Financial Market: Key News from August
Financial market 31/08 to 04/09
1. BCB raises concerns over FIDCs
On Wednesday (2), the Central Bank of Brazil (BCB) expressed concerns over capital markets structures involving “multiple layers of investment funds”, which may make it more difficult to properly assess and map risks. According to the minutes of the latest meeting of the Financial Stability Committee (Comitê de Estabilidade Financeira – Comef), certain funds operate through chains structured across different levels, increasing the complexity of identifying investors’ underlying exposures. In this context, the BCB highlighted Credit Rights Investment Funds (Fundos de Investimento em Direitos Creditórios – FIDCs), which continued to grow rapidly in the last quarter and have been increasing their share of broad credit as a source of corporate financing. The BCB also highlighted the significant connections between these funds and institutions under its supervision, both through the assignment of assets to FIDCs and through investments in their units. The BCB continues to monitor the matter in light of the growth of these structures and their increasing interconnectedness with the Brazilian Financial System (SFN).
Central Bank views FIDCs with concern
2. BCB orders liquidation of Trustee and Banvox, linked to a former Banco Master shareholder
On Thursday (3), the BCB ordered the extrajudicial liquidation of Banvox Distribuidora de Títulos e Valores Mobiliários Ltda. (Banvox) and Trustee Distribuidora de Títulos e Valores Mobiliários Ltda. (Trustee), both controlled by Maurício Quadrado, a former shareholder of Banco Master. According to the BCB, the measure was adopted due to “serious violations of the legal rules governing the institutions’ activities”. Both securities distributors were part of a prudential conglomerate classified within the “S4” segment and had limited relevance to the SFN. Trustee and Banvox had also been mentioned in investigations conducted as part of Operation Carbono Oculto, while Maurício Quadrado was targeted by Operation Compliance Zero, which is investigating suspected irregularities related to Banco Master. The latest measures bring to 20 the number of financial institutions placed into extrajudicial liquidation by the BCB since the end of 2025, against a backdrop of increased supervisory scrutiny of institutions and other participants in the financial ecosystem.
BC liquidates Trustee and Banvox, companies linked to a former partner of Banco Master
Central Bank decrees extrajudicial liquidation of Banvox and Trustee
3. New Pix rules come into effect
On Tuesday (1), new rules governing Pix’s Special Refund Mechanism (Mecanismo Especial de Devolução – MED), created by the BCB to facilitate the recovery of funds in cases of fraud, scams and other crimes, came into effect. The main change is the expansion of fund-tracing capabilities. Previously, the mechanism allowed funds to be blocked and returned only from the account that originally received the disputed Pix transfer. Under the so-called “MED 2.0”, the system can now track the path taken by the funds even when they are transferred to other accounts, allowing amounts available in subsequent recipient accounts to also be blocked and returned to the victim. The change seeks to increase the effectiveness of the MED in response to the practice of rapidly transferring funds across different accounts in order to make them more difficult to block and recover. Under the enhanced mechanism, participating institutions will have access to information on the flow of funds between accounts, allowing available amounts to be identified throughout the chain of transfers. The mechanism does not guarantee the full recovery of funds, which remains dependent, among other factors, on the availability of amounts that can be blocked, but is intended to increase victims’ chances of recovering their funds. The MED remains limited to cases of fraud, scams or operational failures and does not apply, for example, to commercial disputes or transfers made to the wrong recipient as a result of an error by the user.
BC liquidates Trustee and Banvox, companies linked to a former partner of Banco Master
Central Bank decrees extrajudicial liquidation of Banvox and Trustee
4. BCB accelerates the updating of credit information in the SFN
On Wednesday (26), the BCB announced that it had begun providing more timely information on credit transactions entered into within the Brazilian Financial System. With the implementation of BCB Resolution No. 413/2024 and BCB Normative Instruction No. 530/2024, events such as loan originations, assignments, portability transactions, installment payments and settlements are now recorded on a daily basis and reported to the Credit Information System (SCR) within up to five business days.
