Normative Instruction BCB No. 16 — Disposes on the integration and maintenance of capital by payment institutions not subject to operating authorization or in the process of obtaining operating authorization from the Central Bank of Brazil, as a necessary requirement to participate in Pix

Normative Instruction No. 16, OF September 18, 2020

Disposes on the integration and maintenance of capital by payment institutions not subject to operating authorization or in the process of obtaining operating authorization from the Central Bank of Brazil, as a necessary requirement to participate in Pix.

The Head of the Department of Competition and Financial Market Structure (Decem), using the powers conferred upon him by Art. 97-A, item V, of the Internal Regulations of the Central Bank of Brazil, annexed to Ordinance No. 84,287, of February 27, 2015, and considering the provisions of §§ 1 and 2 of Art. 24 of Resolution BCB No. 1, of August 12, 2020,

R E S O L V E S:

Art. 1 The integration of capital by payment institutions not subject to operating authorization or in the process of obtaining operating authorization from the Central Bank of Brazil, as referred to in § 1, Art. 24 of the Regulation annexed to Resolution BCB No. 1, of August 12, 2020, must be carried out in current currency by the date of submission of the application to join Pix. (Amended by Normative Instruction BCB No. 57, of 12/10/2020.)

§ 1 Capital integrated in forms other than that provided in the main text will not be counted for the purpose of meeting the participation criteria for Pix.

Art. 2 The verification of the integration and maintenance of capital referred to in § 1, Art. 24 of the Regulation annexed to Resolution BCB No. 1, of August 12, 2020, may be carried out in the following ways:

I - publication of the corporate act that deliberated on the matter accompanied by proof of the respective financial movement of the resources used in the capital integration;

II - financial statements of the last fiscal year audited by an independent auditor registered with the Securities and Exchange Commission (Comissão de Valores Mobiliários), or equivalent document;

III - other forms that, at the discretion of the responsible institution, unequivocally ensure that the minimum required capital of the contracting institution has been integrated or maintained.

§ 1 The obligation of the contracted responsible institution to verify the maintenance of capital of a payment institution in the process of obtaining operating authorization ceases when it is authorized to operate by the Central Bank of Brazil.

§ 2 In the absence of evidence of the integration of the minimum required capital, the responsible institution may not enter into a contract with the payment institution not authorized by the Central Bank of Brazil, for the purpose of providing services as a responsible participant within the scope of Pix, and, in the absence of proof of the maintenance of this capital, it must terminate the contract and inform the Central Bank of Brazil, through communication directed to Decem/Diope.

Art. 3 This Normative Instruction enters into force on the date of its publication.

Ângelo José
Mont Alverne Duarte