Financial Market: main news from 25 to 29/05
1. BCB estimates that new minimum capital rules may cause 679 institutions to fall out of compliance by 2028
During a press conference on the Financial Stability Report for the second half of 2025, BCB Supervision Director Ailton de Aquino Santos stated that 679 financial and payment institutions may fall out of compliance by 2028 because of the new methodology for calculating minimum capital requirements established by Joint Resolution No. 14/2025 and BCB Resolution No. 517/2025. The first stage of the transition schedule is expected to take place in July 2026. The most impacted segments include credit unions, payment institutions, direct credit societies, consortium administrators, and securities distribution companies. The new rules require additional capital components to cover initial operating costs and costs associated with technology-intensive services, depending on each institution's complexity and activities. According to the director, the expected market response is either capital increases or consolidation among entities, with the potential to strengthen the resilience of the National Financial System and mitigate moral hazard risks associated with undercapitalized institutions.
Central Bank: Minimum capital rule will cause 679 financial institutions to be disqualified by 2028
2. CVM launches guide to protect 60-plus investors against unsuitable financial offers
Last Thursday (22), the CVM launched the “Guia Investidor 60+: Sua Tranquilidade Merece Proteção Extra” (EN: 60-Plus Investor Guide: Your Peace of Mind Deserves Extra Protection), aimed at protecting senior investors against unsuitable investment offers, as part of the CVM’s initiatives during the 13th National Financial Education Week. The guide responds to the growing number of aggressive approaches and recommendations of complex products that may be incompatible with the profile of investors at this stage of life, reinforcing the importance of wealth preservation, risk awareness, liquidity analysis, and suitability under the Investor Profile Analysis (API). The material also warns against practices such as psychological pressure, improper changes to investor profiles, and lack of transparency regarding costs, guarantees, potential losses, and conflicts of interest involved in recommendations.
3. CVM proposes an emergency plan to restructure its enforcement activities following the STF decision
Last Wednesday (27), the CVM submitted its proposed Emergency Plan for Restructuring of Supervisory and Enforcement Activities to the Ministry of Finance of Brazil, in response to the preliminary injunction issued in ADI 7,791/DF. The document sets out 22 measures aimed at strengthening the CVM’s institutional, operational, and technological capacity, based on the increased budget availability resulting from the STF decision, which ordered the transfer to the Commission of 70% of the revenue from the Securities Market Inspection Fee (TFMTVM). The proposed measures include the creation of task forces and special review efforts to reduce the backlog of administrative procedures, staff replenishment, development of an integrated data platform, acquisition of artificial intelligence tools to support investigations and adjudication, internalization of systems currently operated by self-regulatory organizations, expansion of supervision over the funds industry, and audit and asset-backing verification routines for FIDCs and single-investor funds. After the Federal Government submitted the plan to STF, the CVM also indicated that it would present to the Court the differences between the version filed by the Federal Government and the measures originally proposed by the Commission.
Implementing the new CVM budget will be a challenge, says Otto Lobo
4. CVM expects to hold a public consultation on tokenization in the capital markets later this year
The CVM expects to hold a public consultation later this year on rules applicable to tokenization in the capital markets, according to Antonio Berwanger, the CVM’s Superintendent of Market Development, during a panel hosted by B3. The discussion should cover not only the trading of tokenized assets in organized markets but also the post-trading infrastructure that supports these transactions, including services such as central depositories, custodians, and registrars. According to Berwanger, tokenization should not be treated as a single activity but rather as a set of regulated activities that may involve the issuance of securities, public offerings, trading, and post-trading. Key open challenges include the financial settlement of tokenized transactions, the potential use of stablecoins in this context, and legal certainty regarding the recognition of ownership of assets recorded on blockchain. In the absence of a specific legal framework, the CVM seeks to link tokenization to regulated figures already recognized by law.
5. U.S. classification of PCC and Comando Vermelho should increase compliance scrutiny for banks and fintechs
The United States announced the designation of Primeiro Comando da Capital (PCC) and Comando Vermelho (CV) as groups subject to terrorism-related restrictions, with potential impacts on institutions and companies exposed to the U.S. financial system. The measure is expected to lead banks, fintechs, and other Brazilian market participants to strengthen AML/CFT controls, KYC procedures, and due diligence on clients, partners, suppliers, and broader relationship chains, especially in transactions with a U.S. nexus or dollar settlement. Although experts note that the immediate risk of direct sanctions against Brazilian institutions tends to be limited, the classification may increase compliance costs, intensify scrutiny by correspondent banks and foreign investors, and require greater attention to identifying potential indirect links to criminal organizations. This may also lead to reviews of contracts, internal compliance policies, and risk assessments in sectors more exposed to organized-crime-related investigations.
PCC and CV in US crosshairs, Brazil's GDP and war progress mark the sixth
