Central Bank Resolution No. 522 of November 10, 2025, amending Resolution No. 150 to establish rules for improving centralized risk management structures in payment arrangements within the Brazilian Payment System (SPB)

Central Bank Resolution No. 522, of November 10, 2025

Amends
Resolution BCB No. 150, of October 6, 2021, which regulates the provision of payment services within the scope of payment arrangements integrated into the Brazilian Payment System – SPB, and its Annex I, to establish rules for improving the centralized risk management structures of arrangements integrated into the SPB, and provides other measures.

The Collegiate Board of the Central Bank of Brazil, in a session held on November 6, 2025, based on arts. 6, 7, 9, 12-A, 12-C, and 15 of Law No. 12,865, of October 9, 2013, art. 10 of Law No. 10,214, of March 27, 2001, art. 28, caput, item II, of Law No. 12,810, of May 15, 2013, and art. 12 of CMN Resolution No. 4,952, of September 30, 2021, and considering the provisions of Resolution No. 4,282, of November 4, 2013,

R E S O L V E S:

Art. 1. Resolution BCB No. 150, of October 6, 2021, published in the Official Gazette of the Union on October 8, 2021, shall enter into force with the following alterations:

“Art. 2. ...................................................................................................................................

I - .............................................................................................................................................

a) accepted only in the network of establishments of the same business entity, when not issued by it, or in the store networks of entities belonging to the same corporate group, regardless of the issuer;

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II - ............................................................................................................................................

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b) 100,000,000 (one hundred million) transactions; or

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§ 2. The issuer of a payment arrangement (issuer) not part of the SPB based on item II of the caput must monitor the evolution of the indicated limits and, upon verifying the breach of any of these limits by any of the arrangements established by it, must, except for the cases of exemption provided for in art. 21 of Annex I to this Resolution, submit an authorization request for all arrangements established by it that are not included in items I or III of the caput, within ninety days, counted from the date of the breach.

.......................................................................................................................................” (NR)

“Art. 5. Payment institutions authorized to operate by the Central Bank of Brazil that, under the applicable regulations, are holders of a Clearing Account at the Central Bank of Brazil may participate directly, for settlement purposes, in the clearing and settlement systems of interbank orders for fund transfers, in which case each entity shall act as:

I - issuing or receiving institution for the Electronic Available Transfer – TED;

II - receiving or destination institution, regarding payment slips; and

III - sending or destination institution for Credit Document – DOC.

.......................................................................................................................................” (NR)

Art. 2. Annex I to Resolution BCB No. 150, of October 6, 2021, published in the Official Gazette of the Union on October 8, 2021, shall enter into force with the following alterations:

“Art. 2. ...................................................................................................................................

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VIII - domicile institution: financial or payment institution, participant of the payment arrangement, holder of a deposit account or prepaid payment account chosen by the final receiving user for ordinary credit of its authorized receipts within the scope of the payment arrangement;

IX - sub-accredited entity: participant of the payment arrangement that enables, exclusively, the final receiving user to accept a payment instrument issued by a payment institution or by a financial institution participating in the same payment arrangement, but that does not participate in the payment transaction settlement process as a creditor against the issuer;

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XI - BR Code: fast response code standard determined by the Central Bank of Brazil for the purpose of initiating payments;

XII - continuous and integrated risk management structure: set of policies, processes, procedures, systems, assessments, communications, and controls provided for in the arrangement’s regulation that allow its issuer to centrally manage the arrangement’s risks in order to identify, measure, evaluate, monitor, report, control, and mitigate risks;

XIII - credit risk: the possibility of occurrence of losses associated with the default of financial obligations of a participant towards other participants or the issuer;

XIV - liquidity risk: the possibility that the participant may not be able to timely honor its expected and unexpected, current and future obligations, in the process of settling the arrangement’s payment flows, without affecting its daily operations and without incurring significant losses;

XV - operational risk: the possibility of occurrence of losses in the arrangement’s payment flow due to external events or failure, deficiency, or inadequacy of internal processes, people, or systems by participants or the issuer, including failures in initiation, identification, authentication, authorization, and in the protection and security of payment transaction users’ data;

XVI - money laundering, terrorist financing, and proliferation of weapons of mass destruction risk: the possibility that arrangement participants are used for money laundering, terrorist financing, and proliferation of weapons of mass destruction;

XVII - payer user relationship risk: the possibility of occurrence of damage to the payer user resulting from inadequate conduct adopted by arrangement participants in carrying out payment transactions;

XVIII - fraud risk: the possibility of occurrence of damage to final users, arrangement participants, or the issuer, resulting from deliberate and deceptive action practiced by an internal or external agent, with the objective of obtaining undue advantage for oneself or others, generally through manipulation of information, documents, or systems;

XIX - scam risk: the possibility of occurrence of damage to final users, arrangement participants, or the issuer, resulting from deliberate and deceptive action practiced by an internal or external agent, with the objective of obtaining undue advantage for oneself or others, generally through social engineering or identity simulation;

XX - social, environmental, and climate risks: the possibility of occurrence of losses caused by events associated with the violation of fundamental rights and guarantees or acts harmful to common interest, environmental degradation, or events associated with transition or physical climate risks, as defined in the applicable regulations;

XXI - financial risk management mechanisms: set of actions provided for in the arrangement’s regulation, centrally managed by the issuer, to ensure that, in the event of default or failure of a participant, the resources destined for the settlement of payment transactions authorized within the scope of the arrangement are received in full by the final receiving users or by those entitled to receive these resources, which may include:

a) prior provision of individual guarantees to the issuer by participants involved in the transaction’s financial flow, in the form of art. 12-C of Law No. 12,865, of October 9, 2013; and

b) other actions compatible with the risk management objectives among arrangement participants defined in this Regulation;

XXII - issuer guarantor fund: fund formed by assets and rights exclusive to the issuer, constituted in the form of separate equity, in the form of art. 12-C of Law No. 12,865, of October 9, 2013, intended to cover the financial flow of transactions to be settled in extreme situations;

