BCB Resolution No. 150 — Consolidates rules on payment arrangements, approves the regulation governing payment services within the Brazilian Payments System (SPB)

Resolução Nº 150

BCB RESOLUTION NO. 150, OF OCTOBER 6, 2021

Consolidates rules on payment arrangements, approves the regulation that disciplines the provision of payment services within the scope of payment arrangements that are part of the Brazilian Payments System (SPB), establishes the criteria according to which payment arrangements will not be part of the SPB, and takes other measures.

The Collegiate Board of the Central Bank of Brazil, in a session held on October 6, 2021, based on arts. 6, 9, and 15 of Law No. 12,865, of October 9, 2013, and having in view the provisions of Resolution No. 4,282, of November 4, 2013,

R E S O L V E:

Art. 1 The Regulation on the Provision of Payment Services within the Scope of Payment Arrangements that are Part of the Brazilian Payments System (SPB), attached as Annex I, is hereby approved.

Art. 2 The following payment arrangements (arrangements) do not form part of the SPB:

I - of limited purpose, when the payment instruments are:

a) accepted only in the network of establishments of the same business entity, when not issued by it, or in the store networks of companies that are part of the same business group, regardless of the issuer; (Wording given by BCB Resolution No. 522, of 10/11/2025.)

b) accepted only in a network of establishments for the distribution and sale of products or services that clearly present the same visual identity among themselves, under the business franchise regime or through a brand use agreement;

c) intended exclusively for the payment of public services provided directly by the public authority or under a legal regime of grant, concession, permission, or authorization; or

d) issued and accepted exclusively within the scope of a closed arrangement, in accordance with item I of art. 2 of Annex I to this Resolution, and which are intended exclusively for the payment:

1. of a specific type of product or service;

2. of a restricted set of products; or

3. of services intended to meet a certain economic activity or specialized markets;

II - in which the set of participants presents, in a consolidated and accumulated manner over the last 12 (twelve) months, volumes lower than:

a) R$20,000,000,000.00 (twenty billion reais) of total transaction value; and

b) 100,000,000 (one hundred million) transactions; or (Wording given by BCB Resolution No. 522, of 10/11/2025.)

III - in which the payment instrument is: (Wording given, from 1/3/2023, by BCB Resolution No. 289, of 25/1/2023.)

a) offered within the scope of a program intended to grant benefits to natural persons due to employment relationships, service provision, or similar, established by law or by an act of the Federal, State, or Municipal Executive Power; or (Included, from 1/3/2023, by BCB Resolution No. 289, of 25/1/2023.)

b) intended for the use of the food assistance referred to in § 2 of art. 457 of the Consolidation of Labor Laws, approved by Decree-Law No. 5,452, of May 1, 1943, as well as of a benefit of the same nature, for the payment of meals in restaurants and similar establishments or for the purchase of food items in commercial establishments, established by law or by an act of the Federal, State, or Municipal Executive Power. (Included, from 1/3/2023, by BCB Resolution No. 289, of 25/1/2023.)

§ 1 A payment arrangement not part of the SPB based on the criteria established in item II of the main text becomes part of the SPB if its issuer is responsible for another payment arrangement that is part of the SPB.

§ 2 The issuer of a payment arrangement not part of the SPB based on item II of the main text (issuer) must monitor the evolution of the indicated limits and, upon verifying the exceedance of any of these limits by any of the arrangements established by it, must, except for the cases of exemption provided for in art. 21 of Annex I to this Resolution, submit an authorization request for all arrangements established by it that do not fall under items I or III of the main text, within a period of ninety days, counted from the date of exceedance. (Wording given by BCB Resolution No. 522, of 10/11/2025.)

§ 3 Except for the cases of exemption provided for in art. 21 of Annex I to this Resolution, the establishment of new payment arrangements not falling under items I and III of the main text by an issuer responsible for an arrangement that is already part of the SPB must be preceded by authorization in accordance with current regulation.

§ 4 Arrangements falling under letter "d" of item I of the main text are exclusively those payment arrangements whose business model is listed in the Relationship of Business Models of Limited Purpose Payment Arrangements, present in Annex II to this Resolution.

Art. 3 If the Central Bank of Brazil considers that a certain arrangement poses a risk to the normal functioning of retail payment transactions based on the parameter defined in art. 6, sole paragraph, item VI, of Resolution No. 4,282, of 2013, it will decide on its integration into the SPB and notify its issuer of the decision.

Sole paragraph. The rules applicable to arrangements that are part of the SPB, including the eventual need for authorization for its establishment, will begin to apply to the arrangement and its issuer after 30 (thirty) days, counted from the date of receipt of the communication referred to in the main text, unless the Central Bank of Brazil specifies a different period in its decision or conditions the start or continuation of the arrangement's activities to obtaining authorization.

Art. 4 In order to allow the assessment of risks to the normal functioning of retail payment transactions, the Central Bank of Brazil may determine that the issuer of an arrangement not part of the SPB, in accordance with art. 2 of this Resolution, provide information in the form and within the period defined in the request.

Art. 5 Payment institutions authorized to operate by the Central Bank of Brazil that, in accordance with the governing regulation, are holders of a Clearing Account at the Central Bank of Brazil may participate directly, for clearing purposes, in the clearing and settlement systems of interbank orders for fund transfers, in which situation each entity will act as:

I - issuing or receiving institution of the Available Electronic Transfer – TED; (Wording given by BCB Resolution No. 522, of 10/11/2025.)

II - receiving or destination institution, regarding payment slips; and (Wording given by BCB Resolution No. 522, of 10/11/2025.)

III - sending or destination institution of a Credit Document – DOC. (Wording given by BCB Resolution No. 522, of 10/11/2025.)

Sole paragraph. The payment institution must observe the compatibility of the issuance or receipt of interbank orders for fund transfers with the operating authorization granted by the Central Bank of Brazil.

Art. 6 The Central Bank of Brazil will publish the procedures and document models for instructing the processes provided for in this Resolution.

Art. 7 The following are repealed:

I - Circular No. 3,682, of November 4, 2013;

II - Circular No. 3,735, of November 27, 2014;

III - Circular No. 3,724, of October 15, 2014;

IV - Circular No. 3,765, of September 25, 2015;

V - Circular No. 3,815, of December 7, 2016;

VI - Circular No. 3,842, of July 27, 2017;

VII - Circular No. 3,843, of August 23, 2017;

VIII - Circular No. 3,854, of October 26, 2017;

IX - Circular No. 3,886, of March 26, 2018;

X - Circular No. 3,925, of December 20, 2018;

XI - Circular No. 3,989, of March 16, 2020;

XII - Circular No. 4,031, of June 23, 2020;

XIII - BCB Resolution No. 10, of August 20, 2020;

XIV - BCB Resolution No. 57, of December 16, 2020;

XV - BCB Resolution No. 89, of April 22, 2021;

XVI - arts. 2 and 3 of Circular No. 3,705, of April 24, 2014;

XVII - art. 2 of Circular No. 3,980, of January 30, 2020;

XVIII - art. 5 of Circular No. 4,020, of May 22, 2020; and

XIX - Circular Letter No. 3,943, of April 5, 2019.

Art. 8 This Resolution enters into force on November 1, 2021.

João Manoel Pinho de Mello
Director of Organization of the Financial System and Resolution

ANNEX I TO BCB RESOLUTION NO. 150, OF OCTOBER 6, 2021

REGULATION ON THE PROVISION OF PAYMENT SERVICES WITHIN THE SCOPE OF PAYMENT ARRANGEMENTS THAT ARE PART OF THE BRAZILIAN PAYMENTS SYSTEM (SPB)

Disciplines the provision of payment services within the scope of payment arrangements that are part of the Brazilian Payments System (SPB), as provided for in Law No. 12,865, of October 9, 2013, and Resolution No. 4,282, of November 4, 2013.

CHAPTER I
SCOPE OF APPLICATION

Art. 1 The provisions of this Regulation apply to payment arrangements that are part of the Brazilian Payments System (SPB) and their issuers, disciplining the provision of a specific payment service to the public, in accordance with Law No. 12,865, of October 9, 2013, and Resolution No. 4,282, of November 4, 2013.

CHAPTER II
DEFINITIONS

Art. 2 For the purposes of this Regulation, the following expressions and terms are defined as follows:

I - closed payment arrangement: payment arrangement in which the management of electronic money or, cumulatively, the management of account, issuance, and accreditation of a payment instrument are carried out:

a) by only one payment institution or financial institution, whose legal entity is the same as that of the arrangement issuer;

b) by a payment institution or financial institution controlling the arrangement issuer or controlled by it; or

c) by a payment institution or financial institution that has the same controller as the arrangement issuer;

II - open payment arrangement: payment arrangement in which the activities related to the provision of payment services regulated by it are carried out by any institution that meets the participation criteria established in the arrangement's regulation;

III - payment transaction authorization: process of confirming the classification of a payment transaction according to the requirements previously established in the arrangement's regulation, especially regarding risk management, for the purpose of approving the transaction;

IV - interoperability between arrangements: mechanism that enables, through compatible rules, procedures, and technologies, the flow of funds between end-users of different payment arrangements;

V - interoperability between participants of the same arrangement: mechanism that enables, through compatible rules, procedures, and technologies, that different participants of the same arrangement relate to each other in a non-discriminatory manner;

VI - network service provider: entity that makes network infrastructure available for the capture and routing of payment transactions;

VII - active end-user: the natural or legal person who has used, in the last 90 (ninety) days, a payment service regulated by the arrangement;

VIII - domiciliary institution: financial or payment institution, participant of the payment arrangement, holder of a deposit or prepaid payment account chosen by the receiving end-user for the ordinary credit of its authorized receipts within the scope of the payment arrangement; (Wording given by BCB Resolution No. 522, of 10/11/2025.)

IX - sub-accreditor: participant of the payment arrangement that enables, exclusively, the receiving end-user to accept a payment instrument issued by a payment institution or by a financial institution participant of the same payment arrangement, but does not participate in the payment transaction settlement process as a creditor against the issuer; (Wording given by BCB Resolution No. 522, of 10/11/2025.)

X - Quick Response Code (QR Code): a two-dimensional barcode, capable of carrying a larger amount of information compared to traditional barcodes, whose use is intended to facilitate the initiation of a payment transaction;

XI - BR Code: quick response code standard determined by the Central Bank of Brazil for the purpose of initiating payments; (Wording given by BCB Resolution No. 522, of 10/11/2025.)

XII - continuous and integrated risk management structure: set of policies, processes, procedures, systems, assessments, communications, and controls provided for in the arrangement's regulation that allow its issuer to centrally manage the arrangement's risks in order to identify, measure, assess, monitor, report, control, and mitigate risks; (Included by BCB Resolution No. 522, of 10/11/2025.)

XIII - credit risk: the possibility of occurrence of losses associated with the default of financial obligations of a participant towards other participants or the issuer; (Included by BCB Resolution No. 522, of 10/11/2025.)

XIV - liquidity risk: the possibility that the participant is unable to timely honor its expected and unexpected, current and future, obligations in the settlement process of the arrangement's payment flows without affecting its daily operations and without incurring significant losses; (Included by BCB Resolution No. 522, of 10/11/2025.)

XV - operational risk: the possibility of occurrence of losses in the arrangement's payment flow due to external events or failure, deficiency, or inadequacy of internal processes, people, or systems by participants or the issuer, including failures in the initiation, identification, authentication, authorization, and in the protection and security of users' payment transaction data; (Included by BCB Resolution No. 522, of 10/11/2025.)

XVI - money laundering, terrorist financing, and proliferation of weapons of mass destruction risk: the possibility that arrangement participants are used for the practice of money laundering, terrorist financing, and proliferation of weapons of mass destruction; (Included by BCB Resolution No. 522, of 10/11/2025.)

XVII - payer user relationship risk: the possibility of occurrence of damage to the payer user resulting from inadequate conduct adopted by arrangement participants in carrying out payment transactions; (Included by BCB Resolution No. 522, of 10/11/2025.)

XVIII - fraud risk: the possibility of occurrence of damage to end-users, arrangement participants, or the issuer, resulting from a deliberate and deceptive action practiced by an internal or external agent, with the objective of obtaining undue advantage for oneself or others, generally through the manipulation of information, documents, or systems; (Included by BCB Resolution No. 522, of 10/11/2025.)

XIX - scam risk: the possibility of occurrence of damage to end-users, arrangement participants, or the issuer, resulting from a deliberate and deceptive action practiced by an internal or external agent, with the objective of obtaining undue advantage for oneself or others, generally through social engineering or identity simulation; (Included by BCB Resolution No. 522, of 10/11/2025.)

XX - social, environmental, and climate risks: the possibility of occurrence of losses caused by events associated with the violation of fundamental rights and guarantees or acts harmful to common interest, to environmental degradation, or to events associated with transition or physical climate risks, as defined in the governing regulation; (Included by BCB Resolution No. 522, of 10/11/2025.)

XXI - financial risk management mechanisms: set of actions provided for in the arrangement's regulation, centrally managed by the issuer, to ensure that, in case of default or failure of a participant, the resources intended for the settlement of payment transactions authorized within the scope of the arrangement are received in full by the receiving end-users or by whoever is entitled to receive these resources, which may comprise:

a) prior provision of individual guarantees to the issuer by the participants involved in the financial flow of the transaction, in accordance with art. 12-C of Law No. 12,865, of October 9, 2013; and (Included by BCB Resolution No. 522, of 10/11/2025.)

b) other actions compatible with the risk management objectives between arrangement participants defined in this Regulation; (Included by BCB Resolution No. 522, of 10/11/2025.)