In practice, information that previously could take up to 45 days to appear in credit bureau queries is now updated within up to seven business days, enabling individuals and companies to have their credit assessments based on more recent data. Initially, the update is available only through the credit bureau, while the BCB works to implement the same process in Registrato.
The Central Bank is making the information available at the credit bureau more timely
5. CVM Board approves new amendment to cooperation agreement with ANBIMA on investment fund supervision
On Thursday (3), the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) announced the approval of the second amendment to the technical cooperation agreement entered into with the Brazilian Financial and Capital Markets Association (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais – ANBIMA) for the supervision of the investment fund industry. Originally entered in September 2024, the agreement seeks to leverage ANBIMA’s self-regulatory activities to optimize the work of both institutions and increase the efficiency of supervision of regulated markets. The new amendment reinforces the CVM’s supervisory and enforcement responsibilities and consolidates the respective roles of the two institutions in overseeing investment funds and their service providers regulated under CVM Resolution No. 175. Among the main changes are the inclusion of Private Equity Investment Funds (Fundos de Investimento em Participações – FIPs) within the scope of the cooperation and the expansion of activities relating to Financial Investment Funds (Fundos de Investimento Financeiro – FIFs). The agreement also introduces a new annex governing the exchange of information on the portfolios of FIFs holding assets abroad. In addition, ANBIMA will support the CVM in collecting data used for the annual reporting of the investment fund statistics survey conducted by the International Organization of Securities Commissions (IOSCO). The agreement will remain in effect for ten years from the date of its publication in the Brazilian Federal Official Gazette (Diário Oficial da União) and may be extended once.
Financial market 07/9 to 11/9
1. CVM accelerates the use of AI and new technologies in market supervision
The Brazilian Securities and Exchange Commission (CVM) intends to accelerate the adoption of artificial intelligence and new technologies in capital markets supervision, in light of increased data-processing capabilities and the technological developments also observed in illicit activities. According to CVM Chairman Otto Lobo, representatives of the CVM recently visited the United States to learn about solutions and use cases developed by market participants and regulators, including the NYSE, Nasdaq, the SEC, the CFTC and Coinbase. The CVM is seeking to implement more advanced detection and data-processing systems capable of supporting the identification of suspicious transactions and enhancing cooperation with other authorities, while also seeking to advance discussions on new securities trading and supervision infrastructures. In this context, tokenization has become one of the CVM’s regulatory priorities, and the CVM has established a working group with the participation of market participants to discuss the matter, with an increasing focus on market participants and the infrastructure required for the safe and efficient provision of these services. The initiative seeks to move beyond the experimental stage and accelerate the implementation of new tools and models, including by drawing on international experience, in a scenario where Brazil is still seeking to expand tokenization use cases and enhance the competitiveness of its market.
CVM looks abroad for ways to accelerate tokenization in Brazil
2. CVM consolidates guidance on the registration and activities of public offering coordinators
On Friday (4), the Brazilian Securities and Exchange Commission’s (CVM) Securities Registration Superintendence (SRE) published CVM/SRE Circular Letter No. 5/2026, which consolidates and replaces previous guidance on the registration and activities of public offering coordinators under CVM Resolution No. 161. Among the main clarifications, the technical area established that non-financial institutions may only act as coordinators in offerings subject to the automatic registration procedure if they are supervised by a self-regulatory entity that maintains a specific technical cooperation agreement with the CVM. Considering the agreement currently in place with ANBIMA, non-financial institutions registered as coordinators may conduct offerings under the automatic registration procedure provided for in CVM Resolution No. 160, provided that they have adhered to ANBIMA’s Self-Regulation Codes and are subject to its supervision. The document also consolidates guidance on registration applications and their review, periodic information, minimum net worth, segregation of activities, responsible directors, access to the Coordinator System and the scope of activities of registered coordinators, with the aim of reducing deviations, queries to the regulator and requirements imposed by the SRE.
