Securities brokers and distributors will be able to provide payment services to their clients

On 27 November, the National Monetary Council issued CMN Resolution No. 4,871/2020, allowing brokerage firms and distributors of bonds and securities (respectively, SCTVM and SDTVM) to act as issuers of electronic money. From January 2021, both SCTVM and SDTVM will be able to provide payment services to their customers.

According to the new rules, SCTVM and SDTVM must choose between maintaining registration accounts, a model currently in force, or using payment accounts. According to the Central Bank, the funds held in the accounts, while not committed to the settlement of transactions on behalf of clients, must be invested in federal public securities or kept at the availability of intermediation companies, regardless of the account type chosen.

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