BCB RESOLUTION NO. 519,

OF NOVEMBER 10, 2025

Regulates the authorization processes related to the operation of foreign exchange brokerages, securities and derivatives brokerages, securities distributor companies, and virtual asset service provider companies.

The Collegiate Board of the Central Bank of Brazil, in a session held on November 6, 2025, based on the provisions of Arts. 2, 4, 5, sole paragraph, 7, 8, and 9 of Law No. 14,478, of December 21, 2022, Arts. 1 and 2 of Decree No. 11,563, of June 13, 2023, and Art. 9-A of Law No. 4,728, of July 14, 1965, and considering the provisions of CMN Resolution No. 5,105, of September 28, 2023,

RESOLVES:

CHAPTER I

ON THE OBJECT AND SCOPE OF APPLICATION

Art. 1. This Resolution regulates the authorization processes related to the operation of the following institutions:

I - foreign exchange brokerages;

II - securities and derivatives brokerages;

III - securities distributor companies; and

IV - virtual asset service provider companies.

CHAPTER II

ON REQUIREMENTS

Art. 2. The requirements for the authorizations referred to in this Resolution are:

I - economic-financial capacity of the controllers, individually or jointly, compatible with the capital necessary for the structuring and operation of the institution, as well as for contingencies arising from market dynamics;

II - lawful origin of the resources used in the full payment of share capital, in the acquisition of control and qualified participation;

III - economic-financial viability of the enterprise;

IV - compatibility of information technology infrastructure with the complexity and risks of the business;

V - compatibility of corporate governance structure with the complexity and risks of the business;

VI - impeccable reputation of the administrators, controllers, and holders of qualified participation, in the case of natural persons;

VII - knowledge by the administration of the line of business, the segment in which the institution intends to operate, market dynamics, sources of operational resources, management of activities and associated risks;

VIII - technical qualification of administrators, compatible with the functions to be exercised during the term of office;

IX - compliance with minimum capital and equity requirements provided for in current regulation; and

X - disclosure of the address of the physical premises of the institution's headquarters.

§ 1º. For the purposes of this Resolution, administration includes managing partners, directors, and members of the board of directors, if any.

§ 2º. In proving the requirement referred to in item I of the caput, the Central Bank of Brazil may consider, subsidiarily, in requests for authorization of virtual asset service provider companies already in operation, net worth, the achievement of recurring profit over the last five years, and other situations, at the discretion of this Autarchy.

§ 3º. The interested institution must prepare and maintain, available to the Central Bank of Brazil, an updated business plan.

§ 4º. The Central Bank of Brazil may require, before or after the issuance of the authorizations regulated by this Resolution, the presentation, in whole or in part, of the business plan referred to in § 3º.

§ 5º. In proving the requirements referred to in the caput, the Central Bank of Brazil may require technical certification or assessment issued by a qualified independent company.

§ 6º. The address referred to in item X of the caput must be of effective and exclusive use by the institution, prohibiting the indication of coworking, virtual office, or other shared spaces as the institution's headquarters, except in the case of institutions that are part of the same conglomerate.

CHAPTER III

ON AUTHORIZATIONS

Art. 3. The following depend on authorization from the Central Bank of Brazil:

I - the operation of the institution, conditioned on compliance with the requirements set forth in Art. 2º;

II - the change of modality of a virtual asset service provider company, conditioned on compliance with the requirements set forth in Art. 2º, caput, items III, IV, V, VII, and IX;

III - the transfer or alteration of corporate control, conditioned on compliance with the requirements set forth in Art. 2º, caput, items I, II, and VI, and the conditions set forth in Chapters IV and V, as well as the requirement set forth in Art. 2º, caput, item III, in cases of change in strategic or operational nature;

IV - the merger, spin-off, or incorporation of an institution related to Art. 1º, conditioned on compliance with the requirements set forth in Art. 2º, caput, items III and IX;

V - corporate transformation;

VI - assumption and exercise of elected or appointed positions in administration, conditioned on compliance with the requirements set forth in Art. 2º, caput, items VI and VIII, and the conditions set forth in Chapter V;

VII - alteration of the value of share capital, conditioned on compliance with the requirement set forth in Art. 2º, caput, item II, in case of increase, or the requirements set forth in Art. 2º, caput, items III and IX, in case of reduction of capital;

VIII - change of social name; and

IX - change of corporate object to any type of institution provided for in this Resolution, conditioned on compliance with the requirements set forth in Art. 2º, caput, items III and IX, observing the regulation applicable to the type of resulting institution, as appropriate.

