Capital Payment by IPs not subject to the operating authorization for participation in PIX

The Central Bank has just published the Normative Instruction BCB 16, of September 18, 2020, clarifying that the payment of capital by payment institutions not subject to the authorization to operate or in the process of authorization to operate by the Central Bank of Brazil must be made in local currency by October 16, 2020.

Capital paid in otherwise will not be computed for purposes of compliance with the criterion of participation in Pix.

The verification of the payment in full and maintenance of capital may be performed as follows: I - publication of the corporate act that decided on the matter accompanied by evidence of the respective financial movement of the resources used in the payment in full of capital; II - financial statements of the last fiscal year audited by an independent auditor registered with the Brazilian Securities and Exchange Commission, or equivalent document; and III - other forms that, at the discretion of the institution in charge, unequivocally ensure that the minimum capital required of the contracting institution has been paid in or maintained.

The obligation of the responsible contracted institution to verify the maintenance of the capital of a payment institution in the process of authorisation to operate ceases when the latter is authorised to operate by the Central Bank.

If there is no evidence of the minimum capital required, the institution in charge may not enter into a contract with the unauthorized payment institution for the purposes of providing services as a responsible participant under Pix and, in the absence of evidence of maintenance of such capital, it must terminate the contract and inform the Central Bank.

The regulation shall enter into force on the date of publication.