Banking and Financial Services Bulletin: Fourth Quarter 2025 Updates

CMN updates rules for real estate financing and the use of savings funds

On October 10, 2025, the National Monetary Council (Conselho Monetário Nacional – CMN) issued Resolution CMN No. 5,255, which amends the regulatory framework for real estate credit, including the Brazilian Savings and Loan System (Sistema Brasileiro de Poupança e Empréstimo – SBPE), the Housing Finance System (Sistema Financeiro de Habitação – SFH), and the Real Estate Finance System (Sistema de Financiamento Imobiliário – SFI), with a focus on directing savings resources. The rule introduces real estate interbank deposits, adjusts eligibility and calculation criteria for mandatory allocations, and establishes new control and transition mechanisms for financial institutions. Another significant change regards the updated maximum property value financed under the SFH from BRL 1.5 million to BRL 2.25 million. The changes will be implemented gradually between 2026 and 2027.

BCB changes minimum share capital and net worth requirements

On November 3, 2025, Joint Resolution No. 14 and Resolution BCB No. 517 were published, updating the rules on minimum paid-in share capital and net worth required from institutions authorized to operate by the Brazilian Central Bank (Banco Central do Brasil – BCB), aligning them with international prudential standards and introducing proportionality in relation to risks inherent to regulated activities.

Under the previous framework, fixed capital and net worth amounts were assigned to each specific license type. With the new method, the calculation is now based on variable amounts determined by the institutions’ activities, considering their: (i) operational activities (granting, intermediation, custody, or services), (ii) investment activities (restricted or unrestricted), and (iii) fundraising activities (using own, institutional, public funds or deposits). As a result, the new capital requirements become proportional to the activities carried out by each institution.

The rules came into force upon publication, with a transition schedule for institutions already operating or with pending applications at that time.

It is worth noting that the BCB has made a calculator available to help institutions determine minimum regulatory capital under the new methodology.

Ban on pooled accounts

Resolution BCB No. 518, published on November 3, 2025, reinforces mandatory closure scenarios for payment accounts, requiring account termination when there are serious irregularities regarding the holder’s information or when the account is used to provide financial or payment services without legal or regulatory authorization. The rule highlights common practices such as using an account to process transactions on behalf of third parties in ways that hide financial obligations – activities associated with so-called “pooled accounts”. The rule took effect on December 1, 2025.

Similarly, Resolution CMN No. 5,261, dated November 3, 2025, amends the rules for deposit accounts and mandates compulsory account closure when irregularities are found in customer records or when accounts are misused for unauthorized financial or payment services. The regulation cites as an example the use of accounts to perform payments or settlements on behalf of third parties, a practice associated with “pooled account.” The rule also took effect on December 1, 2025.

BCB regulates virtual asset services

On November 10, 2025, the BCB published Resolutions BCB Nos. 519, 520, and 521, governing the provision of virtual asset services and the institutions offering them.

The rules cover the incorporation, operation, and authorization processes applicable to Virtual Asset Service Providers (Prestadores de Serviços de Ativos Virtuais – VASPs), which are allowed to conduct intermediation, custody, or brokerage activities.

Normative Instruction BCB No. 693, dated December 19, 2025, complements the regulations by defining procedures for submitting information on virtual assets in the foreign exchange market.

BCB enhances risk management in payment arrangements

Resolution BCB No. 522, issued on November 10, 2025, improves the rules applicable to risk management in payment arrangements, aiming to strengthen the Brazilian Payments System (Sistema de Pagamentos Brasileiro – SPB) and ensure settlement among participants for transactions carried out by end users. The provisions introduce new risks that must be managed centrally by arrangers, requiring them to guarantee, even by using their own resources if necessary, the settlement of all transactions authorized within the arrangement.

Arrangers must implement robust mechanisms for continuous monitoring, stress testing, and safeguard structures with issuers, acquirers, and sub-acquirers. The rule also establishes mandatory participation for sub-acquirers in centralized settlement processes. Institutions must comply with the new requirements by May 7, 2026.

Open Finance updates

Joint Resolution No. 15, published on November 28, 2025, expands the scope of Open Finance by including the portability of credit transactions as a shareable service, creating a digital alternative to the traditional model. The rule amends Joint Resolution No. 1/2020, introducing specific definitions and adjustments to allow the entire information exchange and request-tracking process to occur securely and in a standardized manner within the Open Finance ecosystem. The initiative seeks to reduce operational bottlenecks and increase transparency for the user, strengthening integration and efficiency across digital journeys.

Complementing this innovation, Resolution CMN No. 5,265, also published on November 28, 2025, authorizes information exchange between the original creditor and the proposing institution via electronic systems or the Open Finance infrastructure, with rules such as the assignment of an identifier code and a ban on simultaneous processing of the same contract across multiple channels.