XXII - issuer guarantee fund: fund formed by assets and rights exclusive to the issuer, constituted in the form of separate equity, in accordance with art. 12-C of Law No. 12,865, of October 9, 2013, intended to cover the financial flow of transactions to be settled in extreme situations; (Included by BCB Resolution No. 522, of 10/11/2025.)

XXIII - extreme situation: event in which the financial risk management mechanisms established by the issuer are not sufficient or timely to cover the financial flow of transactions to be settled, in case of default or failure of one or more arrangement participants, including failures in the execution of the procedures cited in art. 33, § 4, item III; (Included by BCB Resolution No. 522, of 10/11/2025.)

XXIV - qualified liquid resources: assets that remain liquid in markets during periods of stress, are easily and immediately convertible into cash, have low correlation with high-risk assets, and do not constitute an obligation of a financial institution or of an entity that makes up the prudential conglomerate, examples of which include: (Included by Resolution BCB No. 522, of 10/11/2025.)

a) national currency resources with immediate liquidity, deposited in financial institutions or payment institutions with accounts at the Central Bank of Brazil and authorized by it to operate, which are not subject to a resolution regime; (Included by Resolution BCB No. 522, of 10/11/2025.)

b) own investments that are easily convertible into previously quantifiable values, that are subject to low risk of value variation, and that are free from impediments or restrictions on their negotiation; (Included by Resolution BCB No. 522, of 10/11/2025.)

c) guarantees convertible into previously quantifiable values, that are subject to low risk of value variation, and that are free from impediments or restrictions on their negotiation; and (Included by Resolution BCB No. 522, of 10/11/2025.)

d) resources to be obtained through lines of credit for liquidity that cannot be unilaterally revoked by the granting institution, contracted with financial institutions that are not subject to a resolution regime; (Included by Resolution BCB No. 522, of 10/11/2025.)

XXV - stress test: exercise for prospective evaluation of the potential impacts of adverse events and circumstances on the arrangement, in order to identify possible vulnerabilities of the continuous and integrated risk management structure; (Included by Resolution BCB No. 522, of 10/11/2025.)

XXVI - backtesting: comparison between observed values and those expected by credit and liquidity risk calculation models, in order to verify their accuracy; (Included by Resolution BCB No. 522, of 10/11/2025.)

XXVII - chargeback: reversal or cancellation of a payment transaction at the request of the payer user or the issuer of the payment instrument, resulting from fraud, scam, processing failure, authorization failure, or commercial dispute with the receiving user, according to rules defined in the arrangement's regulation; (Included by Resolution BCB No. 522, of 10/11/2025.)

XXVIII - authorized payment transaction: payment transaction that successfully completed the payment transaction authorization process described in item III, with the recognition of the obligation to settle the total value of the transaction, according to the rules defined in the arrangement's regulation, including any future installments; (Included by Resolution BCB No. 522, of 10/11/2025.)

XXIX - pass-through mechanisms: mechanisms intended to ensure that the flow of resources is received by the arrangement participants from the payment of obligations by the payer user until its receipt by the final receiving user or the holder of the right to receive these resources, as provided in Art. 12-A of Law No. 12,865, of October 9, 2013; (Included by Resolution BCB No. 522, of 10/11/2025.)

XXX - alternative processor: third-party entity or system, designated by the organizer and contracted by the arrangement participant, with the objective of ensuring the operational continuity of collection and payment flows in case of participant failure, according to arrangement rules; and (Included by Resolution BCB No. 522, of 10/11/2025.)

XXXI - critical event: event of significant impact, which compromises or threatens to compromise business continuity, information security, integrity, or compliance of payment services provided within the scope of the arrangement. (Included by Resolution BCB No. 522, of 10/11/2025.)

CHAPTER III
OF PAYMENT ARRANGEMENT ORGANIZERS

Art. 3º
The payment arrangement organizer must be constituted in the country as a legal entity with a corporate object compatible with the establishment of payment arrangements.

Sole paragraph. The arrangement organizer must:

I - possess technical-operational, organizational, administrative, and financial capabilities to fulfill the obligations imposed upon them by this Regulation and other norms to which they are subject, and their attributions within the scope of the arrangement they establish;

I - possess technical-operational, organizational, administrative, and financial capabilities to fulfill the obligations imposed upon it by this Regulation and by other norms to which it is subject, and its attributions within the scope of the arrangement it establishes; (Amended by Resolution BCB No. 522, of 10/11/2025.)

II - establish effective and transparent governance mechanisms so as to encompass, among others, the interests of participants and end users;

III - define policies and strategies aimed at ensuring the normal functioning of the payment arrangement, including with regard to the attributions of arrangement participants and the organizer itself and respective third-party agents; and

IV - implement risk management structures and monitoring and auditing of arrangement participants.

Art. 4º
The payment arrangement organizer is obliged to establish procedures and define requirements for the operation of participants in its arrangement, which shall encompass the following subjects:

I - minimum operational aspects to be met by participants, related, among others:

a) to the prevention of foreign exchange illicit activities, money laundering, and terrorist financing, as well as to the compliance with sanctions imposed by resolutions of the United Nations Security Council or by designations of its sanctions committees that determine the unavailability of assets;

a) to the prevention of foreign exchange illicit activities, money laundering, and terrorist financing and the proliferation of weapons of mass destruction, as well as to the compliance with sanctions imposed by resolutions of the United Nations Security Council or by designations of its sanctions committees that determine the unavailability of assets; (Amended by Resolution BCB No. 522, of 10/11/2025.)

b) to business continuity management, including disaster recovery plan;

c) to information security;

d) to information reconciliation among participants;

e) to service availability; and

e) to service availability; (Amended by Resolution BCB No. 522, of 10/11/2025.)

f) to capacity for service provision.

f) to capacity for service provision; (Amended by Resolution BCB No. 522, of 10/11/2025.)

g) to compliance with requirements concerning financial risk management mechanisms; (Included by Resolution BCB No. 522, of 10/11/2025.)

h) to service provided to the payer user, including conflict mediation; and (Included by Resolution BCB No. 522, of 10/11/2025.)

i) to monitoring of atypical payment transactions or incompatible with the nature, billing, or income of the final receiving user, for the purpose of preventing fraud and scams; (Included by Resolution BCB No. 522, of 10/11/2025.)

II - provision of minimum information and instructions to be provided by participating institutions to end users of the offered services;

III - monitoring of frauds in each participating institution;

III - prevention and combating of frauds and scams in each participating institution; (Amended by Resolution BCB No. 522, of 10/11/2025.)

IV - settlement of transactions between participating institutions of the arrangement;

V - interoperability among arrangement participants; and

V - interoperability among arrangement participants; (Amended by Resolution BCB No. 522, of 10/11/2025.)

VI - interoperability with other payment arrangements, when applicable, including the provision for transfer of resources to other payment arrangements.

VI - interoperability with other payment arrangements, when applicable, including the provision for transfer of resources to other payment arrangements; and (Amended by Resolution BCB No. 522, of 10/11/2025.)

VII - mechanisms for contesting and disputing payment transactions, of all modalities. (Included by Resolution BCB No. 522, of 10/11/2025.)

Sole paragraph. The Central Bank of Brazil, in discretionary evaluation, may determine the adoption of additional measures to be adopted by organizers related to the operational aspects of item I of the caput. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 5º
In the execution of its activities, the payment arrangement organizer must act in a neutral manner, so as not to use its position to:

I - obtain undue competitive advantage for itself or for an arrangement participant; or

II - harm competition among arrangement participants.

Art. 6º The payment arrangement organizer shall observe the requirements regarding the implementation of internal control systems as set forth in Resolution No. 2,554, of September 24, 1998.

Art. 6º
The organizer shall observe the requirements regarding the implementation of internal control systems, in accordance with the applicable regulation. (Amended by Resolution BCB No. 522, of 10/11/2025.)

Art. 7º
Information proving the execution of the activities referred to in this Chapter must be kept updated and available to the Central Bank of Brazil.

CHAPTER IV
OF PAYMENT ARRANGEMENTS

Section IOf Modalities

Art. 8º
Regarding its purpose, an arrangement can be classified as:

I - purchase, when the payment service regulated by the arrangement is always linked to the settlement of a specific obligation by the payer user towards the receiving user; or

II - transfer, when the payment service regulated by the arrangement is not necessarily linked to the settlement of a specific obligation.

Art. 9º
Regarding the relationship of end users with the participating institution, an arrangement can be classified as:

I - prepaid payment account;

II - postpaid payment account;

III - deposit account; or

IV - occasional relationship, when the payment service can be performed from or to a client who does not possess, in the institution providing the payment service, an account that is movable by means of a payment instrument regulated by the arrangement.

Art. 10.
Regarding territorial scope, an arrangement can be classified as:

I - domestic, when the payment instrument regulated by the arrangement can only be issued and used within national territory; or

II - cross-border, when the payment instrument regulated by the arrangement is issued within national territory to be used in other countries or is issued outside national territory to be used in the Country.

Section IIOF Participation

Art. 11.
Payment institutions, financial institutions, and other institutions authorized to operate by the Central Bank of Brazil, including when acting as sub-merchant acquirer, domicile institution, network service provider, and other entities executing other activities provided for in the participation modalities expressly established in the payment arrangement's regulation, become participants upon adhering to a payment arrangement.

Sole paragraph. The arrangement organizer may choose not to provide for the participation modality of domicile institution, as set forth in the caput, in its arrangement, in cases where:

I - the arrangement organizer demonstrates that all obligations regulated in this Regulation regarding domicile institutions are fulfilled in the established manner; and

II - the arrangement rules guarantee that there is no discrimination regarding institutions that can act as domicile institutions and that the maximum deadlines for making resources available for free movement by the receiving user are met.

Art. 12.
Participation criteria must be public, objective, non-discriminatory, compatible with the activities performed by the participant and focused on the safety and efficiency of the arrangement and the market it serves.

Art. 13.
The minimum conditions for participation in arrangements are:

I - possess authorization for operation or for providing payment services, granted by the Central Bank of Brazil, in cases where such authorization is required by relevant regulation, except for specific provisions governing the provision of payment services during the authorization process of these entities;

I - possess authorization for operation or for providing payment services, granted by the Central Bank of Brazil, in cases where such authorization is required by relevant regulation, except for specific provisions governing the provision of payment services during the authorization process of these entities; and (Amended by Resolution BCB No. 522, of 10/11/2025.)

II - meet the participation requirements defined in the arrangement's regulation.

§ 1º The participation referred to in the caput must be formalized through a contract, which, in the case of payment institutions, financial institutions, and other institutions authorized to operate by the Central Bank of Brazil, must identify the participation modalities, prohibiting operation in a modality not contemplated in the contract.

§ 1º The participation referred to in the caput must be formalized through a contract, which must identify the participation modalities, prohibiting operation in a modality not contemplated in the contract. (Amended by Resolution BCB No. 522, of 10/11/2025.)

§ 2º Participation contracts must be kept updated and available to the Central Bank of Brazil.

§ 3º The organizer must continuously monitor its participants regarding the need for the authorization mentioned in item I of the caput and promptly communicate to the Central Bank of Brazil situations where a participant begins to require said authorization. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 14.
The payment arrangement organizer is prohibited from linking the practice of a certain activity to another, except in the following cases:

I - managing a payment account and issuing a payment instrument;

II - managing a payment account and converting physical or book-entry currency into electronic currency; and

III - others, to be defined on a case-by-case basis by the Central Bank of Brazil, considering the need to promote the efficiency and safety of payment services provided within the scope of the arrangement.

Art. 15. The provisions of this Section do not apply to electronic currency management, account management, issuance, and accreditation of payment instruments within closed arrangements, which must be carried out exclusively by its organizer, by institutions controlled by the organizer, by controlling entities of the organizer, or by entities that share the same controller as the arrangement organizer, provided that:

Art. 15.
Within the scope of closed arrangements, the provisions of this Section do not apply to electronic currency management, account management, issuance, and accreditation of payment instruments, which must be carried out exclusively by its organizer, by institutions controlled by the organizer, by controlling entities of the organizer, or by entities that share the same controller as the arrangement organizer, provided that: (Amended by Resolution BCB No. 522, of 10/11/2025.)

I - the payment arrangement falls under the prepaid payment account modality;

II - the payment arrangement falls under the transfer modality and the settlement of payment transactions within the arrangement is carried out exclusively in the books of the institution holding the end users' accounts; or

III - the total value of transactions accumulated over the last 12 (twelve) months is less than R$20,000,000,000.00 (twenty billion reais).

§ 1º If the settlement of payment transactions ceases to be carried out exclusively in the books of the institution holding the end users' accounts, as provided in item II, its organizer must submit to the Central Bank of Brazil, within a period of up to 30 (thirty) days counted from the alteration of the settlement method, a request for amendment to the payment arrangement's regulation that contemplates the criteria for the participation of financial institutions or payment institutions in the modalities in which participation was restricted.

§ 1º If the settlement of payment transactions ceases to be carried out exclusively in the books of the institution holding the end users' accounts, as provided in item II of the caput, its organizer must submit to the Central Bank of Brazil, within a period of up to thirty days counted from the alteration of the settlement method, a request for amendment to the arrangement's regulation that contemplates the criteria for the participation of financial institutions or payment institutions in the modalities in which participation was restricted. (Amended by Resolution BCB No. 522, of 10/11/2025.)

