Financial Market: main news from 17 to 21/08
1. BCB strengthens efforts to curb regulatory arbitrage and tightens rules on FGC-protected funding
On Thursday (13), the President of the Central Bank of Brazil (BCB), Gabriel Galípolo, stated that the authority will continue adopting measures to prevent NBFIs (Non-Bank Financial Institutions) from gaining competitive advantages through regulatory arbitrage, particularly when they perform activities similar to those of banks without being subject to the same prudential requirements. During an event celebrating the 30th anniversary of the Credit Guarantee Fund (FGC), Galípolo highlighted concerns over structures that combine retail funding protected by the FGC with higher-risk assets. In this context, the BCB has already adopted three measures: doubling the additional contribution to the FGC for institutions with more than 60% of their liabilities covered by the fund; requiring institutions with more than 80% of their liabilities in this category to invest part of the funds raised in government securities; and adopting quality and liquidity criteria for the assets used to back FGC-protected funding. According to Galípolo, regulatory enhancements will be continuous, with a focus on reducing risks and ensuring a level playing field within the financial system.
2. BCB expected to launch public consultation on FGC rules applicable to investment platforms
The Central Bank of Brazil (BCB) is expected to soon launch a public consultation proposing changes to rules related to the Credit Guarantee Fund (FGC) in the distribution of investment products. The initiative was indicated by BCB’s Director of Supervision, Ailton de Aquino, during a meeting of the Depositors Forum held on Tuesday (18). Key issues discussed by market participants include strengthening the governance and transparency of investment platforms, reviewing distributor remuneration models and introducing good practices for the offering of products covered by the FGC, including how such protection is communicated to clients. Alternatives are also being discussed to mitigate potential incentives arising from the upfront and full payment of distribution fees, such as deferring commissions over the term of the product or suspending payments in situations of stress affecting the issuing institution. The initiative forms part of the BCB’s ongoing agenda to enhance the FGC framework, which has also resulted in new requirements applicable to issuing institutions.
3. Agentic payments advance in Brazil, raising security and governance priorities
Agentic payments are beginning to gain practical applications in Brazil, as payment networks, banks and infrastructure providers develop solutions that allow Artificial Intelligence (AI) agents to initiate, select and execute payments within parameters previously defined by users. Different market participants are expanding their initiatives in this segment, while Brazilian companies are also developing solutions based on cards, Pix and Open Finance. E-commerce, recurring purchases and corporate processes – including procurement, supplier payments and automated treasury activities – are among the use cases viewed as particularly promising. The expansion of this model, however, will depend on the development of robust mechanisms for agent identification, verifiable records of user authorizations, payment credential protection, user authentication and transaction traceability. Against this backdrop, security, governance and transparency occupy a central role as agentic payments move from pilot projects to broader commercial applications.
Agency-based payments are advancing and attracting banks, card networks, and fintechs
4. Contactless payments reach BRL 1 trillion in the first half of 2026 and increase their share of card-present transactions
Contactless payments reached BRL 1 trillion in the first half of 2026, up 18.5% compared to the same period in 2025, according to data from the Brazilian Association of Credit Card and Services Companies (Abecs). The payment method already accounts for 76.2% of card-present transactions in Brazil, reflecting the expansion of NFC technology and its widespread availability across payment terminals. Total transaction volume in the card industry reached BRL 2.3 trillion during the period, an 8% year-on-year increase. Tap on Phone, which enables smartphones and tablets to be used as payment terminals, also recorded significant growth, reaching BRL 53.6 billion in transaction volume, up 79.2%. Card-not-present transactions likewise continued to expand, exceeding BRL 633 billion, an 18% increase over the period. The figures reinforce the continued digitalization of payments and the growing adoption of new methods for accepting and conducting transactions.
Contactless payments totaled R$ 1 trillion in the first half of the year
5. CVM provides guidance on automatic registration of public offerings and procedures applicable to unregistered issuers
The Brazilian Securities and Exchange Commission (CVM) published, on Tuesday (18), Circular Letter CVM/SRE No. 4/2026, providing new guidance to lead coordinators on filing requests for public offerings subject to the automatic registration procedure. The document addresses offerings subject to prior review by a self-regulatory entity under CVM Resolution No. 160, as well as offerings by unregistered issuers under CVM Resolution No. 232, which governs the FÁCIL regime. For offerings subject to prior review, the CVM will simplify the filing requests available in the SRE System and introduce mandatory fields indicating whether the offering was reviewed by a self-regulatory entity, together with information on the relevant entity and proceeding. The self-regulatory entity’s report will remain mandatory for registration of the offering. For unregistered issuers, the system will also include mandatory fields to identify the issuer’s corporate type and whether it qualifies as a smaller company. The changes will be gradually implemented through next Monday (24).
