CMN Resolution No. 5,060 — Organization and Operation of Commercial and Multiple Banks

CMN RESOLUTION NO. 5,060, OF FEBRUARY 16, 2023

Provides for the organization and operation of commercial banks and multiple banks.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes it known that the National Monetary Council, in a session held on February 16, 2023, considering the provisions of Article 4, items VI, VIII, and XIII, of the aforementioned Law, and Law No. 4,728, of July 14, 1965,

RESOLVES:

CHAPTER I
OBJECT AND SCOPE OF APPLICATION

Art. 1. This Resolution provides for the organization and operation of commercial banks and multiple banks.

CHAPTER II
OPERATION

Art. 2. The operation of the institutions referred to in this Resolution depends on authorization from the Central Bank of Brazil, in accordance with specific regulation.

§ 1. The name of the financial institutions referred to in this Resolution must include the expression "Bank".

§ 2. In the case of authorization for the operation of a commercial bank under corporate control of a securities exchange, a commodities and futures exchange, or a securities and commodities and futures exchange, the Central Bank of Brazil, prior to its decision, shall request the opinion of the Securities and Exchange Commission.

CHAPTER III
COMMERCIAL BANK AND MULTIPLE BANK

Section I
Commercial Bank

Art. 3. The commercial bank consists of a financial institution whose main activity is the intermediation of financial resources and the custody of assets.

§ 1. The commercial bank may practice the following activities:

I - raise resources from the public in the form of demand and time deposits or via issuance of securities;

II - grant credit operations, guarantees, sureties, and collateral;

III - perform collection and payment services, in accordance with specific regulation;

IV - operate in the foreign exchange market, in accordance with specific regulation of the Central Bank of Brazil;

V - carry out purchase and sale operations, for its own account or for third parties, of precious metals, in the physical market;

VI - intermediated the placement, in the over-the-counter market, of public distribution, primary or secondary, of securities, observing the regulation of the Securities and Exchange Commission; and

VII - carry out other activities provided for in legislation and specific regulation.

§ 2. It is prohibited for the commercial bank, in the provision of the service provided for in item VI of the caput:

I - guarantee the subscription or acquisition of securities, in a public distribution contract, primary or secondary; and

II - hire autonomous investment agents or entrust third parties with the placement of securities, being required to carry out the operations directly.

Section II
Multiple Bank

Art. 4. The multiple bank consists of a financial institution constituted with, at least, two of the following portfolios, one of which must be commercial or investment:

I - commercial;

II - investment;

III - development;

IV - real estate credit;

V - credit, financing, and investment; and

VI - leasing.

§ 1. For the purposes of this Resolution, a portfolio is considered to be the set of main activities performed by commercial banks, defined in Art. 3 of this Resolution, and by investment banks, development banks, real estate credit companies, credit, financing and investment companies, and leasing companies, defined by legislation and specific regulation.

§ 2. The operations carried out by a multiple bank are subject to the same legal and regulatory norms applicable to the corresponding single institutions of its portfolios.

§ 3. There is no linkage between the sources of resources raised and the applications of the multiple bank, except in cases provided for in legislation or specific regulation.

CHAPTER IV
COOPERATIVE BANK

Art. 5. The cooperative bank consists of a financial institution, constituted in the form of a commercial bank or multiple bank, under corporate control of central credit cooperatives.

§ 1. The central credit cooperatives forming the control group must hold, at least, 51% (fifty-one percent) of the voting shares of the cooperative bank.

§ 2. The cooperative bank constituted as a multiple bank must possess, obligatorily, the commercial portfolio.

§ 3. The name of the institution referred to in the caput must include the expression “Cooperative Bank”.

