BCB Resolution No. 517 — Procedures for Financial Institutions to Calculate Minimum Paid-in Share Capital and Net Worth

RESOLUTION BCB NO. 517, OF NOVEMBER 3, 2025

Provides for the procedures to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil in calculating the minimum limit of paid-in share capital and net worth.

The Collegiate Board of Directors of the Central Bank of Brazil, in a session held on October 29, 2025, based on Articles 9 and 10, caput, items IX and X, of Law No. 4,595, of December 31, 1964, Article 9-A of Law No. 4,728, of July 14, 1965, Articles 6 and 7, caput, items I and V, of Law No. 11,795, of October 8, 2008, Article 9, caput, items II, V, and VIII, and Article 15 of Law No. 12,865, of October 9, 2013, and considering the provisions of Joint Resolution No. 14, of November 3, 2025,

RESOLVES:

CHAPTER I
ON THE OBJECT AND SCOPE OF APPLICATION

Article 1. This Resolution provides for the procedures to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil in calculating the minimum limit of paid-in share capital and net worth referred to in Joint Resolution No. 14, of November 3, 2025.

Sole Paragraph. The provisions of this Resolution do not apply to:

I - credit cooperatives of capital and loans, which must observe the minimum limit of paid-in share capital and net worth referred to in Article 2, § 2, of Joint Resolution No. 14, of November 3, 2025; and

II - associations and non-profit entities authorized to administer consortium groups under Article 46 of Law No. 11,795, of October 8, 2008.

CHAPTER II
ON OPERATIONAL ACTIVITIES

Section I - Products and Services

Article 2. For the purposes of the provisions of Joint Resolution No. 14, of November 3, 2025, and this Resolution, the products and services provided for in specific regulation regarding the organization and operation of the institutions mentioned in Article 1 are classified into the following categories of operational activities:

I - concession:

a) advances;

b) provision of credit limits and other credit commitments;

c) issuance of post-paid payment instruments;

d) loans and financing, including financing for the purchase of securities and virtual assets, and lending of financial assets for sale;

e) financial leasing operations;

f) provision of aval, guarantee, co-obligation, or any other form of personal guarantee for the fulfillment of a third party's financial obligation;

g) acquisition and discounting of commercial receivables; and

h) advance of receivables from payment arrangements;

II - intermediation:

a) purchase and sale, in the name of third parties, of securities, precious metals, foreign currency, and virtual assets;

b) issuance of electronic money;

c) operations on stock, commodity, and futures exchanges, as well as over-the-counter markets, in the name of third parties;

d) lending and financing operations between individuals exclusively through an electronic platform;

e) payments and transfers, including international; and

f) accreditation;

III - custody and administration of third-party funds:

a) custody of assets, securities, or virtual assets of third parties; and

b) professional management of financial assets or virtual assets of third parties, including the administration of:

1. virtual asset portfolios;

2. securities and financial instrument portfolios;

3. development funds; and

4. funds and investment clubs; and

IV - services:

a) that do not involve financial flow:

1. administration of consortium groups;

2. issuance of certificates;

3. acting as a fiduciary agent;

4. data aggregation;

5. credit analysis for third parties;

6. consulting, advisory, or technical assistance;

7. issuance, subscription, and distribution of securities and financial instruments;

8. initiation of payment transactions;

9. operational leasing operations;

10. bookkeeping of shares and other securities;

11. data processing and storage, and cloud computing;

12. aggregation of shared data within the scope of Open Finance; and

13. sharing of data with entities not authorized to operate by the Central Bank of Brazil, according to partnership contracts provided for in Joint Resolution No. 1, of May 4, 2020; and

b) that involve financial flow, but are provided on behalf and order of third parties:

1. credit collection for third parties;

2. acting as a correspondent;

3. acting as an insurance representative; and

4. payment of salaries, benefits, wages, retirement pensions, alimony, and similar.

§ 1. For the purpose of classification in the category mentioned in item I of the caput, the following must be considered:

I - own operations or acquired third-party operations; and

II - operations with the characteristic of credit concession, thus considered to be debt instruments with a legal form distinct from a credit operation that:

a) have the purpose of granting credit; or

b) originate in a process equivalent or similar to that applicable to typical credit operations of the institution, in a relationship between the institution and its client.

