BCB Resolution No. 525 — Regulates Repo Operations with Fixed-Income Securities by Payment Institutions, Securities Brokers, Dealers, and Currency Brokers

RESOLUTION
BCB NO. 525, OF NOVEMBER 28, 2025

Regulates the execution of repo operations with fixed-income securities by payment institutions, securities brokers, securities dealers, and currency brokers.

The Collegiate Board of the Central Bank of Brazil, in a session held on November 26, 2025, based on arts. 9 of Law No. 12,865, of October 9, 2013, and 9-A, caput, item I, of Law No. 4,728, of July 14, 1965, and considering the provisions of Resolution No. 4,282, of November 4, 2013, and CMN Resolution No. 5,105, of September 28, 2023,

RESOLVES:

CHAPTER I

OBJECTIVE

Art. 1 This Resolution regulates the execution of repo operations by:

I - payment institutions;

II - currency brokers;

III - securities brokers; and

IV - securities dealers.

CHAPTER II

OPERATIONS AND SECURITIES

Art. 2 The following types of fixed-income securities operations are subject to the requirements of this Resolution:

I - operations with a repurchase commitment maturing on a future date, prior to or equal to the maturity of the securities subject to the operation:

a) sale with a repurchase commitment assumed by the seller, conjugated with a resale commitment assumed by the buyer, for settlement on a predetermined date;

b) sale with a repurchase commitment assumed by the seller, conjugated with a resale commitment assumed by the buyer, for settlement at any time during a certain period, at the discretion of either party, as previously agreed between them; and

c) sale with a repurchase commitment assumed by the seller, exercisable at the exclusive discretion of the buyer, on a determined date or within a set period;

II - operations with a resale commitment maturing on a future date, prior to or equal to the maturity of the securities subject to the operation:

a) purchase with a resale commitment assumed by the buyer, conjugated with a repurchase commitment assumed by the seller, for settlement on a predetermined date;

b) purchase with a resale commitment assumed by the buyer, conjugated with a repurchase commitment assumed by the seller, for settlement at any time during a certain period, at the discretion of either party, as previously agreed between them; and

c) purchase with a resale commitment assumed by the buyer, exercisable at the exclusive discretion of the seller, on a determined date or within a set period;

III - securities sale operations with a repurchase commitment assumed by the seller, conjugated with a resale commitment assumed by the buyer, for settlement on the same day;

IV - securities purchase operations with a resale commitment assumed by the buyer, conjugated with a repurchase commitment assumed by the seller, for settlement on the same day;

V - forward purchase or sale operations, where the seller, at the time of contracting the operation, owns the negotiated security or has certainty of such ownership until the settlement date of the forward sale, in this case based on an effective repurchase commitment or a forward purchase operation that has a settlement date equal to or prior to that of the forward sale; and

VI - forward purchase or sale operations, without the seller having, at the time of contracting the operation, ownership of the negotiated security or certainty of such ownership until the settlement date of the forward sale.

§ 1 For the purposes of this Resolution, repo operations are designated as the operations defined in this article.

§ 2 Repo operations must be registered and settled in the Special Settlement and Custody System – Selic or in a custody and settlement system or clearing and settlement system for operations with securities authorized by the Central Bank of Brazil or by the Securities and Exchange Commission (CVM).

§ 3 The repo operations referred to in items I and II of the caput must be carried out with defined profitability or with a remuneration parameter established.

§ 4 It is prohibited to carry out repo operations with a value adjustment clause based on the variation of foreign currency quotation, except when it concerns forward purchase or sale operations provided for in items V and VI of the caput, having as object securities whose nominal value is updated by this remuneration parameter.

§ 5 The repo operations referred to in items II and IV of the caput, when carried out with clients who are not financial institutions nor other institutions authorized to operate by the Central Bank of Brazil, may only have as object securities not linked to resale commitments.

§ 6 The forward purchase or sale operations provided for in items V and VI of the caput may be contracted conjugated with the assumption of the repurchase or resale commitments referred to in items I and II of the caput.

§ 7 The forward purchase or sale operations provided for in item VI of the caput may only be carried out between the institutions referred to in this Resolution and between them and other institutions authorized to operate by the Central Bank of Brazil.