CHAPTER V
COMMERCIAL BANK UNDER CORPORATE CONTROL OF A SECURITIES EXCHANGE, A COMMODITIES AND FUTURES EXCHANGE, OR A SECURITIES AND COMMODITIES AND FUTURES EXCHANGE

Art. 6. The commercial bank under corporate control of a securities exchange, a commodities and futures exchange, or a securities and commodities and futures exchange, consists of a specialized financial institution, constituted exclusively for:

Art. 6. It is prohibited for the commercial bank under corporate control of a securities exchange, a commodities and futures exchange, or a securities and commodities and futures exchange to practice the following activities: (Wording given, from 7/1/2026, by CMN Resolution No. 5,318, of 6/25/2026.)

I - exercise the function of central clearing and custodian, providing services to the exchange and the economic agents responsible for the operations conducted therein;

I - raise resources through time deposits and the issuance of letters; (Wording given, from 7/1/2026, by CMN Resolution No. 5,318, of 6/25/2026.)

II - issue depositary receipts of securities within the scope of Brazilian Depositary Receipt (BDR) programs, sponsored and unsponsored, in accordance with the regulation of the Securities and Exchange Commission, being able to exercise the function of clearing and custodian for individual investors; and

II - grant credit operations and other operations with characteristics of credit granting, guarantees, sureties, and collateral, of any nature; (Wording given, from 7/1/2026, by CMN Resolution No. 5,318, of 6/25/2026.)

III - provide clearing services, within the scope of payment arrangements, to institutions authorized to operate by the Central Bank of Brazil, in accordance with specific regulation of this Autarchy.

III - intermediated the placement of securities; and (Wording given, from 7/1/2026, by CMN Resolution No. 5,318, of 6/25/2026.)

IV - maintain a proprietary position in securities, except those issued by itself or that serve as collateral for own issuances of depositary receipts of securities within the scope of Brazilian Depositary Receipt–BDR programs, sponsored and unsponsored, in accordance with the regulation of the Securities and Exchange Commission. (Included, from 7/1/2026, by CMN Resolution No. 5,318, of 6/25/2026.)

Sole Paragraph. The provision of item II of the caput does not apply to committed operations and financial asset lending, provided that they are not issued by the counterparty of the operation or an entity of its economic group. (Included, from 7/1/2026, by CMN Resolution No. 5,318, of 6/25/2026.)

CHAPTER VI
MINIMUM REQUIREMENT OF PAID-UP SHARE CAPITAL AND EQUITY FOR COMMERCIAL AND MULTIPLE BANKS

Art. 7. The commercial bank must permanently observe minimum limits of paid-up share capital and equity of R$17,500,000.00 (seventeen million and five hundred thousand reais).

§ 1. The minimum paid-up share capital and equity of the multiple bank must correspond to the sum of the paid-up capital and minimum equity required for the commercial or investment bank and for each of the single institutions corresponding to the multiple bank's portfolio.

§ 2. In the case of an institution that has its head office or headquarters outside the states of Rio de Janeiro or São Paulo, the values of paid-up share capital and equity required under this article shall be reduced by 30% (thirty percent).

§ 3. For commercial banks and multiple banks that operate in the foreign exchange market, R$6,500,000.00 (six million and five hundred thousand reais) must be added to the values of share capital and equity established in the caput.

Art. 7. (Revoked by Joint Resolution No. 14, of 11/3/2025.)

CHAPTER VII
GENERAL PROVISIONS

Art. 8. The Central Bank of Brazil and the Securities and Exchange Commission shall jointly adopt, within the scope of their legal duties, the measures necessary for the execution of the provisions of item VI of § 1 of Art. 3 of this Resolution.

Art. 9. The following are revoked:

I - Resolution No. 1,058, of October 30, 1985;

II - Resolution No. 1,428, of December 15, 1987;

III - the following provisions of Resolution No. 2,099, of August 17, 1994:

a) the Annex I Regulation;

b) item I of the caput of Art. 1 of Annex II Regulation;

c) §§ 1, 2, and 3 of Art. 1 of Annex II Regulation; and

d) Arts. 2 and 4 of Annex II Regulation;

IV - Resolution No. 2,788, of November 30, 2000; and

V - Resolution No. 4,073, of April 26, 2012.

Art. 10. This Resolution enters into force on March 1, 2023.

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil