Resolution CMN No. 4282 — Establishes Guidelines for Regulation, Surveillance, and Supervision of Payment Institutions and Payment Arrangements in the Brazilian Payments System

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on October 31, 2013, based on Articles 1, sole paragraph, item XIII, of Complementary Law No. 105 of January 10, 2001, and Articles 6, 7, 9, and 10 of Law No. 12,865 of October 9, 2013,

RESOLVES:

CHAPTER I

OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1. This Resolution establishes the guidelines that must be observed in the regulation, surveillance, and supervision of payment institutions and payment arrangements that are part of the Brazilian Payments System (SPB).

Sole paragraph. The provisions of this Resolution also apply to financial institutions and other institutions authorized to operate by the Central Bank of Brazil that establish or participate in a payment arrangement, under the conditions established by the Central Bank of Brazil.

CHAPTER II

OF DEFINITIONS

Art. 2. For the purposes of this Resolution, the following are considered:

I - payer: natural or legal person who authorizes the payment transaction;

II - payee: natural or legal person, the final recipient of the funds of a payment transaction;

III - payment transaction: act of paying, depositing, transferring, or withdrawing funds regardless of any underlying obligations between the payer and the payee; and

IV - end user of payment services: natural or legal person who uses a payment service, as a payer or payee.

CHAPTER III

OF PRINCIPLES

Art. 3. The regulation and supervision of payment arrangements and payment institutions by the Central Bank of Brazil must have the following objectives:

I - interoperability of the payment arrangement and between distinct payment arrangements;

II - innovation in payment arrangements and diversity of business models;

III - solidity and efficiency of payment arrangements and payment institutions, promotion of competition, and provision for the transfer of balances in electronic currency, when applicable, to other arrangements or payment institutions;

IV - non-discriminatory access to the services and infrastructures necessary for the operation of payment arrangements;

V - meeting the needs of end users, especially freedom of choice, security, protection of their economic interests, non-discriminatory treatment, privacy and protection of personal data, transparency, and access to clear and complete information about the conditions for providing services;

VI - reliability, quality, and security of payment services; and

VII - financial inclusion, observing equivalent standards of quality, security, and transparency in all payment arrangements.

CHAPTER IV

OF PAYMENT ARRANGEMENTS

Section I

Of Authorization

Art. 4. The minimum requirements for granting authorization to establish a payment arrangement will be established by the Central Bank of Brazil based on criteria aimed at preventing and mitigating risks, as well as promoting the solidity and efficiency of payment arrangements.

Sole paragraph. In drafting the rules that will govern the waiver of authorization referred to in the caput, the Central Bank of Brazil must consider the following criteria:

I - the nature of the creator of the payment arrangement;

II - the nature of the payment arrangement;

III - the nature of the participants of the payment arrangement; and

IV - the limited capacity to offer risk to the normal functioning of retail payment transactions, evaluated through any of the parameters established in Article 6, sole paragraph.

Art. 5. The rules on the cancellation of the authorization mentioned in Article 4 must aim to mitigate risks to the normal functioning of retail payment transactions and to holders of funds maintained in payment accounts, and regulate the orderly exit of the creator of the payment arrangement.

Section II

Of Payment Arrangements that do not Integrate the Brazilian Payments System (SPB)

Art. 6. Payment arrangements that, at the discretion of the Central Bank of Brazil, do not pose a risk to the normal functioning of retail payment transactions, as well as payment institutions that participate exclusively in these arrangements, according to the assessment of the Central Bank of Brazil, do not integrate the SPB.

Sole paragraph. For the purposes of the provisions of this article and of § 4 of Article 6 of Law No. 12,865 of October 9, 2013, the Central Bank of Brazil will use at least one of the following parameters:

I - limitation of purpose;

II - total value of payment transactions;

III - balance of funds deposited in payment accounts;

IV - quantity of transactions performed;

V - number of end users;

VI - effects of the operation of the payment arrangement on the market.

Art. 7. In defining the rules on information provision by the creators of payment arrangements not integrated into the SPB, the Central Bank of Brazil must take into consideration the principle of economy.

Section III

Of General Provisions

Art. 8. In exercising surveillance over payment arrangements integrated into the SPB, the Central Bank of Brazil must have as objectives to ensure their continuous, efficient, and safe operation and to promote the adequate management of their risks.

Art. 9. The nature and characteristics of each payment arrangement must be considered in fixing the conditions for:

I - promoting interoperability between payment arrangements and between participants of the same arrangement;

II - promoting the offer of payment services with the aim of expanding and improving the population's access to financial services; and

III - fostering competition and transparency in the provision of payment services.

CHAPTER V

OF PAYMENT INSTITUTIONS

Section I

Of Modalities

Art. 10. Payment institutions will be classified into modalities according to the nature of the services provided and regulated proportionally to the risks inherent in their activities.

Section II

Of Constitution, Operation, and Corporate Changes

Art. 11. The minimum requirements for granting authorization for constitution, operation, changes in control, acquisition and assumption of qualified participation, corporate reorganizations, including change of corporate object, merger, spin-off, or incorporation, and corporate transformation, and for holding and exercising administrative positions in payment institutions must be based on criteria of prevention and mitigation of risks and on the promotion of the solidity and efficiency of the institutions and payment arrangements.

Art. 12. The requirements for the cancellation of the authorization mentioned in Article 11 must aim to mitigate risks to the security and normal functioning of the payment institution and payment transactions and to the holders of funds maintained in payment accounts.

CHAPTER VI

OF THE PAYMENT ACCOUNT

Art. 13. The Central Bank of Brazil, when regulating the payment account, must consider the objectives of adequacy to the needs of end users, diversity of business models, and financial inclusion, without prejudice to good practices for the prevention of money laundering and combating the financing of terrorism.

CHAPTER VII

OF RISK MANAGEMENT

Art. 14. In defining the minimum requirements to be met by payment institutions for the prevention and mitigation of risks, the Central Bank of Brazil must have as objectives the maintenance of solidity, efficiency, and regular operation of these institutions and the preservation of the value and liquidity of the balances of funds in individual payment accounts.

Sole paragraph. The risk management structure of payment institutions must be compatible with the nature of their activities and the complexity of the services they offer and must comprise, at a minimum, the management of operational, credit, and liquidity risks.

CHAPTER VIII

OF THE ADHERENCE OF FINANCIAL INSTITUTIONS TO PAYMENT ARRANGEMENTS

Art. 15. The conditions for the adherence of financial institutions to payment arrangements will be defined taking into account their nature and characteristics.

CHAPTER IX

OF FINAL PROVISIONS

Art. 16. The rules on the contracting of third parties to provide customer service to end users of payment institutions must ensure the full responsibility of the contracting institution for the service provided by the contractor, including with respect to the integrity, reliability, security, and confidentiality of the services provided, as well as regarding compliance with the legislation and regulation applicable to these services.

Art. 17. The creators of payment arrangements and payment institutions are subject to the provisions of Complementary Law No. 105 of January 10, 2001.

Art. 18. This Resolution enters into force on the date of its publication.

Alexandre Antonio Tombini
President of the Central Bank of Brazil