§ 1º. The authorization provided for in item VII of the caput does not apply to capital increases funded with resources originating from:

I - accumulated profits;

II - capital and profit reserves; or

III - credits to shareholders as remuneration for capital.

§ 2º. For the evaluation of compliance with the requirements set forth in Art. 2º, caput, items I, II, and VI, the Central Bank of Brazil may request from members of the controlling group, holders of qualified participation, and those elected or appointed to administrative positions, express authorization for:

I - the Federal Revenue Secretariat to provide copies of income tax returns, assets and rights declarations, and debts and real encumbrances declarations relative to the last three fiscal years to the Central Bank of Brazil, exclusively for use in the authorization process referred to in the caput; and

II - the Central Bank of Brazil to access information about them contained in any public or private registration and information system, including judicial or administrative proceedings and police inquiries.

§ 3º. The Central Bank of Brazil may condition the authorizations referred to in items II and IX of the caput to the settlement of unauthorized passive operations for the intended modality.

§ 4º. The requirement for authorization provided for in item III of the caput does not apply to transfers of corporate control to legal entities where there is no change in the final controller structure of the institution.

Art. 4. The Central Bank of Brazil, considering the object of the authorization, the size of the institution, and the complexity of the business, will publish the procedures, documents, and information required in the authorization processes referred to in this Resolution, as well as the respective deadlines, aiming to meet the requirements related to each specific authorization process.

Art. 5. The Central Bank of Brazil, before or after the issuance of the authorizations provided for in Art. 3º, may:

I - request any additional documents and information deemed necessary, as well as request them from other government agencies and authorities abroad; and

II - summon controllers, holders of qualified participation, and administrators for interviews.

Art. 6. The Central Bank of Brazil will publish, with a view to enabling public manifestation regarding potential objections, the following information regarding applications of interest to the institution:

I - the name:

a) of persons interested in assuming the status of controller; and

b) of those elected or appointed to administrative positions; and

II - requests for cancellation of authorization for operation.

§ 1º. The publication referred to in item I of the caput will be restricted to persons whose names have not been previously approved by the Central Bank of Brazil.

§ 2º. Considering the nature and size of the institution, as well as the complexity and risks involved in the authorization, the Central Bank of Brazil may publish additional information beyond that provided in this article, including that relating to persons whose names have been previously approved by the Central Bank of Brazil.

§ 3º. The deadlines for presenting objections by the public due to the publication of information referred to in the caput will be defined by the Central Bank of Brazil in complementary normative act.

CHAPTER IV

ON CORPORATE CONTROL AND QUALIFIED PARTICIPATION

Art. 7. For the purposes of this Resolution, it is understood as:

I - controller: person who, individually or jointly with other members of the controlling group they participate in, holds partner rights corresponding to the majority of the voting capital of the institution:

a) in the case of a natural person, directly or indirectly; or

b) in the case of a legal entity, directly or, if indirectly, provided that:

1. it appears at the last level of the branches of the institution's control chain; and

2. its controllers cannot be identified in the manner provided for in this item;

II - controlling group: group of people linked by a vote agreement or under common control who assume the status of controller of the institution, as defined in item I;

III - control chain: set of legal entities through which the control of the institution is exercised;

IV - member of the control chain: legal entity part of the set of people through which the control of the institution is exercised, excluding the legal entity referred to in item I, letter "b"; and

V - holder of qualified participation: investment fund or natural or legal person, non-controlling and not part of the institution's control chain, that holds:

a) direct participation equivalent to 15% (fifteen percent) or more of the voting capital of the institution, of a controlling legal entity, or of a member of the institution's control chain;

b) direct participation equivalent to 10% (ten percent) or more of the total capital of the institution, of a controlling legal entity, or of a member of the institution's control chain, when this capital does not consist entirely of voting capital; or

c) control of a legal entity holding the participation provided for in letter "a" or letter "b".

§ 1º. It is considered at the last level of the branch of the institution's control chain, in cases of direct or indirect participation, the financial institution or similar headquartered abroad responsible for the global consolidation of the financial group.

§ 2º. The definitions of controller and holder of qualified participation apply to beneficiaries of the right to vote.

§ 3º. In cases where the society's control is not identified according to the criteria mentioned in items I, II, and III of the caput, the Central Bank of Brazil may use other elements to identify controllers, among them:

I - the majority of votes in the deliberations of the meeting or assembly and the power to elect the majority of administrators; or

II - effectiveness in conducting the social business.