CVM's technical area clarifies guidelines for coordinators of public offerings
3. Genial case reinforces BCB requirements for customer controls and monitoring
The Central Bank of Brazil (BCB)’s decision to fine Banco Genial BRL 21.56 million and disqualify two of its executives has been interpreted as a reference for the practical application of compliance rules, particularly with respect to customer qualification, the reporting of suspicious transactions to the Council for Financial Activities Control (Coaf) and the accountability of senior management. The proceeding reviewed 2,038 foreign exchange transactions carried out with nine customers between November 2020 and October 2021, totaling USD 1.208 billion, of which USD 1.154 billion involved virtual assets, and concluded that the institution failed to adequately verify whether the customers’ financial capacity was compatible with the transactions carried out. The decision reinforces that this assessment should not be limited to registration information or cash availability at a given point in time, requiring the monitoring of factors such as cash flow, source of funds and changes in assets according to the customer’s risk profile. The case also highlights that the existence of relevant and unexplained indications may require reporting to Coaf without the need for evidence of a crime, while reinforcing the possibility of individual accountability of executives when their responsibilities are directly related to the controls that failed. In this context, formally established policies are not sufficient: institutions must demonstrate the effectiveness of their controls through mechanisms such as ongoing monitoring, periodic testing, audit trails, records of decisions and remediation measures.
Punishment against Banco Genial changes what banks and fintechs need to prove to the Central Bank
4. Cerc brings forward testing of dynamic boleto, with implementation scheduled for 2027
Cerc has completed the necessary adjustments to its systems and brought forward testing for the implementation of the dynamic boleto (Brazilian payment slip), a new model that will allow the recipient institution and the payment beneficiary to be changed. The instrument may be linked to a book-entry trade receivable (duplicata escritural), so that, if the receivable is negotiated or transferred, the registry will update the holder identified on the boleto to ensure that payment is directed to the rightful beneficiary. The testing phase established by the Central Bank of Brazil (BCB) is expected to begin in September, while the start of production is scheduled for February 2027. Cerc, which states that it is the first registry to declare its readiness for testing, is already conducting bilateral tests with the Centralized Receivables Platform (PCR), operated by Núclea, and intends to proceed with tests involving boleto-issuing institutions. Subsequently, communications between the registries and the PCR will take place through the Transmission and Control Platform (Plat), an infrastructure that connects B3, Cerc and Núclea and seeks to ensure interoperability among the registries. According to Cerc, one of the main implementation challenges will be ensuring that companies making and receiving payments are prepared to reconcile payments and operate under the new framework.
Cerc anticipates tests for the implementation of dynamic payment slips
5. Pix surpasses credit cards in number of e-commerce transactions
An Appmax survey covering more than 8,400 e-commerce businesses shows that, for the first time, Pix surpassed credit cards in the number of transactions at Brazilian online stores, based on data for the first half of 2026 compared with the same period in 2025. Pix accounted for 51.4% of transactions, compared with 47.9% for credit cards, and recorded a 64.2% increase in volume, versus 58.1% growth for credit cards. Despite the higher frequency of Pix usage, credit cards continue to account for higher-value purchases: their average ticket reached BRL 346.83, up 14.8%, nearly twice the BRL 178.77 recorded for Pix, which increased by 2.5%. Boleto (Brazilian payment slip), in turn, accounted for only 1.1% of transactions, despite a 14% increase in volume, indicating the gradual replacement of this payment method by Pix and its concentration in higher-value purchases. Credit cards also recorded improved conversion rates, with approved transactions increasing by 31.9% and the weighted average approval rate reaching 96.87%, 0.9 percentage points higher than in the first half of 2025.
Financial market 14/9 to 18/9
1. BCB updates Pix rules, expanding functionalities and security mechanisms
On Friday, September 18, the BCB issued Resolution BCB No. 587, which updates the Pix Regulation with measures aimed at enhancing the arrangement’s functionalities, operational procedures, and security mechanisms. Key changes include allowing “Pix Automático” to be used with salary accounts and regulating hybrid payment requests, which will allow a boleto barcode and a Pix Cobrança QR Code to be included in the same document. The regulation also adjusts the rules governing participants’ admission, continued participation, and exclusion, while strengthening procedures for flagging well-founded suspicions of fraud in the DICT, including requirements for notifying users and reviewing such flags. The changes will take effect on a staggered basis between September 2026 and July 2027.
