Financial Market: main news from 30/3 to 3/4
1. BCB proposes to restrict data sharing in open finance and submits the matter for participants’ consultation
At the end of March, the BCB presented a proposal to restrict data sharing within the Open Finance framework, focusing on entities that aggregate customer information and pass it on to third parties outside the financial system. The proposal, which was submitted to the Open Finance administration board, introduces the concepts of an “integrating institution” and a “partner entity” and prohibits the latter from sharing data with third parties, effectively limiting the so-called “sale” of transactional data outside the regulated environment. The regulator also emphasises the need for such arrangements to comply with the rules governing “partnership agreements”, seeking to close loopholes exploited by models based exclusively on the General Data Protection Law. The measure was submitted for comment by Open Finance participants, with a deadline of the end of March, and generated mixed reactions among market players, with support from financial institutions and concerns from fintechs regarding potential restrictions on business models and use cases..
The Central Bank proposes limiting the 'sale' of open finance data and will hear from participants
2. Brazil now provides for seizure of virtual assets in investigations and judicial enforcement proceedings
On Tuesday (24), Law No. 15,358/2026 was enacted, expressly providing for the possibility of blocking, seizure, and forfeiture of virtual assets by court order, including during the investigation phase, within the context of measures to combat organized crime. The rule includes digital assets among the assets subject to judicial enforcement and authorizes the allocation of recovered amounts to public security funds. The initiative consolidates an understanding already adopted by the Judiciary, including decisions by the Brazilian Superior Court of Justice (Superior Tribunal de Justiça) recognizing the economic value of such assets for enforcement purposes, as well as the use of tools such as CriptoJud, a system developed by the Brazilian National Council of Justice (Conselho Nacional de Justiça) for the automated submission of blocking orders to exchanges. The measure reinforces the classification of virtual assets as assets subject to the actions of the justice system, although its effectiveness depends on improved integration among public authorities and on the development of infrastructure for tracking such assets.
Government approves law allowing seizure of cryptocurrencies even during the investigation phase
3. BCB publishes new procedures applicable to PSTIs
On Wednesday (1), the BCB published Normative Instruction BCB No. 718, which sets out procedures, documents, deadlines, and information required for the processing of requests related to the accreditation and de-accreditation of Information Technology Service Providers (PSTIs), as well as the submission of information by such providers to the regulator. The rule establishes operational guidelines for the relationship between PSTIs and the BCB, detailing the requirements applicable to authorization processes and to the informational obligations of these entities, within the context of the ongoing enhancement of the regulatory framework applicable to infrastructures and technology service providers in the financial system. The Normative Instruction entered into force on April 1, upon its publication.
4. BCB presents priority agenda for the regulation of virtual assets
The BCB disclosed its priority agenda for the regulation of virtual assets, detailing the next steps in the implementation of the regulatory framework for the sector in Brazil. Among the main points, the regulator indicated progress in defining rules applicable to virtual asset service providers, focusing on matters such as asset segregation, governance, risk management, operational requirements, and controls related to anti-money laundering. The agenda also includes the further development of guidelines for the operation of such institutions, as well as the strengthening of supervision and monitoring mechanisms for the sector, in line with the evolution of business models and international discussions on the topic. This initiative forms part of the consolidation of the regulatory framework established by Law No. 14,478/2022 and reinforces the BCB’s strategy to structure a safer and more transparent environment for the development of the virtual assets market in Brazil.
5. CVM implements changes in superintendencies
CVM has made changes to the leadership of four directorates, following a decision by the acting chairman, against a backdrop of recent scrutiny of the regulator’s performance, particularly in relation to the recent liquidations that have taken place in the financial system. The changes affect strategic areas of the technical structure and form part of an assessment of the regulator’s performance, particularly regarding structured transactions and the activities of investment funds. The discussions gained momentum following the disclosure of structures deemed complex and difficult to trace, notably the use of structures involving investment funds and other vehicles associated with challenges regarding the transparency of certain transactions. This move signals an internal repositioning of the CVM amidst an environment of institutional pressure and reinforces the debate on improving supervision and transparency mechanisms in the capital markets, including the assessment of structures involving funds with a higher degree of opacity and challenges regarding the traceability of underlying assets.