XXIII - extreme situation: event in which the financial risk management mechanisms established by the issuer are insufficient or untimely to cover the financial flow of transactions to be settled, in the event of default or failure of one or more arrangement participants, including failures in the execution of the procedures cited in art. 33, § 4, item III;

XXIV - qualified liquid resources: assets that remain liquid in markets during periods of stress, are easily and immediately convertible into cash, have low correlation with high-risk assets, and do not constitute an obligation of a financial institution or entity that makes up the prudential conglomerate, of which examples include:

a) national currency resources with immediate liquidity, deposited in financial or payment institutions with accounts at the Central Bank of Brazil and authorized by it to operate that are not subject to a resolution regime;

b) own investments that are easily convertible into previously quantifiable values, subject to low risk of value variation, and without impediment or restriction for their negotiation;

c) guarantees convertible into previously quantifiable values, subject to low risk of value variation, and without impediment or restriction for their negotiation; and

d) resources to be obtained through unilaterally non-revocable liquidity credit lines contracted with financial institutions not subject to a resolution regime;

XXV - stress test: exercise for prospective assessment of the potential impacts of adverse events and circumstances on the arrangement, in order to identify possible vulnerabilities of the continuous and integrated risk management structure;

XXVI - backtesting: comparison between observed values and those expected by credit and liquidity risk calculation models, in order to verify their accuracy;

XXVII - chargeback: reversal or cancellation of a payment transaction at the request of the payer user or the issuer of the payment instrument, resulting from fraud, scam, processing failure, authorization failure, or commercial dispute with the receiving user, according to rules defined in the arrangement’s regulation;

XXVIII - authorized payment transaction: payment transaction that successfully completed the payment transaction authorization process described in item III, with the recognition of the obligation to settle the total value of the transaction, according to the rules defined in the arrangement’s regulation, including any future installments;

XXIX - pass-through mechanisms: mechanisms intended to ensure that the flow of resources is received by arrangement participants from the payment of obligations by the payer user until its receipt by the final receiving user or by the holder of the right to receive these resources, as provided in art. 12-A of Law No. 12,865, of October 9, 2013;

XXX - alternative processor: third-party entity or system, designated by the issuer and contracted by the arrangement participant, with the objective of ensuring the operational continuity of collection and payment flows in the event of participant failure, according to the arrangement’s rules; and

XXXI - critical event: event of significant impact that compromises or threatens to compromise business continuity, information security, integrity, or compliance of payment services provided within the scope of the arrangement.” (NR)

“Art. 3. ...................................................................................................................................

Sole paragraph. .....................................................................................................................

I - possess technical-operational, organizational, administrative, and financial capabilities to fulfill the obligations imposed on it by this Regulation and other applicable norms, and its attributions within the arrangement it establishes;

.......................................................................................................................................” (NR)

“Art. 4. ...................................................................................................................................

I - .............................................................................................................................................

a) to the prevention of currency offenses, money laundering, terrorist financing, and proliferation of weapons of mass destruction, as well as compliance with sanctions imposed by resolutions of the United Nations Security Council or by designations of its sanctions committees that determine the unavailability of assets;

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e) to the availability of services;

f) to the capacity for service provision;

g) to compliance with requirements concerning financial risk management mechanisms;

h) to the service provided to the payer user, including conflict mediation; and

i) to the monitoring of atypical payment transactions or incompatible with the nature, revenue, or income of the final receiving user, for the purpose of preventing fraud and scams;

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III - prevention and combating of fraud and scams in each participating institution;

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V - interoperability among arrangement participants;

VI - interoperability with other payment arrangements, when applicable, including the provision for transferring resources to other payment arrangements; and

VII - mechanisms for contesting and disputing payment transactions, of all modalities.

Sole paragraph. The Central Bank of Brazil, at its discretionary evaluation, may determine the adoption of additional measures to be adopted by issuers related to the operational aspects of item I of the caput.” (NR)

“Art. 6. The issuer must observe the requirements regarding the implementation of internal control systems, in accordance with the applicable regulations.” (NR)

“Art. 13. ..................................................................................................................................

I - possess authorization to operate or to provide payment services, granted by the Central Bank of Brazil, in cases where such authorization is required by relevant regulation, except for specific provisions governing the provision of payment services during the authorization process of these entities; and

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§ 1. The participation referred to in the caput must be formalized through a contract, which must identify the modalities of participation, and acting in a modality not contemplated in the contract is prohibited.

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§ 3. The issuer must continuously monitor its participants regarding the need for the authorization mentioned in item I of the caput and promptly communicate to the Central Bank of Brazil situations in which a participant comes to request such authorization.” (NR)

“Art. 15. Within closed arrangements, the provisions of this Section do not apply to electronic currency management, account management, issuance, and accreditation of payment instruments activities, which must be carried out exclusively by its issuer, by institutions controlled by the issuer, by controlling entities of the issuer, or by entities that share the same controller as the arrangement’s issuer, provided that:

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§ 1. If the settlement of payment transactions ceases to be carried out exclusively in the books of the institution holding the users’ final accounts, as provided in item II of the caput, its issuer must submit to the Central Bank of Brazil, within thirty days counted from the alteration of the settlement method, a request for alteration of the arrangement’s regulation that includes criteria for the participation of financial institutions or payment institutions in the modalities in which participation was restricted.

§ 2. The alterations to the arrangement’s regulation referred to in § 1 must include organizational restructuring and procedures, in order to ensure effective competition in all modalities of participation within the arrangement, including with respect to fees due between participants and between participants and the issuer.” (NR)

“Art. 16. ..................................................................................................................................

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III - the identification of all members of the contractual or statutory bodies and the designation of directors responsible for the following activities:

a) responding to requests from the Central Bank of Brazil related to issues concerning the arrangement;

b) management of financial and operational risks covered by arts. 31 to 36;

c) prevention of money laundering and terrorist financing and proliferation of weapons of mass destruction;

d) management of social, environmental, and climate risks; and

e) control of payer user relationship risk;

IV - the arrangement’s regulation, a set of documents containing exclusively the information and rules applicable to arrangements established in the country;

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§ 6. The issuer must communicate to the Central Bank of Brazil whenever there is an alteration in the composition of the contractual or statutory bodies and the responsible directors referred to in item III of the caput, in accordance with the provisions of the applicable regulations.” (NR)

“Art. 17. ..................................................................................................................................

