Brasilia, 11/17/2022 - The Central Bank has extended the maximum limit for payment institutions (PIs)
with digital wallets in operation to request authorization to operate. The initial deadline
would end in March 2023, but the Central Bank yesterday extended this limit by six years until March 2029, with a
a staggered by the size of the payment institution.
Expensive and laborious, the extension of the deadline is welcomed by the e-money IPs (which manage prepaid payment accounts).
prepaid payment account) that still did not have authorization from the Central Bank, but it was also a demand from the
organ due to the "queue" of requests under analysis. But some experts assess that the large expansion creates
a regulatory asymmetry, since the newcomers in the business are required to request authorization before starting operations today.
operations today.
This was not the case until last year. Initially, these companies could start operating without authorization from the
from the Central Bank. But, as a way to avoid the problems that poor risk management of institutions can cause to the
the financial system, in March 2021, the Central Bank determined that, in order to provide the digital portfolio service, the
portfolio service, the institution must request authorization from the Central Bank, regardless of the volume of business.
With the change, the agency proposed a transition rule for companies that were already in operation,
considering that there are a number of requirements to be met to file a request with the Central Bank. For smaller
smaller institutions, with volume of payment transactions less than $ 300 million by the end of this
year or resources held in prepaid payment account below $ 30 million in the same period, the
maximum deadline was March 31, 2023.
Now, the Central Bank has proposed a much more staggered schedule, starting with the mandatory application for those companies that reach the
those companies that reach the R$300 million mark in payment transactions between January 1, 2022
January 1, 2022 and December 31, 2024. This minimum volume is then reduced by R$50 million
each subsequent year starting in 2025. If by December 31, 2028, these IPs have not reached R$100 million in transactions or R$10 million in payments.
100 million in transactions or R$ 10 million in resources held in the account, they will have until March 31, 2029 to
2029 to submit the authorization request to the Central Bank.
The possibility of postponing the deadline had already been anticipated by the head of the Financial System
Financial System Organization Department, Carolina Bohrer, in an event in São Paulo on November 4th
November, held by the law firm Barcellos Tucunduva Advogados. At the time, Bohrer had cited as a
the large volume of requests that have been filed with the monetary authority, according to
there were 90 requests under analysis.
According to Giancarllo Melito, a lawyer specialized in Payment Media and Fintechs and partner at Barcellos
Tucunduva, the smaller IPs were very concerned about how they would adapt to the requirements demanded by the
by the Central Bank to submit the authorization request. "Now they have gained much more time. It was predictable,
It was predictable, considering that the volume of processes in the Central Bank is very large and next year there would be a flood of new requests," he said, citing the
of new requests," he said, citing that only in the office, there are 58 requests in progress.
For Marcelo Martins, director of the Brazilian Association of Fintechs (ABFintechs), the
received by the sector, since the previous deadline of March 2023 would bring a complex regulatory and investment burden.
investment. "The measure gives more breath and also makes more sense, because it extended the deadline, but also has
also the maximum volumes of movement. These are the volumes that the Central Bank considers a risk for the financial system.
financial system. When the volume is reached, you have to ask for authorization", he said, adding that, even without
authorization, the IPs already have to follow some rules.
One of the most important requirements for filing is that of minimum capital. For electronic money
issuers, it is necessary to pay in and maintain a minimum capital of R$ 2 million. In addition, it is necessary to
In addition, it is necessary to demonstrate the sustainability of the business model, the compatibility of the technological infrastructure
of the controllers/qualified shareholders and the technical capacity of those who will run the business, for example.
running the business, for example.
Risks
Melito, from Barcellos Tucunduva, recognizes, however, that the size of the deadline extension was surprising,
but he evaluates that it is a reflection of the Central Bank's desire not to concentrate the processes so much, and also of an
evaluation that small operations have low risk and do not require authorization so quickly.
According to him, the Central Bank has been working to balance security and the promotion of competition. "THE CENTRAL BANK
was right to give more breath so that the smaller IPs can prepare themselves. The benefit is greater than the risk."
Aylton Gonçalves, senior associate at BBL Advogados, argues, however, that the new rule
will create a regulatory asymmetry, because some digital wallets will be able to continue without authorization
authorization until 2029, while the newcomers already need to be authorized since last year. "It has created a
situation even worse than the previous one. The best would be to never have an end date, and the 'trigger' for the
the 'trigger' for the authorization request is always the volume", he evaluated.
The reporter contacted the Central Bank, Zetta and the Brazilian Federation of Banks (Febraban), but had no
response by the time of publication.
Contact: thais.barcellos@estadao.com
Source: Broadcast