Art. 3 Repo operations may have as object exclusively the following securities, duly registered in Selic or in a custody and settlement system for operations with securities authorized by the Central Bank of Brazil or by the Securities and Exchange Commission (CVM):

I - securities issued by the National Treasury;

II - securitized credits by the National Treasury;

III - Land Debt Securities issued by the National Institute for Colonization and Agrarian Reform;

IV - state and municipal securities;

V - bank deposit certificates;

VI - bank credit notes;

VII - certificates of bank credit notes;

VIII - exchange letters accepted by financial institutions;

IX - mortgage letters;

X - real estate credit letters;

XI - real estate credit notes;

XII - debentures;

XIII - debenture notes;

XIV - commercial notes;

XV - real estate receivables certificates;

XVI - rural product notes with financial settlement;

XVII - agribusiness credit rights certificates;

XVIII - agribusiness credit notes;

XIX - agribusiness receivables certificates;

XX - export credit notes;

XXI - export credit notes;

XXII - obligations issued by the International Finance Corporation – IFC, as authorized in specific regulation;

XXIII - lease letters;

XXIV - financial letters; and

XXV - guaranteed real estate letters.

§ 1 For the purposes of this Resolution, securities are considered the fixed-income securities referred to in this article.

§ 2 The forward purchase or sale operations provided for in art. 2, caput, item VI, may only have as object securities issued by the National Treasury, except when registered and settled in a clearing and settlement system for operations with securities authorized by the Central Bank of Brazil or by the Securities and Exchange Commission (CVM) and administered by a clearinghouse or service provider that assumes the position of contracting party for the purposes of settling the operations carried out through its intermediation.

§ 3 It is prohibited to carry out repo operations having as object securities issued or accepted by the institution itself, allowing those existing until July 3, 2006, to be maintained until their maturity, prohibiting their extension or renewal.

Art. 4 The forward purchase or sale operations provided for in art. 2, caput, item VI, may have as object securities issued by the National Treasury linked to a public offering, regardless of the existence of securities of the same species (type, maturity, and remuneration base) in the market, provided that the following conditions are met cumulatively:

I - the public offering of the securities has been previously disclosed by act of the Secretariat of the National Treasury of the Ministry of Finance or by the Central Bank of Brazil;

II - the settlement of the operations is conditioned on the sale, in the public offering, of 51% (fifty-one percent), at minimum, of the quantity of securities previously announced in the manner provided for in item I; and

III - the settlement date of the operations is equal to that of the public offering settlement.

Sole Paragraph. The Central Bank of Brazil, at its discretion, may determine the interruption of the registration of the operations referred to in this article when the total registered quantity reaches an amount incompatible with the total quantity of securities previously announced in the manner provided for in item I of the caput.

Art. 5 The free movement of securities subject to resale commitments is admitted, provided that the following conditions are met:

I - the parties sign a free movement agreement; and

II - the commitments are settled in a system for registration and financial settlement of assets authorized by the Central Bank of Brazil or by the Securities and Exchange Commission (CVM) and administered by a clearinghouse or service provider that assumes the position of contracting party for the purposes of settling the operations carried out through its intermediation.

§ 1 The condition provided for in item II of the caput will not be required for repo operations:

I - with securities issued by the National Treasury;

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

III - contracted between an institution authorized to operate by the Central Bank of Brazil and a professional investor not authorized to operate by the Central Bank of Brazil, as defined in norms of the Securities and Exchange Commission (CVM).

§ 2 In the operations referred to in item III of § 1 carried out with securities that are not issued by the National Treasury and without the contracting of a clearinghouse or service provider mentioned in item II of the caput, the operation contract must contain a clause providing for a mechanism for resolution of failure to deliver the securities subject to the operation by the party that assumed the resale commitment, which allows the party with the repurchase commitment:

I - to acquire in the market the securities subject to the operation or equivalent securities; and

II - to charge the defaulting party for any losses resulting from this acquisition.

Art. 6 Securities subject to resale commitments without a free movement agreement cannot be sold or otherwise negotiated, except when it concerns new repo operations without a free movement agreement and with a repurchase date equal to or prior to the date of the committed resale.

CHAPTER III

HABILITATION

Art. 7 In repo operations carried out by the institutions referred to in art. 1, it is mandatory that at least one of the contracting parties to the operation be one of the following types of institutions authorized by the Central Bank of Brazil, habilitated to carry out repo operations:

I - multiple bank;

II - commercial bank;

III - investment bank;

IV - development bank;

V - credit, financing, and investment company;

VI - securities broker;

VII - securities dealer;

VIII - Caixa Econômica Federal; or

IX - credit cooperative.