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IV - other documents deemed necessary to make decisions related to the authorizations provided for in this Regulation.” (NR)

“Art. 19. ..................................................................................................................................

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XI - the identification of the risks in which participants and the issuer itself incur due to the rules and procedures governing the provision of payment services covered by the arrangement, as well as the detailed structure of the continuous and integrated risk management structure and the financial risk management mechanisms implemented, their order of execution, and associated responsibilities;

XII - the structure of fees and other forms of remuneration, regular and occasional, including those charged by the issuer and fees charged between arrangement participants, as well as the calculation methodologies for determining the respective values;

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XVII - the penalties, including monetary ones, applicable to participants in the event of non-compliance with business contractual rules, including situations that may lead to their exclusion as a participant;

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XX - the rules and mechanisms for interoperability among arrangement participants;

XXI - the rules and mechanisms for interoperability with other arrangements, including the provision for transferring resources between them; and

XXII - the delimitation of responsibilities between the issuer and its participants regarding the management of the service provided to the payer user.

§ 1. .........................................................................................................................................

I - arrangement participants have adequate information about their rights, duties, responsibilities, costs, and risks incurred when participating in the arrangement; and

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§ 1-A. The issuer may, with justified grounds, restrict public access as referred to in § 1 to documents of the arrangement’s regulation that contain information considered confidential and whose public access may bring competitive advantage to other market agents or put the arrangement’s operation at risk.

§ 1-B. The arrangement’s regulation documents with restricted public access, in the form of § 1-A, as well as the justification presented, must be accessible to the Central Bank of Brazil and to arrangement participants.

§ 1-C. The Central Bank of Brazil may, at any time, determine public access to documents considered restricted by the issuer, as referred to in § 1-A, if it finds the justification presented inadequate or that the restriction on its disclosure has the potential to compromise the objectives established in § 1.

“

§ 4º
.........................................................................................................................................

I - the current version of all documents that make up the regulation of the arrangement referred to in art.
16, caput, item IV, evidencing version control and the history of changes; and

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§ 5º The values charged to participants directly or indirectly by the organizer, referred to in items XII and XVII of the caput, include:

I - regular fees:
recurrent fees and other forms of remuneration that apply to the regular course of transactions;

II - occasional fees:
fees and other forms of remuneration that apply to specific events or optional adherence services provided for in the arrangement's regulation, not classified as regular fees; and

III - penalties: monetary values charged exclusively as a result of non-compliance with the rules of the arrangement's regulation.

§ 6º With regard to the values referred to in items II and III of § 5º, the organizer is prohibited from charging fees and penalties resulting from omissive or commissive conduct of other participants or service providers over whom the participant subject to the charge does not exercise control or has powers of management or unilateral termination of the service provision contract.

§ 7º The information regarding the fee structure and penalties, referred to in items XII and XVII of the caput, contained in the arrangement's regulation, must allow participants to clearly, directly, and objectively identify each of the fees, penalties, and other forms of value collection that remunerate, directly or indirectly, the organizer or other participants of the arrangement.

§ 8º The structure of fees and penalties, referred to in items XII and XVII of the caput, when referring to transactions carried out within the scope of arrangements of domestic territorial coverage, must be designated in Brazilian Reais, without linkage or indexing to other currencies.” (NR)

“Art. 20.
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I - the provision of new participation modalities, the exclusion of existing modalities, and the changes in the responsibilities of each modality;

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IV - changes in the rights or duties that have the potential to increase participants' risks or limit their activity within the arrangement;

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VI - the rules governing the decision-making processes within the arrangement, such as dispute resolution, arbitration process, penalties, and criteria for authorization and rejection of transactions;

VII - risk management mechanisms for financial, operational, and other risks incurred by participants;

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IX - changes in the pricing structure, fees, and other forms of remuneration classified under art. 19, § 5º, items I and II, defined within the scope of the arrangement, charged directly or indirectly by the organizer of the arrangement from its participants or due between participants of the arrangement, when referring to:

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f) the use of the brand; or

g) the provision of information intended for the calculation of participants' positions with a view to the settlement of transactions or data reconciliation;

X - the criteria and rules governing interoperability between participants of the arrangement or between payment arrangements that affect participants of the arrangement; or

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§ 1º The hypotheses listed in item IX of the caput include, among other situations, the creation and extinction of fees, the change in the definition of the paying participant or the receiving participant, the change in the triggering event of the fee, and the change in processes that directly impact the flow of fee payments, excluding changes or definitions of the value of said fees.

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§ 3º The modifications referred to in the caput and § 2º must be sent to the Central Bank of Brazil in a formal document, containing a summary of the changes made, the communications sent to the participants of the arrangement with the respective response of the organizer to the manifestations of these, in accordance with art. 28, and the regulation, highlighting the changes in relation to the current version.

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§ 5º The process of authorization of changes to the documents, referred to in the caput, will observe the evaluation criteria defined in art. 16, § 1º.” (NR)

“Section
III-A

Of the archiving without merit analysis and the denial of authorizations

Art. 21-A. With regard to the authorization requests referred to in this Resolution, the Central Bank of Brazil may:

I - archive them, without assessment of the merits, when:

a) the arrangement has not met the minimum parameters required by applicable regulation to be considered
part of the SPB, except as provided in art. 2º, § 1º, of this
Resolution;

b) the instruction of the request is not in accordance with the format required in the current regulation;

c) the organizer does not comply, within the deadline established by the Central Bank of Brazil, with requests for complement or clarification of information or for summons to specific meetings about the authorization request; or

d) the request does not present sufficient information to allow its adequate evaluation by the Central Bank; or

II - deny them, if it is found:

a) falsity or omission in the declarations and documents presented in the instruction of the processes or discrepancy between them and the facts or data found in the analysis;

b) non-compliance with any of the requirements or conditions established in this Resolution or non-proof by the interested parties of the compliance with these requirements or conditions; or c) the existence of findings regarding the interested party pending regularization resulting from the supervision or monitoring processes carried out by the Central Bank of Brazil.

