Financial Market: main news from 27 to 30/04
1. Brazil tightens restrictions on predictive market platforms
Last Friday (24), the National Monetary Council (CMN) issued Resolution No. 5,298, which addresses the derivatives market in Brazil and will enter into force next Monday (4). The resolution establishes a regulatory crackdown on predictive markets by prohibiting contracts linked to non-financial events, including those related to “real or virtual events of a political, electoral, social, cultural, entertainment nature, or any other theme that, at the discretion of the Securities and Exchange Commission (CVM), is not representative of an economic-financial benchmark.” The measure bars offerings based on topics such as elections, virtual gaming events, and sports, and applies even to foreign platforms. The coordinated action with other authorities highlights the regulatory relevance of these instruments. Meanwhile, in the United States, the legality of such contracts remains under dispute between federal regulators and states, with no consensus on their classification.
CMN prohibits trading of derivatives related to betting
CMN prohibits sports betting derivatives and slows down the prediction market
2. Anbima issues guidelines for virtual asset custody
Last Tuesday (27), the Brazilian Financial and Capital Markets Association (Anbima) published guidelines for virtual asset custody service providers, initially with an educational focus. The material complements Central Bank regulation (Resolution BCB No. 520, dated November 10, 2025) and outlines best practices in security, governance, and due diligence. Key provisions include rules on asset segregation, private key management, and mandatory proof of reserves. The initiative aims to reduce risks and asymmetries while enhancing transparency and investor protection in a still-maturing market.
Self-regulation advances and establishes rules for the custody of virtual assets
3. FGC records R$57.4 billion impact and assets decline 15.6% since 2024 due to bank liquidations
Bank liquidations in 2025 cost Brazil’s Credit Guarantee Fund (FGC) R$57.4 billion, weighing on its financial indicators. The impact includes guarantee payments and support operations, with the Master conglomerate accounting for over R$40 billion. Even after the advance collection of approximately R$32 billion in bank contributions, the fund’s net assets declined 15.6% from 2024 levels, reaching R$118.5 billion in March 2026. Despite this, the FGC continues to cover nearly all accounts within guarantee limits.
Bank liquidations cost the FGC R$ 57.4 billion in 2025, and the fund's assets fell by 15.6%
FGC says Master case resulted in a negative impact of R$ 57.4 billion for the fund
4. CVM seeks to modernize ETF rules and include active and leveraged funds
Brazil’s Securities and Exchange Commission (CVM) is preparing a review of ETF regulations to accommodate different structures, such as passive, active, and leveraged funds, within a single regulatory framework. The proposal is expected to go to public consultation in 2026, with completion anticipated in 2027. According to Superintendent Claudio Maes, the current framework does not support more complex products, requiring formal adjustments and new rules, with limited room to apply existing regulations to innovations like active ETFs.
5. BCB reinforces cybersecurity agenda and coordination with financial sector at institutional event
On April 1st, the BCB hosted the “BC Cyber Resilience Forum 2026 Critical Providers,” bringing together banks, service providers, and technology firms to discuss cybersecurity and financial system resilience. With the participation of senior officials, the BCB highlighted that cyber risk has become structural and requires coordinated action across the ecosystem. The Bank also signaled continued regulatory advances in response to rising incidents. Topics included risk management, continuous monitoring, API security, and outsourcing challenges.