§ 2º The alterations to the payment arrangement's regulation referred to in § 1º must contemplate organizational and procedural restructuring, in order to ensure effective competition in all participation modalities within the arrangement, including with regard to fees due between participants and between participants and the organizer.

§ 2º The alterations to the arrangement's regulation referred to in § 1º must contemplate organizational and procedural restructuring, in order to ensure effective competition in all participation modalities within the arrangement, including with regard to fees due between participants and between participants and the organizer. (Amended by Resolution BCB No. 522, of 10/11/2025.)

Section IIIOF Authorization for the Establishment of Payment Arrangements

Art. 16.
The organizer must instruct the authorization request for the establishment of a payment arrangement with the following documents and information:

I - the description of the main characteristics of the business, containing, at a minimum, indication of the payment services to be provided within the scope of the arrangement, target audience, area of operation, location of headquarters, and any dependencies;

II - the identification of the members of the organizer's control group;

III - the identification of directors responsible for meeting the demands of the Central Bank of Brazil related to issues concerning the arrangement and of directors responsible for the areas performing the activities listed in items I to III of art. 32;

III - the identification of all members of contractual or statutory bodies and the designation of directors responsible for the following activities: (Amended by Resolution BCB No. 522, of 10/11/2025.)

a) meeting the demands of the Central Bank of Brazil related to issues concerning the arrangement; (Included by Resolution BCB No. 522, of 10/11/2025.)

b) management of financial and operational risks as set forth in Arts. 31 to 36; (Included by Resolution BCB No. 522, of 10/11/2025.)

c) prevention of money laundering and terrorist financing and the proliferation of weapons of mass destruction; (Included by Resolution BCB No. 522, of 10/11/2025.)

d) management of social, environmental, and climate risks; and (Included by Resolution BCB No. 522, of 10/11/2025.)

e) risk control of relationships with the paying user; (Added by Resolution BCB No. 522, of 10/11/2025.)

IV - the regulation, compiled in a single document, containing exclusively the operating rules of each arrangement, as detailed in art. 19;

IV - the arrangement's regulation, a set of documents containing exclusively the information and rules applicable to arrangements established in the country; (Revised by Resolution BCB No. 522, of 10/11/2025.)

V - the models of contracts or participation terms for the different modalities of participation in the arrangement, where applicable; and

VI - a declaration by the issuer of the arrangement, signed by a director responsible for the arrangement duly identified in accordance with item III, attesting that it complies with the sole paragraph of art. 3º.

§ 1º The authorization process referred to in the main text, through documentary analysis, technical interviews, and other available means, will assess:

I - the overall consistency of the submitted regulation, especially regarding the clarity of the rules and procedures described;

II - the balance of relationships between the issuer and its participants and among the participants of the arrangement regarding non-discriminatory access and the proportionality of participation requirements, rights, duties, and responsibilities;

III - compliance with requirements regarding open participation in payment arrangements and the centralized execution of compensation and settlement processes (art. 30 of this Regulation) and risk management (Chapter VI of this Regulation); and

IV - the provision of robust mechanisms aimed at managing the risks referred to in Chapter VI of this Regulation.

§ 2º The authorization communication to the applicant will indicate the issues covered by the authorization process, as well as any minor pending issues, whose treatment and monitoring will be part of the scope of arrangement surveillance and supervision processes.

§ 3º The authorization process underway at the Central Bank of Brazil does not exempt the issuer of payment arrangements from full compliance with current regulation, the violations of which will be treated in parallel in the arrangement surveillance and supervision processes.

§ 4º In the instruction of the authorization request referred to in the main text, the issuer of the payment arrangement must exhaustively mention the other updated documents and information that govern the operation of the arrangement.

§5º The issuer of the payment arrangement must declare the precedence of the provisions in the regulation referred to in item IV of the main text over any other documents or information that govern the operation of the arrangement and the nullity of any provision that conflicts with the provisions of said regulation.

§ 6º The issuer must keep the Central Bank of Brazil updated whenever there is a change in the directors responsible referred to in item III of the main text.

§ 6º The issuer must communicate to the Central Bank of Brazil whenever there is a change in the composition of the contractual or statutory bodies and the directors responsible referred to in item III of the main text, in accordance with the provisions of the governing regulation. (Revised by Resolution BCB No. 522, of 10/11/2025.)

Art.
17. The Central Bank of Brazil may require, at any time, the presentation of additional documents and information it deems necessary, including:

I - the description of the issuer's governance structure;

II - the identification of directors appointed to the statutory and contractual bodies;

III - the functional organizational chart of the arrangement issuer; and

IV - other documents that the Central Bank of Brazil deems necessary to make decisions related to the authorizations provided for in this Regulation.

IV - other documents it deems necessary to make decisions related to the authorizations provided for in this Regulation. (Revised by Resolution BCB No. 522, of 10/11/2025.)

Art.
18. If falsity or omission in the declarations or documents presented in the instruction of the authorization processes provided for in this Resolution is verified, at any time, or discrepancy between them and the facts or data ascertained, and considering the relevance of the omitted or distorted facts, based on the circumstances of each case and the public interest, the Central Bank of Brazil may review the respective authorization granted.

Sole paragraph. In the cases described in the main text, the Central Bank of Brazil may initiate an administrative sanctioning process against those responsible.

Art. 19.
The regulation referred to in item IV of art. 16 must contain, clearly and objectively, a detailed description of all the operating rules of the arrangement, including, where applicable, the following information:

I - the purpose of the arrangement, as provided in art. 8º;

II - the modality of relationship between end users and the participating institution, as provided in art. 9º;

III - the territorial scope of the arrangement, as provided in art. 10;

IV - the types of payment instruments used to initiate each payment transaction in all forms provided for in the authorization process within the arrangement;

V - the rules for the use of the brand;

VI - the provision of participant modalities, specifying the attributes of each modality, the criteria and requirements for participation, suspension, and exclusion of participants;

VII - a detailed description of the payment transaction authorization process, including applicable criteria, the attribution of responsibilities among participants, and the definition of the moment when the transaction is considered authorized within the arrangement;

VIII - the identification of reasons for the return of payment transactions and the description of the respective process;

IX - the definition of the compensation and settlement system used for settlement between different participating institutions of the arrangement, respecting specific provisions on the subject provided for in this Regulation;

X - the definition of maximum deadlines for sending the payment transaction to the compensation and settlement system and for making funds available for free movement by the recipient of the payment transaction;

XI - the identification of the risks in which participants incur due to the rules and procedures that govern the provision of payment services referred to by the arrangement and the mechanisms used for their management;

XI - the identification of the risks in which participants and the issuer itself incur due to the rules and procedures that govern the provision of payment services referred to by the arrangement, as well as the detailed structure of continuous and integrated risk management and the risk management mechanisms implemented and their order of execution and associated responsibilities; (Revised by Resolution BCB No. 522, of 10/11/2025.)

XII - the structure of fees and other forms of remuneration, mandatory and occasional, including those charged by the issuer of the arrangement and the fees charged between participants;

XII - the structure of fees and other forms of remuneration, regular and occasional, including those charged by the issuer and the fees charged between the participants of the arrangement, as well as the calculation methodologies for the purpose of determining the respective values; (Revised by Resolution BCB No. 522, of 10/11/2025.)

XIII - the delimitation of responsibilities between the issuer of the arrangement and its participants;

XIV - the delimitation of responsibilities among the participants of the arrangement;

XV - the governance of decision-making processes within the arrangement, observing the provisions in Section VI of this Chapter;

XVI - the rules for dispute resolution among participants and between participants and the issuer;

XVII - the penalties applicable to participants in case of non-compliance with business contractual rules, including situations that may lead to their exclusion as a participant;

XVII - the penalties, including monetary penalties, applicable to participants in case of non-compliance with business contractual rules, including situations that may lead to their exclusion as a participant; (Revised by Resolution BCB No. 522, of 10/11/2025.)

XVIII - the criteria and conditions for outsourcing of activities by participants and the rules to prevent an outsourced party from restricting competition in the market in which the contracting participant operates;

XIX - the minimum standards regarding operational requirements to be adopted by the participants of the arrangement, referred to in art. 4º, item I;

XX - the rules and mechanisms of interoperability among the participants of the arrangement; and

XX - the rules and mechanisms of interoperability among the participants of the arrangement; (Revised by Resolution BCB No. 522, of 10/11/2025.)

XXI - the rules and mechanisms of interoperability with other arrangements, including the provision for the transfer of funds between them.

XXI - the rules and mechanisms of interoperability with other arrangements, including the provision for the transfer of funds between them; and (Revised by Resolution BCB No. 522, of 10/11/2025.)

XXII - the delimitation of responsibilities between the issuer and its participants regarding the management of customer service provided to the paying user. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 1º The regulation referred to in item IV of art. 16 must be clear, objective, in Portuguese, and publicly accessible, enabling:

I - the participants of the arrangement to have adequate information about their rights, duties, responsibilities, costs, and occasional risks incurred when participating in the arrangement;

I - the participants of the arrangement to have adequate information about their rights, duties, responsibilities, costs, and risks incurred when participating in the arrangement; and (Revised by Resolution BCB No. 522, of 10/11/2025.)

II - end users to have adequate information about their rights and duties arising directly from the rules of the payment arrangement, if any, except for topics that are the subject of direct contracting between end users and the participants of the arrangement providing them with the payment service.

§ 1º-A The issuer may, with a justified basis, restrict public access referred to in § 1º to documents of the arrangement's regulation that contain information considered confidential and whose public access could bring competitive advantage to other market agents or put the operation of the arrangement at risk. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 1º-B The regulation documents with restricted public access in accordance with § 1º-A, as well as the justification presented, must be accessible to the Central Bank of Brazil and to the participants of the arrangement. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 1º-C The Central Bank of Brazil may, at any time, determine public access to documents considered restricted by the issuer, referred to in § 1º-A, if it finds the justification presented inadequate or if the restriction on its disclosure has the potential to compromise the objectives established in § 1º. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 2º The arrangement must regulate the entire process of providing the payment service, including, among other things, the making of funds available for free movement by the recipient of the payment transaction.

§ 3º The arrangement's regulation must describe the execution of all activities carried out in the provision of the payment service regulated within the arrangement, including the relationships and interactions among the various agents responsible for each activity, even if executed exclusively by its issuer or by distinct institutions within a closed arrangement.

§ 4º The issuer of the arrangement must inform the Central Bank of Brazil and the participants of the arrangement of the electronic address where the following are available:

I - the current version of the regulation of the arrangement referred to in item IV of art. 16, evidencing version control and the history of changes; and

I - the current version of all documents comprising the regulation of the arrangement referred to in art. 16, main text, item IV, evidencing version control and the history of changes; and (Revised by Resolution BCB No. 522, of 10/11/2025.)

II - the document containing the changes submitted to the authorization of the Central Bank of Brazil and still pending decision by this Authority, with the indication of the part of the regulation in which they are inserted.

§ 5º The values charged from participants directly or indirectly by the issuer, referred to in items XII and XVII of the main text, include: (Added by Resolution BCB No. 522, of 10/11/2025.)

I - regular fees: fees and other forms of recurring remuneration that apply to the regular course of transactions; (Added by Resolution BCB No. 522, of 10/11/2025.)

II - occasional fees: fees and other forms of remuneration that apply to specific facts or optional adherence services provided for in the arrangement's regulation, not classified as regular fees; and (Added by Resolution BCB No. 522, of 10/11/2025.)

III - penalties: monetary values charged exclusively as a result of non-compliance with the rules of the arrangement's regulation. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 6º Regarding the values referred to in items II and III of § 5º, the issuer is prohibited from charging fees and penalties resulting from omissive or commissive conduct of other participants or service providers over which the participant subject to the charge does not exercise control or have powers of management or unilateral termination of the service provision contract. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 7º The information regarding the fee structure and penalties, referred to in items XII and XVII of the main text, contained in the arrangement's regulation, must enable participants to clearly, directly, and objectively identify each of the fees, penalties, and other forms of value charges that remunerate, directly or indirectly, the issuer or other participants of the arrangement. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 8º The fee structure and penalties, referred to in items XII and XVII of the main text, when referring to transactions carried out within arrangements of domestic territorial scope, must be denominated in reais, without linkage or indexing to other currencies. (Added by Resolution BCB No. 522, of 10/11/2025.)

Art. 20.
Changes to the documents and information required in the authorization request, referred to in arts. 16 and 19, must be submitted to prior authorization by the Central Bank of Brazil, when they refer to aspects related to:

I - the provision of new participation modalities, the exclusion of existing modalities, and changes in the attributes and responsibilities of each modality;

I - the provision of new participation modalities, the exclusion of existing modalities, and changes in the attributes of each modality; (Revised by Resolution BCB No. 522, of 10/11/2025.)

II - the criteria and requirements for admission, permanence, suspension, and exclusion of participants;

III - conditions related to participation requirements, responsibilities inherent to the participant or attributed to it due to its relationship with third-party contractors;

IV - changes in rights or duties that have the potential to increase participants' costs or risks, or to limit their operation within the arrangement;

IV - changes in rights or duties that have the potential to increase participants' risks or to limit their operation within the arrangement; (Revised by Resolution BCB No. 522, of 10/11/2025.)

