BCB Resolution No. 539 — Amends Resolution BCB No. 277 to Enhance Interbank Foreign Exchange Operations

Resolution No. 539

RESOLUTION BCB NO. 539, OF DECEMBER 18, 2025

Amends Resolution BCB No. 277, of December 31, 2022, which regulates Law No. 14,286, of December 29, 2021, to enhance the provisions regarding interbank foreign exchange operations.

The Collegiate Board of the Central Bank of Brazil, in a session held on December 16, 2025, based on Art. 9 of Law No. 4,595, of December 31, 1964, Arts. 2, 3, 5, caput, item I, and 18 of Law No. 14,286, of December 29, 2021, and considering Resolution CMN No. 5,042, of November 25, 2022,

RESOLVES:

Art. 1 Resolution BCB No. 277, of December 31, 2022, published in the Official Gazette of the Union on December 31, 2022, shall enter into force with the following alterations:

“Art. 2 ................................................................................................................................... Sole Paragraph. The institution authorized to operate in the foreign exchange market must be able to prove that the parties consent to the agreed conditions, and that, in interbank operations, Art. 15-A, § 4 shall be observed.” (NR)

“Art. 8 ................................................................................................................................... I - the proof of consent of the parties to the agreed conditions; and .......................................................................................................................................” (NR)

“Art. 15 .................................................................................................................................. ................................................................................................................................................. II - in forward settlement operations, the exchange rate is freely agreed upon between the parties and must reflect the negotiated price of the foreign currency for the date of settlement of the foreign exchange operation, observed that, on said date, the effective and simultaneous delivery of the currencies, national and foreign, must occur, with no advances of the currencies being admitted. Sole Paragraph. The purchase and sale of foreign currency by arbitrage are registered with the attribution of the same equivalent value in reais to the currencies bought and sold. ” (NR)

“Art. 15-A. For the purposes of this Resolution, interbank foreign exchange operations are those carried out between institutions authorized to operate in the foreign exchange market. § 1 The delivery of reais in interbank foreign exchange operations is effected through any payment method in use in the financial market, except cash. § 2 Interbank foreign exchange operations may be carried out with the participation of a clearinghouse or a clearing and settlement service provider whose system has been authorized by the Central Bank of Brazil for the settlement of foreign exchange operations. § 3 In the case referred to in § 2, the clearinghouse or clearing and settlement service provider must maintain proof of the parties' consent to the agreed conditions and information regarding the foreign exchange operations available to the Central Bank of Brazil for a minimum period of ten years, counted from the end of the fiscal year in which the contracting event occurs, or, if applicable, from the settlement or cancellation of the foreign exchange operation. § 4 In the absence of any other form previously agreed upon by the parties for the consent and formalization of the interbank foreign exchange operation, the registration of information in the Câmbio System and its confirmation, when required, presume said consent and formalization.” (NR)

“Art. 15-B. The carrying out of a foreign exchange operation with the Central Bank of Brazil occurs through the automatic registration and notification to the counterparty institution in the Câmbio System.” (NR)

“Art. 29 .................................................................................................................................. ................................................................................................................................................. II - ............................................................................................................................................ ................................................................................................................................................. b) interbank operations for spot settlement, including domestic arbitrage and arbitrage with abroad; and III - ........................................................................................................................................... ................................................................................................................................................. b) interbank operations for spot settlement, including domestic arbitrage and arbitrage with abroad. .......................................................................................................................................” (NR)

“Art. 40. The institution authorized to operate in the foreign exchange market must be able to prove the parties' agreement to alter the conditions agreed upon in a foreign exchange operation, observed that it is prohibited to alter the buyer, the seller, the value in foreign currency, the value in national currency, the foreign currency, and the exchange rate.” (NR)

