BCB Resolution No. 542 — Establishes Conditions for the Formation, Organization, and Operation of Foreign Exchange Brokerage Companies

BCB RESOLUTION NO. 542, OF DECEMBER 18, 2025

Establishes conditions for the formation, organization, and operation of foreign exchange brokerage companies.

The Collegiate Board of the Central Bank of Brazil, in a session held on December 16, 2025, based on Articles 9º-A, caput, item I, of Law No. 4,728, of July 14, 1965, Article 8º of Law No. 14,478, of December 21, 2022, and Article 1º, caput, item I, of Decree No. 11,563, of June 13, 2023, 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. 1º This Resolution establishes the general norms to be observed regarding the organization, discipline, supervision, and activities of foreign exchange brokerage companies.

CHAPTER II
ON THE CHARACTERISTICS, FORMATION, OPERATION, AND OPERATIONAL NORMS

Section I
On the corporate object and admitted operations and activities

Art. 2º The corporate object of a foreign exchange brokerage company is the intermediation in foreign exchange operations and the practice of operations in the foreign exchange market, in accordance with the terms and limits of the legislation and regulations in force.

Art. 3º It is permitted for the foreign exchange brokerage company, in addition to the operations provided for in Art. 2º, to act as:

I - issuer of electronic money; and

II - intermediary of virtual assets.

§ 1º The faculties referred to in the caput must be exercised in consonance with the legislation and regulations that govern the provision of the aforementioned services.

§ 2º The services provided for in the caput must not be the main object of the foreign exchange brokerage company.

Section II
On the formation, authorization for operation, and the corporate name and share capital

Art. 4º Foreign exchange brokerage companies must be formed as joint-stock companies (sociedades anônimas) or limited liability companies (sociedades limitadas).

Sole Paragraph. The formation of a foreign exchange brokerage company as a business entity in which a natural person appears as the sole partner is prohibited.

Art. 5º The operation of foreign exchange brokerage companies depends on prior authorization from the Central Bank of Brazil, in the form of specific regulation.

Art. 6º The corporate name of the institutions referred to in Art. 2º must include the expression "Sociedade Corretora de Câmbio" (Foreign Exchange Brokerage Company).

§ 1º The use of terms characteristic of the nomenclature of other institutions authorized to operate by the Central Bank of Brazil, in Portuguese or in a foreign language, is prohibited.

§ 2º The expression "Sociedade Corretora de Câmbio" is exclusive to foreign exchange brokerage companies.

Section III
On prohibitions

Art. 7º It is prohibited for the foreign exchange brokerage company to:

I - carry out operations that characterize, in any form, the granting of financing, loans, or advances to its clients, including through the assignment of rights;

II - acquire assets not intended for own use, except those received in the settlement of debts that are difficult or doubtful to collect, in accordance with current regulation; or

III - obtain loans or financing from financial institutions, except if linked to the acquisition of assets for own use.

Section IV
On assistance to counterparties of operations

Art. 8º Foreign exchange brokerage companies shall provide assistance, guidance, and technical support, including via virtual means, to the counterparties of the operations in which they intervene, until the final settlement of the respective contracts.

CHAPTER III
GENERAL AND FINAL PROVISIONS

Art. 9º The Central Bank of Brazil shall adopt, within the terms of its legal competencies, the measures necessary for the execution of the provisions of this Resolution.

Art. 10. Resolution CMN No. 5,009, of March 24, 2022, published in the Official Gazette of the Union on March 28, 2022, is hereby revoked.

Art. 11. This Resolution enters into force on February 2, 2026.

GILNEU FRANCISCO ASTOLFI VIVAN
Director of Regulation