The Central Bank of Brazil has opened a public consultation on a draft regulation to revise the rules for Operadoras de Sistemas do Mercado Financeiro (IOSMF), the entities that operate settlement, registration and central securities depository systems within the Brazilian Payments System (SPB). The proposal aims to strengthen governance, risk management and operational resilience, introduce more conservative capital requirements, and update interoperability rules in line with international principles. The draft revises authorisation requirements by requiring an absence of relevant supervisory findings and allowing the Central Bank to request a reasonable assurance report prepared by an independent auditor. Governance changes would require IOSMF to notify the Central Bank of appointments or changes to senior management, with evidence of technical capacity. On operational resilience, IOSMF would have to maintain an Information Technology Master Plan (PDTI) updated annually, ensure overseas IT outsourcing contracts include continuity testing, and subject cybersecurity and continuity structures to biennial reasonable assurance and internal audit assessment. For financial capacity, the minimum net worth calculation would deduct goodwill and intangible assets, with the new rule set to apply from January 2027 and allowing Central Bank adjustments depending on operational risk. For central counterparties (CPCs), the proposal consolidates stricter prudential criteria including more robust margin models, minimum historical scenarios, expanded application of Cover 2, and rules for mutualised default resources with risk participation. Interoperability provisions would modernise interconnection arrangements between systems, reinforce alignment with the Principles for Financial Market Infrastructures (PFMI), and set parameters for formal agreements, decision quorums and tie-break mechanisms. Comments can be submitted until 8 June 2026.

Original source View in tracker