Normative Instruction BCB No. 685 of December 5, 2025

INSTRUCTION
NORMATIVE BCB NO. 685, OF DECEMBER 5, 2025

Establishes the procedures for the submission, to the Central Bank of Brazil, of quantitative information regarding the Internal Process for the Assessment of Capital Adequacy (Icaap), the Simplified Internal Process for the Assessment of Capital Adequacy (IcaapSimp) and stress tests with scenarios provided by the Central Bank of Brazil, as provided for in Resolution BCB No. 527, of December 3, 2025.

The Head of the Strategic Management and Specialized Supervision Department (Degef) and the Head of the Financial System Monitoring Department (Desig), using the authority granted to them by art. 23, item I, letter “a”, of the Internal Regulations of the Central Bank of Brazil, published through Resolution BCB No. 340, of September 21, 2023, based on arts. 82, item III, letter “b” and 85, item I, letter “b”, of said Regulations, and in view of the provisions in Resolutions CMN Nos. 4.553, of January 30, 2017, 4.557, of February 23, 2017, and 5.223, of May 30, 2025, in Circular No. 3.846, of September 13, 2017, and in Resolutions BCB Nos. 265, of November 25 2022, 436, of November 28, 2024, and 527, of December 3, 2025,

R E S O L V E:

Art. 1º This Normative Instruction establishes the procedures for the submission, to the Central Bank of Brazil, of quantitative information regarding the Internal Process for the Assessment of Capital Adequacy – Icaap, the Process Simplified Internal for the Assessment of Capital Adequacy - IcaapSimp, and stress tests with scenarios provided by the Central Bank of Brazil, as provided for in Resolution BCB No. 527, of December 3, 2025.

§ 1º The provisions of this Normative Instruction apply to financial institutions and other institutions authorized to operate by the Central Bank of Brazil classified in Segment 1 - S1 or Segment 2 – S2, as established in Resolution No. 4.553, of January 30, 2017, and in Resolution BCB No. 436, of November 28 2024.

§ 2º The provisions of this Normative Instruction do not apply to development agencies and consortium administrators.

Art. 2º The information referred to in art. 1º must be sent through document code 2090 - Information regarding Icaap, IcaapSimp and stress tests with scenarios provided by the Central Bank of Brazil (TEBU), observing the instructions contained in the Annex of this Normative Instruction.

Sole Paragraph. The layout, filling instructions, scenarios for conducting stress tests and other information necessary for the preparation and submission of the document indicated in this article are available on the Central Bank of Brazil’s website, at the electronic address https://www.bcb.gov.br/estabilidadefinanceira/leiautedocumentoscrd.

§ 1º The layout, filling instructions, scenarios for conducting stress tests and other information necessary for the preparation and submission of the document indicated in this article are available on the Central Bank of Brazil’s website, at the electronic address https://www.bcb.gov.br/estabilidadefinanceira/leiautedocumentoscrd. (Transformed into § 1º, starting from 7/1/2026, by Normative Instruction BCB No. 730, of 4/30/2026.)

§ 2º The information regarding IcaapSimp as referred to in art. 3º, sole paragraph, of Resolution BCB No. 527, of 2025, must be sent via APS-Siscom, within the Icaap report referred to in Annex I to Circular No. 3.846, of September 13, 2017. (Included, starting from 7/1/2026, by Normative Instruction BCB No. 730, of 4/30/2026.)

Art. 3º The Document referred to in art. 2º must be sent annually, by April 30 of the year following the base date.

§ 1º As provided in art. 6º of Resolution BCB No. 527, of 2025, the submission referred to in the caput must be made:

I - by the leading institution of prudential conglomerate, on a consolidated basis, regarding the information of the institutions members of the conglomerate, in accordance with the consolidation adopted for the calculation of Reference Equity;

I - by the leading institution of prudential conglomerate, on a consolidated basis, regarding the information of the institutions members of the conglomerate, in accordance with the consolidation adopted for the calculation of Reference Equity; and (Revised, starting from 7/1/2026, by Normative Instruction BCB No. 730, of 4/30/2026.)

II - by financial institutions and other institutions authorized to operate by the Central Bank of Brazil not belonging to a prudential conglomerate; and

II - by financial institutions and other institutions authorized to operate by the Central Bank of Brazil not belonging to a prudential conglomerate. (Revised, starting from 7/1/2026, by Normative Instruction BCB No. 730, of 4/30/2026.)

III - by the institution exercising the option established in art. 4º of Resolution CMN No. 5.223, of 2025.

III - (Revoked, starting from 7/1/2026, by
Normative Instruction BCB No. 730, of 4/30/2026.)

Art. 3º-A The information referred to in art. 2º, § 2º of this Normative Instruction must be sent annually, as provided in Annex I to Circular No. 3.846, of 2017, by the institution exercising the option established in art. 4º of Resolution CMN No. 5.223, of 2025. (Included, starting from 7/1/2026, by Normative Instruction BCB No. 730, of 4/30/2026.)

