Normative Instruction BCB No. 705 of January 29, 2026

BCB NORMATIVE INSTRUCTION NO. 705, OF JANUARY 29, 2026

Amends BCB Normative Instruction No. 103, of April 30, 2021, and BCB Normative Instruction No. 299, of August 30, 2022, to provide for changes to the instructions for authorization requests to operate in the foreign exchange market by payment institutions and by the institutions referred to in CMN Resolution No. 4,970, of November 25, 2021, respectively, and regarding the exclusion of reference to foreign exchange broker companies, securities and values broker companies, and securities distributor companies in BCB Normative Instruction No. 299, of 2022.

The Head of the Department of Organization of the Financial System – Deorf, substitute, in the use of the attribution conferred upon him by arts. 23, item I, letter “a”, and 98, item VI, of the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of September 21, 2023, based on art. 4º of BCB Resolution No. 81, of March 25, 2021, art. 27 of CMN Resolution No. 4,970, of November 25, 2021, and art. 35 of BCB Resolution No. 277, of December 31, 2022,

R E S O L V E:

Art. 1º BCB Normative Instruction No. 103, of April 30, 2021, published in the Official Gazette of the Union on May 4, 2021, shall be effective with the following alteration:

“Art. 16-A. ..............................................................................................................................

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II - substantiated justification that proves the economic-financial viability of the enterprise and the compatibility of the information technology infrastructure and corporate governance structure with the complexity and risks of the business, in the case of an authorization request to operate in the foreign exchange market, in the form of Annex III;

.......................................................................................................................................” (NR)

Art. 2º Annex III to BCB Normative Instruction No. 103, of April 30, 2021, published in the Official Gazette of the Union on May 4, 2021, shall be effective with the following alteration:

“Art. 1º ...................................................................................................................................

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II - impacts of an operational nature, specifying, if applicable, the changes in standards and in the structure of corporate governance, internal controls and risk management, in the information technology infrastructure and in the policy, risk assessment, systems, procedures and controls for the detection and prevention of operations whose characteristics may indicate the existence of crimes typified in Law No. 9,613, of 1998;

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Art. 3º BCB Normative Instruction No. 299, of August 30, 2022, published in the Official Gazette of the Union on August 31, 2022, shall be effective with the following alterations:

“Art. 5º ...................................................................................................................................

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§ 3º The authorization request for the functioning of a development agency, savings and loan association, mortgage company, leasing company, credit society, financing and investment society, real estate credit society, direct credit society, credit for microentrepreneurs and small businesses society, peer-to-peer lending society, classic or full credit cooperative affiliated to a central credit cooperative, capital and loan credit cooperative, and confederation of service must be accompanied by the executive summary of the business plan, in the form of Annex II.

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“Art. 20-D. ..............................................................................................................................

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II - substantiated justification that proves the economic-financial viability of the enterprise and the compatibility of the information technology infrastructure and corporate governance structure with the complexity and risks of the business, in the case of an authorization request to operate in the foreign exchange market, in the form of Annex IV;

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Art. 4º Annex IV to BCB Normative Instruction No. 299, of August 30, 2022, published in the Official Gazette of the Union on August 31, 2022, shall be effective with the following alteration:

“Art. 4º ...................................................................................................................................

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II - impacts of an operational nature, specifying, if applicable, the changes in standards and in the structure of corporate governance, internal controls and risk management, in the information technology infrastructure and in the policy, risk assessment, systems, procedures and controls for the detection and prevention of operations whose characteristics may indicate the existence of crimes typified in Law No. 9,613, of March 3, 1998;

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Art. 5º This Normative Instruction enters into force on February 2, 2026.

Daniel Brito de Castro Bichuette

Head, substitute

ANNEX

NOTE

The present BCB Normative Instruction - IN BCB aims to alter provisions with a view to:

I – excluding from BCB Normative Instruction No. 299, of August 30, 2022, the reference to foreign exchange broker companies, securities and values broker companies, and securities distributor companies, considering that CMN Resolution No. 4,970, of November 25, 2021, no longer applies to these institutions, due to the change in the competence of the Monetary National Council to the Central Bank of Brazil to regulate the authorization processes of the aforementioned institutions, pursuant to art. 9º-A of Law No. 4,728, of July 14, 1965, included by Law No. 14,286, of December 29, 2021, regulated by BCB Resolution No. 519, of November 10, 2025, with effect from February 2, 2026;

II – providing in BCB Normative Instruction No. 103, of April 30, 2021, and in BCB Normative Instruction No. 299, of August 30, 2022, the instruction, in the authorization request to operate in the foreign exchange market, regarding the requirements of compatibility of the information technology infrastructure and corporate governance structure with the complexity and risks of the business, included in art. 30 of BCB Resolution No. 277, of December 31, 2022, by BCB Resolution No. 521, of November 10, 2025, with effect from February 2, 2026.

2. Decree No. 10,411, of June 30, 2020, regulates the carrying out of regulatory impact analysis - AIR as a prerequisite for the issuance of normative acts. However, in its article 4º, the aforementioned decree establishes the hypotheses for dispensing with the carrying out of AIR. The present IN BCB falls under the hypothesis provided for in item II, as it does not bring any additional requirement to that contained in the current regulation and is intended to clarify the way of fulfilling obligations defined in a hierarchically superior norm. Thus, based on item II of art. 4º of Decree No. 10,411, of 2020, I understand that the issuance of this normative instruction dispenses with the carrying out of AIR.

Daniel Brito de Castro Bichuette

Head, substitute