Resolution CMN No. 5046 — Organization and Operation of Investment Banks

Resolution CMN No. 5046 establishes the organizational and operational rules for investment banks in Brazil, defining them as private financial institutions specialized in temporary equity participation, productive activity financing, and third-party resource management. The resolution authorizes these banks to engage in specific activities including precious metals trading, futures market operations, credit granting, foreign exchange, and corporate restructuring consulting, while permitting funding through time deposits, foreign resources, and interbank deposits. It mandates that investment banks be structured as joint-stock companies with "Investment Bank" in their corporate name and allows for non-interest-bearing deposit accounts for operational purposes. The regulation revokes previous resolutions 2,099 and 2,624 and entered into force on January 1, 2023, with its capital requirements subsequently revoked by Joint Resolution No. 14 of November 3, 2025.

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RESOLUTION
CMN NO. 5,046, OF NOVEMBER 25, 2022

Provides for the organization and operation of investment banks.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes it public that the National Monetary Council, in a session held on November 24, 2022, based on Articles 4, items VI, VIII, and XIII, of the aforementioned Law, and Article 29 of Law No. 4,728, of July 14, 1965,

R E S O L V E S:

Article 1. This Resolution provides for the organization and operation of investment banks, financial institutions of a private nature, specialized in temporary equity participation operations, financing of productive activity for the supply of fixed and working capital, and management of third-party resources.

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Lineage: Superseded

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Timeline

Amended 1 time · last 2025-11-03

2025-11-03BCBJoint Resolution No. 14 — Methodology for Calculating Minimum Paid-in Share Capital and Net Equity Limits for Financial Institutionssupersedes

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