Central Bank of Brazil Instruction Normative No. 714 of March 4, 2026

CENTRAL BANK OF BRAZIL INSTRUCTION NORMATIVE NO. 714, OF MARCH 4, 2026

Publishes procedures and document models necessary for the instruction of authorization requests and communications of alterations related to payment arrangements that are part of the Brazilian Payment System (SPB).

The Head of the Department of Competition and Market Structure (Decem), in the exercise of the authority conferred by Article 23, caput, item I, letter "a", of the Internal Regulations of the Central Bank of Brazil, annexed to Resolution BCB No. 340, of September 21, 2023, based on Article 94, caput, item IV, letter "a", of said Regulations, and taking into account the provisions of Article 6 of Resolution BCB No. 150, of October 6, 2021,

R E S O L V E S:

Art. 1. The following document models necessary for the instruction of authorization requests or the instruction of communications of alterations to regulations related to payment arrangements (arrangement) that are part of the Brazilian Payment System (SPB) are published:

I - authorization request for the establishment of a payment arrangement, in the form of the model proposed in Annex I;

II - prior authorization request for alterations to the documents and information required in the authorization request, in the form of the model presented in Annex II;

III - request for cancellation of authorization, resulting from the closure of activities, in the form of the model presented in Annex III;

IV - declaration by the issuer of the payment arrangement (issuer) of compliance with the requirements imposed by the regulation, in the form of the model presented in Annex IV;

V - request for communication of alterations to the documents and information required in the authorization request that do not require prior authorization, in the form of the model presented in Annex V; and

VI - cross-reference index indicating the regulatory provisions that refer to the items of Article 19 of Annex I to Resolution No. 150, of October 6, 2021, in the form of the model presented in Annex VI.

Art. 2. The declaration referred to in Article 1, item IV, must be presented in all cases of instruction of authorization requests or communications of alterations.

Art. 3. The authorization requests and instructions for communication of alteration referred to in this Instruction Normative must be filed with the Central Bank of Brazil, addressed to the Department of Competition and Market Structure (Decem), signed by a director responsible for meeting the demands of the Central Bank of Brazil related to issues concerning the arrangement, accompanied by the relevant documents and information and the cross-reference index in the form of Annex VI.

Art. 4. In compliance with what is determined by Article 16, § 6, of Annex I to Resolution BCB No. 150, of October 6, 2021, the issuer must communicate to the Central Bank of Brazil any alteration in the composition of the contractual or statutory bodies and the directors responsible for the activities referred to in Article 16, caput, item III, in accordance with the provisions of the governing regulation.

Art. 5. The information and documents referred to in Articles 1 to 4 must be sent through the Digital Protocol system of the Central Bank, available on the website of this Autarchy on the internet.

Sole Paragraph. To send via the Digital Protocol of the Central Bank, the following must be selected:

I - "Regulated Entity", as the origin of the request;

II - "Payment Arrangement Supervision and Authorization Processes" in the "Subject" field; and

III - "Authorizations related to Payment Arrangements", in the "Destination or Subsubject" field.

Art. 6. The rules of operation of the arrangement contained in the regulation referred to in Article 16, caput, item IV of Annex I to Resolution BCB No. 150, of October 6, 2021, must have as minimum content the information presented in Annex VII, observing the particularities of open and closed arrangements and their business models.

Art. 7. The issuer of the arrangement must publish, on its website, in Portuguese, with emphasis for easy location, an updated version of the regulation of the arrangement referred to in Article 16, caput, item IV of Annex I to Resolution BCB No. 150, of October 6, 2021, observing the following deadlines:

I - Communication of alteration of the regulation: until the date of communication to the Central Bank of Brazil of the alteration; and

II - Prior authorization request for alteration of the regulation: until 15 days after the communication by the Central Bank of Brazil of the authorization of the alteration of the regulation.

Sole Paragraph. Within the deadlines referred to in items I and II of the caput, the issuer of the arrangement must send to the Central Bank of Brazil an updated copy of the complete version of the arrangement's regulation and indicate the electronic address where the current version of such documents is available, following the procedures established in Article 5.

Art. 8. Instruction Normative BCB No. 585, of January 29, 2025, is revoked.

Art. 9. This Instruction Normative enters into force on the date of its publication.

RICARDO TEIXEIRA LEITE MOURÃO

ANNEX I - AUTHORIZATION REQUEST FOR THE ESTABLISHMENT OF A PAYMENT ARRANGEMENT

IDENTIFICATION (fields to be filled in mandatory)

Corporate Name:

CNPJ (Tax ID):

Trade Name:

Full Address:

Website (if any):

Municipalities and States of any dependencies:

Person responsible for conducting the request: inform name, CPF (Individual Taxpayer Registry), phone, and email.