The Central Bank of Brazil (BC) is making updates and improvements to the Pix regulations
BCB Resolution No. 587 of 18/9/2026
2. BCB evaluates alternatives to enable international Pix transactions
The BCB is monitoring alternatives to enable international transactions via Pix. According to the Head of the Financial System Organization and Resolution Deputy Governor's Office of BCB (Diorf), directly connecting payment systems from different countries is technically feasible, but involves high costs as well as regulatory and governance challenges. This is mainly due to the regulatory and administrative differences applicable to instant payment systems in each country. Another option would be the adoption of multilateral hubs, such as Nexus, developed by the Bank for International Settlements (BIS), which is currently used mainly by Asian countries. Still on this topic, in a report on Pix management published in August of this year, the BCB also stated that “The interconnection of instant payment systems has the potential to reduce fees, increase speed, expand access and improve the transparency of cross-border transactions.”
The possibility of international Pix payments is being monitored by the Central Bank, says the chief of staff
3. ANBIMA publishes FAQ on self-regulation for virtual asset custody
Last Monday (14), the ANBIMA published a questions-and-answers document containing 83 items on its Experimental Self-Regulatory Framework for virtual asset custody, aimed at supporting institutions in adapting to Resolution BCB No. 520, of November 10, 2025. The material covers topics such as key management, asset segregation, pooling, proof of reserves, AML/CFT, audit, governance, business continuity and outsourcing. Participation is voluntary and does not replace BCB regulation, serving as practical guidance for policies, contracts and controls.
New document clarifies doubts about the self-regulation of virtual assets
Self-regulation of custody of virtual assets
4. New ordinance strengthens measures against payments linked to betting activities carried out by unauthorized operators
On September 10, Ordinance SPA/MF No. 2,750 was published, establishing new procedures to prevent, identify and block transactions linked to the irregular operation of fixed-odds betting. Financial institutions, payment institutions and payment scheme owners will be required to monitor suspicious patterns, report indications to the Secretariat of Prizes and Betting and, following notification, block accounts and prevent new transactions within 24 hours. The new ordinance focuses on restricting the activities of unauthorized fixed-odds betting operators. The rule also details indicators of intermediation and attempted circumvention and provides for the sharing of information with authorities.
Ministry of Finance Ordinance SPA/MF No. 2,750, of September 10, 2026
5. BCB discusses the evolution of virtual asset regulation in Brazil
Last Wednesday (16), BCB Division Head Nagel Paulino stated that the BCB is assessing changes to the legal framework for virtual assets in order to expand its ability to act in response to new assets and market participants. According to him, Law No. 14,478, of December 21, 2022, currently defines the scope of the BCB’s regulatory authority. The expectation is that the rules applicable to virtual asset service providers will continue to evolve after they enter the regulatory perimeter, as occurred with payment institutions and credit fintechs, while preserving an activity and risk-based approach, expanding the range of activities they may perform, and facilitating their interoperability with other areas of the financial and payment systems, such as Open Finance and Pix.
Central Bank discusses the evolution of crypto law in light of new assets and participants
Financial market 21/9 to 25/9
1. STJ recognizes financial institutions’ right to unilaterally terminate checking accounts
The Second Section of the Brazilian Superior Court of Justice (STJ), in a judgment under the repetitive appeals procedure, held that financial institutions may unilaterally terminate checking account agreements, ruling that the prohibition under Article 39, IX, of the Brazilian Consumer Protection Code does not apply in such cases. In Theme No. 1,119, the Court found that this provision, which prohibits refusing to provide products or services to consumers willing to acquire them, concerns immediate consumer transactions and does not apply to the termination of existing checking account agreements, which are continuing contractual relationships subject to specific regulation. According to the STJ, Resolution CMN No. 4,753/2019 allows either party to voluntarily terminate the agreement, provided that transparency and disclosure requirements are observed, and the Court’s case law recognizes the validity of unilateral termination subject to prior notice and compliance with the remaining contractual obligations.