§ 1 An institution is considered habilitated that, having met the conditions established in current regulation, sends written communication to the Central Bank of Brazil, at least five days in advance of the start of its activity in a specific modality of repo operations, informing the intention to carry out this modality of operations, the start date of the repo operations, and the name of at least one administrator responsible for them.

§ 2 In the event of substitution of the administrator responsible for the repo operations, the fact must also be communicated to the Central Bank of Brazil, within a maximum period of five days of its occurrence.

CHAPTER IV

LIMITS AND OPERATIONAL NORMS

Art. 8 In carrying out repo operations, the calculation base for the purposes of determining the operational limits of the institutions referred to in this Resolution shall be:

I - in the event that the institution does not belong to a prudential conglomerate, the Reference Equity – RE of the institution; or

II - in the event that the institution belongs to a prudential conglomerate, the consolidated RE of the institutions habilitated to carry out repo operations that are part of the prudential conglomerate to which it belongs.

Sole Paragraph. In the case of an institution belonging to a prudential conglomerate mentioned in item II of the caput, the verification of compliance with the operational limits referenced in RE as provided for in art. 9, caput, items I and II, must consider, in a consolidated manner, both the operations carried out by the institution itself and the operations carried out by other habilitated institutions belonging to the same conglomerate.

Art. 9 The institutions referred to in this Resolution are subject to the following operational limits:

I - thirty times the calculation base referred to in art. 8, in the case of operations, isolated or cumulatively, with:

a) securities issued by the National Treasury, securitized credits by the National Treasury, and Land Debt Securities issued by the National Institute for Colonization and Agrarian Reform;

b) securities issued by the States, the Federal District, or the Municipalities;

c) securities issued by public companies and mixed-economy non-financial companies, their subsidiaries, and other companies controlled, directly or indirectly, by the Union, the States, the Federal District, and the Municipalities, including companies with exclusive object; and

d) private securities; and

II - the updated amount of securities in circulation issued by the respective states or municipalities, in the case of repo operations carried out by institutions that administer state or municipal public debt funds.

§ 1 The forward purchase operations provided for in art. 2, caput, item V, and the forward purchase or sale operations referred to in art. 2, caput, item VI, must be computed for the purpose of the operational limits established in item I of the caput.

§ 2 Institutions that administer state or municipal public debt funds, in carrying out repo operations with securities other than those issued by the respective states or municipalities, must observe the operational limits established in item I of the caput.

§ 3 In addition to the cumulative limit referred to in item I of the caput, an additional operational limit of five times the calculation base referred to in art. 8 applies to repo operations with private securities referred to in item I, letter "d", of the caput.

§ 4 The risk diversification limit provided for in current regulation that deals with maximum exposure limits per client and maximum concentrated exposure limits does not apply to state and municipal public securities subject to repo operations in the manner of item II of the caput.

Art. 10 For the purpose of verifying compliance with the operational limits established in art. 9, the following procedures must be observed:

I - if the repurchase or resale period and profitability are defined, repo operations must be computed by their respective settlement values;

II - if the repurchase or resale period is open, or stipulated for any time during a certain period, and profitability is defined, repo operations must be computed, respectively, by the redemption value of the securities or by the settlement value provided for at the end of the agreed period;

III - repo operations without a defined repurchase or resale price, having as object securities with remuneration contracted based on a fixed rate, must be computed by the redemption value of the securities;

IV - repo operations without a defined repurchase or resale price, having as object securities with remuneration contracted based on floating rates, must be computed by the value of the securities, evaluated by the last updated nominal value plus accrued interest, if any;

V - forward purchase or sale operations, having as object securities with remuneration contracted based on a fixed rate, must be computed by their respective settlement values; and

VI - forward purchase or sale operations, having as object securities with remuneration contracted based on floating rates, must be computed by their respective settlement values, if provided, or by the value of the securities, evaluated by the last updated nominal value plus accrued interest, if any.

Art. 11 For the purpose of compliance with the operational limits referred to in art. 9, the following are not computed:

I - repurchase or resale commitments of securities that have served as collateral, respectively, for resale or repurchase commitments assumed by the same institution, provided that such commitments have the same settlement date;

II - repo operations provided for in art. 2, caput, items III and IV;

III - forward sale operations provided for in art. 2, caput, item V;

IV - repo operations in which institutions participating in Selic or in a custody and settlement system for operations with securities authorized by the Central Bank of Brazil or by the Securities and Exchange Commission (CVM) act as mere intermediaries, not assuming the status of contracting party; and

V - repo operations with federal public securities carried out by institutions issuing electronic money exclusively to meet the requirement of maintaining liquid resources corresponding to the electronic money liabilities of these institutions, provided they are separated in specific accounts for this purpose in Selic.

Sole Paragraph. For the purposes of items I and III of the caput, it is admitted that the securities subject to a certain repurchase or resale commitment or a certain forward sale operation may be related to more than one resale or repurchase commitment or to more than one forward purchase operation.

Art. 12 It is prohibited to carry out, extend, or renew repo operations with securities issued or accepted by institutions:

I - linked to each other; and

II - part of the same prudential conglomerate.

Sole Paragraph. For the purposes of this article, institutions are considered linked to each other if:

I - one participates with 10% (ten percent) or more of the capital of the other, directly or indirectly;

II - administrators and their relatives up to the second degree of one participate, jointly or individually, with 10% (ten percent) or more of the capital of the other, directly or indirectly;

III - shareholders with 10% (ten percent) or more of the capital of one participate with 10% (ten percent) or more of the capital of the other, directly or indirectly; or

IV - have a common administrator.

Art. 13 Regardless of habilitation, the institutions referred to in this Resolution may assume conjugated commitments of repurchase and resale of the same securities or carry out forward purchase operations conjugated with forward sale operations of the same securities, provided that:

I - at least one of these commitments is assumed or one of these operations is contracted with an institution habilitated to carry out repo operations;

II - the referred commitments and operations are registered on the same date and have the same settlement date; and

III - the financial values of the repurchase or forward purchase operations are lower than those of the corresponding resale or forward sale operations.

Sole Paragraph. For the purposes of this article, it is admitted that the securities subject to a certain repurchase or resale commitment or a certain forward purchase or sale operation may be related, respectively, to more than one resale or repurchase commitment or to more than one forward sale or purchase operation.

CHAPTER V

DISCLOSURE OF INFORMATION AND SUBMISSION OF DOCUMENTS

Art. 14 The Central Bank of Brazil, in the exercise of its legal attributes, may regulate the conditions for providing and disclosing information about the repo operations with fixed-income securities referred to in this Resolution.

CHAPTER VI

GENERAL PROVISIONS

Art. 15 At the discretion of the Central Bank of Brazil, securities purchase operations that have been subject to final sale by the buyer, carried out at prices other than market prices or that configure, in any way, the payment of defined profitability or established based on a remuneration parameter, may be characterized as repo operations, subject to the norms of this Resolution.

Art. 16 Non-compliance with the requirements of this Resolution and, in particular, the occurrence of any of the following situations, subjects the institution and its administrators to the sanctions provided for in current legislation and regulation:

I - carrying out repo operations having as object securities other than those referred to in art. 3;

II - sale of securities without the seller having, at the time, ownership of the negotiated securities, except for the operations referred to in art. 2, caput, items V and VI, and those registered and settled in a clearing and settlement system for operations with securities authorized by the Central Bank of Brazil or by the Securities and Exchange Commission (CVM) and administered by a clearinghouse or service provider that assumes the position of contracting party for the purposes of settling the operations carried out through its intermediation;

III - creation of artificial trading conditions or manipulation of prices of securities subject to repo operations;

IV - non-observance of the operational limits established in this Resolution;

V - non-compliance with the obligation to submit, at the times established in current regulation, information related to repo operations; or

VI - adoption of a practice that deliberately implies the presentation of inaccurate information.

Art. 17 The Central Bank of Brazil, in the exercise of its legal attributes, may, at any time, determine the suspension of the carrying out of repo operations by an institution that does not meet or ceases to observe the conditions established in this Resolution.

CHAPTER VII

FINAL PROVISIONS

Art. 18 This Resolution enters into force on January 2, 2026.

GILNEU FRANCISCO ASTOLFI VIVAN NILTON JOSÉ SCHNEIDER DAVID

Director of Regulation Director of Monetary Policy