Within the scope of modernising foreign exchange regulations, Resolution BC 137 and Resolution CMN 4,942 published on 09/09/2021, resulting from Public Consultation No. 79, consolidate and update the rules applicable to payments and international transfers, considering technological developments and new business models for these services.
One of the innovations is the possibility, as from September 1, 2022, for non-banking institutions, such as payment institutions ("IPs") authorised to operate by the Central Bank of Brazil ("BCB"), to request authorisation from the BCB to operate in the foreign exchange market.
Among the other modifications, which come into force on 01/10/21, it is worth highlighting:
- the concept of eFX service is now applied to payments currently made through international payment facilitators and international credit cards, with new rules and limits for payment services for international purchases and international remittances, including the possibility for eFX service providers to receive amounts from their customers by bank draft;
- use of payment accounts in transactions of availability of funds, receipt of exports and imports;
- rules for the use of payment accounts held at financial institutions, authorised IPs and IPs participating in the Pix to settle exchange transaction values; and
- opening of prepaid accounts in Brazil for residents or domiciled abroad.
The Banking and Capital Markets team and the Payments team at Barcellos Tucunduva Advogados remain at your disposal to clarify any doubts related to the above topic, at [email protected] and [email protected].