Art. 4º The institutions mentioned in art. 3º must indicate an employee qualified to answer any questions regarding the submission of the Document referred to in this Normative Instruction.

Art. 5º The indications referred to in art. 8º of Resolution BCB No. 527, of 2025, and in art. 4º of this Normative Instruction must be recorded and kept updated in the Information System on Entities of Interest to the Central Bank (Unicad), as provided for in resolution BCB No. 209, of March 22, 2022.

Art. 6º This Normative Instruction enters into force on the date of its publication.

ARISTIDES ANDRADE CAVALCANTE NETO ANDRÉ MAURÍCIO TRINDADE DA ROCHA

ANNEX TO NORMATIVE INSTRUCTION BCB NO. 685, OF DECEMBER 5, 2025

Document Code: 2090

Document Name: Information regarding Icaap, IcaapSimp and stress tests with scenarios provided by the Central Bank of Brazil (TEBU).

Submission Frequency: annual

Base Date:
December 31, for a minimum horizon of three years.

Submission Deadline: April 30 of the year following the respective base date.

Units Responsible for Curation: Financial System Monitoring Department (Desig) and Strategic Management and Specialized Supervision Department (Degef);

Submission Method: Electronic means.

System for Submission: Electronic File Transfer System (STA), available on the page of the Central Bank of Brazil on the Internet, at the address https://sta.bcb.gov.br/sta/ .

Format for Submission: XML (eXtensible Markup Language).

Submission Validation: Anticipated.

Submission Validation Scheme: XSD (XML Schema Definition).

Additional Elements for Submission: layout, in XML format; models, in Excel format; XSD validation schemes; example files; validator program; Stress Test scenarios, and filling instructions, available on the Central Bank of Brazil’s website at the address https://www.bcb.gov.br/estabilidadefinanceira/leiautedocumentoscrd.

Director Responsible for Submission: Director responsible for the capital management structure - Resolution CMN No. 4.557, of 2017.

Director Responsible Registration: in the “Links – Inclusion – Responsible Director for Area of Activity” module of Unicad.

Employee Indicated to Answer Questions: Responsible for information - Risk Management.

Registration of Employee Indicated to Answer Questions: in the “Links – Inclusion – Internal Audit / Ombudsman / Resp. for Information Submission” module of Unicad.

Electronic Address for Resolving Questions Regarding Filling of Quantitative Icaap and IcaapSimp: icaap.quant@bcb.gov.br@bcb.gov.br

Electronic Address for Resolving Questions Regarding Filling of Stress Test with scenarios provided by the Central Bank of Brazil (TEBU): tebu@bcb.gov.br

NOTE

Resolution BCB No. 527 of December 3, 2025, provides for the submission, to the Central Bank of Brazil (BCB), of quantitative information regarding the Internal Process for the Assessment of Capital Adequacy (Icaap), the Simplified Internal Process for the Assessment of Capital Adequacy (IcaapSimp) and stress tests with scenarios provided by this Agency, in accordance with Resolutions CMN Nos. 4.553, of January 30, 2017, and 4.557, of February 23 2017, and Resolutions BCB Nos. 265, of November 25, 2022, and 436, of November 28, 2024.

2.                     The  
   

present Normative Instruction aims to establish the procedures for the submission of the information referred to in Resolution BCB No. 527, of 2025, adopting the same technological structure already provided for in most submission documents (deadline, method, system, format and validation procedures), in order to not bring any innovation regarding the procedures required by this Agency, facilitating the adequate monitoring of capital maintained by institutions.

3.                     It is worth highlighting that the proposal was subject to  
   

social participation, in the directed consultation modality, on August 20, 2025 and, after analysis of the comments and suggestions sent, the present regulatory framework was established.

4.                     Decree No. 10.411, of June 30,  
   

2020, regulates the conduct of regulatory impact analysis – AIR as a prerequisite for the issuance of normative acts of general interest to economic agents. However, in its article 4º, the aforementioned decree establishes the exemptions for conducting AIR. This Normative Instruction falls within the exemptions provided for in items II - normative act intended to regulate rights or obligations defined in a hierarchically superior norm that does not allow, technically or legally, different regulatory alternatives, V - normative act that aims to preserve liquidity, solvency or soundness: (...) b) of financial markets (...), and VII - normative act that reduces requirements, obligations, restrictions, requests or specifications with the objective of reducing regulatory costs.

5.
Based on the exposition in paragraph 2, it is concluded that this normative instruction only specifies the procedure for executing an obligation contained in Resolution BCB No. 527 of 2025, without causing, therefore, a significant increase in costs for economic agents, budgetary or financial expenses, nor substantially affecting the public policy executed, aiming to preserve the soundness of the National Financial System, and allowing the automation of institutions' processes in order to reduce regulatory costs, with a low initial implementation impact, falling within the exemptions provided for in items II, V and VII of art. 4º of the aforementioned decree.

Aristides Andrade Cavalcante Neto	André Maurício Trindade da Rocha
Head of the Strategic Management and Specialized Supervision Department (Degef).	Head of the Financial System Monitoring Department (Desig)