Financial Market: Main news from March 9th to 13th
1. The Central Bank of Brazil has submitted for public consultation an update to the Settlement System Rulebook, with a focus on strengthening governance, IT, and cybersecurity requirements for Financial Market System Operators
On Tuesday (Mar. 10), the Central Bank of Brazil (BCB) opened a public consultation on a proposed resolution to update the rules applicable to operators of financial market infrastructures. Published through Public Consultation Notice No. 129, the proposal introduces changes to the regulation attached to BCB Resolution No. 304, with a focus on strengthening authorization requirements, governance, operational risk management, and technology standards. The main measures include the requirement to adopt an Information Technology Master Plan (PDTI), subject to annual review and reporting; stricter rules for the use of cloud services abroad and for continuity testing; as well as biennial assessments of business continuity and cybersecurity, supported by internal audit and independent external audit. The proposal also provides for the adoption of COSIF as the accounting standard and adjustments to the calculation of minimum shareholders’ equity. According to the Central Bank, any resulting changes must be implemented by January 4, 2027. The public consultation will remain open for contributions until June 8, 2026.
Central Bank proposes improving SPB rules
Central Bank releases proposal to update regulations for Financial Market System Operators
2. The Brazilian Stock Exchange receives authorization from the CVM to begin operations under the Simplified Regime
This Thursday (12), B3 announced that it had received authorization from the Brazilian Securities and Exchange Commission (CVM) to launch Regime Fácil, which will take effect on March 16. The regulation is intended for companies with annual gross revenue of less than BRL 500 million. It allows these companies to list on B3 and raise capital through simplified procedures, including equity offerings and the issuance of debentures and commercial paper. The main practical changes include the Direct Offering model, which allows companies to raise up to BRL 300 million per year without a lead underwriter; the replacement of the Reference Form with the Fácil Form; semiannual financial reporting instead of quarterly reporting; an exemption from the sustainability report; and the option to delist through a tender offer with a reduced quorum.
B3 receives authorization from the CVM to begin operations under the Simplified Regime
3. CVM tweaks FIDCs rules for receivables assignments by companies under restructuring
Last Friday (6), the CVM issued Resolution No. 240, which makes specific amendments to Annex II of CVM Resolution No. 175, the rule governing Receivables Investment Funds (FIDCs). The changes are intended to facilitate the classification of receivables assigned by companies undergoing in-court or out-of-court restructuring, removing barriers and allowing FIDCs to serve as a source of funding for such companies. Among the main changes, the resolution eliminates the requirement for court approval of the restructuring plan for those receivables to be considered “standardized” and revises the treatment of co-obligations assumed by those companies in the assignment of receivables, so that such co-obligations are not, by themselves, grounds for classifying the receivables as “non-standardized.” Resolution No. 240 is already in force and, because it is a targeted measure, was issued without a public hearing or consultation, as stated by the CVM.
4. Master scandal delays nominations for the Securities and Exchange Commission of Brazil
In March 2026, progress in the investigations into the fraud scheme involving Banco Master, combined with heightened congressional scrutiny, stalled Senate hearings for the government’s nominees to the CVM’s top leadership. According to Valor Econômico, the Chief of Staff’s Office has not yet cleared the nominee for CVM chair to begin meetings with senators, and sources say there is no immediate push for confirmation. Senators are treating the nomination with caution because of controversial decisions made in 2025, when he served as acting head of the CVM, including one case in which he overruled the agency’s technical staff. The group of senators reviewing potential inaction by the CVM in the Banco Master case asked the Comptroller General’s Office (CGU) to conduct an audit of the CVM, while the nominations are still awaiting referral to the Senate’s Economic Affairs Committee (CAE), pending action by the Senate presidency.
5. Operation “Cofre Digital”: Federal Police arrest group suspected of diverting and laundering BRL 710 million via Pix
On Thursday (12), Brazil’s Federal Police (PF) and the São Paulo State Public Prosecutor’s Office, through its cybercrime task force (CyberGAECO), launched Operation “Cofre Digital” to investigate a cyberattack that occurred in August 2025 and allegedly embezzled more than BRL 710 million via Pix from two financial institutions. According to investigators, the group allegedly used shell companies to convert the proceeds into cryptocurrencies, making the funds harder to trace and facilitating money laundering. The operation executed three temporary arrest warrants and five search-and-seizure warrants in the states of São Paulo and Paraná, and also ordered the freezing of assets and funds belonging to four individuals and 28 legal entities, with a cap of BRL 28 million per target.