2. BCB enhances rules applicable to virtual asset service providers
The BCB updated the regulatory framework applicable to virtual asset service providers (VASPs), including rules on anti-money laundering and counter-terrorist financing. Among the changes, Resolution BCB No. 588 amended Circular No. 3,978/2020 to require specific reporting to Coaf of virtual asset transfers to or from self-hosted wallets in amounts equal to or exceeding the equivalent of USD 10,000, as well as foreign exchange transactions involving the delivery or receipt of foreign currency in cash at or above the same threshold. BCB Resolution No. 589, in turn, amended Resolution BCB No. 520/2025 and expanded the information to be submitted for supervisory purposes. It also provides that, as of November 6, 2026, financial institutions, payment institutions, and other BCB-authorized institutions may not carry out or facilitate virtual asset transactions with service providers that are not authorized to operate in Brazil, except in cases expressly permitted by regulation. The amendments to Circular No. 3,978/2020 take effect on October 1, 2026, while the new reporting requirements under Resolution BCB No. 589 will apply from January 1, 2027.
BCB Resolution No. 588 of 23/9/2026
BCB Resolution No. 589 of 23/9/2026
3. BCB proposes update to accounting rules to align with international standards
The BCB has launched a public consultation on a proposal to update the accounting rules applicable to financial institutions and other authorized institutions, with the aim of maintaining the alignment of the Accounting Standard for Institutions Regulated by the BCB (Cosif) with international standards. The proposal follows the issuance of IFRS 18, which will replace IAS 1 as of January 2027, and seeks to enhance the transparency and comparability of financial statements. Among the main changes, the draft rules establish new criteria for the aggregation and disaggregation of information and introduce the concept of main business activities, requiring institutions to assess and disclose whether their principal activity is associated with investing in assets and/or providing financing to customers. Based on this assessment, income and expenses would be classified into five categories: operating, investing, financing, income taxes, and discontinued operations. The proposed rules would apply to financial statements for periods ending on or after December 31, 2027. Comments on Public Consultation No. 130/2026 may be submitted until November 9, 2026.
4. BCB and ECB assess interconnection between Pix and European instant payment system
The Central Bank of Brazil (BCB) and the European Central Bank (ECB) have begun assessing the feasibility of interconnecting Pix and the TARGET Instant Payment Settlement (TIPS), the Eurosystem’s instant payment settlement service. The assessment will cover technical, operational, legal and business aspects related to connecting the two public payment infrastructures, which remains at an early stage, with no deadline currently set for completion of the assessment or expected date for a potential interconnection to become operational. TIPS currently operates with the euro, Swedish krona and Danish krone, with expansion planned to other currencies in the European Economic Area, while the Eurosystem is also working to connect TIPS with other instant payment infrastructures, including Nexus and the payment systems of India and Switzerland. The initiative forms part of the Pix development agenda and the BCB’s efforts to connect the Brazilian system with similar multilateral infrastructures and those of other jurisdictions.
Pix could gain a direct connection to the European instant payment system
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5. CMN Restricts FIDC Investments in Judicial and Arbitral Claims
The CMN issued CMN Resolution No. 5,343/2026, restricting direct and indirect investments by FIDCs and FIC-FIDCs in rights or potential rights arising from judicial or arbitration proceedings. Such assets may only be held once the underlying claim has become definitively liquid, certain and enforceable, subject to specific criteria set forth in the regulation. The Resolution also establishes valuation, reassessment, independent audit and periodic disclosure requirements for funds that already hold such assets. The restrictions on new investments take effect on October 13, 2026, while the governance, valuation and transparency requirements applicable to existing portfolios become effective on January 4, 2027.
CMN Resolution No. 5,343 of 9/24/2026
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