Regulatory Alerts2026-04-24 | Resolução CMN 5298Resolution CMN No. 5298 — Organization and Operation of the Derivatives Market
The National Monetary Council, issued by the Central Bank of Brazil, establishes the organizational principles and operational rules for the domestic derivatives market. The resolution explicitly prohibits the offering and trading of derivative contracts based on sports events, online gaming events, or political, social, and entertainment events deemed non-representative of economic-financial references by the Securities and Exchange Commission. It further defines valid economic-financial benchmarks and mandates the Securities and Exchange Commission to adopt complementary regulations to enforce these provisions.
Resolution No. 5,298
RESOLUTION CMN No. 5,298, OF APRIL 24, 2026
Provides for the organization and operation of the derivatives market in the country.
The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes it public that the National Monetary Council, in a session held on April 23, 2026, considering the provisions of Articles 3, caput, items I and III, and 4, caput, item I, of Law No. 6,385, of December 7, 1976,
R E S O L V E D:
Art. 1º This Resolution provides for the organization and operation of the derivatives market in the country.
Art. 2º The organization and operation of the derivatives market must observe, at a minimum, the following principles:
I - protection of investors and adequacy of products, services, and operations;
II - transparency and clarity in the provision of information;
III - integrity and efficiency of the market;
IV - prevention of regulatory arbitrage and speculation harmful to investors and prejudicial to the public interest; and
V - encouragement of innovation.
Art. 3º The offering and trading in the country of derivative contracts whose underlying assets are related to the following are prohibited:
I - real event of a sports nature, as defined in Law No. 14,790, of December 29, 2023;
II - virtual event of online games, as defined in Law No. 14,790, of December 29, 2023; and
III - real or virtual event of a political, electoral, social, cultural, entertainment, or any other nature that, at the discretion of the Securities and Exchange Commission, is not representative of an economic-financial benchmark.
Sole Paragraph. For the purposes of the provision of item III of the caput, economic-financial benchmarks shall be considered:
I - price indices or rates, securities indices, bond indices, interest rates, exchange rates, classification or index related to credit risk;
II - prices of commodities, financial assets, and securities traded in organized stock and over-the-counter markets or registered and deposited in financial market infrastructures authorized to operate by the Central Bank of Brazil or the Securities and Exchange Commission; and
III - other references related to variables of relevant economic or financial interest, which are calculated based on consistent and verifiable prices or methodologies.
Art. 4º The prohibitions referred to in Art. 3 of this Resolution apply to offerings within national territory of derivatives traded abroad, in accordance with the regulation of the Securities and Exchange Commission.
Art. 5º The Securities and Exchange Commission shall adopt, within the scope of its legal competencies, the necessary measures for complementary regulation and execution of the provisions of this Resolution.
Art. 6º This Resolution enters into force on May 4, 2026.
GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil