BCB Resolution No. 429 — Amends Pix Arrangement Regulations to Require Authorization for Participation and Establish Capital Requirements

Resolution No. 429

RESOLUTION
BCB No. 429, OF NOVEMBER 11, 2024

Amends Resolution BCB No. 1, of August 12, 2020, which establishes the Pix payment arrangement, and its annexed regulation, which governs the functioning of the Pix payment arrangement, to provide that only institutions authorized to operate by the Central Bank of Brazil may be participants in Pix; to establish deadlines for Pix participants or those in the process of joining who do not have operating authorization to request authorization; to establish capital stock and net worth requirements for participation in Pix; and to establish new obligations for participants without operating authorization and for participants responsible for these institutions.

The Collegiate Board of the Central Bank of Brazil, in a session held on November 7, 2024, based on art. 10, caput, item IV, of Law No. 4.595, of December 31, 1964, in art. 10 of Law No. 10.214, of March 27, 2001, in arts. 6, 7, 9, 10, 14 and 15 of Law No. 12.865, of October 9, 2013, in Resolution No. 4.282, of November 4, 2013, in Communication No. 32.927, of December 21, 2018, and in Communication No. 34.085, of August 28, 2019,

R E S O L V E:

Art. 1º Resolution BCB No. 1, of August 12, 2020, published in the Official Gazette of the Union on August 13, 2020, shall enter into force with the following alterations:

“Art. 3º
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§ 3º
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I - from other financial institutions and payment institutions authorized to operate by the Central Bank of Brazil, except for the payment institutions referred to in § 9º; and

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§ 4º Payment institutions that fall under the provisions of § 9º are considered part of the Brazilian Payments System – SPB from the moment they submit a request for adherence to Pix.

§ 5º The following apply to payment institutions that fall under the provisions of § 9º, until they are authorized to operate by the Central Bank of Brazil:

I -
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d) procedures for the execution of measures determined by Law No. 13.810, of March 8, 2019, which provides for the enforcement of sanctions imposed by resolutions of the United Nations Security Council, including the unavailability of assets of natural and legal persons and entities, and the national designation of persons investigated or accused of terrorism, their financing or acts related thereto, as provided in current regulation;

e) observance of accounting and audit regulation applicable to payment institutions authorized to operate by the Central Bank of Brazil, embodied in the Accounting Standard of Institutions Regulated by the Central Bank of Brazil – Cosif, including with respect to the preparation, submission of accounting documents to the Central Bank of Brazil, and disclosure of financial statements;

f) sending of information regarding clients and legal or conventional representatives of clients to the National Financial System Client Register – CCS, as provided in Resolution BCB No. 179, of January 19, 2022; and

g) other matters that the Central Bank of Brazil may indicate;

II - risk-based proportional supervision; and

III - the obligation to send:

a) Daily Accounting Balances, in accordance with art. 2º, caput, items I and III, of Resolution BCB No. 208, of March 22, 2022; and

b) information regarding credit operations, in accordance with art. 2º of Circular No. 3.870, of December 19, 2017.

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§ 8º From January 1, 2025, only financial institutions and payment institutions authorized to operate by the Central Bank of Brazil may submit requests for adherence to Pix.

§ 9º Payment institutions not authorized to operate by the Central Bank of Brazil that are participants in Pix, that are in the process of adhering to Pix, or that submit a request for adherence to Pix by December 31, 2024, must, as a condition for participation in Pix, request authorization to operate from the Central Bank of Brazil, in accordance with Resolutions BCB Nos. 80 and 81, both of March 25, 2021, according to the following cases and deadlines, observing whichever comes first:

I - if they reach the financial movement values set forth in art. 10 of Resolution BCB No. 80, of March 25, 2021, they must follow the deadlines provided in that art. 10; or

II - regardless of the volume of their financial movements, they must follow the following deadlines:

a) by March 31, 2025, for payment institutions that adhered to Pix by December 31, 2022;

b) between April 1, 2025, and December 31, 2025, for payment institutions that adhered to Pix between January 1, 2023, and June 30, 2024; and

c) between January 1, 2026, and December 31, 2026, for other payment institutions that are participants in Pix or are in the process of adhering to Pix.