Sole Paragraph. The Central
Bank of Brazil, in the analysis of the authorization processes referred to in this Resolution, may disregard the findings mentioned in item II, letter “c”, of the caput, in the following situations:

I - the organizer has presented a solution or regularization plan, already homologated by the Central Bank of Brazil and effectively in progress; or

II - the relevance, the gravity, the recurrence, and the circumstances that generated the occurrence may justify such action.” (NR)

“Art. 21-B. In the case of denial or archiving without merit analysis of the authorization request for the establishment of an arrangement considered part of the SPB in which no further appeal is possible, the organizer must present, within a period of up to ninety days from the notification of the Central Bank of Brazil's decision, an orderly exit plan, in accordance with the provisions of art. 23-A.

Sole Paragraph. The denial or archiving of the authorization request, referred to in the caput, by the Central Bank of Brazil does not exempt the organizer from obligations arising from its contractual relationships.” (NR)

“Section
IV

Of cancellation at the request of the authorization for the establishment of payment arrangements

Art.
22. The closure of the set of activities carried out within the scope of the arrangement
authorized by the Central Bank of Brazil, when by the will of the organizer, must be preceded by a request for cancellation of the authorization subject to approval by the Central Bank of Brazil.

§ 1º The request for cancellation must include the orderly exit plan, in accordance with the provisions of art. 23-A.

.......................................................................................................................................”
(NR)

“Section
IV-A

Of the orderly exit plan

Art. 23-A. In cases of closure of the arrangement's activities, the organizer must present the orderly exit plan, to be approved by the Central Bank of Brazil, encompassing, at a minimum, the following aspects:

I - the deadline provided for the cessation of the capture of new transactions within the scope of the arrangement and for the closure of its activities; and

II - the mechanisms to be adopted to mitigate any risks to the normal functioning of retail payment transactions, where applicable, especially the form and deadline for settlement of pending transactions.

§ 1º The organizer must:

I - within ten days of receipt of the notification of approval of the plan referred to in the caput, disclose to the public the intention to close the arrangement's activities, including the deadline provided for such closure; and

II - keep the Central
Bank of Brazil updated on the compliance with the execution of the steps provided for in the orderly exit plan.

§ 2º Confirmed the completion of the fulfillment of the orderly exit plan, the Central Bank of Brazil will disclose to the public the intention to authorize the closure of the arrangement's activities, with a view to the possible presentation of objections within a period of thirty days.

§ 3º In cases of denial or archiving of the authorization request for the establishment of an arrangement without merit analysis or of cancellation at the request of the authorization of operation, the Central Bank of Brazil may determine, at any time, the complete cessation of activities, indicating the deadline for the cessation of the capture of new transactions within the scope of the arrangement and for the closure of its activities, as well as the form and deadline for the settlement of operations, in cases of:

I - non-presentation of the orderly exit plan within the deadline provided for in art. 21-B;

II - non-approval, by the
Central Bank of Brazil, of the orderly exit plan; or

III - non-compliance with the approved orderly exit plan.” (NR)

“Section
V

Of the monitoring of payment arrangements and the supervision of arrangement organizers

Art. 24. The Central Bank of Brazil will carry out the activities of monitoring of arrangements part of the SPB and of supervision of their respective organizers (monitoring and supervision).

§ 1º The Central Bank of
Brazil may determine that the organizers of arrangements part of the SPB provide information and documents in the form and within the deadline established by it, including:

.................................................................................................................................................

III - records of fraud and scams;

IV - records of dispute resolution;

V - audit reports; and

VI - reports on the monitoring and audit activities of participants.

§ 2º The Central Bank of
Brazil, in the exercise of monitoring and supervision activities, may request information from arrangement participants regarding the functioning of these arrangements and the performance of their respective organizers.

§ 3º Monitoring and supervision, in addition to prudential and conduct aspects of the organizer, comprise the actions of the Central Bank of Brazil that have the purpose of the continuous improvement of the efficiency and security of payment services provided within the scope of the arrangements, in order to ensure the normal functioning of retail payment transactions in a competitive environment that promotes the capacity for innovation and the diversity of business models.” (NR)

“Art. 25. Monitoring and supervision may be extended to third-party companies, at the discretion of the Central Bank of Brazil, if these carry out important stages related to the payment service provided within the scope of the arrangement.

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(NR)

“Art. 26. Monitoring and supervision may be carried out, among other forms, by means of:

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IV - determination of changes in the rules listed in art. 19;

V - inspections;

VI - requests for information, including from the organizer, and compliance reports; and

VII - application of penalties, coercive and precautionary measures, penalty fines, and conclusion of terms of commitment and administrative agreement in supervision processes, in accordance with Law No. 13.506, of November 13, 2017.” (NR)

“Art. 27. ..................................................................................................................................

§ 1º The organizer must establish criteria for the admission of proposals, suggestions, and manifestations of associations representing its participants (associations), the respective channel for interaction with the organizer, and the criteria for eventual exclusion of the association as eligible to send manifestations in cases of misuse of the interaction channel.

