BCB Resolution No. 432 — Dispenses on the remuneration policy for administrators of securities and currency brokerage firms, securities distribution companies, consortium administrators, payment institutions, and virtual asset service providers

BCB Resolution No. 432 establishes a comprehensive remuneration policy for administrators of securities brokerage, currency brokerage, securities distribution, consortium administration, payment institutions, and virtual asset service providers authorized by the Central Bank of Brazil. The regulation mandates that remuneration structures balance fixed and variable components, require at least 50% of variable pay to be paid in equity or long-term value-creating assets, and defer at least 40% of variable pay for a minimum of three years. Institutions meeting specific size or listing criteria must establish a statutory Remuneration Committee with defined composition, powers, and reporting obligations, while others must submit annual reports to the Central Bank. The resolution enters into force on January 1, 2025, with full compliance deadlines set for December 31, 2025, and a phased implementation of variable pay limits through 2028.

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BCB RESOLUTION NO. 432,
OF NOVEMBER 13, 2024

Dispenses on the remuneration policy for administrators of securities brokerage firms, securities distribution companies, currency brokerage firms, consortium administrators, and payment institutions authorized to operate by the Central Bank of Brazil.

Dispenses on the remuneration policy for administrators of securities brokerage firms, securities distribution companies, currency brokerage firms, consortium administrators, payment institutions, and virtual asset service providers authorized to operate by the Central Bank of Brazil. (Wording given by BCB Resolution No. 552, of 3/3/2026.)

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Lineage: Amended

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Timeline

Amended 1 time · last 2026-03-03

2026-03-03BCBBCB Resolution No. 552 of March 3, 2026amends

This document amends: Resolution BCB No. 93 — Regulates internal audit activity in consortium administrators, payment institutions, securities broker-dealers, securities distributors, foreign exchange brokers, and virtual asset service providers authorized by the Central Bank of Brazil

Source: Banco Central do Brasil — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works