Joint Resolution No. 14

JOINT RESOLUTION NO. 14, OF NOVEMBER 3, 2025

Establishes the methodology for calculating the minimum limit of paid-in share capital and net equity of financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that its Collegiate Board, in a session held on October 21, 2025, and the National Monetary Council, in an extraordinary session held on October 30, 2025, based on Articles 4, caput, item VIII, of the aforementioned Law, 9-A and 29, caput, item I, of Law No. 4,728, of July 14, 1965, 20, § 1, of Law No. 4,864, of November 29, 1965, 1 of Decree-Law No. 70, of November 21, 1966, 6 of Decree-Law No. 759, of August 12, 1969, 7 of Law No. 6,099, of September 12, 1974, 1, § 4, of Law No. 6,855, of November 18, 1980, 7, caput, item I, of Decree-Law No. 2,291, of November 21, 1986, 1, caput, item II, of Law No. 10,194, of February 14, 2001, 1, § 2, of Provisional Measure No. 2,192-70, of August 24, 2001, 6 and 7 of Law No. 11,795, of October 8, 2008, 1, § 1, and 12 of Complementary Law No. 130, of April 17, 2009, and 9, caput, item II, of Law No. 12,865, of October 9, 2013,

RESOLVED:

CHAPTER I

OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1. This Joint Resolution establishes the methodology for calculating the minimum limit of paid-in share capital and net equity to be maintained by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

Sole Paragraph. The provisions of this Joint Resolution do not apply to administrators and associations and non-profit entities authorized to administer consortium groups under the terms of Article 46 of Law No. 11,795, of October 8, 2008.

Sole Paragraph. The provisions of this Joint Resolution do not apply to associations and non-profit entities authorized to administer consortium groups under the terms of Article 46 of Law No. 11,795, of October 8, 2008. (Wording given by Joint Resolution No. 19, of 4/23/2026.)

CHAPTER II

OF THE OBLIGATION

Art. 2. The institutions mentioned in Article 1 must permanently maintain a minimum value of paid-in share capital and net equity calculated in accordance with this Joint Resolution, considering, at a minimum:

I - the categories of operational activities communicated to the Central Bank of Brazil, as per Article 5; and

II - the categories in which investment and funding activities are classified.

§ 1. For the purposes of this Joint Resolution, the following are considered:

I - operational activities: products and services related to the institution's business, as provided for in the legislation and specific regulation governing the organization and functioning of institutions;

II - investment activities: forms of application of financial resources not used in operational activities, as provided for in the legislation and specific regulation governing the organization and functioning of institutions; and

III - funding activities: forms of raising financial resources to finance operational activities, as provided for in the legislation and specific regulation governing the organization and functioning of institutions.

§ 2. The provisions of the caput do not apply to credit cooperatives of capital and loans, which must maintain paid-in share capital and net equity of R$150,000.00 (one hundred and fifty thousand reais), to be observed according to the following schedule:

I - 20% (twenty percent), on the date of authorization for the institution to operate;

II - 50% (fifty percent), from three years, counted from the date of authorization for the institution to operate; and

III - 100% (one hundred percent), from five years, counted from the date of authorization for the institution to operate.

Art. 3. For the purpose of verifying compliance with the minimum limits established in this Joint Resolution, net equity must be adjusted by:

I - the sum of the balances of credit result accounts; and

II - the deduction of the corresponding values:

a) to asset valuation adjustments;

b) to the revaluation reserve;

c) to the balance of debit result accounts; and

d) to the participations in the minimum limit of paid-in share capital and adjusted net equity of financial institutions and other institutions authorized to operate by the Central Bank of Brazil, calculated in the manner of this article.

Art. 3-A. For the purpose of verifying compliance with the minimum limit of paid-in share capital established in this Joint Resolution, the balance maintained in the legal reserve is admitted. (Included by Joint Resolution No. 19, of 4/23/2026.)

Sole Paragraph. The provisions of the caput apply to reserve funds maintained by institutions not constituted as joint-stock companies or limited liability companies, provided there is a provision in the institution's bylaws or articles of association that the fund may only be used to compensate for losses or deficits. (Included by Joint Resolution No. 19, of 4/23/2026.)

CHAPTER III

OF ACTIVITIES

Section I

Of Operational Activities

Art. 4. For the purposes of this Joint Resolution, the operational activities referred to in Article 2 are classified into the following categories, as defined by the Central Bank of Brazil:

I - lending: carrying out credit operations, other operations with characteristics of credit lending, and operations involving the provision of financial resources, including in the form of credit commitments;

II - custody and administration of third-party resources;

III - intermediation: provision of services involving the flow of money or other financial assets, except those provided on behalf and order of a third party; and

IV - services: provision of services not classified in items I to III, which do not involve financial flow or involve financial flow but are provided on behalf and order of a third party.