FORMALIZATION OF THE REQUEST

The issuer of the payment arrangement (issuer) above qualified, in accordance with the provisions of Article 16 of Annex I to Resolution BCB No. 150, of October 6, 2021, comes to REQUEST to the Central Bank of Brazil, Department of Competition and Market Structure (Decem), authorization for the establishment of the following payment arrangement(s):

(Observation: fill in the following information for each arrangement)

2.1 - Identification of the arrangement:

2.2 - Volume of the arrangement, as determined by Article 2, caput, item II, of Resolution BCB No. 150, of October 6, 2021:

Month/Year

Total value of transactions (R$)

Quantity of transactions

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Accumulated 12 months

2.3 - Date on which any of the above volumes (total value of transactions or quantity of transactions) exceeded any of the limits established in Article 2, caput, item II, of Resolution BCB No. 150, of October 6, 2021: MM/YYYY.

Filling Instructions:

i.

Consider exclusively the payment transactions that are authorized and settled by a participant who provides a payment service disciplined by the arrangement and according to the arrangement's rules, and between final users, payers, and receivers of the arrangement.

ii.

Do not consider values whose deposit or withdrawal was made through another arrangement (examples include TED, Pix, boleto, and arrangements established by another institution), even as a result of an interoperability relationship.

iii.

The volumes of services provided through a payment instrument issued by a business entity destined for the acquisition of goods or services offered by it must not be included (Article 6, § 3, of Law No. 12,865, of October 9, 2013).

iv.

Do not consider payment transactions disciplined by payment arrangements where the payment instrument is offered:

a)

within the scope of a program intended to grant benefits to natural persons due to employment relationships, service provision, or similar, established by law or by an act of the Federal, State, or Municipal Executive Power; or

b)

destined for the use of the food allowance referred to in Article 457, § 2, of the Consolidation of Labor Laws, approved by Decree-Law No. 5,452, of May 1, 1943, as well as benefits of the same nature, for the payment of meals in restaurants and similar establishments or for the acquisition of food items in commercial establishments, established by law or by an act of the Federal, State, or Municipal Executive Power. (Article 2, caput, item III, of Resolution BCB No. 150, of October 6, 2021).

PROCESS INSTRUCTION

3.1 - The following documents are attached below, marked, in accordance with the provisions of Article 16 of Annex I to Resolution BCB No. 150, of October 6, 2021:

[ ] the description of the main characteristics of the business, containing, at minimum, the indication of the payment services to be provided within the scope of the arrangement (use as reference the services listed in Article 6, caput, item III, letters "a" to "h", of Law No. 12,865, of October 9, 2013), target audience, purpose of the arrangement, type of relationship of final users with the participating institution, and territorial coverage (according to modalities provided in Articles 8, 9, and 10 of Annex I to Resolution BCB No. 150, of October 6, 2021), whether the arrangement is closed or open (according to definitions provided in Article 2, caput, items I and II of Annex I to Resolution BCB No. 150, of October 6, 2021), location of the headquarters and any dependencies;

[ ] the identification of the members of the controlling group of the issuer;

[ ] the identification of all members of the contractual or statutory bodies and the designation of the directors responsible for the activities listed in Article 16, caput, item III, letters "a" to "e", of Annex I to Resolution BCB No. 150, of October 6, 2021, providing the name, CPF, email, and phone of each director, accompanied by a copy of the bylaws or articles of incorporation proving their designation;

[ ] the arrangement's regulation, a set of documents containing exclusively the information and rules applicable to arrangements established in the country, as detailed in Article 19 of Annex I to Resolution BCB No. 150, of October 6, 2021;

[ ] the models of contracts or participation terms of the different modalities of participation in the arrangement, where applicable;

[ ] the declaration signed by the issuer attesting that it complies with the provisions of Article 3, sole paragraph, of Annex I to Resolution BCB No. 150, of October 6, 2021, in the form of the model presented in Annex IV.

3.2

• The issuer, in compliance with the provisions of Article 16, § 4, of Annex I to Resolution BCB No. 150, of October 6, 2021, RELATES below, EXHAUSTIVELY, the other documents and information that govern the operation of the arrangement:

i. xxxxxx;

ii. xxxxxx;

iii. ...

3.3 - The issuer, for the purpose of complying with the provisions of Article 16, § 5, of Annex I to Resolution BCB No. 150, of October 6, 2021, DECLARES to the Central Bank of Brazil the precedence of the provisions of the payment arrangement's regulation referred to in Article 16, caput, item IV, of Annex I to Resolution BCB No. 150, of October 6, 2021, over any other documents or information that govern the operation of the arrangement and the nullity of any condition that conflicts with the provisions of said regulation and the applicable legal and regulatory framework.