§ 4º. In the case of qualified participation held by an investment fund, the provisions applicable to the natural or legal person holding qualified participation provided for in this Resolution may be extended to the fund's quota holders who effectively hold powers to conduct their activity, as established by the Central Bank of Brazil.

§ 5º. The Central Bank of Brazil may require the execution of a shareholders' or quota holders' agreement, contemplating the express definition of corporate control, direct or indirect.

§ 6º. For the purposes of this article, the eventual attribution of plural voting to one or more classes of ordinary shares will be considered.

§ 7º. Investment funds are not admitted as controllers or members of a controlling group of the institutions referred to in Art. 1º.

Art. 8. Direct corporate participation that implies control of the institutions referred to in Art. 1º may only be exercised by:

I - natural persons;

II - institutions authorized to operate by the Central Bank of Brazil;

III - financial institutions or similar headquartered abroad; or

IV - legal entities headquartered in the country whose exclusive corporate object is corporate participation in institutions authorized to operate by the Central Bank of Brazil.

§ 1º. Participation in the control of the institutions referred to in Art. 1º by non-profit legal entities that, on the date of entry into force of this Resolution, already participated in the control of institutions authorized to operate by the Central Bank of Brazil is admitted.

§ 2º. The provisions of the caput of this article do not apply to the institutions referred to in Art. 1º, caput, items I, II, and III, constituted before November 28, 2002, while the control structure existing on that date persists.

CHAPTER V

ON ASSUMPTION AND EXERCISE OF ADMINISTRATIVE POSITIONS AND ASSUMPTION OF STATUS AS MEMBER OF THE CONTROLLING GROUP OR HOLDER OF QUALIFIED PARTICIPATION

Art. 9. In proving compliance with the impeccable reputation requirement, mentioned in Art. 2º, caput, item VI, the existence of the following must be considered:

I - criminal process or police inquiry;

II - judicial or administrative process related to the National Financial System, the Consortium System, the Brazilian Payments System, or the provision of virtual asset services;

III - process related to insolvency, liquidation, intervention, bankruptcy, or judicial reorganization;

IV - default on obligations; and

V - other analogous situations, occurrences, or circumstances.

Sole paragraph. In the analysis of the situations and occurrences provided for in the caput, the relevance, severity, recurrence, and circumstances of each case will be considered.

Art. 10. Proof of compliance with the technical qualification requirement of administrators, mentioned in Art. 2º, caput, item VIII, involves the competencies and qualifications necessary for the exercise of functions, compatible with the nature, size, complexity, and risks incurred by the institution.

Sole paragraph. Proof of technical qualification mentioned in the caput is waived in the case of an administrator with a mandate in force in the same institution or in another institution part of a prudential conglomerate they participate in, provided they were previously authorized by the Central Bank of Brazil, unless otherwise determined by this Autarchy.

Art. 11. Conditions for exercising administrative positions and for assuming the status of controller or holder of qualified participation in the institutions referred to in Art. 1º, in addition to others required by legislation and current regulation, are:

I - being resident in the country, for leadership positions;

II - not being prohibited by special law, nor convicted of bankruptcy crime, tax evasion, malfeasance, active or passive corruption, extortion, embezzlement, against the popular economy, public faith, property, or the National Financial System, nor sentenced to a penalty that prohibits, even temporarily, access to public office;

III - not being declared ineligible or suspended from exercising positions in statutory or contractual bodies in institutions authorized to operate by the Central Bank of Brazil or in complementary pension entities, insurance companies, capitalization societies, open companies, or entities subject to supervision by the Securities and Exchange Commission;

IV - not being declared bankrupt or insolvent; and

V - not having their name been the subject of a prior decision denying or revising an authorization decision due to the submission of false, omitted, or discrepant declarations regarding corresponding facts in an authorization application to the Central Bank of Brazil, in the three years prior to the processing of the authorization application under review.

Art. 12. The institutions referred to in Art. 1º that are constituted as limited liability companies must provide in their articles of association that the mandate of elected or appointed administrators:

I - will be for a fixed term, not exceeding four years, with reappointment allowed; and

II - will extend until the assumption of office by their substitutes.

Art. 13. If the elected or appointed person for an administrative position is not authorized by the Central Bank of Brazil, including after assumption or start of exercise, the company must, within thirty days, counted from the date the denial decision becomes final, carry out the election or appointment of the substitute for the unapproved person.

Sole paragraph. The determination provided for in the caput is waived if the minimum number of members for the respective positions provided for in the statutes or articles of association is met.

