up to 30 days to issue a conclusive opinion. This period may be extended to 60 days and, in specific cases, by an additional 30 days.

Central Bank Ordinance Sets Deadlines for Authorizations of Supervised Institutions

Decree No. 127,250, of July 16, 2026

Over the course of this year, agentic payments have begun to gain traction in the financial market, allowing artificial intelligence agents to search for products, negotiate prices, and complete purchases on behalf of users. The model's key innovation lies in delegating payment authorization to the AI agent, which presents the merchant with a user-granted mandate and a payment credential, requiring authentication and fraud prevention mechanisms. Visa and Mastercard have already announced initiatives based on this model, including partnerships with Brazilian institutions using tokenized credentials to enable secure transactions. In Brazil, the market is assessing the integration of this technology with Pix, and the expectation is that the BCB will discuss the topic through a public consultation in the coming months. At the same time, debates continue regarding the BCB's regulatory role and the architecture of this market, which may either become concentrated among large technology companies or encourage the entry of new participants.

AI-powered payments are gaining momentum and putting central banks under pressure

Last Friday (17), the Ministry of Justice announced an agreement with Google Brazil to establish a verification system for advertisers of financial products and services. The initiative, led by the National Consumer Secretariat (SENACON) and the Secretariat for Digital Rights (SEDIGI), aims to reduce scams involving fraudulent investments, fake loans, fictitious institutions, and other unlawful practices that use digital advertising to attract consumers. To advertise financial products or services, companies will be required to prove their identity and legal existence, demonstrate authorization from the competent regulator, and confirm the legitimacy of their representative. Once verified, advertisers will receive the status of “verified financial advertiser,” which will become a prerequisite for displaying such advertisements. Google may suspend or revoke the approval if false information, loss of regulatory authorization, or evidence of fraud is identified. The agreement is aligned with the decree regulating the Brazilian Civil Rights Framework for the Internet (Marco Civil da Internet) and provides that the sharing of information must comply with the Brazilian General Data Protection Law (LGPD), with only the data necessary for verification being used.

Before announcing investments, companies will have to prove that they are legitimate

On Monday (20), the Brazilian Securities and Exchange Commission (CVM), through Ordinance CVM/PTE No. 177, established the Tokenization Working Group (GTT) to study measures applicable to the registration, deposit, custody, trading, and settlement of securities on distributed ledger technology (DLT) infrastructures. Composed of representatives from 14 CVM departments, the group may consult public authorities, market entities, and external specialists. Its responsibilities include analyzing domestic and international experiences, the results of the CVM’s regulatory sandbox, the impacts of DLT, cybersecurity risks, and potential regulatory adjustments, as well as conducting tests in experimental environments. Within 60 days, the GTT must submit a proposal for an experimental regulatory framework and, upon completion of its work, prepare a report containing recommendations for the regulation of tokenization. The initiative reflects the continued growth of this market in Brazil, which already represents approximately USD 2.34 billion in tokenized assets, according to RWA Monitor, of which around USD 1.3 billion consists of debentures and commercial notes.

CVM establishes Working Group to develop studies on the tokenization of securities

CVM/PTE Ordinance No. 177, of July 15, 2026

Brazil’s securities regulator sets up task force with 60-day deadline for tokenization proposal
 

Tokenization moves to a new level and gains institutional scale

On Wednesday (15), the assisted production phase for digital trade receivables began, marking the final stage before the new BCB-regulated ecosystem becomes fully operational. Companies in the sector have stepped up investments in technological infrastructure and consolidation initiatives to meet the new requirements. The new model will require integration between companies and bookkeeping entities, as well as updates to enterprise resource planning (ERP) systems and financial management platforms. Demand has been concentrated on connecting to the infrastructure of bookkeeping entities and acquiring solutions to manage the acknowledgment and settlement processes for digital trade receivables. The new framework has also encouraged strategic acquisitions, such as Quick Soft’s acquisition of RGBtec, while participants such as Cerc continue to evaluate additional opportunities. The main challenge will be to manage the transition in a planned manner without disrupting existing operations. The expectation is that the new infrastructure will improve transaction traceability, reduce fraud, and strengthen the credit market through greater operational efficiency.

Electronic invoices accelerate acquisitions and investments in technology