V - criteria or conditions for the outsourcing of activities that have the potential to limit competition in the provision of payment services by different participants of the arrangement;

VI - the rules governing the governance of decision-making processes within the arrangement, such as dispute resolution, arbitration process, penalties, and criteria for authorization and rejection of transactions;

VI - the rules governing decision-making processes within the arrangement, such as dispute resolution, arbitration process, penalties, and criteria for authorization and rejection of transactions; (Revised by Resolution BCB No. 522, of 10/11/2025.)

VII - the mechanisms for managing financial and operational risks incurred by participants;

VII - the mechanisms for managing financial, operational, and other risks incurred by participants; (Revised by Resolution BCB No. 522, of 10/11/2025.)

VIII - the settlement deadlines for transactions between participants and for making funds available to the recipient;

IX - changes in the price structure, fees, and other forms of remuneration defined within the arrangement, charged by the issuer of the arrangement to its participants or due between participants of the arrangement, when referring to:

IX - changes in the price structure, fees, and other forms of remuneration classified under art. 19, § 5º, items I and II, defined within the arrangement, charged directly or indirectly by the issuer of the arrangement to its participants or due between participants of the arrangement, when referring to:

a) payment transactions and processes related to their flow;

b) payment instruments issued;

c) the sharing of technological infrastructure among participants of the arrangement;

d) the homologation and access processes to the issuer's systems necessary for the provision of the payment service referred to by the arrangement;

e) the dispute resolution process among participants, including the procedure for fund return;

f) the use of the brand; and

f) the use of the brand; or (Revised by Resolution BCB No. 522, of 10/11/2025.)

g) the provision of information intended for the determination of participants' positions with a view to the settlement of transactions or data reconciliation.

g) the provision of information intended for the determination of participants' positions with a view to the settlement of transactions or data reconciliation; (Revised by Resolution BCB No. 522, of 10/11/2025.)

X - the criteria and rules governing interoperability among participants of the arrangement or between payment arrangements that affect participants of the arrangement; and

X - the criteria and rules governing interoperability among participants of the arrangement or between payment arrangements that affect participants of the arrangement; or (Revised by Resolution BCB No. 522, of 10/11/2025.)

XI - the provision of user registration and transactional information by a participant to the issuer or to another participant.

§ 1º The situations listed in item IX of the main text are covered, among other situations, by the creation and extinction of fees, changes in the definition of the paying participant or the receiving participant, changes in the triggering event that gives rise to the fee, or changes in processes that directly impact the flow of fee payments between participants.

§ 1º The situations listed in item IX of the main text are covered, among other situations, by the creation and extinction of fees, changes in the definition of the paying participant or the receiving participant, changes in the triggering event of the fee, and changes in processes that directly impact the flow of fee payments, excluding changes or definitions of the value of said fees. (Revised by Resolution BCB No. 522, of 10/11/2025.)

§ 2º The changes to the documents referred to in the caput not contemplated in this article are not subject to prior authorization by the Central Bank of Brazil, and must be communicated to this Autarchy by the date of their entry into force.

§ 3º

§ 3º The modifications referred to in the caput and § 2º must be sent to the Central Bank of Brazil in a formal document, containing a summary of the changes made, the communications sent to the participants of the arrangement and the respective response of the initiator to the manifestations of these, as per art. 28, and the regulation, highlighting the changes in relation to the current version. (Wording given by Resolution BCB No. 522, of 10/11/2025.)

§ 4º The exemption from prior authorization referred to in § 2º does not exempt the initiator of a payment arrangement from complying with the applicable norms on the matter, nor from making changes to the regulation, at any time, by determination of the Central Bank of Brazil.

§ 5º The authorization process for changes to the documents, referred to in the caput, will observe the evaluation criteria defined in art. 16, § 1º. (Added by Resolution BCB No. 522, of 10/11/2025.)

Art. 21. The authorization to establish a payment arrangement integrated into the SPB is exempted if it falls into at least one of the following situations:

I - it is established by a government entity;

II - it is a closed arrangement established by an institution authorized to operate by the Central Bank of Brazil in cases where these institutions are exempted from authorization for the provision of payment services, as per art. 16 of Resolution BCB No. 80, of March 25, 2021; or

III - it is a closed arrangement established by a payment institution authorized to operate by the Central Bank of Brazil.

§ 1º A payment arrangement that meets the criteria for exemption from authorization for its establishment may be submitted to an authorization process when the Central Bank of Brazil, based on a reasoned technical judgment, decides that the measure is necessary to ensure the normal functioning of retail payment transactions.

§ 2º In the situation referred to in § 1º, the initiator of the arrangement will be notified by the Central Bank of Brazil regarding the decision and will have a period of 90 (ninety) days, counted from the date of receipt of the notice, to submit the authorization request.

Section III-A
On the archiving without merit review and the denial of authorizations

(Section III-A added by Resolution BCB No. 522, of 10/11/2025.)

Art. 21-A. Regarding the authorization requests referred to in this Resolution, the Central Bank of Brazil may: (Added by Resolution BCB No. 522, of 10/11/2025.)

I - archive them, without merit review, when: (Added by Resolution BCB No. 522, of 10/11/2025.)

a) the arrangement has not reached the minimum parameters required by applicable regulation to be considered part of the SPB, except as provided in art. 2, § 1º, of this Resolution; (Added by Resolution BCB No. 522, of 10/11/2025.)

b) the instruction of the request is not in accordance with the format required by current regulation; (Added by Resolution BCB No. 522, of 10/11/2025.)

c) the initiator does not meet, within the period established by the Central Bank of Brazil, the requests for completion or clarification of information or for summons to specific meetings regarding the authorization request; or (Added by Resolution BCB No. 522, of 10/11/2025.)

d) the request does not present sufficient information to allow its adequate evaluation by the Central Bank; or (Added by Resolution BCB No. 522, of 10/11/2025.)

II - deny them, if it is found: (Added by Resolution BCB No. 522, of 10/11/2025.)

a) falsity or omission in the declarations and documents presented in the instruction of the processes or discrepancy between them and the facts or data found in the analysis; (Added by Resolution BCB No. 522, of 10/11/2025.)

b) non-compliance with any of the requirements or conditions established in this Resolution or non-proof by the interested parties of compliance with these requirements or conditions; or (Added by Resolution BCB No. 522, of 10/11/2025.)

c) the existence of findings on the part of the interested party pending regularization resulting from the surveillance or supervision processes carried out by the Central Bank of Brazil. (Added by Resolution BCB No. 522, of 10/11/2025.)

Sole Paragraph. The Central Bank of Brazil, in the analysis of the authorization processes referred to in this Resolution, may disregard the findings mentioned in item II, letter “c”, of the caput, in the following situations: (Added by Resolution BCB No. 522, of 10/11/2025.)

I - the initiator has presented a solution or regularization plan, already homologated by the Central Bank of Brazil and effectively in progress; or (Added by Resolution BCB No. 522, of 10/11/2025.)

II - the relevance, gravity, recurrence, and circumstances that generated the occurrence may justify such. (Added by Resolution BCB No. 522, of 10/11/2025.)

Art. 21-B. In the case of denial or archiving without merit review of the authorization request for the establishment of an arrangement considered part of the SPB in which no further appeal is possible, the initiator must submit, within a period of up to ninety days from the notification of the Central Bank of Brazil's decision, an orderly exit plan, as per the provisions of art. 23-A. (Added by Resolution BCB No. 522, of 10/11/2025.)

Sole Paragraph. The denial or archiving of the authorization request, referred to in the caput, by the Central Bank of Brazil does not exempt the initiator from obligations arising from their contractual relationships. (Added by Resolution BCB No. 522, of 10/11/2025.)

Section IV
On the Cancellation of Authorization

Section IV
On the cancellation upon request of the authorization for the establishment of payment arrangements

(Title altered by Resolution BCB No. 522, of 10/11/2025.)

Art. 22. The closure of the set of activities exercised within the arrangement, when by the will of the authorized initiator, must be preceded by a request for cancellation of the authorization subject to the approval of the Central Bank of Brazil.

Art. 22. The closure of the set of activities exercised within the arrangement authorized by the Central Bank of Brazil, when by the will of the initiator, must be preceded by a request for cancellation of the authorization subject to the approval of the Central Bank of Brazil. (Wording given by Resolution BCB No. 522, of 10/11/2025.)

§ 1º The cancellation request must contain an orderly exit plan, encompassing, at minimum, the following aspects:

§ 1º The cancellation request must contain the orderly exit plan, as per the provisions of art. 23-A. (Wording given by Resolution BCB No. 522, of 10/11/2025.)

I - the period foreseen for the closure of activities;

I - (Revoked by Resolution BCB No. 522, of 10/11/2025.)

II - the mechanisms to be adopted to mitigate potential risks to the normal functioning of retail payment transactions, when applicable, especially regarding:

a) the form and period for the settlement of pending transactions; and

b) the form and period for the withdrawal of resources stored in payment accounts.

II - (Revoked by Resolution BCB No. 522, of 10/11/2025.)

§ 2º The Central Bank of Brazil, prior to the cancellation referred to in the caput, must publish its intention to cancel the corresponding authorization to the public, with a view to the possible presentation of objections within a period of 30 (thirty) days; and

§ 2º (Revoked by Resolution BCB No. 522, of 10/11/2025.)

§ 3º The approval of the cancellation request for the authorization by the Central Bank of Brazil does not exempt the initiator from obligations arising from their contractual relationships.

Art. 23. The initiator of a payment arrangement authorized by the Central Bank of Brazil whose set of participants presents, in a consolidated and accumulated manner over the last 12 (twelve) months, volumes lower than 80% (eighty percent) of the parameters established in item II of art. 2º of this Resolution, must request the cancellation of the authorization, without prejudice to the continuity of the activities provided within the arrangement.~~

§ 1º The cancellation request referred to in the caput must be submitted within a period of 90 (ninety) days from the achievement of the parameters provided in the caput, except in cases where the arrangement is included in the situation provided in § 1º of art. 2º of this Resolution.

§ 2º The Central Bank of Brazil, in a technical evaluation of the circumstances of each case and taking into account the risks that the cancellation of authorization of the payment arrangement referred to in the caput may cause to the normal functioning of retail payment transactions, may decide to maintain the authorization.

§ 3º If the authorization is maintained as per §2º, the arrangement continues to be part of the SPB for all purposes, regardless of the consolidated volumes of transactions presented by its participants.

Art. 23. (Revoked by Resolution BCB No. 522, of 10/11/2025.)

Section IV-A
On the orderly exit plan

(Section IV-A added by Resolution BCB No. 522, of 10/11/2025.)

Art. 23-A. In cases of closure of the arrangement's activities, the initiator must present the orderly exit plan, to be approved by the Central Bank of Brazil, encompassing, at minimum, the following aspects: (Added by Resolution BCB No. 522, of 10/11/2025.)

I - the period foreseen for the cessation of capturing new transactions within the arrangement and for the closure of its activities; and (Added by Resolution BCB No. 522, of 10/11/2025.)

II - the mechanisms to be adopted to mitigate potential risks to the normal functioning of retail payment transactions, when applicable, especially the form and period for the settlement of pending transactions. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 1º The initiator must: (Added by Resolution BCB No. 522, of 10/11/2025.)

I - within a period of ten days from the receipt of the notice of approval of the plan referred to in the caput, publish to the public the intention to close the arrangement's activities, including the period foreseen for such closure; and (Added by Resolution BCB No. 522, of 10/11/2025.)

II - keep the Central Bank of Brazil updated on the fulfillment of the steps foreseen in the orderly exit plan. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 2º Confirmed the completion of the fulfillment of the orderly exit plan, the Central Bank of Brazil will publish to the public its intention to authorize the closure of the arrangement's activities, with a view to the possible presentation of objections within a period of thirty days. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 3º In cases of denial or archiving of the authorization request for the establishment of an arrangement without merit review or of cancellation upon request of the operating authorization, the Central Bank of Brazil may determine, at any time, the complete cessation of activities, indicating the period for the cessation of capturing new transactions within the arrangement and for the closure of its activities, as well as the form and period for the settlement of operations, in cases of: (Added by Resolution BCB No. 522, of 10/11/2025.)

I - non-presentation of the orderly exit plan within the period provided in art. 21-B; (Added by Resolution BCB No. 522, of 10/11/2025.)

II - non-approval, by the Central Bank of Brazil, of the orderly exit plan; or (Added by Resolution BCB No. 522, of 10/11/2025.)

III - non-compliance with the approved orderly exit plan. (Added by Resolution BCB No. 522, of 10/11/2025.)

Section V
On the Surveillance and Supervision of Payment Arrangements

Section V
On the surveillance of payment arrangements and the supervision of payment arrangement initiators

(Title altered by Resolution BCB No. 522, of 10/11/2025.)

Art. 24. The Central Bank of Brazil will exercise the activities of surveillance and supervision of payment arrangements integrated into the SPB, with the duty of their initiators to provide information and documents in the form and period established.

Art. 24. The Central Bank of Brazil will exercise the surveillance activities of arrangements integrated into the SPB and the supervision of their respective initiators (surveillance and supervision). (Wording given by Resolution BCB No. 522, of 10/11/2025.)

§ 1º Among other information and documents referred to in the caput, the Central Bank of Brazil may request:

§ 1º The Central Bank of Brazil may determine that initiators of arrangements integrated into the SPB provide information and documents in the form and period established by it, including: (Wording given by Resolution BCB No. 522, of 10/11/2025.)