3.4

• The issuer, for the purpose of complying with the provisions of Article 27, caput, of Annex I to Resolution BCB No. 150, of October 6, 2021, DECLARES that it maintains an electronic system for all participants of the arrangement of all participation modalities established in the arrangement's regulation (as defined in Article 11 of Annex I to Resolution BCB No. 150, of October 6, 2021) to send, at any time, proposals, suggestions, and statements regarding topics that impact their activity and business model and for the registration of participants' statements and the respective responses of the issuer, and that the electronic system remains open to participants, through registration and individual access. (only for open arrangements)

3.5 - The issuer, for the purpose of complying with the provisions of Article 27, § 1 of Annex I to Resolution BCB No. 150, of October 6, 2021, DECLARES that it has established criteria for the admission of proposals, suggestions, and statements from associations representing its participants (associations), the respective channel for interaction with the issuer, and the criteria for eventual exclusion of the association as eligible to send statements in cases of misuse of the interaction channel. (only for open arrangements).

3.6 - The issuer, for the purpose of complying with the provisions of Article 33, caput, item I, of Annex I to Resolution BCB No. 150, of October 6, 2021, DECLARES that the risk management strategies and policies, including the definition of exposure limits and the order of execution of financial risk management mechanisms, have been clearly documented, formalized, and duly approved by the issuer's governing bodies (attach minutes that approved such policies).

3.7 - The issuer, for the purpose of complying with the provisions of Article 33, caput, item IV, of Annex I to Resolution BCB No. 150, of October 6, 2021, DECLARES that the continuous risk management structure provides dedicated systems for the execution of routines and procedures for risk management throughout the payment flow of the arrangement.

3.8 - The issuer, for the purpose of complying with the provisions of Article 33, caput, item V, of Annex I to Resolution BCB No. 150, of October 6, 2021, DECLARES that the continuous risk management structure provides for an evaluation, with a minimum semi-annual periodicity, of the adequacy of the systems, processes, controls, routines, and procedures related to the risk management structure referred to in Article 33, caput, item II of Annex I to Resolution BCB No. 150, of October 6, 2021.

3.9 - The issuer, for the purpose of complying with the provisions of Article 33, caput, item VI, of Annex I to Resolution BCB No. 150, of October 6, 2021, DECLARES that the continuous risk management structure provides for a routine of sharing information with arrangement participants, with a minimum quarterly periodicity, regarding the risks to which arrangement participants are subject and the results of risk mitigation actions implemented, preserving the confidentiality of arrangement participants' information.

3.10 - The issuer, for the purpose of complying with the provisions of Article 33, caput, item IX, of Annex I to Resolution BCB No. 150, of October 6, 2021, DECLARES that the continuous risk management structure provides for timely communication to arrangement participants in the event of critical occurrences that may impact their participation.

3.11 - The issuer, for the purpose of complying with the provisions of Article 33-A of Annex I to Resolution BCB No. 150, of October 6, 2021, DECLARES that it conducts internal risk assessments 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 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, and that this assessment is documented and approved by the director responsible for the activity of prevention of money laundering and terrorist financing and the proliferation of weapons of mass destruction. (attach minutes of meetings that deliberated on the topic)

3.12 - The issuer, for the purpose of complying with the provisions of Article 33-B of Annex I to Resolution BCB No. 150, of October 6, 2021, DECLARES that it conducts an assessment of the effectiveness of the arrangement's policies, procedures, and controls related to the operational aspects referred to in Article 4, caput, item I, letter "a" of Annex I to Resolution BCB No. 150, of October 6, 2021.

3.13 - The issuer, for the purpose of complying with the provisions of Article 33, § 3, of Annex I to Resolution BCB No. 150, of October 6, 2021, DECLARES to provide for a business continuity and disaster recovery plan for its activity in each arrangement and for the activity of its respective participants.

OTHER INFORMATION/OBSERVATIONS:

SIGNATURES

(Location and date)

(Full name, CPF, and position) (Full name, CPF, and position)

(Obs.: the request must be digitally signed by a director responsible for meeting the demands of the Central Bank of Brazil related to issues concerning the arrangement, duly identified in accordance with Article 16, caput, item III, letter "a" of Annex I to Resolution BCB No. 150, of October 6, 2021)

ANNEX II - PRIOR AUTHORIZATION REQUEST FOR ALTERATIONS TO THE DOCUMENTS AND INFORMATION REQUIRED IN THE AUTHORIZATION REQUEST

1. IDENTIFICATION

Corporate Name:

CNPJ (Tax ID):

Full Address:

Person responsible for conducting the request: inform name, CPF, phone, and email.