§ 2º The possibility of participation of associations, referred to in § 1º, does not replace the possibility of individual manifestation of its associated participants of the arrangements.”
(NR)

“Art. 28. The requests for authorization of changes to the regulation of arrangements, referred to in art. 20, must be preceded by consultation to the participants, duly supported by an analysis containing information and data on the effects and financial and non-financial impacts resulting from the change on the participants, carried out in a period of no less than thirty days, except in cases of urgency duly justified by the organizer to the participants, and must be sent to the Central Bank of Brazil accompanied by an executive summary, containing:

I - a brief description of each proposed change to the regulation, as presented to the participants, and the consolidated summary of the impacts reported by those who manifested, segmented by participation modality and size of the respondents, accompanied by an evaluation of the organizer regarding the reported;

II - quantity of participants, segmented by participation modality and size, and of associations that manifested in favor, in favor with reservations, against, and indifferent to each proposal, according to the declaration of the manifestants themselves;

III - list of participants and associations that manifested, the participation modality and the size considered for each of the participants; and

IV - technical study supported containing, at a minimum, the impact on participants' costs and on the estimated revenues for the organizer, in the case of inclusion of a fee, or another form of remuneration, direct or indirect, or change in its calculation methodology or changes in the structure mentioned in art. 19, caput, item XII.

§ 1º The entry into force of the changes referred to in art. 20, § 2º, must be preceded by communication to the participants, carried out in a period of no less than thirty days, except in cases of urgency duly justified by the organizer to the participants.

§ 1º-A The entry into force of the changes referred to in art. 20, caput, must be preceded by specific communication to the participants, carried out in a period of no less than fifteen days from the date of communication by the Central Bank of Brazil of its authorization, except in cases of urgency duly justified by the organizer to the participants.

§ 2º The electronic consultation system referred to in art. 27 must remain open to participants and to associations, through registration and individual access, for the elaboration of proposals, suggestions, and manifestations before the organizer.

§ 3º The organizer must, for each manifestation received within the scope defined in art. 27, respond to the participant or to the respective associations within a maximum period of fifteen days, subject to extension by an equal period, as long as duly justified, and keep a record of the manifestations and corresponding responses for a minimum period of one year, from the receipt of the manifestation or, when it is a case of proposal for regulation change, from the implementation of the proposal.

§ 4º Participants and associations must have access only to their own consultations and to the corresponding manifestations issued by the organizer.

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(NR)

“Art. 30.
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§ 3º .........................................................................................................................................

I -
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a) payment institution that provides an acquiring service;

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§ 5º-A The participation of sub-acquirers in centralized settlement is mandatory, when they act, in the capacity of receiver of payment flows or payer to end-user receivers, in transactions of arrangements subject to centralized settlement.

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§ 11. Organizers must establish, in their respective regulations, mechanisms that ensure that all obligations settled by their participants in a non centralized manner, including advances made to the end-user receiver, referred to in item I of § 3º, are reported to the clearinghouse or to the compensation and settlement service provider that operates the system referred to in item I of the caput until the next business day following the settlement of each payment transaction.

§ 12. Organizers must establish in their respective regulations the penalties applicable to participants of the arrangement in case of non-compliance with the sending of information in accordance with § 11.

§ 13. The contract between the organizer and the clearinghouse or the compensation and settlement service provider that operates the system referred to in item I of the caput must contain clauses that establish the obligation of the clearinghouse or the compensation and settlement service provider contracted to provide to the organizer, in a timely and standardized manner:

I - information on the settlement of payment transactions in which they participate or for which they are responsible, including pending obligations;

II - reports on compliance and effectiveness of the mechanisms for transfer between participants; and

III - other information of interest to the organizer for the purpose of monitoring participants of the arrangement.

§ 14. The clearinghouse or the compensation and settlement service provider responsible for the system mentioned in item I of the caput must make available to the entities authorized by the Central Bank of Brazil to register receivables of payment arrangements, for the purpose of reconciliation, the information relating to the settlement of all obligations, within the scope of the arrangement, that are subject to mandatory registration requirement.

§ 15. The information mentioned in § 14 must cover both obligations settled in a centralized manner and those treated in § 11.

§ 16. Each entity registered mentioned in § 14 shall only have access to the settlement information of obligations within the scope of the arrangement of entities connected to it, namely acquirers and sub-acquirers.

§ 17. It is prohibited to charge, by the clearinghouse or the compensation and settlement service provider referred to in § 14, any fee from the registered entities for the purpose of making available the information relating to the settlement of obligations within the scope of the arrangement.” (NR)

“Section
I

Of the continuous and integrated risk management structure of payment arrangements

Art. 31.
....................................................................................................................................

.................................................................................................................................................

Sole Paragraph. The continuous and integrated risk management structure referred to in the caput must be:

I - capable of managing, in a centralized manner, the risks between participants, in order to ensure payment flows and to preserve the resources intended for the settlement of payment transactions necessary for the receipt by the end-user receiver or the right to receive these resources for the fulfillment of this same purpose, for all payment transactions authorized within the scope of the arrangement, including any pending installments;

.......................................................................................................................................”
(NR)

“Art. 32. The structure of continuous and integrated risk management provided for each arrangement established part of the SPB must identify, measure, evaluate, monitor, report, control, and mitigate:

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III - operational risk;

III-A - money laundering and financing of terrorism and proliferation of weapons of mass destruction risk;

III-B - risk of relationship with the paying user;

III-C - fraud risk;

III-D - scam risk;

III-E - social, environmental, and climate risks; and

.................................................................................................................................................

Sole Paragraph. The continuous and integrated risk management structure must also consider the interactions between the various risks mentioned in the caput.” (NR)

“Art. 33. The continuous and integrated risk management structure must provide for:

---”

I - strategies and risk management policies, including the definition of exposure limits and the order of execution of financial risk management mechanisms, clearly documented, formalized, and duly approved by the governing bodies of the issuer;

II - systems, processes, controls, routines, and procedures adequate to ensure the prior identification of risks inherent to each arrangement;

III - effective tracking processes and timely communication of exceptions to risk management policies to the governing bodies of the issuer;

IV - systems dedicated to the execution of routines and procedures for risk management throughout the entire payment flow of the arrangement;

V - assessment, with a minimum semi-annual frequency, of the adequacy of the systems, processes, controls, routines, and procedures related to the risk management structure referred to in item II;

VI - routine for sharing information with arrangement participants, with a minimum quarterly frequency, regarding the risks to which arrangement participants are subject and the results of implemented risk mitigation actions, preserving the confidentiality of arrangement participants' information;

VII - routine for sharing information with the Central Bank of Brazil, with a minimum quarterly frequency, regarding incurred risks and the results of implemented risk mitigation actions, identifying any involved participants and their updated risk status;

VIII - communication to the Central Bank of Brazil, within a maximum period of two business days, from the issuer's knowledge, of the occurrence of a critical event in any of the risks managed by the issuer; and

IX - timely communication to arrangement participants, in the event of critical events that may impact their participation.

