Financial Market: main news from 01 to 05/06
1. CVM Amends Rules on the Disclosure of Sustainability-Related Financial Information
Last Friday (May 29), the CVM issued Resolution No. 244, which amends CVM Resolution No. 193 of October 20, 2023, and eliminates the mandatory disclosure of sustainability-related financial information by publicly held companies. Companies that choose to disclose such information must comply with international standards and maintain reporting for at least three consecutive fiscal years. The measure aims to increase regulatory flexibility amid ongoing discussions between issuers and investors regarding the costs and benefits of adopting these practices. The change was received with concern by some market participants, such as the Brazilian Financial and Capital Markets Association (ANBIMA), which emphasized the importance of regulatory predictability and convergence with international transparency standards to strengthen capital markets and attract investment.
Anbima: Change in the adoption of IFRS S1/S2 worries the market
2. BCB Now Requires Independent Audit Reports from VASPs to Obtain Operating Authorization
Last Friday (May 29), the BCB issued BCB Normative Instruction No. 739, requiring Virtual Asset Service Providers (VASPs) to submit a reasonable assurance report issued by an independent auditor registered with the CVM in order to obtain authorization to operate. The measure seeks to strengthen controls related to anti-money laundering, counter-terrorist financing, fraud prevention, and other illicit activities, thereby enhancing the security, transparency, and alignment of the Brazilian cryptoasset market with international supervisory standards and best practices. The requirement also applies to foreign exchange brokers, securities brokers, and securities dealers.
BCB Normative Instruction No. 739 of 05/29/2026
Central Bank of Brazil now requires independent audits of crypto companies
3. BCB Revises Methodology for Calculating the Amount Financial Institutions Must Allocate to Federal Government Securities Following the Master Case
Last Friday (May 29), the BCB issued Resolution No. 572, which amends the rules governing contributions to the Credit Guarantee Fund (FGC) under BCB Resolution No. 102 of June 7, 2021. The amendment is part of a broader set of measures adopted by the BCB in response to the impact of the Banco Master crisis. The Resolution creates the Reference Asset (AR), defined as the "set of assets intended for financial intermediation and liquidity management, whose composition reflects the quality of the investments made with raised funds, considering transparency and risk exposure criteria." Banks whose potential risk exceeds the coverage capacity of their assets will be required to invest the difference in federal government securities, thereby strengthening the protection of the financial system.
BCB Resolution No. 572 of 29/5/2026
Central Bank changes FGC rules after Master's billion-dollar financial hole
4. In Unprecedented Decision, Fintech Obtains Injunction Against BCB Administrative Decision Denying Its Operating Authorization
Last week, payments fintech Corpag (formerly CorpX) obtained an unprecedented preliminary injunction suspending the effects of the BCB’s denial of its application for authorization to operate as a payment institution. The case has reignited the debate over the limits of judicial reviews of BCB regulatory decisions, particularly in the context of stricter capital and governance requirements for fintechs. The regulator fears that the decision may set a precedent for a wave of similar lawsuits and is seeking a uniform interpretation from the Brazilian Supreme Federal Court (STF) to avoid legal uncertainty in the sector.
Fintech tem licença negada pelo BC, entra na Justiça e consegue liminar inédita
BC busca no STF entendimento para evitar enxurrada de ações judiciais de fintechs com licença negada
5. United States Questions Alleged Preferential Treatment of Pix in Brazil and Rekindles Debate on Competition in the Payments Market
Last Monday (June 1st), the Office of the United States Trade Representative (USTR) included the Pix payment scheme in its investigation into potential discriminatory trade practices by Brazil, alleging that the BCB favors the instant payment system by acting simultaneously as both regulator and operator of such infrastructure. The USTR pointed to rules such as mandatory participation by certain institutions and the requirement that Pix be offered free of charge to individuals as examples of preferential treatment. In response, industry associations – including Febraban, Abracam, and Zetta – defended Pix as an open, non-discriminatory infrastructure that complements other payment methods, highlighting its role in promoting competition, innovation, and financial inclusion in Brazil.
Febraban says it believes the US assessment of Pix is based on incomplete information
With Pix in the US's sights, Abecs says it is in favor of a plurality of payment arrangements
Abracam defends Pix and says that any discrepancies should be addressed through technical means