2. FORMALIZATION OF THE REQUEST

The payment arrangement issuer (issuer) above qualified, in accordance with the provisions of Article 20 of Annex I to Resolution BCB No. 150, of October 6, 2021, comes to REQUEST to the Central Bank of Brazil, Department of Competition and Market Structure (Decem), authorization to alter documents and information required in the authorization request of the payment arrangement(s) classified as ... (specify the purpose of the arrangement(s), the type(s) of relationship of final users with the participating institution, the territorial coverage of the arrangement(s)), referred to in Articles 16 and 19 of said Regulation, which require prior authorization of this Autarchy.

3. NORMATIV BASIS (select one or more options below)

3.1 - Select item(s) / letter(s) where the alteration(s) fall:

Aspects related:

[ ] I - to the provision of new participation modalities, the exclusion of existing modalities, and alterations to the responsibilities of each modality;

[ ] II - to the criteria and requirements for admission, retention, suspension, and exclusion of participants;

[ ] III - to conditions related to participation requirements, responsibilities inherent to the participant or attributed to it due to its relationship with third-party contractors;

[ ] IV - to alterations in rights or duties that have the potential to elevate risks for participants or limit their activity within the scope of the arrangement;

[ ] V - to criteria or conditions for the outsourcing of activities that have the potential to limit competition in the provision of payment services by different participants of the arrangement;

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

[ ] VII - to risk management mechanisms, operational, and other risks incurred by participants;

[ ] VIII - to the settlement deadlines for transactions between participants and the availability of funds to the receiver;

[ ] IX - to the pricing structure, fees, and other forms of remuneration framed in Article 19, § 5, items I and II, of Annex I to Resolution BCB No. 150, of October 6, 2021, defined within the scope of the arrangement, charged directly or indirectly by the issuer to its participants or due between participants of the arrangement, when related to (Obs: here are framed the creation and extinction of fees, the alteration in the definition of the payer participant or the receiver participant, alteration of the taxable event of the fee, or alteration in processes that directly impact the flow of fee payment, excluding alterations or definitions of the value of said fees):

[ ] a) payment transactions and processes related to their flow;

[ ] b) payment instruments issued;

[ ] c) the sharing of technological infrastructure between participants of the arrangement;

[ ] d) the homologation and access processes to the issuer's systems necessary for the provision of the payment service referred to by the arrangement;

[ ] e) the dispute resolution process between participants, including the resource return procedure;

[ ] f) the use of the brand; or

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

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

[ ] XI - to the provision of registration and transactional information of users by participant to the issuer or to another participant.

4. PROCESS INSTRUCTION

4.1 - Attached, in accordance with the provisions of Article 20, § 3, and Article 28 of Annex I to Resolution BCB No. 150, of October 6, 2021, the following documents:

[ ] I - Document containing the summary of alterations made;

[ ] II - Copy of communications sent to all participants of the arrangement of all participation modalities established in the arrangement's regulation, in their entirety and with the respective response of the issuer to the statements of these;

[ ] III - Arrangement's regulation highlighting the alterations compared to the current version;

[ ] IV - Executive summary in accordance with Article 28 of Annex I to Resolution BCB No. 150, of October 6, 2021, containing:

a)

brief description of each proposed alteration to the regulation, as presented to participants;

b)

consolidated summary of the impacts reported by those who manifested, segmented by participation modality and size of respondents, accompanied by the issuer's evaluation of the reported;

c)

quantity of participants, segmented by participation modality and size, and of associations that manifested favorable, favorable with reservations, opposed, and indifferent to each proposal, according to the declaration of the manifestants themselves;

d)

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

e)

technical study supported containing, at minimum, the impact on participants' costs and estimated revenues for the issuer, in the case of inclusion of a fee or other form of remuneration, direct or indirect, or alteration of its calculation methodology or changes in the fee structure and other forms of remuneration (Article 19, caput, item XII).

[ ] V - Electronic address where the current version of all documents comprising the regulation of the arrangement referred to in Article 16, caput, item IV, of Annex I to Resolution BCB No. 150, of October 6, 2021, is available, evidencing version control and the history of alterations; and

[ ] VI - Electronic address where the document contemplating the alterations submitted to the authorization of the Central Bank of Brazil and still pending decision by this Autarchy is available, with the indication of the part of the regulation in which they are inserted.

Observations:

1: As established by Article 11 of Annex I to Resolution BCB No. 150, of October 6, 2021, participants are all entities that execute activities foreseen in the participation modalities expressly established in the arrangement's regulation, which also includes sub-accredited entities, home institutions, and network service providers, and therefore, all obligations contained in Article 20, § 3, and in Article 28 of Annex I to Resolution BCB No. 150, of October 6, 2021, apply to all participants of the arrangement of all participation modalities.

2: For the definition of size referred to in Article 28, caput, items I, II, and III, of Annex I to Resolution BCB No. 150, of October 6, 2021, it is recommended to consider as large-sized the participants who, individually, are responsible for more than 10% (ten percent) of the arrangement's transactions in their modality