§ 1º The systems, processes, controls, routines, and procedures referred to in item II of the caput must:

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III - be objective, non-discriminatory, compatible with the activities performed by the participant, and proportional to the risk incurred and represented by each participant in the provision of the payment service provided for in the arrangement; and

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§ 2º The policies and strategies treated in this article may be defined in an integrated manner for all payment arrangements part of the SPB of the same issuer, but their constitution, implementation, and monitoring must be individualized by arrangement.

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§ 4º When implementing the continuous and integrated risk management structure referred to in Art. 31, the issuer must include, clearly, objectively, and non-discriminatorily:

I - the criteria and model for risk assessment and classification (rating) of participants regarding the risk these participants represent for the provision of the payment service of the arrangement;

II - the criteria for calculating and adjusting the volumes of individual guarantees and other financial risk management mechanisms requested in response to the risk of each type of participant, considering the risk classification referred to in item I;

III - the procedures to be adopted in case of failure or default of participants, with the objective of preserving payment flows until their effective settlement, including those related to the execution of guarantees or other financial risk management mechanisms, the order of their execution, and the role of the issuer and participants in this process;

IV - the method of integrating the rules and procedures for handling settlement obligation failures among participants already defined in the arrangement's compensation and settlement system regulation established as a risk management mechanism; and

V - the procedure to be adopted in case of failure or default of a participant that hinders the settlement flow of transactions, including in extreme situations, in accordance with the responsibilities assigned, in regulation, to the arrangement participants and the issuer itself.

§ 5º The continuous and integrated risk management structure and the monitoring objects and policies must be evaluated and approved by the board of directors or, if nonexistent, by the directorate provided for in the issuer's statutes or social contract, with a minimum annual frequency.

§ 6º In the case of financial risks, the evaluation referred to in § 5º must be based, among other things, on stress tests and backtesting, performed with a minimum bimonthly frequency, including the issuer's analysis of the observed results.

§ 7º Issuers must keep available to the Central Bank of Brazil the documents evidencing compliance with §§ 5º and 6º for a minimum period of five years counted from their approval.

§ 8º The issuer must make available to its participants a consolidated executive report, preserving the confidentiality of arrangement participants' information, with a minimum quarterly frequency, evidencing the result of the evaluation of its risk management structure and the tests referred to in §§ 5º and 6º, respectively, in order to give them transparency regarding the risks they are incurring in relation to other arrangement participants.

§ 9º The issuer must, upon request, make available to the respective arrangement participants the assessment criteria and parameters used to define their risk classification (rating), as well as the calculation memorandum used to define the requirements regarding the risk management mechanisms provided for in its regulation.

§ 10. Any restriction on the provision of information mentioned in § 9º must be duly justified to the arrangement participant and made available to the Central Bank of Brazil.

§ 11. In the communication of critical events to the Central Bank of Brazil, referred to in item VIII of the caput, the actions to mitigate these risks being implemented by the issuer must be included.” (NR)

“Art. 33-A. The issuer must conduct an internal risk assessment with the objective of identifying and measuring the risk of use of its products and services in the practice of money laundering and terrorist financing and the proliferation of weapons of mass destruction, considering, at a minimum, the risk profiles of participants, the issuer, operations, transactions, products, and services, covering all distribution channels, the use of new technologies, and the activities performed by employees, partners, and outsourced service providers.

Sole Paragraph. The internal risk assessment must:

I - assess identified risks regarding their probability of occurrence and the magnitude of financial, legal, reputational, and socio-environmental impacts for institutions participating in the arrangement;

II - define risk categories that enable the adoption of reinforced management and mitigation controls for higher-risk situations and the adoption of simplified controls in lower-risk situations;

III - use as support, when available, assessments conducted by public entities of the country regarding the risk of money laundering and terrorist financing and the proliferation of weapons of mass destruction;

IV - be reviewed every two years, as well as when significant changes occur in the risk profiles mentioned in the caput; and

V - be documented and approved by the director responsible for the activity of preventing money laundering and terrorist financing and the proliferation of weapons of mass destruction.” (NR)

“Art. 33-B. The issuer must conduct an effectiveness assessment of the arrangement's policies, procedures, and controls related to the operational aspects referred to in Art. 4º, caput, item I, letter “a”, and prepare an annual report on this assessment, with a base date of December 31, under the terms and conditions prescribed by the Central Bank of Brazil.” (NR)

“Art. 34. The management of failures in fulfilling obligations between arrangement participants must extend until the settlement of transactions with the home institution chosen by the receiving user, and it is not the issuer's responsibility to guarantee the financial soundness of the home institution.

§ 1º The issuer must be diligent in adopting preventive and timely actions to avoid failures in fulfilling obligations between arrangement participants.

§ 2º The arrangement's regulation must contain, clearly and objectively, a detailed description of the controls and procedures with the objective of detecting and preventingly correcting potential failures in fulfilling obligations between participants.” (NR)

“Art. 35. In structuring the continuous and integrated risk management, the issuer must implement, among other measures, mechanisms capable of ensuring the transfer of resources between arrangement participants destined for payment to the final receiving user, in accordance with Arts. 12-A, 12-B, and 12-C of Law No. 12,865, of October 9, 2013.