I - statistics related to the use of the payment service regulated by the arrangement;

II - list of participants and activities performed by them;

III - fraud records;

III - fraud and scam records; (Wording given by Resolution BCB No. 522, of 10/11/2025.)

IV - dispute resolution records; and

IV - dispute resolution records; (Wording given by Resolution BCB No. 522, of 10/11/2025.)

V - audit reports.

V - audit reports; and (Wording given by Resolution BCB No. 522, of 10/11/2025.)

VI - reports on the monitoring and audit activities of participants. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 2º The Central Bank of Brazil, in the exercise of surveillance and supervision activities of arrangements, may request information from payment arrangement participants regarding the functioning of these arrangements and the performance of their respective initiators.

§ 2º The Central Bank of Brazil, in the exercise of surveillance and supervision activities, may request information from arrangement participants regarding the functioning of these arrangements and the performance of their respective initiators. (Wording given by Resolution BCB No. 522, of 10/11/2025.)

§ 3º The surveillance and supervision of arrangements, in addition to the prudential and conduct aspects of their initiator, comprise the actions of the Central Bank of Brazil that have as their objective the continuous improvement of the efficiency and security of the payment services provided within these arrangements, in order to ensure the normal functioning of retail payment transactions in a competitive environment that promotes the capacity for innovation and the diversity of business models.

§ 3º Surveillance and supervision, in addition to the prudential and conduct aspects of the initiator, comprise the actions of the Central Bank of Brazil that have as their objective the continuous improvement of the efficiency and security of the payment services provided within the arrangements, in order to ensure the normal functioning of retail payment transactions in a competitive environment that promotes the capacity for innovation and the diversity of business models. (Wording given by Resolution BCB No. 522, of 10/11/2025.)

Art. 25. The surveillance and supervision of arrangements may be extended to third-party companies, at the discretion of the Central Bank of Brazil, if these perform important stages related to the payment service provided within the arrangement.

Art. 25. Surveillance and supervision may be extended to third-party companies, at the discretion of the Central Bank of Brazil, if these perform important stages related to the payment service provided within the arrangement. (Wording given by Resolution BCB No. 522, of 10/11/2025.)

Sole Paragraph. For the purposes of the provision in the caput, outsourcing contracts must contain a clause establishing the obligation of the contracted company to provide the contracting company with information and documents regarding its activities, if requested by the Central Bank of Brazil.

Art. 26. The surveillance and supervision of arrangements will be exercised, among other forms, through:

Art. 26. Surveillance and supervision may be exercised, among other forms, through: (Wording given by Resolution BCB No. 522, of 10/11/2025.)

I - monitoring of activities related to the provision of payment services regulated within the arrangement;

II - monitoring of activities performed by the initiator of the arrangement;

III - determination of changes in procedures and requests referred to in art. 4º;

IV - determination of changes in rules related in art. 19; and

IV - determination of changes in rules related in art. 19; (Wording given by Resolution BCB No. 522, of 10/11/2025.)

V - inspections.

V - inspections; (Wording given by Resolution BCB No. 522, of 10/11/2025.)

VI - requests for information, including from the initiator, and adequacy reports; and (Added by Resolution BCB No. 522, of 10/11/2025.)

VII - application of penalties, coercive and precautionary measures, coercive fines, and celebration of commitment terms and administrative agreements in supervision processes, as per Law No. 13.506, of November 13, 2017. (Added by Resolution BCB No. 522, of 10/11/2025.)

Section VI
On Governance Mechanisms

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Art. 27.
The governance mechanisms provided for by the organizers of open payment arrangements, in accordance with item II of art. 2 of this Regulation, or that do not meet the criteria established in art. 15, must provide for an electronic system for participants to send to the organizer, at any time, proposals, suggestions, and statements regarding issues that impact their activity and business model, and for the recording of participants' statements and the organizer's respective responses.

§ 1º The organizer must establish criteria for the admission of proposals, suggestions, and statements from associations representing its participants (associations), the respective channel for interaction with the organizer, and the criteria for the eventual exclusion of the association as eligible to send statements in cases of misuse of the interaction channel. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 2º The possibility of participation of associations, referred to in § 1º, does not replace the possibility of individual statement by their associated participants of the arrangements. (Added by Resolution BCB No. 522, of 10/11/2025.)

Art. 28. Requests for authorization of changes to the regulations of payment arrangements referred to in art. 20 must be preceded by consultation with participants for a period of no less than thirty days, except in cases of urgency duly justified by the organizer to the participants, and must be sent to the Central Bank of Brazil accompanied by an executive summary, containing:

I - a brief description of each proposal for change to the regulation, as presented to the participants, and the consolidated summary of the impacts reported by those who responded, segmented by participation modality and size of respondents, accompanied by an evaluation by the organizer regarding what was reported;

II - the number of participants, segmented by participation modality and size, and of associations that responded in favor, in favor with reservations, against, and indifferent to each proposal, according to the declaration of the respondents themselves; and

III - a list of the participants and associations that responded, the participation modality, and the size considered for each of the participants; and

IV - a technical study supported by at least the impact on participants' costs and on the estimated revenues for the organizer, in the case of inclusion of a fee, or other form of direct or indirect remuneration, or change in its calculation methodology or changes in the structure mentioned in art. 19, caput, item XII. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 1º The entry into force of the changes referred to in art. 20, § 2º, must be preceded by communication to participants, carried out for a period of no less than thirty days, except in cases of urgency duly justified by the organizer to the participants. (Redacted by Resolution BCB No. 522, of 10/11/2025.)

§ 1º-A The entry into force of the changes referred to in art. 20, caput, must be preceded by specific communication to participants, carried out for a period of no less than fifteen days from the date of communication by the Central Bank of Brazil of its authorization, except in cases of urgency duly justified by the organizer to the participants. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 2º The electronic consultation system referred to in art. 27 must remain open to participants and associations, through registration and individual access, for the preparation of proposals, suggestions, and statements before the organizer. (Redacted by Resolution BCB No. 522, of 10/11/2025.)

§ 3º The organizer must, for each statement received within the scope defined in art. 27, respond to the participant or the respective associations within a maximum period of fifteen days, subject to extension by an equal period, provided it is duly justified, and keep records of the statements and corresponding responses for a minimum period of one year, from the receipt of the statement or, in the case of a proposal for change to the regulation, from the implementation of the proposal. (Redacted by Resolution BCB No. 522, of 10/11/2025.)

§ 4º Participants and associations must have access only to their own consultations and the corresponding statements issued by the organizer. (Redacted by Resolution BCB No. 522, of 10/11/2025.)

§ 5º The Central Bank of Brazil may request all information treated related to the consultations.

§ 6º The consultation of participants referred to in the caput, as well as the communication to participants referred to in § 1º, must have their contents in Portuguese with the identification of the location of the subject matter of the consultation in the regulation and the content of each change to the regulation.

CHAPTER V
OF CLEARING AND SETTLEMENT WITHIN THE SCOPE OF PAYMENT ARRANGEMENTS

Art. 29. This Chapter applies to payment arrangements that are part of the SPB, whose settlement between end users implies transfers of funds between different participants that provide payment services within the scope of the arrangement.

Art. 30. The clearing and settlement of electronic credit or debit orders between participants of the same payment arrangement that is part of the SPB must:

I - be carried out in a centralized manner, in a clearing and settlement system authorized to operate by the Central Bank of Brazil; and

II - include, in a single grid, the positions of all participants of the arrangement involved in the financial flow of payment transactions that provide payment services directly to the end users of the transaction.

§ 1º The clearing house or the payment clearing and settlement service provider that operates the system referred to in item I of the caput cannot carry out activity that competes with the payment services provided by the participants of the arrangement involved in the settlement grid, except in the case of a closed arrangement.

§ 2º The arrangements instituted by the Central Bank of Brazil that use systems that operate with real-time gross settlement are exempted from item I of the caput.

§ 3º The positions of participants in the settlement system, referred to in item II of the caput, must still include, when applicable, the values referring to:

I - the settlement of receivables from payment arrangements previously advanced to the end user receiver, directly to the institution that carried out the advance, which can be a:

a) payment institution that provides accreditation service;

b) financial institution that provides accreditation service;

c) electronic money payment institution that interoperates with the payer user's payment arrangement; or

d) sub-accredited institution;

II - the settlement of receivables from payment arrangements discounted to the financial institution or payment institution indicated in the contract that formalizes the discount operation;

III - the settlement of receivables from payment arrangements delivered as collateral in credit operations, to the financial institution or payment institution indicated in the contract that formalizes the credit operation; and

IV - the settlement of any other operation that implies a change in possession or effective or fiduciary ownership of the receivables from payment arrangements, to the financial institution or payment institution indicated in the contract that formalizes this operation.

§ 4º It is optional for the institutions referenced in item I of § 3º to carry out the settlement of the advance of their obligations to the receiver user, arising from payment transactions authorized within the scope of the payment arrangement, in the settlement system referred to in item I of the caput, except as provided in item III of § 3º.

§ 5º The settlement grid, referred to in item II of the caput, must include the information and financial flows necessary for the institution holding the deposit or payment account of the receiver user to credit directly in this account the amounts due, or to effect the credit directly to the destination institution of the resources referred to in items I to IV of § 3º.

§ 5º-A The participation of sub-merchants in centralized settlement is mandatory when they act, in the capacity of receiver of payment flows or payer to end user receivers, in transactions of arrangements subject to centralized settlement. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 6º (Revoked by Resolution BCB No. 522, of 10/11/2025.)

§ 7º (Revoked by Resolution BCB No. 522, of 10/11/2025.)

§ 8º (Revoked by Resolution BCB No. 522, of 10/11/2025.)

§ 9º (Revoked by Resolution BCB No. 522, of 10/11/2025.)

§ 10. The organizers of payment arrangements referred to in the caput of art. 29 must implement the centralized settlement referred to in the caput within a period of 90 (ninety) days counted:

I - from the date of authorization of the institution of the payment arrangement by the Central Bank of Brazil; or

II - from the date of authorization of the change to the regulation of the payment arrangement that promoted the opening of participation in a closed payment arrangement.

§ 11. Organizers must establish, in their respective regulations, mechanisms that guarantee that all obligations settled by their participants in a non-centralized manner, including the advances made to the end user receiver, referred to in item I of § 3º, are reported to the clearing house or the payment clearing and settlement service provider that operates the system referred to in item I of the caput by the next business day following the settlement of each payment transaction. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 12. Organizers must establish in their respective regulations the penalties applicable to participants of the arrangement in case of non-compliance with the sending of information in accordance with § 11. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 13. The contract between the organizer and the clearing house or the payment clearing and settlement service provider that operates the system referred to in item I of the caput must contain clauses that establish the obligation of the clearing house or the contracted payment clearing and settlement service provider to provide the organizer, in a timely and standardized manner:

I - information on the settlement of payment transactions in which they participate or for which they are responsible, including pending obligations; (Added by Resolution BCB No. 522, of 10/11/2025.)

II - reports on compliance and effectiveness of the mechanisms for transfer between participants; and (Added by Resolution BCB No. 522, of 10/11/2025.)

III - other information of interest to the organizer for the purpose of monitoring participants of the arrangement. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 14. The clearing house or the payment clearing and settlement service provider responsible for the system mentioned in item I of the caput must make available to the entities authorized by the Central Bank of Brazil to register receivables from payment arrangements, for reconciliation purposes, the information related to the settlement of all obligations, within the arrangement, that are subject to mandatory registration requirement. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 15. The information mentioned in § 14 must cover both obligations settled in a centralized manner and those treated in § 11. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 16. Each registrar entity mentioned in § 14 shall only have access to information on the settlement of obligations within the arrangement of accredited and sub-accredited entities connected to it. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 17. It is prohibited for the clearing house or the payment clearing and settlement service provider referred to in § 14 to charge any fee from the registrar entities for the purpose of making available information related to the settlement of obligations within the arrangement. (Added by Resolution BCB No. 522, of 10/11/2025.)

CHAPTER VI
OF RISK MANAGEMENT

Section I
Of the risk management structure of payment arrangements

Section I
Of the structure of continuous and integrated risk management of payment arrangements

(Title altered by Resolution BCB No. 522, of 10/11/2025.)

Art. 31. The organizer of payment arrangements that are part of the SPB must implement a structure of continuous and integrated risk management that includes:

I - the adherence of the rules of the arrangements instituted to the organizer's institutional policies and to the current regulation;

II - the management of the risks to which participants incur due to the rules and procedures that govern the provision of payment services referred to in each arrangement instituted, aiming to ensure payment flows; and

III - the monitoring and auditing of participants.

Sole paragraph. The continuous and integrated risk management structure referred to in the caput must be:

I - capable of managing, in a centralized manner, risks between participants, in order to ensure payment flows and to preserve the resources destined for the settlement of payment transactions necessary for receipt by the end user receiver or the right to receive these resources for the fulfillment of this same purpose, for all payment transactions authorized within the scope of the arrangement, including any pending installments; (Redacted by Resolution BCB No. 522, of 10/11/2025.)

II - compatible with the business model, with the nature of the operations, with the volume of transactions, and with the complexity of the services provided within the scope of the payment arrangement; and

III - proportional to the size, to the relevance of the exposure to risks, according to criteria defined by the organizer of the arrangement and approved by the Central Bank of Brazil, in accordance with art. 19, item XI.