§ 1. For the purpose of classification in the category mentioned in item I of the caput, own operations or acquired from third parties must be considered.

§ 2. For the purpose of classification in the category mentioned in item IV of the caput, services that are inherent to the activities provided for in items I to III of the caput must not be considered.

Art. 5. Institutions must communicate to the Central Bank of Brazil, in the manner defined by it, the operational activities they intend to carry out.

§ 1. The practice of a new category of activity by the institutions mentioned in Article 1 is conditioned:

I - to the prior compliance with the minimum limits of paid-in share capital and net equity required by this Joint Resolution;

II - to the provision in the legislation or specific regulation; and

III - to compliance with the other conditions established by the Central Bank of Brazil.

§ 2. The provisions of the caput do not apply to activities that, according to specific regulation, require specific authorization or are subject to a specific communication process.

Section II

Of Investment Activities

Art. 6. For the purposes of this Joint Resolution, the investment activities referred to in Article 2 are classified into one of the following categories:

I - restricted: whose specific regulation provides:

a) express and taxative forms of application of resources; or

b) any prohibition in the form of application of these resources; or

II - free: not included in item I.

§ 1. The classification of investment activity into the categories defined in the caput must consider all forms of application permitted by the specific regulation, even if not used by the institution.

§ 2. For the purposes of this caput, the investment activity of financial institutions and other institutions authorized to operate by the Central Bank of Brazil that, under the terms of the specific regulation in force, opt for the Simplified Prudential Regime – RPS must be classified in the category provided for in item I of the caput.

§ 2. For the purposes of this caput, the investment activity of financial institutions and other institutions authorized to operate by the Central Bank of Brazil classified in Segment 5 – S5, under the terms of the specific regulation in force, must be classified in the category provided for in item I of the caput. (Wording given by Joint Resolution No. 19, of 4/23/2026.)

§ 3. For the purposes of this caput, the forms of application defined in the specific regulation for the purpose of destination of resources contributed by the public in pre-paid payment accounts and registration accounts must not be considered in the classification of investment activities.

Section III

Of Funding Activities

Art. 7. For the purposes of this Joint Resolution, the funding activities referred to in Article 2 are classified into one of the following categories, according to the origin of the resources:

I - deposits, thus considered the raising of resources from the public in the form of:

a) savings deposits;

b) time deposits;

c) demand deposits; and

d) other deposit accounts, without remuneration, not movable by the holder;

II - public resources, except deposits, thus considered the raising of resources from the public through the issuance of securities, as defined by the Central Bank of Brazil;

III - institutional resources, thus considered resources originating from:

a) credit assignment;

b) interbank deposits;

c) transfer and loan operations originating from:

1. national and foreign entities;

2. official funds; and

3. national and foreign financial institutions; or

4. national and foreign financial institutions; (Wording given by Joint Resolution No. 19, of 4/23/2026.)

d) deposits and other raises from government entities at the federal, state, and municipal levels; or (Included by Joint Resolution No. 19, of 4/23/2026.)

IV - own resources, thus considered resources originating from own capital, including in the form of raising resources from its partners, shareholders, or associates.

§ 1. The classification of funding activity must consider:

I - all sources of resources permitted by the specific regulation, even if not used by the institution; and

II - the category that, as provided for in Article 10, § 2, item III, has the highest associated factor.

§ 2. In the classification referred to in the caput, the following must not be considered:

I - resources contributed by the public in pre-paid payment accounts and registration accounts, for which the regulation defines the form of application while not yet destined by the client; and

II - loans and financing linked to the acquisition of goods for own use.

CHAPTER IV

OF THE CALCULATION METHODOLOGY

Art. 8. The institutions mentioned in Article 1 must calculate the minimum limit of paid-in share capital and net equity by summing the value associated with the following portions:

I - the cost, calculated according to Article 9; and

II - the activities, calculated according to Article 10.

Section I

Of Cost

Art. 9. The value of the portion corresponding to the cost, referred to in Article 8, caput, item I, must be calculated by summing:

I - R$2,000,000.00 (two million reais) multiplied by the quantity of categories of operational activities communicated according to Article 5, including categories subject to specific authorization or communication process, observing the provisions of Article 10, § 1; and

II - R$5,000,000.00 (five million reais), if the institution provides services that, as defined by the Central Bank of Brazil, depend on data processing, data storage, network infrastructure, information and cybersecurity infrastructure, and other computational resources provided by the institution or by a service provider contracted by it.

§ 1. If the institution provides more than one type of service referred to in item II of the caput, 50% (fifty percent) of that value must be added for each new service, observing that the limit of the total value of the portion defined in item II of the caput is R$10,000,000.00 (ten million reais).