Sole Paragraph. For the purpose of complying with the provision of the caput, the issuer may, at its discretion, according to individual risk assessment and participant profile, based on objective, isonomic, transparent, and non-discriminatory parameters, establish in its regulation the implementation of specific continuous use transfer mechanisms in its arrangement, such as:

I - hiring alternative processors to ensure the continuous and secure settlement of the financial flow of payment transactions in the respective arrangement;

II - establishment of a linked account for segregation of resources received by the participant that must be destined for the settlement of payment transactions in the respective arrangement; and

III - fiduciary assignment, to the issuer, of resources deposited in the linked account and credit rights related to the future receipt of these resources related to payment transactions in the respective arrangement.” (NR)

“Art. 35-A. The rules of each payment arrangement must ensure that all payment transactions authorized within its arrangement will be fully paid to the final receiving user or entity subrogated in the right of receipt, in any type of arrangement and transaction type, including in extreme situations, except for chargeback situations.

§ 1º The issuer must adopt continuous monitoring procedures for its participants to ensure that values received from paying users by arrangement participants are transferred to the respective creditors in the transaction flow, until its final settlement.

§ 2º The issuer must provide in its regulation financial risk management mechanisms that ensure the acquirer receives the resources related to authorized payment transactions due to it.

§ 3º The issuer must provide transparency to arrangement participants and final users regarding the provision of the caput, including the necessary information clearly and accessibly in its regulation and contracts between the parties.” (NR)

“Art. 35-B. The rules for defining any financial risk management instrument, including the calculation methodology used to request guarantees from participants, must be contained in the arrangement's regulation.

§ 1º The rules and methodologies referred to in the caput must:

I - be established based on the arrangement's continuous and integrated risk management policy and strategy;

II - be objective, isonomic, non-discriminatory, transparent, and auditable;

III - encourage competition in the arrangement and the entry of new participants, without compromising its solidity;

IV - ensure incentives for each participant to adequately manage the risks they add to the payment arrangement; and

V - be based on criteria and parameters proportional to the risk each participant adds to the arrangement.

§ 2º The issuer may, based on its continuous and integrated risk management structure, exempt participants that pose low risk to the arrangement from the requirement of guarantees or other financial risk management mechanisms.

§ 3º The possibility of exemption referred to in § 2º does not exempt the issuer from the responsibility to ensure all arrangement transactions, in accordance with Art. 35-A.

§ 4º Without prejudice to the provision of Art. 35-A, the arrangement's financial risk management mechanisms must have sufficient resources to cover stress scenarios that include, at a minimum, the joint default of the two participants with the highest risk exposure in the arrangement, according to the methodology adopted by the issuer.” (NR)

“Art. 35-C. For the purpose of complying with the provision of Art. 35-A, in the event of default or failure of a participant that impacts the fulfillment of its obligations in the financial flow of transactions, the financial risk management mechanisms adopted by the issuer for each arrangement must obey the following order of execution:

I - individual guarantees provided by the defaulting participant to the issuer; and

II - other actions compatible with the risk management objectives between arrangement participants provided for in the payment arrangement's regulation.

§ 1º Assets and rights capable of integrating individual guarantees and the issuer's guarantee fund must be classified within the concept of qualified liquid resources provided for in this Regulation.

§ 2º Individual guarantees and other eventual financial risk management mechanisms may vary according to the balance of obligations to pay for payment transactions in which they participate, already deducted from any advance of resources made to the final receiving user, among other criteria to be established by the issuer.

§ 3º The use of the issuer's guarantee fund in case of extreme situations must be provided for in the regulation, and the issuer must keep available to the Central Bank of Brazil sufficient information to continuously prove its capacity to fulfill such obligation.

§ 4º Any insufficiency of resources in the issuer's guarantee fund, or the non-establishment of this fund, does not exempt it from the responsibility to cover the residual financial flow of transactions to be settled in extreme situations.

§ 5º The issuer must perform, at least annually, operational tests of the use of financial risk management mechanisms, involving, among others, arrangement participants and the entity contracted for centralized settlement.

§ 6º The tests referred to in § 5º must be documented and kept available to the Central Bank of Brazil for a period of five years.

§ 7º The issuer must provide in its regulation the rules and procedures for the replenishment of participants' individual guarantees and other financial risk management mechanisms, as well as the issuer's guarantee fund in case of use of these resources, to be replenished within a period not exceeding thirty days.

§ 8º Individual guarantees to be previously provided to the issuer and other eventual financial risk management mechanisms will be established by the issuer separately for each of its arrangements part of the SPB, and their constitution, contribution, custody, control, update, use, and replenishment must have total and permanent segregation by arrangement, even if they may share the same calculation models.

§ 9º The resources corresponding to individual guarantees and other eventual financial risk management mechanisms must have accounting segregation and cannot be used for other purposes by the issuer.” (NR)

“Art. 35-D. The arrangement rules must ensure the fulfillment of participants' obligations until the home institution of the final receiving user in all settlement tiers of the arrangement, respecting the scheduled dates and times, or until the end of the next business day in the event of failure in the settlement of one or more of its participants.

Sole Paragraph. The issuer must maintain qualified liquid resources, or ensure that its participants maintain them, in sufficient value to fulfill the obligations referred to in the caput.” (NR)

“Art. 35-E. The payment arrangement rules must prohibit the requirement of guarantees between participants.

Sole Paragraph. It is prohibited for the issuer to attribute to the acquirer the responsibility for managing the risks of payment transactions captured through sub-acquirers with whom it has a relationship and the respective risk exposure of this participant generated within the arrangement.” (NR)

“Art. 35-F. The payment arrangement rules must prohibit acquirers and sub-acquirers from restricting or discriminating transactions involving issuers regularly authorized in payment arrangements.” (NR)

“Art. 35-G. The rules established in the arrangement's regulation regarding chargeback, which regulate the resolution of disputes between participants, must provide that:

I - the financial responsibility of arrangement participants for chargeback is limited to requests initiated up to one hundred and eighty days from the authorization of the payment transaction;

II - the financial responsibility for chargeback initiated after one hundred and eighty days from the authorization of the payment transaction is that of the issuer, observing the maximum period provided for in the arrangement's regulation; and

III - the incidence of chargeback is prohibited in cases where the dispute arises from commercial disagreements between final users derived from the declaration of bankruptcy or civil insolvency of the final receiving user.