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

Section II - Activities Associated with the Social Object

Article 3. For the purposes of the provisions of Article 10, § 1, of Joint Resolution No. 14, of November 3, 2025, the institutions mentioned in Article 1 must consider as associated with their social object the following categories of operational activities:

I - concession:

a) development agencies;

b) savings and loan associations;

c) commercial banks;

d) foreign exchange banks;

e) development banks;

f) investment banks;

g) mortgage companies;

h) credit cooperatives;

i) leasing companies;

j) direct credit companies;

k) credit, financing, and investment companies;

l) real estate credit companies;

m) microentrepreneur and small business credit companies;

n) payment institutions classified in the post-paid payment instrument issuer modality; and

o) payment institutions classified in the acquirer modality;

II - intermediation:

a) commercial banks;

b) investment banks;

c) virtual asset service companies classified in the intermediary modality;

d) virtual asset service companies classified in the broker modality;

e) foreign exchange brokerage companies;

f) securities and financial instrument brokerage companies;

g) securities and financial instrument distribution companies;

h) peer-to-peer lending companies;

i) payment institutions classified in the acquirer modality;

j) payment institutions classified in the electronic money issuer modality;

III - custody and management of third-party funds:

a) securities and financial instrument brokerage companies;

b) securities and financial instrument distribution companies;

c) virtual asset service companies classified in the broker modality; and

d) virtual asset service companies classified in the custodian modality; and

IV - services:

a) consortium administrators;

b) confederations of services formed by credit cooperatives; and

c) payment institutions classified in the payment transaction initiator modality.

§ 1. If an institution falls into more than one category of operational activity, it must consider all categories of operational activities associated with the institution's social object, as per the caput, for the purpose of calculating the institution's minimum capital.

§ 2. Multiple banks must consider as associated with their social object the categories of operational activities linked to the portfolios they hold.

CHAPTER III
TECHNOLOGY-INFRASTRUCTURE-INTENSIVE SERVICES

Article 4. For the purposes of the provisions of Article 9, caput, item II, of Joint Resolution No. 14, of November 3, 2025, services that depend on data processing, data storage, network infrastructure, information and cybersecurity infrastructure, and other computational resources provided by the institution or by a service provider contracted by it are considered:

I - the provision of Banking as a Service – BaaS services;

II - the aggregation of shared data within the scope of Open Finance;

III - the sharing of data with entities not authorized to operate by the Central Bank of Brazil, according to partnership contracts provided for in Joint Resolution No. 1, of May 4, 2020;

IV - the provision of transactional accounts within the scope of Pix; and

V - the provision of the following services for affiliated cooperatives, in the case of a credit confederation, for three-level systems, or of a central credit cooperative, for two-level systems: (Wording given by BCB Resolution No. 570, of 19/5/2026.)

a) services referred to in items II and III; and (Included by BCB Resolution No. 570, of 19/5/2026.)

b) settlement services within the scope of Pix. (Included by BCB Resolution No. 570, of 19/5/2026.)

Sole Paragraph. The provisions of items II, III, and IV of the caput do not apply to services provided by credit cooperatives that are part of two- or three-level systems, for which the service surcharge will be requested as per item V. (Wording given by BCB Resolution No. 570, of 19/5/2026.)

CHAPTER IV
ON COMMUNICATION

Article 5. The institutions mentioned in Article 1 must notify the Central Bank of Brazil of the categories of operational activities they intend to perform and the intention to provide the services provided for in Article 4, at least ninety days prior to the date on which they intend to start the new activities, in the case of institutions already authorized to operate by the Central Bank of Brazil.

Sole Paragraph. The provisions of the caput do not apply to:

I - activities that, according to specific regulation, require specific authorization or are subject to a specific communication process; and

II - institutions in the authorization process, which must observe specific regulation.

Article 6. The practice of a new category of activity by the institutions mentioned in Article 1 is conditioned:

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

II - to the provision in legislation or specific regulation;

III - to the absence of relevant delay in sending documents to the Central Bank of Brazil, as defined by the Central Bank of Brazil; and

IV - to compliance with operational limits provided for in specific regulation issued by the National Monetary Council and the Central Bank of Brazil.

Sole Paragraph. For the purposes of the provisions of the caput, the conditions provided for in items III and IV must be observed, at minimum, in the six months prior to the date of the communication referred to in Article 5.

CHAPTER V
FINAL PROVISIONS

Article 7. This Resolution enters into force on the date of its publication.

GILNEU
FRANCISCO ASTOLFI VIVAN
Director of Regulation