§ 2. Institutions must communicate to the Central Bank of Brazil, in the manner defined by it, the provision of the services referred to in item II of the caput.

Section II

Of Activities

Art. 10. The value of the portion corresponding to the activities referred to in Article 8, caput, item II, must be calculated by:

I - the sum of the values assigned:

a) to the categories of all operational activities communicated by the institution, according to Article 5, including those subject to specific authorization or communication process; and

b) to the category in which the investment activity was classified; and

II - the multiplication of the value calculated in the manner defined in item I by the factor assigned to the category in which the funding activity was classified.

§ 1. For the purposes of item I, letter "a", of the caput, the categories of operational activities associated with the corporate object of the institution, as defined by the Central Bank of Brazil, must be considered, at a minimum.

§ 2. For the purposes of the caput, the value assigned:

I - to the categories of operational activities referred to in Article 4 corresponds to:

a) R$1,000,000.00 (one million reais), for services;

b) R$3,000,000.00 (three million reais), for custody and administration of third-party resources;

c) R$5,000,000.00 (five million reais), for intermediation; and

d) R$7,000,000.00 (seven million reais), for lending;

II - to the categories of investment activities referred to in Article 6 corresponds to:

a) R$5,000,000.00 (five million reais), for the restricted category; and

b) R$8,000,000.00 (eight million reais), for the free category; and

III - to the factor corresponding to the categories of funding activities referred to in Article 7:

a) 60% (sixty percent), for the own resources category;

b) 80% (eighty percent), for the institutional resources category;

c) 120% (one hundred and twenty percent), for the public resources category, except deposits; and

d) 200% (two hundred percent), for the deposits category.

§ 3. For the purposes of item I of § 2, the value assigned to each category of operational activity is independent of the quantity of products and services classified in the same category.

Section III

Of Capital Surcharges

Art. 11. The institutions mentioned in Article 1 that may use in their name, by virtue of specific authorization provided for in specific legislation or regulation governing the organization and functioning of the institution, the expression "bank" or any term suggesting it, literally or by morphological or phonetic similarity, in Portuguese or in a foreign language, must add R$30,000,000.00 (thirty million reais) to the value of the capital calculated according to Article 8.

§ 1. The request for the additional capital value referred to in the caput applies to the institution that uses in its name the term referred to in the caput, in accordance with the current regulation, even without specific authorization provided for in the regulation governing the organization and functioning of the institution.

§ 2. The provisions of § 1 do not apply to the institution that uses in its name the same term used by another institution of the prudential conglomerate of which it is a member, by virtue of specific authorization provided for in the regulation governing the organization and functioning of that institution.

CHAPTER V

TRANSITIONAL PROVISIONS

Art. 12. The institutions mentioned in Article 1 that were in operation on the date of entry into force of this Joint Resolution must observe the following transition rules regarding the obligation to maintain the minimum limit of paid-in share capital and net equity:

I - until June 30, 2026, the minimum value of paid-in share capital and net equity calculated in accordance with the regulation in force on the day prior to the date of entry into force of this Joint Resolution must be maintained; and

II - from July 1, 2026, to December 31, 2027, the value referred to in item I plus the following percentages on the positive difference between the amount calculated in accordance with this Joint Resolution and that value must be maintained:

a) 25% (twenty-five percent) until December 31, 2026;

b) 50% (fifty percent) until June 30, 2027; and

c) 75% (seventy-five percent) until December 31, 2027.

§ 1. The institutions mentioned in Article 1 must communicate to the Central Bank of Brazil, until June 30, 2026, the categories of operational activities carried out, according to Article 5.

§ 2. The provisions of this section apply to institutions that have filed requests for authorization to operate or for expansion of activities with the Central Bank of Brazil until the eve of the date of entry into force of this Joint Resolution.

§ 3. The provisions of this article do not apply to the institutions referred to in the caput whose minimum limit of paid-in share capital and net equity increases due to a change in corporate object or the practice of a new category of operational activity, under the terms of Article 5. (Included by Joint Resolution No. 19, of 4/23/2026.)