§ 1º The rules referred to in the caput must provide, clearly and objectively, regarding:

I - the management and mitigation of risks involved in the chargeback process; and

II - the distribution of responsibility between participants and the issuer for chargeback.

§ 2º The rules referred to in the caput do not prejudice the right possibly granted to paying final users to contest the charge made by the participant, within the timeframes and conditions defined in applicable legislation.” (NR)

“Art. 40. ..................................................................................................................................

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VI - be non-discriminatory, such that interoperability contracts signed by issuers of payment arrangements must observe similar conditions – whether technical or commercial – for similar situations, respecting the economic rationality of the operation and complying with the principles of proportionality and reasonableness;

VII - ensure that information necessary for the fulfillment of legal and regulatory responsibilities attributed to the involved institutions is transmitted between payment arrangements; and

VIII - provide for risk management mechanisms that ensure compliance with the provisions of Arts. 35-A, caput, and 35-D, caput.

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§ 3º The contract or document with the rules and procedures regulating interoperability between arrangements must stipulate, at a minimum, clearly and objectively:

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III - the responsibilities attributed to the issuers of payment arrangements, including those necessary to comply with the provision of item VIII of the caput;

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§ 5º The agreement and mechanisms that enable interoperability between distinct payment arrangements are subject to the supervision of the Central Bank of Brazil, as referred to in Section V of Chapter IV, to the extent applicable.” (NR)

“Art. 40-A. In the event of interoperability between an arrangement part of the SPB and another not part of it, it is the responsibility of the issuer of the arrangement part of the SPB to:

I - ensure compliance with the established in Art. 40, caput, item VIII; and

II - comply with the demands of the Central Bank of Brazil in the exercise of its supervision activity of arrangements.” (NR)

“Art. 42. Issuers must publish, on their website, in Portuguese, with emphasis on easy location by all interested parties:

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II - information regarding the values of tariffs and penalties referred to in Art. 19, § 5º, including regarding the complete table with tariffs between participants practiced in the said arrangement, if applicable.

Sole Paragraph. For the purpose of the provision of item II of the caput, the issuer must consolidate in the arrangement's regulation, in a specific section, the tariff structure and penalties to which arrangement participants are subject, with sufficient information to allow the adequate identification of costs borne by participants, including, at a minimum:

I - name, description of the tariff or penalty, and identifier of the charge submitted to participants;

II - tariff modality, whether regular or occasional, or penalty, and the participants subject to it;

III - triggering event and value of the tariff or penalty, whether fixed or percentage; and

IV - method of charging the tariff, whether periodic or due in the settlement flow of transactions.” (NR)

“Art. 42-A. For the purpose of charging tariffs and penalties, the issuer must make available to each participant a periodic report compatible with the charges made, free of charge and in Portuguese, with the level of detail, clarity, and transparency necessary to allow the reconciliation and auditability of the charge.” (NR)

“Art. 42-B. The issuer must disclose the provision of services and the availability of products or programs of a voluntary nature prior to their effective implementation.

Sole Paragraph. If the contracting of the services, products, or programs referred to in the caput is onerous, the participant's adherence must be voluntary and subject to specific contracting.” (NR)

“Art. 47.
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I -
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c) monitoring of frauds and scams;

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Sole paragraph.
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VI - in preventing the use of the National Financial System, the Consortium System, and the Brazilian Payments System for the practice of money laundering or concealment of assets, rights, and values, and for the financing of terrorism and the proliferation of weapons of mass destruction; and

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(NR)

Art. 3º The initiator of a payment arrangement integrated into the Brazilian Payments System – SPB, within a period of up to one hundred and eighty days after the entry into force of this Resolution, shall:

I - file with the Central Bank of Brazil a request for authorization to alter the rules of the open payment arrangement’s regulations, for its compliance with the terms of this Resolution, in accordance with the provisions of art. 20 of Annex I to BCB Resolution No. 150, of October 6, 2021;

II - ensure the participation of all sub-accredited entities in the centralized settlement, acting as payers to the end-user recipients of the flows related to transactions in the payment arrangements subject to centralized settlement, as provided in art. 30, § 5º-A, of Annex I to BCB Resolution No. 150, of October 6, 2021;

III - implement the necessary measures to comply with the provisions of arts. 42 and 42-A of Annex I to BCB Resolution No. 150, of October 6 2021; and

IV - ensure that the clearinghouse or the clearing and settlement service provider, responsible for the system referred to in art. 30, caput, item I, of Annex I to BCB Resolution No. 150, of October 6, 2021, has implemented the necessary measures to comply with the provisions of art. 30, §§ 14 to 17, of Annex I to BCB Resolution No. 150, of October 6, 2021.

§ 1º The current regulations of the arrangement shall remain valid until the approval of the alterations referred to in item I of the caput.

§ 2º Initiators shall temporarily suspend the capture of new transactions from sub-accredited entities that fail to meet the deadline set in the caput until they are able to fully participate in the centralized settlement, referred to in item II of the caput.

Art. 4º Requests for authorization to alter the arrangement’s regulations, referred to in art. 20 of Annex I to BCB Resolution No. 150, of October 6, 2021, filed prior to the entry into force of this Resolution shall continue to be governed by the regulations in force at the time of filing.

Sole paragraph. The approval of the requests referred to in the caput:

I - does not prejudice the need for eventual adjustment for the compliance, by the initiator, with the provisions of art. 3º, caput, item I; and

II - does not extend the deadline referred to in art. 3º, caput.

Art. 5º The following provisions of Annex I to BCB Resolution No. 150, of October 6, 2021, published in the Official Gazette of the Union on October 8, 2021, are hereby repealed:

I - items I and II of § 1º and § 2º of art. 22;

II - art. 23;

III - §§ 6º to 9º of art. 30;

IV - items I to III of the sole paragraph of art. 32; and

V - §§ 5º to 7º of art. 37.

Art. 6º This Resolution enters into force on the date of its publication.

Renato Dias de Brito Gomes
Director of Financial System Organization and Resolution