Art. 14. Temporary removal of occupants of administrative positions determined before the initiation or during the processing of an administrative sanctioning process does not exclude the removed person from the scope of prohibitions applicable to incumbents.

Art. 15. The Central Bank of Brazil may determine the removal of administrators with a mandate in force, if circumstances characterizing non-compliance with the requirement referred to in Art. 2º, caput, item VI, and the conditions provided for in Art. 11 of this Resolution are detected at any time.

CHAPTER VI

ON ARCHIVING, DENIAL, AND REVISION OF AUTHORIZATIONS

Art. 16. Regarding authorization applications referred to in this Resolution, the Central Bank of Brazil may:

I - archive, without assessing the merits of the application, if:

a) it verifies that the object or elements serving as the basis for the application were altered during the process;

b) there is non-compliance with deadlines provided for in current regulation;

c) it identifies that requirements to complement the processing of the application within the established deadline were not met;

d) controllers, holders of qualified participation, or administrators fail to attend a summons by the Central Bank of Brazil for an interview; or

e) the processing is inconsistent with the format required in current regulation; or

II - deny, if it discovers:

a) circumstances that may affect the reputation of administrators, controllers, or holders of qualified participation;

b) falsity or omission in declarations and documents presented in the processing of applications or discrepancy between them and the facts or data discovered in the analysis; or

c) non-compliance with any of the requirements or conditions established in this Resolution or failure by the interested parties to prove compliance with these requirements or conditions.

Sole paragraph. In the cases referred to in item II of the caput, the Central Bank of Brazil, before the decision, may grant a deadline to the interested parties for manifestation.

Art. 17. The Central Bank of Brazil may review the approval or authorization decision, considering the relevance of the facts, based on the circumstances of each case and the public interest, if it verifies:

I - falsity or omission in declarations and documents presented in the processing of applications or discrepancy between them and the facts or data discovered; or

II - pre-existing circumstances capable of affecting the evaluation regarding compliance with requirements and conditions for approvals and authorizations.

§ 1º. In the case of transfer of control, corporate reorganization, assumption of the status of controller or holder of qualified participation, and occurrence of the situations provided for in the caput, the Central Bank of Brazil may determine that the operation be regularized, including through its unwinding or alienation of the participation.

§ 2º. In the hypotheses described in the caput, the Central Bank of Brazil must notify the institution to manifest regarding the irregularity discovered.

§ 3º. The competent registry body will be notified of the measure adopted by the Central Bank of Brazil.

Art. 18. In the case of denial or archiving of the authorization application for operation to which no further appeal is possible, the virtual asset service provider company that is already providing virtual asset services must, within thirty days counted from receipt of notification of the Central Bank of Brazil's decision:

I - cease the provision of virtual asset services and other services subject to authorization by the Central Bank of Brazil;

II - communicate the closure of virtual asset service provision to clients, users, and other interested parties through the same channels usually employed for publicity of its services and products, with clear and prominent indication of procedures and deadlines for the return of virtual assets and settlement of operations;

III - return virtual assets of its clients and users, transferring them to institutions qualified to provide virtual asset services in Brazil, indicated in the name of the respective clients and users; and

IV - return financial resources of its clients and users, transferring them to payment accounts or deposit accounts owned by these clients and users maintained in institutions authorized to operate by the Central Bank of Brazil.

CHAPTER VII

ON CANCELLATION OF AUTHORIZATIONS

Art. 19. Cancellation of authorization for operation will occur in the following scenarios:

I - at the request of the institution; and

II - ex officio, by the Central Bank of Brazil.

§ 1º. In the event of extinction of the institution resulting from merger, total spin-off, or incorporation, procedures related to cancellation of authorization for operation are waived, provided the resulting or successor society is an institution authorized to operate by the Central Bank of Brazil.

§ 2º. The Central Bank of Brazil may condition the cancellation referred to in item I of the caput to the settlement or transfer of operations specific or permitted to the institution due to its respective authorization.

§ 3º. Dissolution of the society or change of its corporate object that results in its disqualification as an institution authorized to operate by the Central Bank of Brazil implies cancellation of the respective authorization for operation, in the manner of item I of the caput.

Art. 20. The society must disclose to its clients, through its website, mobile device applications, and in its premises, as applicable, that it intends to file a request for cancellation of authorization for operation, with a minimum advance notice of thirty days from the date of said request.