CHAPTER VI

FINAL PROVISIONS

Art. 13. Resolution No. 2,828, of March 30, 2001, published in the Official Gazette of the Union on March 31, 2001, shall enter into force with the following alterations:

"Art. 3. ................................................................................................................................... ................................................................................................................................................. § 2. The carrying out of foreign exchange and leasing operations depends on authorization from the Central Bank of Brazil. ...................................................................................................................................." (NR)

Art. 14. BCB Resolution No. 234, of July 27, 2022, published in the Official Gazette of the Union on July 29, 2022, shall enter into force with the following alterations:

"Art. 7-A. Adjusted Net Equity is obtained by the algebraic sum of net equity and the total balance of credit result accounts, deducted from the total balance of debit result accounts, part of the Accounting Standard of Institutions Regulated by the Central Bank of Brazil – Cosif." (NR)

Art. 15. CMN Resolution No. 5,051, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022, shall enter into force with the following alterations:

"Art. 10-A. The share capital of the credit cooperative must be fully paid exclusively in current currency." (NR)

Art. 16. CMN Resolution No. 5,061, of February 16, 2023, published in the Official Gazette of the Union on February 22, 2023, shall enter into force with the following alterations:

"Art. 9-A. The share capital of the service confederation must be fully paid exclusively in current currency." (NR)

"Art. 11. .................................................................................................................. Sole Paragraph. The compensation of losses verified in the closed fiscal year is admitted, by decision of the general assembly, with surpluses from subsequent years, provided that the minimum limits of paid-in share capital and net equity defined in the regulation in force are met." (NR)

Art. 17. The following are revoked:

I - Resolution No. 2,607, of May 27, 1999, published in the Official Gazette of the Union on May 28, 1999;

II - Resolution No. 2,678, of December 21, 1999, published in the Official Gazette of the Union on December 23, 1999;

III - the following provisions of Resolution No. 2,828, of March 30, 2001, published in the Official Gazette of the Union on March 31, 2001:

a) items I and II of § 2 of Article 3; and

b) Article 5;

IV - the sole paragraph of Article 5 of Resolution No. 3,426, of December 21, 2006, published in the Official Gazette of the Union on December 26, 2006;

V - Article 1 of Resolution No. 3,757, of July 1, 2009, published in the Official Gazette of the Union on July 2, 2009, in the part that alters § 2 of Article 3 of Resolution No. 2,828, of March 30, 2001, published in the Official Gazette of the Union on March 31, 2001;

VI - the following provisions of Resolution No. 4,721, of May 30, 2019, published in the Official Gazette of the Union on June 3, 2019:

a) Article 7; and

b) Article 23;

VII - Article 5 of CMN Resolution No. 4,976, of December 16, 2021, published in the Official Gazette of the Union on December 20, 2021;

VIII - Article 4 of CMN Resolution No. 4,985, of February 17, 2022, published in the Official Gazette of the Union on February 21, 2022;

IX - Article 4 of CMN Resolution No. 5,000, of March 24, 2022, published in the Official Gazette of the Union on March 28, 2022;

X - Articles 4, 5, and 6 of CMN Resolution No. 5,008, of March 24, 2022, published in the Official Gazette of the Union on March 28, 2022;

XI - Articles 6, 7, and 8 of CMN Resolution No. 5,009, of March 24, 2022, published in the Official Gazette of the Union on March 28, 2022;

XII - Article 6 of CMN Resolution No. 5,046, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022;

XIII - Article 4 of CMN Resolution No. 5,047, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022;

XIV - the following provisions of CMN Resolution No. 5,050, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022:

a) Article 6; and

b) Article 14;

XV - Article 10 of CMN Resolution No. 5,051, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022;

XVI - Article 4 of CMN Resolution No. 5,052, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022;

XVII - Article 7 of CMN Resolution No. 5,060, of February 16, 2023, published in the Official Gazette of the Union on February 22, 2023;

XVIII - Article 9 of CMN Resolution No. 5,061, of February 16, 2023, published in the Official Gazette of the Union on February 22, 2023;

XIX - Article 1 of CMN Resolution No. 5,131, of April 25, 2024, published in the Official Gazette of the Union on April 26, 2024, in the part that alters Article 10 of CMN Resolution No. 5,051, of November 25, 2022, published in the Official Gazette of the Union on November 28, 2022;

XX - Article 5 of CMN Resolution No. 5,237, of July 24, 2025, published in the Official Gazette of the Union on July 28, 2025;

XXI - the following provisions of BCB Resolution No. 80, of March 25, 2021, published in the Official Gazette of the Union on March 29, 2021:

a) Article 17; and

b) Articles 20 and 21;

XXII - Article 5 of BCB Resolution No. 234, of July 27, 2022, published in the Official Gazette of the Union on July 29, 2022; and

XXIII - Article 1 of BCB Resolution No. 407, of August 2, 2024, published in the Official Gazette of the Union on August 5, 2024, in the part that alters Articles 17 and 20 of BCB Resolution No. 80, of March 25, 2021, published in the Official Gazette of the Union on March 29, 2021.

Art. 18. This Joint Resolution enters into force on the date of its publication.

GABRIEL MURICCA GALÍPOLO President of the Central Bank of Brazil