BCB and CMN regulate Banking as a Service

Joint Resolution No. 16, published on November 28, 2025, regulates the provision of Banking as a Service (BaaS) by financial and payment institutions and other entities authorized by the BCB.

The rule establishes a closed list of services that may be offered via BaaS, including: (i) opening, maintenance, and closing of demand deposit, savings, prepaid and postpaid payment accounts; (ii) payment services performed through the accounts mentioned above; (iii) merchant acquiring services for accepting payment instruments; and (iv) credit operations, including offering, contracting, servicing, and collection. The resolution expressly excludes activities such as banking correspondents, cloud services, Open Finance partnerships, and sub-acquiring from the BaaS framework.

Authorized institutions remain fully responsible for regulatory compliance, including risk management, AML/CTF controls, fraud prevention, data security, customer service, and regulatory reporting. The resolution imposes detailed requirements on governance, risk assessment, contractual arrangements, customer disclosures, monitoring mechanisms, and record retention.

The rule also includes important prohibitions, such as avoiding practices resembling correspondent activity and restricting the use of terms that could mislead customers into confusing the service provider with the regulated institution. The BCB may restrict, suspend, or terminate BaaS contracts in cases of non-compliance or risks to the financial system. Existing contracts must be aligned with the new rules by December 31, 2026, although the regulation is already in effect.

BCB and CMN standardize naming conventions for regulated institutions

Joint Resolution No. 17, published on November 28, 2025, establishes rules to standardize the naming and public presentation of institutions authorized by the BCB. The objective is to reinforce transparency and reduce information asymmetries across corporate names, trade names, brands, domain names, and communication materials (including digital channels). The rule requires that the corporate name clearly reflects the authorization type granted, prohibiting terms that may suggest unauthorized activities, including those similar in spelling, morphology, or phonetics (even in a foreign language).

The regulation also defines requirements for public-facing materials to ensure customers can accurately identify the service provider. Prudential conglomerates may use terms associated with other institutions in their group, provided the contractual relationship is clearly identified.

Institutions not in compliance must submit an adjustment plan within 120 days, with a maximum period of one year for full adaptation.

BCB establishes policy for regulatory data quality

On November 28, 2025, the BCB and CMN issued Joint Resolution No. 18, establishing the mandatory creation and implementation of a regulatory data quality policy for supervised institutions. The rule defines dimensions and minimum requirements for governance, controls, documentation, and monitoring to ensure the integrity, reliability, and timeliness of data sent to the regulator. Institutions must comply by December 31, 2026, with the regulation taking effect on January 1, 2026.

Rules for foreign exchange brokerage firms

Resolution BCB No. 542, dated December 18, 2025, establishes rules for the incorporation and operation of foreign exchange brokerage firms, whose main activity is the intermediation and execution of foreign exchange transactions. These institutions may also act as electronic money issuers and virtual asset intermediaries, provided these activities remain secondary and comply with specific regulations.

Furthermore, the resolution prohibits granting loans or financing to clients, acquiring assets with no direct business purpose, and obtaining loans from financial institutions except for internal use.
The rule revokes CMN Resolution No. 5,009/2022 and comes into force on February 2, 2026.

BCB and CMN strengthen cybersecurity and cloud computing requirements

On December 18, 2025, the CMN and BCB published Resolution CMN No. 5,274 and Resolution BCB No. 538, updating rules for cybersecurity policies and the contracting of data processing, storage, and cloud computing services by regulated institutions. The rules expand and detail mandatory minimum controls, reinforce requirements applicable to proprietary and third‑party systems, and raise governance and operational resilience standards, especially in payment and communication environments of the National Financial System (Sistema Financeiro Nacional – SFN). Institutions must comply with the new requirements by March 1, 2026.

BCB adjusts rules on book-entry trade bills

Resolution BCB No. 540, issued on December 18, 2025, amends the regulatory framework for book-entry trade bills, as set out in Resolution BCB No. 339/2023. The rule refines the definition of book-entry trade bills negotiation, strengthens information obligations for issuers, and establishes transition procedures for onboarding into the electronic registration system. The changes take effect on January 5, 2026.

CMN updates investment rules for public pension regimes (RPPS)

Resolution CMN No. 5.272, dated December 18, 2025, redefines the investment rules for Public Pension Regimes (Regimes Próprios de Previdência Social – RPPS). The resolution reorganizes investment segments, links allocation limits to governance and certification levels, and reinforces requirements for due diligence, internal controls, and service provider accreditation. The resolution takes effect on February 2, 2026, with a transition period relative to previous rules.

For more information on these topics, please contact Mattos Filho’s Banking & Financial Services practice area.