Financial Market: Main News from March 23 to March 27
1. BCB finalizes regulatory package to combat digital financial crimes
Last Monday (23), BCB President Gabriel Galípolo announced, during a meeting at the Supreme Federal Court (STF), that the authority is finalizing a package of regulatory measures to contain risks to the financial system arising from digital threats. The meeting, which also brought together STF President Edson Fachin, BNDES President Aloizio Mercadante, and Federal Police Director-General Andrei Rodrigues, focused on combating money laundering and financially strangling criminal organizations. Mercadante detailed the progress of a working group formed by Febraban, the Federal Police, and BNDES, with BCB collaboration, aimed at tackling cybernetic financial crimes. Minister Fachin warned that organized crime has become a threat to the Democratic Rule of Law, affecting approximately 30 million people.
Central Bank Prepares Package of Measures Against Digital Threats
2. BCB strengthens security and management of the PI Account used in Pix
Last Tuesday (24), BCB published Resolution BCB No. 554, which introduces new measures to strengthen the operational security and management of the Instant Payments Account (PI Account), used by direct participants of the Instant Payments System (SPI), the Pix settlement infrastructure. Among the new features, institutions will be able to set a minimum operational balance threshold on the PI Account, below which new payment orders will be rejected, functioning as a "new operational zero." An automatic account blocking option was also created upon reaching this threshold, with exclusively manual unblocking via SPB-Web. Additionally, an alternative channel for consulting the PI Account statement was made available, accessible even in cases of unavailability of the National Financial System Network (RSFN). With these enhancements, the BCB aims to strengthen institutions’ ability to respond swiftly and effectively to indications of fraud or operational failures.
Central Bank Enhances Security and Management of the PI Account
Central Bank Enhances Security and Management of the Instant Payment Account Used in Pix
3. BCB intends to publish new rules for eFX by Q3 2026
The BCB is expected to publish, between the second and third quarters of 2026, new rules applicable to international payment and transfer services (eFX). The matter was the subject of BCB Public Hearing No. 104, launched in September 2025. Under the current framework, certain institutions authorized by the BCB (whether or not authorized to operate in the foreign exchange market), as well as non-authorized institutions, may act as eFX providers – subject to limitations on the provision of certain services depending on the institution’s category. With the new regulation, eFX services are expected to be restricted to institutions authorized by the BCB. Non-authorized institutions will be granted a transition period to apply for authorization as payment institutions before the BCB. If the proposal is approved, institutions will also be required to report monthly to the BCB information on any international payments and transfers, as well as movements in BRL-denominated accounts held by eFX providers. In addition, the scope of eFX will be expanded to cover transfers related to investments in the financial and capital markets, subject to a limit of USD 10,000 per transaction.
4. BCB holds 28th Pix Forum Plenary Meeting focused on inappropriate messages, payroll accounts, and evolutionary agenda
Last Thursday (26), BCB held the 28th Plenary Meeting of the Pix Forum. Among the main highlights, the creation of a working group was announced to discuss the misuse of the "Description" field in Pix transactions, which has been used to send offensive and threatening messages in transactions involving nominal amounts, with proposals to be presented by June 30. Another relevant topic was the inclusion of payroll accounts (contas-salário) in “Pix Automático”, scheduled for July, in line with Resolution CMN No. 5,251/2025 and Resolution BCB No. 505/2025. The meeting also outlined the timelines for the regulation of: (i) Pix intermediaries (with regulation expected to be issued in 2027), (ii) developments in hybrid billing (with regulation to be published starting in June 2026), (iii) tax split mechanisms (with production expected from 2027), (iv) MED 2.0, and (v) the development of a machine learning-based fraud probability indicator. As part of the security agenda, the BCB announced that it will define, in the second half of the year, minimum criteria for classifying transactions as "grounded suspicion of fraud" and "suspicion of fraud," as well as rules for scam alerts to payers.
The Pix Forum discusses improvements to the service created by the Central Bank
5. CVM's "Regime Fácil" takes effect, easing capital market access for smaller companies
The "Regime Fácil", a CVM initiative to simplify the access of smaller companies into the capital markets, is now in effect and is expected to expand the pool of private credit issuers in 2026. The new model reduces costs and simplifies procedures: (i) financial results will now be disclosed semiannually (instead of quarterly), (ii) sustainability reports are no longer mandatory, and (iii) registration cancellation may be carried out via a public tender offer (OPA) with a reduced quorum. Companies with annual revenues below BRL 500 million may join the regime, which contemplates four types of public offerings. The potential universe of issuers is estimated at approximately 150,000 companies, according to B3. The growth in commercial notes issuances, which reached BRL 51.8 billion in issuances in 2025, an 18.9% increase over 2024, reinforces expectations that debt securities will be the primary funding channel in the regime's early months. The CVM has signed technical cooperation agreements with B3 and BEE4 to oversee the implementation of the new model.
The Easy Regime creates opportunities for fundraising by smaller companies
