19/08/2025
Credit, financing and investment companies (“SCFIs“), known as “financial companies” are private institutions that provide loans and financing for the acquisition of goods, services and working capital.
On July 24, 2025, Resolution No. 5,237 of the National Monetary Council (“CMN“) (“Resolution 5,237“) was enacted, which updated the rules applicable to SCFIs, which will enter into force on September 1, 2025.
Below is a summary of some of the main points of Resolution 5,237:
- The operation of SCFIs depends on prior authorization from the Brazilian Central Bank (“BACEN“);
- The expression “Credit, Financing and Investment Company” is mandatory and exclusive for this type of company;
- The main purpose of SCFIs is (i) to grant loans and financing; (ii) acquire and manage credit rights; and (iii) provide guarantees;
- SCFIs may provide some related financial activities exhaustively determined in Resolution 5,237, and an exemplifying list is described below: (i) issue electronic money; (ii) act as an accrediting agency; (iii) act as a payment transaction initiator; (iv) issue a postpaid payment instrument; (v) to carry out the analysis and collection of credits and credit rights for third parties; (vi) operate in non-organized over-the-counter markets, subject to the regulations issued by the Brazilian Securities and Exchange Commission (CVM); (vii) buying and selling securities, on your own, in operations carried out in organized stock exchange and over-the-counter markets, among others.
- SCFIs can participate in the capital of other companies;
- In addition to the possibility of using their own resources, SCFIs can raise funds through the issuance of various financial instruments, such as real estate or agribusiness letters of credit, bank certificates of deposit, including the possibility of using instruments to raise funds abroad, with certain reservations.
It is important to note that Resolution 5,237 was based on Public Consultation No. 101, promoted by BACEN, aiming at the modernization of this type of institution, given that the legislation that regulates its constitution is from 1959, repealing certain provisions and aggregating all the sparse rules on the subject, still in force, into a single legislation.
Therefore, BACEN and CMN aim to modernize the topic and bring greater predictability and legal certainty to a constantly evolving market.
Autored by: Nathália Fernandes Gonçalves