Art. 32. The continuous and integrated risk management structure provided for each arrangement instituted that is part of the SPB must identify, measure, evaluate, monitor, report, control, and mitigate:

I - credit risk;

II - liquidity risk;

III - operational risk; (Redacted by Resolution BCB No. 522, of 10/11/2025.)

III-A - money laundering and terrorism financing and proliferation of weapons of mass destruction risk; (Added by Resolution BCB No. 522, of 10/11/2025.)

III-B - risk of relationship with the paying user; (Included by Resolution BCB No. 522, of 10/11/2025.)

III-C - risk of fraud; (Included by Resolution BCB No. 522, of 10/11/2025.)

III-D - risk of scam; (Included by Resolution BCB No. 522, of 10/11/2025.)

III-E - social, environmental and climate risks; and (Included by Resolution BCB No. 522, of 10/11/2025.)

IV - other relevant risks.

Sole Paragraph. For the purposes of this Regulation, it is defined:

Sole Paragraph. The structure for continuous and integrated risk management must also consider the interactions between the various risks mentioned in the caput. (Revised by Resolution BCB No. 522, of 10/11/2025.)

I - credit risk as the possibility of occurrence of losses associated with the non-compliance by a participant of its respective financial obligations regarding the settlement of these obligations with the other participants or with the arranger;

I - (Revoked by Resolution BCB No. 522, of 10/11/2025.)

II - liquidity risk as the possibility of the participant not being able to efficiently honor its expected and unexpected obligations in the process of settling the payment flows of the arrangement; and

II - (Revoked by Resolution BCB No. 522, of 10/11/2025.)

III - operational risk as the possibility of occurrence of losses in the payment flow of the arrangement resulting from external events or failure, deficiency or inadequacy of internal processes, people or systems by the participants or the arranger of the payment arrangement.

III - (Revoked by Resolution BCB No. 522, of 10/11/2025.)

Art. 33. The structure for continuous risk management must provide for:

Art. 33.
The structure for continuous and integrated risk management must provide for:
(Revised by Resolution BCB No. 522, of 10/11/2025.)

I - adequate policies, processes and controls to ensure the prior identification of risks inherent to relevant modifications in payment services provided for within the scope of each arrangement or upon the establishment of a new arrangement;

I - risk management strategies and policies, including the definition of exposure limits and the order of execution of financial risk management mechanisms, clearly documented, formalized and duly approved by the governing bodies of the arranger; (Revised by Resolution BCB No. 522, of 10/11/2025.)

II - risk management routines and procedures, clearly documented, formalized and previously approved by the governing bodies of the arranger in accordance with their established policies and strategies;

II - adequate systems, processes, controls, routines and procedures to ensure the prior identification of risks inherent to each arrangement; (Revised by Resolution BCB No. 522, of 10/11/2025.)

III - effective tracking processes and timely communication of exceptions to risk management policies to the governing bodies of the arranger; and

III - effective tracking processes and timely communication of exceptions to risk management policies to the governing bodies of the arranger; (Revised by Resolution BCB No. 522, of 10/11/2025.)

IV - dedicated systems for the execution of routines and procedures for risk management throughout the payment flow of the arrangement.

IV - dedicated systems for the execution of routines and procedures for risk management throughout the payment flow of the arrangement; (Revised by Resolution BCB No. 522, of 10/11/2025.)

V - evaluation, with a minimum periodicity of six months, of the adequacy of the systems, processes, controls, routines and procedures related to the risk management structure referred to in item II; (Included by Resolution BCB No. 522, of 10/11/2025.)

VI - routine for sharing information with the participants of the arrangement, with a minimum periodicity of three months, regarding the risks to which the participants of the arrangement are subject and the results of implemented risk mitigation actions, preserving the confidentiality of the participants' information; (Included by Resolution BCB No. 522, of 10/11/2025.)

VII - routine for sharing information with the Central Bank of Brazil, with a minimum periodicity of three months, regarding the risks incurred and the results of its implemented risk mitigation actions, identifying any involved participants and their updated risk situation; (Included by Resolution BCB No. 522, of 10/11/2025.)

VIII - communication to the Central Bank of Brazil, within a maximum period of two business days, from the time the arranger becomes aware, of the occurrence of a critical event in any of the risks managed by the arranger; and (Included by Resolution BCB No. 522, of 10/11/2025.)

IX - timely communication to the participants of the arrangement, in the event of occurrence of critical events that may impact their participation. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 1º The routines and procedures referred to in item II of the caput must:

§ 1º The systems, processes, controls, routines and procedures referred to in item II of the caput must:
(Revised by Resolution BCB No. 522, of 10/11/2025.)

I - regulate the monitoring and auditing of participants to be carried out within the scope of the established arrangements, in accordance with Art. 37, establishing, at a minimum, the criteria and methodology used; specifying, when applicable, the parameters, certifications, limits, conditions and defining the technical, operational and security requirements;

II - define the information necessary for the evaluation and certification of compliance of a participant, in situations where the arranger delegates this responsibility to another participant that has an operational agreement with the contracted participant;

III - be objective, non-discriminatory, compatible with the activities performed by the participant and proportional to the risk that each participant incurs and represents in the provision of the payment service provided for in the arrangement; and

III - be objective, non-discriminatory, compatible with the activities performed by the participant and proportional to the risk that each participant incurs and represents in the provision of the payment service provided for in the arrangement; and (Revised by Resolution BCB No. 522, of 10/11/2025.)

IV - consider and treat the risks that each participant incurs and represents individually for the arrangement and the risk of its action in conjunction with the other participants in the general functioning of the arrangement.

§ 2º The policies and strategies dealt with in this article may be defined in an integrated manner for all payment arrangements included in the SPB of the same arranger.

§ 2º The policies and strategies dealt with in this article may be defined in an integrated manner for all payment arrangements included in the SPB of the same arranger, but their constitution, implementation and monitoring must be individualized by arrangement. (Revised by Resolution BCB No. 522, of 10/11/2025.)

§ 3º The arranger must provide for a business continuity plan and disaster recovery plan for its performance in each arrangement and for the performance of the respective participants.

§ 4º When implementing the risk management structure referred to in Art. 31, the arranger must include:

§ 4º When implementing the continuous and integrated risk management structure referred to in Art. 31, the arranger must include, in a clear, objective and non-discriminatory manner: (Revised by Resolution BCB No. 522, of 10/11/2025.)

I - if applicable, the criteria for evaluation and risk classification (rating) of the participants regarding the risk that these participants represent for the provision of the arrangement's payment service;

I - the criteria and model for evaluation and risk classification (rating) of the participants regarding the risk that these participants represent for the provision of the arrangement's payment service; (Revised by Resolution BCB No. 522, of 10/11/2025.)

II - if applicable, the criteria for calculation and readjustment of the volumes of guarantees requested in response to the risk of each type of participant, considering the risk classification referred to in item I of this paragraph;

II - the criteria for calculation and adjustment of the volumes of individual guarantees and other financial risk management mechanisms requested in response to the risk of each type of participant, considering the risk classification referred to in item I; (Revised by Resolution BCB No. 522, of 10/11/2025.)

III - the procedures to be adopted in case of failure or default of participants, with the objective of preserving payment flows until their effective settlement, including those related to the execution of guarantees or other protection mechanisms of the arrangement, the situations of their execution and the role of the arranger and participants in this process;

III - the procedures to be adopted in case of failure or default of participants, with the objective of preserving payment flows until their effective settlement, including those related to the execution of guarantees or other financial risk management mechanisms, the order of their execution and the role of the arranger and participants in this process; (Revised by Resolution BCB No. 522, of 10/11/2025.)

IV - the possibility of using the rules and procedures for handling settlement obligation failures between participants already defined in the regulation of the clearing and settlement system established in the arrangement as a risk management mechanism; and

IV - the form of integration of the rules and procedures for handling settlement obligation failures between participants already defined in the regulation of the clearing and settlement system established in the arrangement as a risk management mechanism; and (Revised by Resolution BCB No. 522, of 10/11/2025.)

V - the procedure to be adopted in case of failure or default of a participant that hinders the settlement flow of transactions, including in situations of insufficient guarantees, within the limit of the responsibilities attributed to the participant in the arrangement's regulation.

V - the procedure to be adopted in case of failure or default of a participant that hinders the settlement flow of transactions, including in extreme situations, in accordance with the responsibilities attributed, by regulation, to the participants of the arrangement and to the arranger itself. (Revised by Resolution BCB No. 522, of 10/11/2025.)

§ 5º The risk management structure and the monitoring objects and policies must be evaluated and submitted to the governing bodies of the arrangement arrangers annually.

§ 5º The continuous and integrated risk management structure and the monitoring objects and policies must be evaluated and approved by the board of directors or, if nonexistent, by the directorship provided for in the articles of association or social contract of the arranger with a minimum annual frequency. (Revised by Resolution BCB No. 522, of 10/11/2025.)

§ 6º In the case of financial risks, the evaluation referred to in § 5º must be based, among other things, on stress tests and backtesting, carried out with a minimum periodicity of two months, including the arranger's analysis of the observed results. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 7º The arrangers must keep available to the Central Bank of Brazil the documents that demonstrate compliance with §§ 5º and 6º for a minimum period of five years counted from their approval. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 8º The arranger must make available to its participants a consolidated executive report, preserving the confidentiality of the participants' information of the arrangement, with a minimum periodicity of three months, evidencing the result of the evaluation of its risk management structure and the tests referred to in §§ 5º and 6º, respectively, in order to give them transparency regarding the risks they are incurring in relation to the other participants of the arrangement. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 9º The arranger must, upon request, make available to the respective participants of the arrangement the evaluation criteria and parameters used for the definition of their risk classification (rating), as well as the calculation memorandum used to define the requirements regarding the risk management mechanisms provided for in its regulation. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 10. Any restriction on the provision of information mentioned in § 9º must be duly justified to the participant of the arrangement and made available to the Central Bank of Brazil. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 11. In the communication of critical events to the Central Bank of Brazil, referred to in item VIII of the caput, the actions for mitigating these risks that are being implemented by the arranger must be included. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 33-A. The arranger must carry out an internal risk assessment with the objective of identifying and measuring the risk of use of its products and services in the practice of money laundering and terrorist financing and the proliferation of weapons of mass destruction, considering, at a minimum, the risk profiles of the participants, the arranger, the operations, the transactions, the products and the services, covering all distribution channels, the use of new technologies and the activities performed by employees, partners and outsourced service providers. (Included by Resolution BCB No. 522, of 10/11/2025.)

Sole Paragraph. The internal risk assessment must: (Included by Resolution BCB No. 522, of 10/11/2025.)

I - evaluate the identified risks regarding their probability of occurrence and the magnitude of the financial, legal, reputational and socio-environmental impacts for the institutions participating in the arrangement; (Included by Resolution BCB No. 522, of 10/11/2025.)

II - define risk categories that allow for the adoption of reinforced management and mitigation controls for high-risk situations and the adoption of simplified controls in low-risk situations; (Included by Resolution BCB No. 522, of 10/11/2025.)

III - use as a basis, when available, assessments carried out by public entities of the country regarding the risk of money laundering and terrorist financing and the proliferation of weapons of mass destruction; (Included by Resolution BCB No. 522, of 10/11/2025.)

IV - be reviewed every two years, as well as when there are significant changes in the risk profiles mentioned in the caput; and (Included by Resolution BCB No. 522, of 10/11/2025.)

V - be documented and approved by the director responsible for the activity of prevention of money laundering and terrorist financing and the proliferation of weapons of mass destruction. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 33-B. The arranger must carry out an assessment of the effectiveness of the policies, procedures and controls of the arrangement related to the operational aspects referred to in Art. 4º, caput, item I, letter “a”, and prepare an annual report on this assessment, with a base date of December 31, in accordance with the terms and conditions prescribed by the Central Bank of Brazil. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 34. The management of failures in the fulfillment of obligations between participants of the arrangement must extend until the settlement of the transactions with the home institution chosen by the receiving user, and it is not the responsibility of the arrangement to guarantee the financial soundness of the home institution.

Art. 34. The management of failures in the fulfillment of obligations between participants of the arrangement must extend to the settlement of the transactions with the home institution chosen by the receiving user, and it is not the responsibility of the arranger to guarantee the financial soundness of the home institution.(Revised by Resolution BCB No. 522, of 10/11/2025.)

§ 1º The arranger must be diligent in adopting preventive and timely actions to avoid failures in the fulfillment of obligations between participants of the arrangement. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 2º In the arrangement's regulation, there must be included, in a clear and objective manner, the detailed description of the controls and procedures with the objective of detecting and preventing potential failures in the fulfillment of obligations between participants. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 35. In structuring the management of credit and liquidity risks and the management of the respective guarantees required, the arranger of the arrangement must observe, among other things, the pass-through mechanism provided for in Law No. 12.865, of 2013.

Art. 35. In structuring the continuous and integrated risk management, the arranger must implement, among other measures, mechanisms capable of ensuring the pass-through of resources between the participants of the arrangement intended for payment to the final receiving user, in accordance with Arts. 12-A, 12-B and 12-C of Law No. 12.865, of October 9, 2013. (Revised by Resolution BCB No. 522, of 10/11/2025.)

Sole Paragraph. For the purposes of compliance with the provisions of the caput, the arranger may, at its discretion, according to the individual risk assessment and the participant's profile, based on objective, isotropic, transparent and non-discriminatory parameters, establish in its regulation the implementation of specific pass-through mechanisms for continuous use in its arrangement, such as: (Included by Resolution BCB No. 522, of 10/11/2025.)