Art. 21. The Central Bank of Brazil may carry out the cancellation referred to in Art. 19, caput, item II, when it finds, at any time, one or more of the following situations:

I - lack of habitual practice of the activity subject to the authorization;

II - non-location of the institution at the address reported to the Central Bank of Brazil;

III - interruption, for more than four months, without justification, of the submission to the Central Bank of Brazil of the statements, maps, and information required by current regulations; and

IV - non-compliance with the business plan during its coverage period, in a manner insufficiently justified, at the discretion of the Central Bank of Brazil.

§ 1º Prior to the cancellation provided for in this article, the Central Bank of Brazil must:

I - publish its intention to cancel the respective authorization to the public, with a view to the possible presentation of objections within a period of thirty days;

II - notify the institution to manifest its position regarding the intention to cancel; and

III - consider the risks of cancellation for the stability of the National Financial System, for the Brazilian Payments System, for the provision of virtual asset services, for popular savings, and for the operational creditors of the institution.

§ 2º Once the cancellation referred to in this article has been effected, the Central Bank of Brazil will communicate this fact to the competent registration body.

§ 3º In the case of an institution subject to the extrajudicial liquidation regime, the cancellation provided for in this article will occur at the end of the regime, except in the event of transfer of corporate control of the institution.

CHAPTER VIII
COMMUNICATIONS

Art. 22. The following must be communicated to the Central Bank of Brazil:

I - the assumption of the status of holder of a qualified participation;

II - the alteration of the management position structure provided for in the articles of association or corporate bylaws of the company; and

III - the capital increases referred to in Art. 3, § 1º.

§ 1º In the event of the situation described in item I of the caput, the Central Bank of Brazil may, within a period of sixty days from the communication, require proof of compliance with the requirements provided for in Art. 2, caput, items II and VI, and the conditions referred to in Art. 11.

§ 2º After examining the aspects of the situation referred to in item I of the caput and finding non-compliance with the applicable requirements, the Central Bank of Brazil may determine its reversal or the alienation of the qualified participation.

CHAPTER IX
GENERAL PROVISIONS

Art. 23. The Central Bank of Brazil, in the analysis of the processes referred to in this Resolution, considering the circumstances of each concrete case and the context of the facts, may exceptionally, and in the face of duly justified public interest, dispense with compliance with the requirements and conditions established for entering the status of controller of the institutions referred to in Art. 1º or for exercising management positions.

Art. 24. The institutions referred to in Art. 1º that are constituted as limited liability companies must provide, in their corporate bylaws, the supplementary observance of Law No. 6,404, of December 15, 1976, in accordance with the sole paragraph of Art. 1,053 of Law No. 10,406, of January 10, 2002 – Civil Code, including with regard to the retention of profits and the constitution, reversal, and use of reserves.

Art. 25. The Central Bank of Brazil may carry out a pre-operational inspection on the applicant or interested party, in order to evaluate the compatibility between the implemented organizational structure and the requirements provided for in Art. 2, caput, items III to V.

Sole Paragraph. If incompatibility is found between the existing organizational structure and the requirements provided for in Art. 2, caput, items III to IV, the Central Bank of Brazil will set a deadline for correction, after which, in case of non-compliance, it will deny the request.

Art. 26. The authorization process for the operation of the virtual asset service provider company that, on the date of entry into force of this Resolution, is in activity in accordance with Art. 9º of Law No. 14,478, of December 21, 2022, will be conducted in two phases, structured as follows:

I - phase 1:

a) analysis of proof that the company referred to in the caput was in activity on the date of entry into force of this Resolution and of the specific discipline that deals with the constitution and operation of virtual asset service provider companies;

b) analysis of compliance with the requirement provided for in Art. 2, caput, item VI, and the conditions provided for in Chapter V of this Resolution, regarding controllers and holders of qualified participation; and

c) analysis of compliance with the requirement provided for in Art. 2, caput, item IX, of this Resolution.

II - phase 2: analysis of compliance with the other requirements set forth in Art. 2 of this Resolution.

§ 1º For the purposes of item I, letter “c”, of the caput, the Central Bank of Brazil may require the presentation of audited financial statements of the applicant or interested party.

§ 2º In phase 2 referred to in item II of the caput, the Central Bank of Brazil may request the updating of documents that prove compliance with the requirements and conditions mentioned in item I, letters “b” and “c”, of the caput, with a view to the analysis of the maintenance of such compliance during the process.

Art. 27. The provisions of this Resolution apply to authorization requests filed with the Central Bank of Brazil from the date of its entry into force.

CHAPTER X
FINAL PROVISIONS

Art. 28. This Resolution enters into force on February 2, 2026.

GILNEU FRANCISCO ASTOLFI VIVAN

Director of Regulation