“Art. 41-A. In cases where there is no consensus for cancellation, the institution authorized to operate in the foreign exchange market may proceed with the write-off of the foreign exchange operation from its foreign exchange position, which represents an accounting operation and does not imply unilateral rescission of the business nor alteration of the existing contractual relationship between the parties, observed that the national currency equivalent of the write-off is calculated based on the same exchange rate applied to the written-off operation. Sole Paragraph. The write-off referred to in the caput is not permitted for interbank foreign exchange operations and with institutions abroad.” (NR)

“Art. 41-B. The alteration and cancellation of interbank foreign exchange operations or with institutions abroad are prohibited until November 5, 2027.” (NR)

“TITLE VI

OPERATIONS WITH INSTITUTIONS ABROAD AND OPERATIONS WITH GOLD

SINGLE CHAPTER” (NR)

“Art. 77 .................................................................................................................................. Sole Paragraph. The sending of the information referred to in the caput is the exclusive responsibility of the clearinghouse or clearing and settlement service provider, in the case of an interbank foreign exchange operation with the participation of said institution. ” (NR)

“Art. 78. The sending of information relating to foreign exchange market operations must be carried out between seven hours and: I - 5:30 p.m. for the registration of events subject to confirmation in interbank operations; and II - 7:00 p.m. for the registration of other events, observed the provisions of § 9. ................................................................................................................................................. § 3 The provision of information to the Central Bank of Brazil regarding a foreign exchange operation with a client of up to US$50,000.00 (fifty thousand United States dollars), or its equivalent in other currencies, which does not need to be linked to a foreign capital operation reported in a Central Bank of Brazil system, may be carried out until the fifth day of the following month, observed that such provision of information may be carried out via file in the case of a foreign exchange operation for spot settlement with only one payer or payee abroad and not subject to the intervention of a broker or distributor authorized to operate by the Central Bank of Brazil. § 4 The option for automatic settlement may be used for a purchase or sale of foreign currency operation, contracted for spot settlement, for any purpose that does not need to be linked to a foreign capital operation reported in a Central Bank of Brazil system, and with only one payer or payee abroad. ................................................................................................................................................. § 7 In the case of an event subject to confirmation in an interbank operation: I - the buying institution must send the information relating to the foreign exchange operations within thirty minutes after the agreement of conditions with the selling institution; and II - the selling institution must confirm the information received during the first thirty minutes from the sending made by the buying institution. § 8 In the case of an event subject to confirmation in domestic arbitrage: I - one of the participating institutions must send the information relating to the foreign exchange operations within thirty minutes after the agreement of conditions with the counterparty; and II - the counterparty institution must confirm the information received during the first thirty minutes from the sending made by the participating institution. § 9 The information regarding the operations referred to in §§ 7 and 8 that are not confirmed by the end of the period established therein shall be disregarded by the Central Bank of Brazil.” (NR)

“Art. 79 .................................................................................................................................. ................................................................................................................................................. § 4 The information referred to in the caput is provided exclusively by the clearinghouse or clearing and settlement service provider in the case of interbank foreign exchange operations with the participation of said institution. ” (NR)

“Art. 79-A. The provision of information regarding an interbank foreign exchange operation without the participation of a clearinghouse or clearing and settlement service provider occurs through a message from the buying institution, subject to confirmation by the selling institution, which identifies the carrying out of two foreign exchange operations by the Câmbio System, with the parties being the buying institution and the selling institution of the foreign currency. Sole Paragraph. Domestic purchase and sale by arbitrage are reported through two pairs of foreign exchange operations, with each pair of foreign exchange operations referring to each currency being arbitrated.” (NR)

“Art. 79-B. The provision of information regarding an interbank foreign exchange operation with the participation of a clearinghouse or clearing and settlement service provider occurs through a message sent to the Central Bank of Brazil by said institution, observed that said message identifies two pairs of foreign exchange operations, being: I - a pair of foreign exchange operations in which the parties are the buying institution of the foreign currency and the clearinghouse or clearing and settlement service provider; and II - a pair of foreign exchange operations in which the parties are the selling institution of the foreign currency and the clearinghouse or clearing and settlement service provider.” (NR)

Art. 2 The Annex I, the title of Annex V, the purposes relating to “Operations between institutions in the Country” in the table contained in Annex V, and the field “Payer or payee abroad” in the table contained in Annex VIII to Resolution BCB No. 277, of December 31, 2022, published in the Official Gazette of the Union on December 31, 2022, shall enter into force, respectively, according to Annexes I, II, and III to this Resolution.