I - hiring alternative processors for the purpose of ensuring the continuous and secure settlement of the financial flow of payment transactions in the respective arrangement; (Included by Resolution BCB No. 522, of 10/11/2025.)

II - establishment of an escrow account for segregation of resources received by the participant that must be allocated to the settlement of payment transactions within the respective arrangement; and (Included by Resolution BCB No. 522, of 10/11/2025.)

III - fiduciary assignment, to the settlor, of the resources deposited in the escrow account and of the credit rights related to the future receipt of these resources related to payment transactions within the respective arrangement. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 35-A. The rules of each payment arrangement must ensure that all payment transactions authorized within the scope of its arrangement are fully paid to the receiving end-user or entity subrogated in the right to receive, in any modality of arrangement and type of transaction, including in extreme situations, except for chargeback situations. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 1º The settlor must adopt continuous monitoring procedures for its participants to ensure that the values received from paying end-users by the arrangement participants are passed on to the respective creditors in the transaction flow, until final settlement. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 2º The settlor must provide in its regulations mechanisms for financial risk management that ensure the acquirer receives the resources related to the authorized payment transactions owed to it. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 3º The settlor must provide transparency to the participants and to the end-users of the arrangement regarding the provisions of the caput, making the due information clear and accessible in its regulations and in the contracts between the parties. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 35-B. The rules for defining any financial risk management instrument, including the calculation methodology used to require guarantees from participants, must be included in the arrangement's regulation. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 1º The rules and methodologies referred to in the caput must: (Included by Resolution BCB No. 522, of 10/11/2025.)

I - be established based on the arrangement's policy and strategy for continuous and integrated risk management; (Included by Resolution BCB No. 522, of 10/11/2025.)

II - be objective, impartial, non-discriminatory, transparent, and auditable; (Included by Resolution BCB No. 522, of 10/11/2025.)

III - encourage competition in the arrangement and the entry of new participants, without compromising its solidity; (Included by Resolution BCB No. 522, of 10/11/2025.)

IV - ensure incentives for each participant to adequately manage the risks it adds to the payment arrangement; and (Included by Resolution BCB No. 522, of 10/11/2025.)

V - be based on criteria and parameters proportional to the risk each participant adds to the arrangement. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 2º The settlor may, based on its continuous and integrated risk management structure, exempt participants that pose low risk to the arrangement from the requirement of guarantees or other financial risk management mechanisms. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 3º The possibility of exemption referred to in § 2º does not exempt the settlor from the responsibility of ensuring all transactions of the arrangement, in accordance with Art. 35-A. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 4º Without prejudice to the provisions of Art. 35-A, the arrangement's financial risk management mechanisms must have sufficient resources to cover stress scenarios that include, at a minimum, the joint default of the two participants with the highest risk exposure in the arrangement, according to the methodology adopted by the settlor. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 35-C. For the purpose of complying with the provisions of Art. 35-A, in the event of default or failure by a participant that impacts the fulfillment of its obligations in the financial flow of transactions, the financial risk management mechanisms adopted by the settlor for each arrangement must obey the following order of execution: (Included by Resolution BCB No. 522, of 10/11/2025.)

I - individual guarantees provided by the defaulting participant to the settlor; and (Included by Resolution BCB No. 522, of 10/11/2025.)

II - other actions compatible with the risk management objectives among arrangement participants provided for in the payment arrangement's regulation. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 1º The assets and rights capable of integrating the individual guarantees and the settlor's guarantee fund must fall under the concept of qualified liquid resources provided for in this Regulation. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 2º Individual guarantees and other eventual financial risk management mechanisms may vary according to the balance of obligations to pay for the payment transactions in which they participate, already deducted from any advance of resources made to the receiving end-user, among other criteria to be established by the settlor. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 3º The use of the settlor's guarantee fund in the event of an extreme situation must be provided for in the regulation, and the settlor must keep available to the Central Bank of Brazil sufficient information to continuously prove its capacity to fulfill such obligation. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 4º Any insufficiency of resources in the settlor's guarantee fund, or the non-establishment of this fund, does not exempt it from the responsibility of covering the residual financial flow of transactions to be settled in an extreme situation. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 5º The settlor must perform, at least annually, operational tests of the use of financial risk management mechanisms, with the involvement, including, of arrangement participants and the entity contracted for centralized settlement. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 6º The tests referred to in § 5º must be documented and kept available to the Central Bank of Brazil for a period of five years. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 7º The settlor must provide in its regulation the rules and procedures for the replenishment of participants' individual guarantees and other financial risk management mechanisms, as well as of the settlor's guarantee fund in the event of the use of these resources, to be replenished within a period not exceeding thirty days. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 8º The individual guarantees to be previously provided to the settlor and other eventual financial risk management mechanisms will be established by the settlor separately for each of its arrangements integrated into the SPB, and their establishment, contribution, custody, control, update, use, and replenishment must have total and permanent segregation by arrangement, even if they may share the same calculation models. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 9º The resources corresponding to the individual guarantees and other eventual financial risk management mechanisms must have accounting segregation and cannot be used for other purposes by the settlor. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 35-D. The arrangement rules must ensure the fulfillment of participants' obligations until the home institution of the receiving end-user in all settlement grids of the arrangement, respecting the dates and times provided for, or until the end of the next business day in the event of failure in the settlement of one or more of its participants. (Included by Resolution BCB No. 522, of 10/11/2025.)

Sole paragraph. The settlor must maintain qualified liquid resources, or ensure that its participants maintain them, in sufficient value to fulfill the obligations referred to in the caput. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 35-E. The rules of payment arrangements must prohibit the requirement of guarantees between participants. (Included by Resolution BCB No. 522, of 10/11/2025.)

Sole paragraph. It is prohibited for the settlor to assign to the acquirer the responsibility for managing the risks of payment transactions captured through sub-acquirers with whom it has a relationship and for the respective risk exposure of this participant generated within the scope of the arrangement. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 35-F. The rules of payment arrangements must prohibit acquirers and sub-acquirers from restricting or discriminating transactions involving issuers regularly authorized in payment arrangements. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 35-G. The rules established in the arrangement's regulation regarding chargeback, when disciplining the resolution of disputes between participants, must provide that: (Included by Resolution BCB No. 522, of 10/11/2025.)

I - the financial responsibility of the arrangement participants for chargeback is limited to requests initiated up to one hundred and eighty days from the authorization of the payment transaction; (Included by Resolution BCB No. 522, of 10/11/2025.)

II - the financial responsibility for chargeback initiated after one hundred and eighty days from the authorization of the payment transaction lies with the settlor, observing the maximum period provided for in the arrangement's regulation; and (Included by Resolution BCB No. 522, of 10/11/2025.)

III - the incidence of chargeback is prohibited in cases where the dispute arises from commercial disagreements between end-users derived from the declaration of bankruptcy or civil insolvency of the receiving end-user. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 1º The rules referred to in the caput must clearly and objectively provide for: (Included by Resolution BCB No. 522, of 10/11/2025.)

I - the management and mitigation of the risks involved in the chargeback process; and (Included by Resolution BCB No. 522, of 10/11/2025.)

II - the distribution of responsibility between the participants and the settlor for chargeback. (Included by Resolution BCB No. 522, of 10/11/2025.)

§ 2º The rules referred to in the caput do not prejudice the right possibly conferred to paying end-users to contest the charge made by the participant, within the timeframes and conditions defined in the applicable legislation. (Included by Resolution BCB No. 522, of 10/11/2025.)

Art. 36.
The information that proves the execution of the activities referred to in this Section must be kept available to the Central Bank of Brazil for at least 5 (five) years.

Section IID
Of the monitoring and audit structure of participants

Art. 37.
The monitoring and audit structure of participants must attest, at a minimum:

I - the compliance of the participant's practices with the rules, policies, and procedures established for each arrangement established;

II - the consolidated assessment of the participants' risks in accordance with the arrangements' regulations;

III - the assessment of operational and financial capacity to provide payment services within the scope of the arrangement;

IV - the compliance with regulatory requirements regarding the need for operational authorization of the participant by the Central Bank of Brazil or its participation in centralized settlement; and

V - the compliance with the procedures and minimum requirements established for each modality of participation, as provided for in Art. 4º of this Regulation.

§ 1º The monitoring must be continuous with an objective risk assessment, compatible with the settlor's policies and must aim at the maintenance of payment flows.

§ 2º In the situations established in its risk management policy, it is optional for the arrangement settlor to perform tests, audit the participants, or use other means it deems necessary to certify the participants' compliance with the established policies and procedures.

§ 3º When the arrangement settlor can execute the activities mentioned in this article by several equivalent means, the least costly method for the participant must be used.

§ 4º The participant audit must be timely and mandatory when, during continuous monitoring, an inadequate assessment of the participant's performance or a fact that requires preventive or timely action by the settlor is identified.

§ 5º It is admitted that the arrangement settlor establishes obligations for the acquirer regarding the monitoring of compliance, by the sub-acquirers, of the provisions of item V of the caput, in which case it must define the form of monitoring for each procedure.

§ 5º (Revoked by Resolution BCB No. 522, of 10/11/2025.)

§ 6º In the event of the exercise of the option established in § 5º, the arrangement settlor must specify the information that the sub-acquirers must provide to the acquirers, which cannot be used by them except for the exclusive fulfillment of the monitoring responsibility attributed to them.

§ 6º (Revoked by Resolution BCB No. 522, of 10/11/2025.)

§ 7º The payment arrangement settlor that establishes obligations for acquirers regarding the monitoring of sub-acquirers, in accordance with the provisions of § 5º, must:

I - describe the procedures related to the monitoring of each of the items referred to in the caput of Art. 4º of this Regulation, including the periodicity at which acquirers must attest to the compliance of each requirement that must be fulfilled by their sub-acquirers;

II - establish the obligations of the acquirer, the sub-acquirer, and the payment arrangement settlor, regarding the procedures necessary for monitoring compliance;

III - list the information that sub-acquirers must make available to their respective acquirers for monitoring purposes, describe the purpose of each, and define the form and periodicity of the exchange of this information;

IV - establish mitigating actions to ensure that the acquirer will not use the information except for the exclusive fulfillment of the monitoring responsibility attributed to it; and

V - define who must bear the costs of any audits and verification tests of each periodic or eventual monitoring action.

§ 7º (Revoked by Resolution BCB No. 522, of 10/11/2025.)

§ 8º In the event of interoperability between an arrangement integrated into the SPB and another not integrated, it is up to the settlor of the first to monitor the compliance by the second of the procedures and requirements established in this Section that are applicable to the interoperability relationship between the arrangements.

CHAPTER VII
OF INTEROPERABILITY

Art. 38.
The interoperability rules between arrangements or within the scope of the same arrangement must ensure that the end-user can use a single deposit or payment account to perform payment transactions.

§ 1º Differentiation of treatment between payment transactions performed within the scope of interoperability between participants of the same arrangement or between participants of distinct arrangements is prohibited.

§ 2º Differences between internal and interoperated transactions may be accepted by the Central Bank of Brazil due to differences in business models involved in the provision of payment services by the distinct arrangements integrated into the SPB.

Art. 39.
The rules and procedures that govern interoperability between arrangement participants (interoperability in transactions internal to the payment arrangement) must:

I - be included in the payment arrangement's regulation;

II - assign equal rights and duties to all participants who perform the same activity within the scope of the arrangement, without any form of participant discrimination; and

III - encompass all existing relationships between the different participation modalities handled by the arrangement, from the participant offering the payment service to the payer up to the participant offering the deposit or payment account of the final recipient.

Sole paragraph. The rules and procedures referred to in the caput must prohibit:

I - the stipulation, by participants, of differentiated treatment, whether more advantageous or more disadvantageous, to other participants of the arrangement; and

II - the establishment, between participants, of other forms of tariff or remuneration other than those expressly provided for in the arrangement's regulation, as stipulated in Art. 19, item XII, of this Regulation.

Art. 40.
The rules and procedures defined in the agreements that govern interoperability between distinct payment arrangements (interoperability in transactions between arrangements) must:

I - be formalized in a contract signed between the settlors of the payment arrangements;

II - follow the principles listed in Art. 7º of Law No. 12.865, of 2013, and the conditions provided for in Arts. 38 and 39 of this Regulation;

III - be compatible with the rules and interoperability mechanisms provided for in the regulations of each arrangement;

IV - establish that the duties and rights of each settlor and its participants must be compatible with the responsibilities attributed to payment arrangements by legislation;

V - allow the effective identification, by arrangement participants and end-users, of the risks involved;

VI - be non-discriminatory, so that interoperability contracts signed by payment arrangement settlors must observe similar conditions – whether technical or commercial – for similar situations, respecting the economic rationality of the operation and complying with the principles of proportionality and reasonableness; and

VI - be non-discriminatory, so that interoperability contracts signed by payment arrangement settlors must observe similar conditions – whether technical or commercial – for similar situations, respecting the economic rationality of the operation and complying with the principles of proportionality and reasonableness; (Wording given by Resolution BCB No. 522, of 10/11/2025.)

VII - ensure that information is exchanged between payment arrangements necessary to fulfill the legal and regulatory responsibilities assigned to the involved institutions; and (Amended by Resolution BCB No. 522, of 10/11/2025.)

