Normative Instruction BCB No. 374 of April 26, 2023

This instruction establishes the procedures, deadlines, documents, and information required for authorizing Financial Market Systems (SMF) within the Brazilian Payments System (SPB) and defines changes to SMFs that pose relevant risks to their security, efficiency, or the stability of the SPB and National Financial System. It mandates that Financial Market System Operating Institutions (IOSMFs) submit specific documentation during Phase 1 (proposal analysis) and Phase 2 (implementation analysis) of the authorization process for settlement systems and centralized deposit of financial assets activities. The text specifies requirements for business plans, internal regulations, independence of independent qualified companies, cyber security tests, and recovery plans, while allowing for document dispensation by the Central Bank under certain conditions.

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Resolution No. 222

NORMATIVE INSTRUCTION BCB No. 374, OF APRIL 26 OF 2023

Publishes procedures, deadlines, documents and information necessary for the instruction of authorization requests related to the operation of Financial Market Systems (SMF) within the scope of the Brazilian Payments System (SPB), and the types of changes in SMFs and their regulations that represent relevant risk to their security, their efficiency or their solidity and to the normal operation of the SPB or the National Financial System (SFN).

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Lineage: Amended

amendssupersedesissued underrefers toproposed or not in RegAlertarrows run from the older text to the one that changes it

Timeline

Amended 2 times · last 2025-03-24

2025-03-24BCBCentral Bank of Brazil Instruction Normative No. 596 of March 24, 2025amends
2024-01-04BCBNormative Instruction BCB No. 448 of January 4, 2024amends

Source: Banco Central do Brasil — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works