Financial Market: main news from April 28th to May 2nd

regulations related to the tokenization of assets considered securities. The first will focus on revising CVM Resolution 88, which regulates crowdfunding operations, seeking to adapt it to the growing securitization through electronic and tokenizing platforms. The second will create an experimental regulation based on tests conducted in the regulatory sandbox launched in 2020 and extended until 2026. The objective is to establish a framework that aligns with the provisions of CVM Resolution 88 and CVM Resolution 135, which addresses the operation of regulated securities markets, bridging the gap between the current funding regimes for small businesses and traditional organized markets. The sector's demands include increased issuance and revenue limits, reduced minimum terms between offerings, more flexible terms, and the inclusion of features such as automatic investment. The initiative seeks to reflect market developments, especially with the predominance of debt offerings in the tokenized model.

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CVM plans to review rules to facilitate tokenization

CVM embraces RWA tokens and will review rules to promote tokenization

The CVM is preparing two public consultations in 2025 to review The federal government has abandoned its proposal to pay meal vouchers (VR) and food vouchers (VA) to workers through Pix, which was part of discussions on modernizing the Workers' Food Program (PAT). The proposal called for the creation of a specific bank account for depositing the funds, aiming to eliminate intermediaries and reduce operating costs. However, it faced strong opposition and criticism from companies in the benefits sector, which alleged the risk of misrepresenting the benefits' purpose and impacting the current PAT structure. As an alternative, the government is considering measures such as reducing the payment period to retailers (from 30 to 2 days), standardizing the fees charged (MDR) with a cap between 3% and 4%, and increasing transparency in operations. Also under discussion is expanding the BCB's jurisdiction over the sector, currently under the jurisdiction of the Ministry of Labor and Employment (MTE).

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Government abandons Pix to pay VR and VA

Government abandons payment of meal vouchers via Pix and aims to cut operator fees

Last Monday (28), the BCB began the testing phase of Automatic Pix, a feature that will allow recurring payments previously authorized by users. The official launch is scheduled for June 16, 2025. The new mechanism will facilitate the automatic payment of recurring bills such as water, electricity, school fees, health insurance, and streaming services, without the need for specific agreements with banks. The tests involve all participants in the Instant Payment System (SPI), focusing on evaluating the possibility of new collection attempts when there is no available balance. This process seeks to standardize communication between companies and payment methods, improving the user experience. Recipient companies will be able to centralize collections with a single bank or a Payment Transaction Initiator (ITP). The expectation is to facilitate and reduce the cost of access to financial services, expanding integration with more than 800 institutions participating in the Pix ecosystem. Unlike Scheduled Recurring Pix, Automatic Pix is ​​focused on scalable and institutional use, with simplified portability and reconciliation.

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Automatic Pix enters the Central Bank's testing phase; understand what's coming next

Last Wednesday (30), the federal government published Decree No. 12,445, which changes the rules for extraordinary renegotiation of credit transactions carried out by banks managing constitutional funds. The new rules apply to transactions carried out within three years, provided they were contracted at least seven years ago and are fully or partially provisioned or recorded as a loss in the financial statements. The decree also provides for exceptions to some requirements, such as in the case of installments unpaid up to December 30, 2013, in transactions located in the semi-arid region or in municipalities with recognized public calamity, as well as in contracts with MEIs (Individual Microentrepreneurs), micro and small businesses. Renegotiation can be done with cash settlement or with restructuring of the schedule, both with a three-year term for payment or formalization. For rural producers, payment will be in annual installments until 2032; for others, in monthly installments. The decree also authorizes, on a one-time basis, the replacement of financial charges for transactions contracted up to December 31, 2018, with the current charges for new contracts.

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Government publishes decree amending rules for credit renegotiation by banks that manage constitutional funds

Last Wednesday (30), the BCB published Normative Instruction BCB No. 613/2025, which amends Normative Instruction BCB No. 511/2024 to adjust provisions related to the adoption and withdrawal of the Automatic Pix offer by participating institutions. The rule establishes that, between March 10 and June 6, 2025, institutions that exclusively offer transactional accounts to legal entities and choose not to offer Automatic Pix must communicate their decision through a specific form submitted via Digital Protocol. Within the same period, formal requests to withdraw from the Automatic Pix – Receipt functionality will also be permitted. The rule reinforces the contractual nature of the Pix Regulation, which waives the need for a regulatory impact analysis (RIA) for the issuance of normative acts of general interest of this nature.

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BCB Normative Instruction No. 613