Brazilian Payments System (SBP): structure, regulation and paths for innovation
The Brazilian Payments System (SPB) is the fundamental structure that guarantees the safe and efficient movement of financial resources in the country, from everyday transactions to high-value operations between financial institutions.
Coordinated by the Central Bank, the SPB integrates several participants and sophisticated technological infrastructures that ensure the stability and integrity of the national financial system.
In this article, you will understand how the SPB works and how legal and technological advances in the Brazilian payments system have made it possible to open the market to the entry of new players, such as fintechs, driving modernization and financial inclusion in the country.
CVM Resolution 230 postpones the effective date of the new regulation on takeover bids to October 1, 2025
On June 18, 2025, the Brazilian Securities and Exchange Commission (CVM) approved CVM Resolution 230, which extended the entry into force of CVM Resolutions 215 and 216, initially scheduled for July 1, 2025. CVM Resolution 215 regulates public offerings for the acquisition of shares (OPA) issued by publicly-held companies, replacing the former CVM Resolution 85, while CVM Resolution 216 made adjustments to other rules to align them with CVM 215.
The postponement was motivated by the need to finalize the automatic OPA module of the SRE System, which will allow the receipt and registration of optional OPAs without exchange for securities. Despite the extension, participants may request exemptions or different procedures for the analysis of OPAs, according to article 45 of CVM Resolution 85. This article allows the CVM, in exceptional and duly justified situations, to authorize exemptions or specific procedures, respecting the requirements of Law No. 6,404 of 1976 (Corporation Law).
CVM publishes guidelines on the limited liability of Real Estate Investment Fund (FII) unitholders
Em 18 de março de 2025, a Comissão de Valores Mobiliários (CVM) publicou o Ofício Circular SSE 02/2025, no qual faz orientações sobre a responsabilidade dos cotistas de Fundos de Investimento Imobiliário (FII) frente a situações de patrimônio líquido negativo.
Registration with the Commercial Board and the rural producer's eligibility for judicial recovery
O STJ decidiu no Tema 1145 que produtores rurais podem pedir recuperação judicial mesmo que tenham se registrado recentemente na Junta Comercial, desde que comprovem o exercício da atividade por pelo menos dois anos. Essa decisão amplia o acesso ao benefício, permitindo que o tempo de atuação anterior ao registro seja considerado. Se você é produtor rural e enfrenta dificuldades, a recuperação judicial pode ser a solução para reestruturar suas dívidas e manter sua produção!
BC and CVM facilitate foreign investments in the country's financial and capital markets
The CVM and the BCB published Joint Resolution No. 13 on 12/03/2024, which revokes CMN Resolution 4373 and simplifies the rules for foreign investments in the financial and securities markets. The rule aims to attract more investors, reduce costs and improve the business environment in Brazil.
The changes include the simplification of procedures, expansion of assets to back DRs, facilitation of investments via specific accounts, extension of the document retention period and adoption of risk-based criteria. The new regulations, the result of public consultation, come into effect on January 1, 2025.
New CVM Standard for regulating Fiagro
As of the publication of the new CVM Resolution No. 214, of September 30, 2024, by the Securities and Exchange Commission – CVM, investment funds for agribusiness production chains – Fiagro, will become part of the regulatory framework for investment funds in the country.
Among the main changes brought about by the rule are (i) subsidiary application of other CVM normative annexes; (ii) definition of the strategic policy and management of the invested company; (iii) possibility of trading carbon credits from agribusiness; (iv) investment by the Fiagro classes in “any real rights over rural properties”, among others.
CVM Resolution 214 comes into effect on March 3, 2025. Existing Fiagros will have until June 30, 2025 to adapt to the new resolution.
B3 public consultation with proposals for changes to the Novo Mercado rules
B3 has made available to the general public of investors a public consultation to collect contributions to change the rules of the Novo Mercado, a listing segment for companies voluntarily committed to complying with more rigorous corporate governance practices than those required by current legislation.
After analyzing the contributions sent by the public, B3 will announce the restricted hearing, so that the companies listed in the segment can vote on the final proposal, which will also be subject to approval by CVM.
Suggestions and comments can be sent until 11/11/2024 to B3's email [email protected].