Art. 3 The following provisions of Resolution BCB No. 277, of December 31, 2022, published in the Official Gazette of the Union on December 31, 2022, are hereby revoked: I - Art. 41, sole paragraph; II - the denomination of Chapters I, II, and III of Title VI; III - Arts. 57, 58, 59, 60, 61, 62, 63, and 64; IV - Art. 65, § 1; and V - Art. 78, caput, item III.

Art. 4 This Resolution enters into force on June 1, 2027.

GILNEU FRANCISCO ASTOLFI VIVAN

Director of Regulation

ANNEX I TO RESOLUTION BCB NO. 539, OF DECEMBER 18, 2025

“ANNEX I TO RESOLUTION BCB NO. 277, OF DECEMBER 31, 2022

MINIMUM INFORMATION THAT FORMS PART OF THE FOREIGN EXCHANGE OPERATION

I - identification of the institution authorized to operate in the foreign exchange market and, if applicable, of the intermediary institution, with the names and National Registry of Legal Entities – CNPJ numbers of the institutions to be informed to the client;

II - identification of the client, observed Circular No. 3,978, of January 23, 2020; III - number of the foreign exchange operation in the Câmbio System; IV - date of the event and whether the event refers to contracting, alteration, or cancellation; V - information on whether the foreign exchange operation is a purchase or sale of foreign currency; VI - foreign currency; VII - value in foreign currency; VIII - exchange rate; IX - value in reais; X - Total Effective Cost – VET, when required; XI - method of delivery of the foreign currency; XII - expected settlement date; XIII - purpose of the operation; XIV - payer or payee abroad, when required; XV - name and country of the payer or payee abroad, if applicable; XVI - relationship of affiliation between the client and the payer or payee abroad, when required; XVII - percentage of advance on the foreign exchange operation, if applicable; XVIII - number of the foreign capital code, if applicable; XIX - receipt or payment instructions, if applicable; XX - other information requested by the Central Bank of Brazil. In the case of an operation own to the institution authorized to operate in the foreign exchange market, an operation between institutions authorized to operate in the foreign exchange market, an operation with an institution abroad, or an operation of an institution authorized to operate in the foreign exchange market with the Central Bank of Brazil, items I and II are as follows, with the remaining items remaining identical: I - identification of the buying and selling institutions and, if applicable, of the clearinghouse or clearing and settlement service provider, with the names, National Registry of Legal Entities – CNPJ numbers of the institutions in the Country, and, when applicable, the Legal Entity Identifier – LEI of the institutions abroad to be informed to the parties; II - nonexistent. ” (NR)

ANNEX II TO RESOLUTION BCB NO. 539, OF DECEMBER 18, 2025

“ANNEX V TO RESOLUTION BCB NO. 277 OF DECEMBER 31, 2022

Classification codes for the purpose of own operation of authorized institution, operation between authorized institutions, operation with institution abroad, operation of authorized institution with the Central Bank of Brazil, operation of authorized institution with eFX provider, or special operation. Includes non-resident account movement, when required.

Purpose

Code

...

Operations between institutions in the Country

Spot and future settlement

90302

Forward settlement

90357

... ” (NR)

ANNEX III TO RESOLUTION BCB NO. 539, OF DECEMBER 18, 2025

“ANNEX VIII TO RESOLUTION BCB NO. 277 OF DECEMBER 31, 2022

Complementary classification codes for sending to the Central Bank of Brazil by the institution authorized to operate in foreign exchange

Field

Code

...

Payer or payee abroad

Classification not required by regulation

67

... ” (NR)