Within the scope of modernization of the Brazilian foreign rules, on September 9, 2021, the Central Bank of Brazil (“BCB”) edited Resolution BC 137 and the Brazilian Monetary Council (“CMN”) edited Resolution CMN 4.942 , resulting from the Public Consultation no. 79, consolidate and update the rules applicable to international payments and transfers taking into account technological evolution and new business models for such services.
One of the innovations is the possibility, as of September 1, 2022, of non-banking institutions, such as payment institutions (“PIs”) authorized to carry out transactions by BCB, to obtain authorization to operate in the foreign exchange market.
Among other changes, in force as of October 01, 2021, we point out:
- the concept of eFX service shall apply to payments currently made by means of international payment facilitators and international credit cards, with new rules and limits for services of payment of internacional sales and transfers, including the possibility of the eFX service providers to receive payments from their clients by means of payment slips;
- use of payment accounts for receiving export and import payments and operations of accounts owned by the same person or entity in Brazil and abroad;
- rules for the use of payment accounts held in financial institutions and certain PIs to settle amounts arising from foreign exchange transactions; and
- opening in Brazil of prepaid accounts in Brazilian currency by persons or entities resident or domiciled outside Brazil.
The Banking Law and Capital Markets team and the Payments team of Barcellos Tucunduva Advogados remain at your full disposal to clarify any doubts related to this matter at mercadodecapitais@btlaw.com.br and payments@btlaw.com.br.