§ 10. The information regarding credit operations referred to in item III, letter “b”, of § 5º, which must be calculated by payment institutions that fall under the provisions of § 9º, will be defined in a specific document published by the Central Bank of Brazil.” (NR)

“Art.
3º-A For the purpose of participation in Pix in the transactional account provider modality, institutions, except credit cooperatives, must permanently observe minimum limits of paid-in capital stock and net worth of R$5,000,000.00 (five million reais) from January 1, 2026.” (NR)

Art. 2º The regulation annexed to Resolution BCB No. 1, of August 12, 2020, published in the Official Gazette of the Union on August 13, 2020, shall enter into force with the following alterations:

“Art. 3º
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XIII - contracting participant: payment institution referred to in art. 3º, § 9º, of Resolution BCB No. 1, of August 12, 2020, that contracts the services of the responsible participant;

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(NR)

“Art.
24.
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§ 1º The payment institutions referred to in art. 3º, § 9º, of Resolution BCB No. 1, of August 12, 2020, must:

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§ 4º The provisions of item II of § 1º must be observed until January 1, 2026, at which time the payment institutions referred to in art. 3º, § 9º, of Resolution BCB No. 1, of August 12, 2020, must observe the provisions of art. 3º-A of the aforementioned resolution.” (NR)

“Art.
27.
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II - verify compliance by the contracting participant with the minimum regulation referred to in art. 3º, § 5º, item I, of Resolution BCB No. 1, of August 12, 2020, without prejudice to supervision by the Central Bank of Brazil;

III - provide settlement services, in accordance with the SPI Regulation; and

IV - notify the Central Bank of Brazil of indications of the occurrence, regarding the contracting participant, of:

a) any of the exclusion hypotheses provided for in art. 31; and

b) non-compliance with the provisions of this Regulation regarding participation requirements contained in Sections I and II of this Chapter.

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(NR)

“Art.
31.
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IV - have its request for authorization to operate denied or archived by the Central Bank of Brazil, when no further appeal is possible;

V - have its authorization to operate revoked or cancelled, ex officio, by the Central Bank of Brazil;

VI - fail to observe the minimum capital stock limit referred to in art. 3º-A of Resolution BCB No. 1, of August 12, 2020; or

VII - fail to request authorization to operate from the Central Bank of Brazil according to the deadlines provided in art. 3º, § 9º, of Resolution BCB No. 1, of August 12, 2020, and in art. 10 of Resolution BCB No. 80, of March 25, 2021.

Sole Paragraph. The exclusion referred to in the caput will be carried out:

I - at the end of the deadline for cessation of payment services provided for in art. 17 of Resolution BCB No. 81, of March 25, 2021, in the cases set forth in item IV of the caput;

II - at the end of the deadline granted by the Central Bank of Brazil to prove compliance with the provisions of item VI of the caput; and

III - immediately, for the other cases.” (NR)

“Art.
89.
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§ 2º A participant that accepts a notification of infraction, in accordance with Chapter XIII, Section III, Subsection IX, may not allow the account of its client involved in the notification to initiate or receive Pix transactions, except for the realization of transactions regarding returns, as provided in Chapter XI.

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(NR)

“Art.
95-A.
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§ 4º The precautionary suspension may be applied:

I - to a single component of Pix, if the conduct generating the suspension is only putting at risk aspects related to that component; and

II - to the participant that fails to observe the minimum net worth, at the end of the deadline granted by the Central Bank of Brazil to prove compliance with the provisions of art. 3º-A of Resolution BCB No. 1, of August 12, 2020.” (NR)

Art. 3º Art. 3º, §§ 6º and 7º, of Resolution BCB No. 1, of August 12, 2020, published in the Official Gazette of the Union on August 13, 2020, is hereby revoked.

Art. 4º This Resolution enters into force on the date of its publication, producing effects:

I - from July 1, 2025, for the provisions that amend art. 3º, § 5º, item I, letters “e” and “f”, and art. 3º, § 5º, item III, of Resolution BCB No. 1, of August 12, 2020; and

II - immediately, for the other provisions.

RENATO
DIAS DE BRITO GOMES

Director of Organization of the Financial System and Resolution