VIII - provide for risk management mechanisms that ensure compliance with the provisions of the caput of Art. 35-A and the caput of Art. 35-D. (Added by Resolution BCB No. 522, of 10/11/2025.)

§ 1º The formalization of a contract, as provided for in item I of the caput, is waived if the payment arrangements were established by the same sponsor.

§ 2º In the case of § 1º, the interoperability rules and procedures must be formalized in appropriate documentation, which shall be kept available by the sponsor of these arrangements to the Central Bank of Brazil.

§ 3º The contract or document containing the rules and procedures governing interoperability between arrangements must stipulate, at a minimum, clearly and objectively: (Amended by Resolution BCB No. 522, of 10/11/2025.)

I - the rights and duties of the involved parties;

II - the participation modalities of each arrangement involved in the interoperability;

III - the responsibilities assigned to the sponsors of the payment arrangements, including those necessary to comply with the provision of item VIII of the caput; (Amended by Resolution BCB No. 522, of 10/11/2025.)

IV - the limitations imposed on the payment arrangements by the Central Bank of Brazil; and

V - the information referred to in items VIII, IX, XI, XVI, XVII, and XIX of Art. 19, applied to the relationships arising from interoperability.

§ 4º Interoperability between an open payment arrangement and a closed payment arrangement must occur through the participation, in the open arrangement, of the payment institution operating the closed arrangement, in situations where the payment services provided by that institution fall under one or more of the participation modalities provided for in the open payment arrangement.

§ 5º The agreement and mechanisms that enable interoperability between distinct payment arrangements are subject to the supervision of the Central Bank of Brazil, as provided for in Section V of Chapter IV, insofar as applicable. (Added by Resolution BCB No. 522, of 10/11/2025.)

Art. 40-A. In the event of interoperability between an arrangement that is part of the SPB and one that is not, it is the responsibility of the sponsor of the arrangement that is part of the SPB: (Added by Resolution BCB No. 522, of 10/11/2025.)

I - to ensure compliance with the provisions of Art. 40, caput, item VIII; and (Added by Resolution BCB No. 522, of 10/11/2025.)

II - to comply with the demands of the Central Bank of Brazil in the exercise of its supervisory activities over the arrangements. (Added by Resolution BCB No. 522, of 10/11/2025.)

CHAPTER VIII
TRANSPARENCY

Art. 41. The initiation process of a payment transaction, through a payment instrument issued within the scope of the payment arrangement, must clearly identify to end users, payers, and payees the payment arrangement being used in that transaction, through the use of the brand or other available information.

Sole Paragraph. It is prohibited to present a brand or any other type of visual identification that makes it difficult for end users to clearly identify the arrangement that is effectively being used in that transaction.

Art. 42. Sponsors must publish, on their website, prominently for easy location by all interested parties: (Amended by Resolution BCB No. 522, of 10/11/2025.)

I - complete information on the rights and duties of end users, resulting directly from the rules of the payment arrangement; and

II - information on the values of the fees and penalties referred to in Art. 19, § 5º, including, where applicable, the complete table with the interchange fees practiced in the said payment arrangement. (Amended by Resolution BCB No. 522, of 10/11/2025.)

Sole Paragraph. For the purposes of the provision of item II of the caput, the sponsor must consolidate in the arrangement's regulation, in a specific section, the fee structure and the penalties to which the arrangement's participants are subject, with sufficient information to allow adequate identification of the costs borne by the participants, including, at a minimum:

I - name, description of the fee or penalty, and identifier of the charge submitted to the participants; (Added by Resolution BCB No. 522, of 10/11/2025.)

II - fee modality, whether regular or occasional, or penalty, and the participants subject to it; (Added by Resolution BCB No. 522, of 10/11/2025.)

III - triggering event and value of the fee or penalty, whether fixed or percentage; and (Added by Resolution BCB No. 522, of 10/11/2025.)

IV - method of fee collection, whether periodic or due in the settlement flow of transactions. (Added by Resolution BCB No. 522, of 10/11/2025.)

Art. 42-A. For the purpose of charging fees and penalties, the sponsor must provide each participant with a periodic report compatible with the charges made, free of charge and in Portuguese, with a level of detail, clarity, and transparency necessary to allow reconciliation and auditability of the charge. (Added by Resolution BCB No. 522, of 10/11/2025.)

Art. 42-B. The sponsor must disclose the provision of services and the availability of products or programs of a voluntary nature prior to their effective implementation. (Added by Resolution BCB No. 522, of 10/11/2025.)

Sole Paragraph. If the contracting of the services, products, or programs referred to in the caput is onerous, the participant's adherence must be voluntary and subject to specific contracting. (Added by Resolution BCB No. 522, of 10/11/2025.)

CHAPTER IX
PAYMENT INITIATION PROCESS THROUGH QUICK RESPONSE CODE (QR CODE)

Art. 43. The QR Code, as a common payment initiation mechanism for different types of payment arrangements, must be offered in a standardized manner, in order to facilitate interoperability and internationalization and to provide greater efficiency to retail payments.

Art. 44. The BR Code is the QR Code standard that must be used by payment arrangements that offer the initiation of a payment transaction through this mechanism.

Art. 45. The BR Code will adopt the EMV QR Code Specification for Payment Systems standard.

CHAPTER X
PREVENTIVE MEASURES

Art. 46. This Chapter provides for preventive measures, applicable to sponsors of payment arrangements that are part of the SPB, with the objective of ensuring the solidity, efficiency, and regular functioning of the payment arrangements.

Sole Paragraph. Preventive measures will be adopted by a reasoned decision of the Central Bank of Brazil, without prejudice to the application of penalties that may be imposed in the specific case.

Art. 47. The Central Bank of Brazil, in a discretionary evaluation of the circumstances of each case, may determine the adoption of the preventive measures indicated in Art. 48, upon verifying the occurrence of one of the following situations, which compromise or may compromise the solidity, efficiency, and regular functioning of the payment arrangements:

I - insufficiency in the establishment or monitoring of rules and procedures related to:

a) risk management;

b) minimum operational aspects;

c) monitoring of fraud and scams; (Amended by Resolution BCB No. 522, of 10/11/2025.)

d) participation in the arrangement; or

e) interoperability between the arrangement's participants or with other payment arrangements;

II - deficiency in internal controls;

III - non-compliance with the determinations of the Central Bank of Brazil, including regarding the deadline and instruction of requests for authorization and amendment of the regulation, which hinders the adequate assessment of the arrangement's situation;

IV - lack or inadequacy of communication to the arrangement's participants regarding:

a) changes made to the regulation;

b) the need for institutions participating in the arrangement to request authorization to operate from the Central Bank of Brazil; or

c) decisions of the Central Bank of Brazil regarding the operation of the arrangement;

V - provision to the Central Bank of Brazil of incorrect documents, data, or information, or information not in accordance with the deadlines or conditions established in legal or regulatory norms, which hinders the adequate assessment of the arrangement's situation; and

VI - closure of the set of activities exercised within the scope of the arrangement, without prior authorization from the Central Bank of Brazil.

Sole Paragraph. In the evaluation of the situations referred to in the caput, for the purposes of adopting preventive measures, the Central Bank of Brazil will consider, jointly or individually, their effects:

I - on interoperability between the arrangement's participants or with other payment arrangements;

II - on the promotion of competition;

III - on meeting the needs of end users;

IV - on the reliability, quality, and security of payment services;

V - on the orderly closure of the arrangement's activities;

VI - on preventing the use of the National Financial System, the Consortium System, and the Brazilian Payment System for the practice of money laundering or concealment of assets, rights, and values and for the financing of terrorism and the proliferation of weapons of mass destruction; and (Amended by Resolution BCB No. 522, of 10/11/2025.)

VII - on other relevant indicators for the assessment of the solidity, efficiency, and regular functioning of the payment arrangements and their participants.

Art. 48. When one or more of the situations indicated in Art. 47 are present, the Central Bank of Brazil may determine that sponsors of payment arrangements that are part of the SPB adopt one or more of the following preventive measures, concurrently or successively:

I - establishment of additional rules, procedures, and operational limits within the scope of the arrangement, including:

a) risk management procedures;

b) provision of additional guarantees;

c) conditions to ensure interoperability between the arrangement's participants or with other payment arrangements;

d) conditions for participation in the arrangement; and

e) participation modalities;

II - establishment of additional measures for monitoring and controlling compliance with rules and procedures within the scope of the arrangement;

III - limitation or suspension of fees and internal transfers to the arrangement;

IV - limitation or suspension of the sale of products, the provision of payment services, and the use of operational modalities; and

V - maintenance of the validity of the rules and procedures within the scope of the arrangement, including the use of the brand.

Sole Paragraph. In addition to the measures referred to in the caput, the Central Bank of Brazil may, upon verifying the omission mentioned in item IV of Art. 47, communicate to the institutions participating in the arrangement the changes to the regulation promoted by the sponsor and other information necessary for the regular functioning of the arrangement.

Art. 49. Once the preventive measure is applied, the Central Bank of Brazil will summon the legal representatives of the sponsor and the director responsible for addressing demands related to issues concerning the arrangement to provide explanations regarding the causes of the situation that led to the adoption of preventive measures.

Art. 50. The following procedure applies to the preventive measures provided for in this Regulation:

I - the appearance of the legal representatives of the sponsor and the responsible director must occur within a maximum period of 5 (five) days counted from the date of the summons referred to in Art. 49, which must be formalized in a specific term drawn up by the Central Bank of Brazil;

II - in the appearance term, the Central Bank of Brazil may request the preparation of a plan to resolve the situation that led to the adoption of preventive measures, with the indication of quantitative and qualitative goals to be achieved, the consent of all parties involved in the execution of the plan, and the establishment of a schedule for its execution;

III - the plan, approved by the institution's board of directors and, if applicable, by the board of trustees, must be presented to the Central Bank of Brazil within the period established by it, which shall not exceed 60 (sixty) days, counted from the date of appearance;

IV - the plan must be executed within the period approved by the Central Bank of Brazil, which may not exceed 6 (six) months, extendable for relevant reasons, at the discretion of the Central Bank of Brazil, for a period equal to the original;

V - the legal representatives of the institution and other interested parties may file an appeal against the decision that determined the adoption of a preventive measure, without prejudice to the presentation of the plan to resolve the situation; and

VI - the deadline for filing an appeal, which must be directed to the authority that applied the preventive measure, shall be 10 (ten) days counted from the appearance at the Central Bank of Brazil provided for in this article, and must be included in the term mentioned in item I.

§ 1º The Central Bank of Brazil may determine that an independent auditor prepare reports monitoring the execution of the plan referred to in item II.

§ 2º The Central Bank of Brazil will define the minimum frequency of the reports referred to in § 1º, which must be kept available to it.

§ 3º In the absence of a board of directors and a board of trustees, the plan referred to in item III must be approved by the legal representatives of the sponsor.

§ 4º The competent authority may reconsider the decision to apply the preventive measure and, if it does not agree, will send it to a higher body, which will receive the appeal only for its devolutive effect.

Art. 51. The provisions of Law No. 9,784, of January 29, 1999, apply subsidiarily to the procedure provided for in Art. 50.

CHAPTER XI
TRANSITIONAL PROVISIONS

Art. 52. The sponsor of a payment arrangement that is part of the SPB must, within 30 (thirty) days after the entry into force of this Resolution, adopt the following procedures:

I - file a request for authorization with the Central Bank of Brazil to establish a payment arrangement that has become part of the SPB in accordance with § 1º of Art. 2º of this Resolution; and

II - present the changes to the rules of the regulation of the open payment arrangement regarding interoperability with closed arrangements, as provided for in Art. 40, § 4º, of this Regulation.

Art. 53. The Central Bank of Brazil will open a specific process to analyze the cancellation of authorization for payment arrangements that, upon the entry into force of this Resolution, fall under the category of not being part of the SPB due to the provision of item I, letter "d", and item II of Art. 2º of this Resolution.

§ 1º The Central Bank of Brazil, in a technical evaluation of the circumstances of each case and taking into account the risks that the cancellation of authorization of the payment arrangement referred to in the caput may cause to the normal functioning of retail payment transactions, may decide to maintain the authorization.

§ 2º The arrangements cited in the caput that do not have their authorization cancelled, as provided for in § 1º, will be part of the SPB for all purposes, from the decision of the Central Bank of Brazil, regardless of the consolidated transaction volumes presented by their participants.

§ 3º The cancellation of authorization referred to in the caput does not imply the closure of activities exercised within the scope of the payment arrangement.

ANNEX II TO RESOLUTION BCB NO. 150, OF OCTOBER 6, 2021

LIST OF BUSINESS MODELS FOR LIMITED PURPOSE PAYMENT ARRANGEMENTS

Description	Payment Account Type	Purpose	Territorial Scope
Benefit programs for individuals based on employment relationships, service provision, or similar, not regulated by law or by an act of the Federal, State, or Municipal Executive Power, and intended for the payment of specific products or services, in which cases the arrangement cannot cover more than one type of product or service cumulatively.	Prepaid or Postpaid	Purchase	Domestic
Payment of expenses related to fleet management (maintenance and/or refueling services)	Prepaid or Postpaid	Purchase	Domestic
Payments related to the commercialization of goods or services produced and supplied in digital format, whose use or consumption is restricted to one or more electronic devices and does not include the use or consumption of physical goods or services	Prepaid or Postpaid	Purchase	Domestic or Cross-border
Automatic payment of tolls and/or parking	Prepaid or Postpaid	Purchase	Domestic