Alertas regulatórias para o trimestre

A Management Solutions compila as novidades regulatórias publicadas por reguladores do setor financeiro de âmbito global (BCBS, FSB), supranacional (com foco na Europa), e de algumas geografias locais (Estados Unidos, Reno Unido e Espanha).

Novidades relevantes

CMF · Regulation which creates the Fintech Information System Manual  

(01/20) · Sustainability · Risks 

The Financial Market Commission (CMF) of Chile has published the regulations which creates the Fintech Information System Manual, which established requirements for managing climate and environmental risks in the financial system. This framework outlines how financial institutions should identify, assess, and manage these risks, promoting greater resilience to climate change. The regulation aligns with international standards and aims to encourage sustainable practices within the sector, supporting the transition to a greener economy. (more detail) 

CMF · Second application of the capital requirements regulation under Pillar 2  

(01/17) · Supervision 

The Financial Market Commission (CMF) of Chile has applied for the second time the capital requirements regulations under Basel III's Pillar 2. After evaluating each bank's business model, the CMF Council decided to maintain these requirements for the same institutions as the previous year: Banco Bice, Banco BTG Pactual Chile, Banco Consorcio, Banco del Estado de Chile, Banco Internacional, Banco Security, HSBC Bank (Chile), Banco de Chile, and Scotiabank Chile. This decision reflects progress in implementing Basel III standards in the country. Banks must conduct a capital self-assessment and submit the 2024 IAPE, while the CMF continues to oversee compliance with the new capital adequacy requirements. (more detail) 

FCA · Report on the assessment and reduction of MLTM  

(01/24) · Financial crime 

The Financial Conduct Authority (FCA) has published its review on money laundering through financial markets (MLTM). The report identifies key vulnerabilities in current market practices and highlights specific areas where participants need to enhance controls to mitigate risks of illicit activities. It also provides practical recommendations to address these gaps and reaffirms the FCA's commitment to combating money laundering within the financial sector. (more detail) 

SRB · Update on operational guidance on OCIR  

(01/23) · Restructuration and resolution 

The Single Resolution Board (SRB) has updated its Operational Guidance on Operational Continuity in Resolution (OCIR). This revision offers banks more detailed guidance on ensuring the continuity of critical functions during and after a resolution process. The updates integrate lessons learned from previous resolution cases and align with the latest regulatory expectations, enhancing the financial sector's preparedness to handle crises effectively. (more detail) 

BoE · Delay to the implementation of Basel 3.1  

(01/17) · Capital, liquidity and leverage 

The Prudential Regulation Authority (PRA) of the Bank of England has announced a delay in the implementation of the Basel 3.1 regulatory framework, postponing its effective date to 1 January 2027. This decision was made after taking into account feedback from the consultation process, highlighting the need to provide financial institutions with additional time to prepare and comply with the revised regulatory standards. The primary aim is to ensure a smoother and more orderly transition to these updated requirements, allowing institutions to implement the changes without compromising their operational or financial stability. Additionally, this measure aims to align with the implementation plans in the United States, as synchronization between both markets is key to avoiding regulatory discrepancies that could impact the competitiveness of the financial sector. However, the PRA has confirmed that the deadline for the full implementation of Basel 3.1 remains unchanged, set for January 1, 2030. (more detail) 

EBA · Consultation paper on guidelines on ESG scenario analysis  

(01/16) · Sustainability 

The European Banking Authority (EBA) has launched a public consultation on its guidelines for scenario analysis related to environmental, social, and governance (ESG) factors. These guidelines outline expectations for financial institutions to adopt forward-looking approaches and integrate ESG scenario analysis into their management framework, aiming to assess financial resilience and business model robustness against ESG-related negative impacts. The consultation will remain open until 16 April 2025. The final guidelines are expected to be published in the second half of 2025, with implementation planned for 2026, providing institutions with adequate time to adapt their practices to the new requirements. (more detail) 

EBA · Peer Review on the application of proportionality under the supervisory review and evaluation process  

(01/16) · Capital 

The European Banking Authority (EBA) has published a peer review on the application of the proportionality principle under the Supervisory Review and Evaluation Process (SREP). This report assesses how national competent authorities (NCAs) apply proportionality in SREP, highlighting good practices and areas for improvement to ensure a more effective and tailored supervisory approach based on the size and complexity of financial institutions. (more detail) 

EBA · Final Guidelines on the management of ESG risks  

(01/10) · Sustainability 

The European Banking Authority (EBA) has published the final guidelines on environmental, social and governmental (ESG) risk management. The guidelines set requirements for the internal processes and risk management agreements that entities must have implemented to ensure the resilience of their business model and risk profile in the short, medium, and long term. The final version takes into account the feedback received during the consultation period and includes some significant changes compared to the draft. These guidelines apply to institutions other than small and non-complex institutions from 11 January 2026. These guidelines apply to small and non-complex institutions at the latest from 11 January 2027. (more detail)  

EBA · Consultation Paper on draft RTS on the prudential treatment of crypto assets exposures under CRR  

(01/08) · Cryptoassets · Capital 

The European Banking Authority (EBA) has published a draft Regulatory Technical Standard (RTS) that sets specifications for the prudential treatment of crypto-asset exposures under the Capital Requirements Regulation (CRR). These standards aim to harmonize how financial institutions calculate and manage risks associated with crypto-assets, promoting consistent supervision across the European Union (EU). The consultation will remain open until April 8, 2025, allowing stakeholders to provide input that contributes to the development of a robust regulatory framework aligned with the growing relevance of crypto-assets in the financial system. (more detail) 

CMF · Public consultation on regulations establishing the minimum requirements and conditions that guarantees must meet to be used as credit risk mitigators  

(01/06) · Capital · Credit risk 

The Financial Market Commission (CMF) has opened a public consultation on a proposal introducing a new additional clause for deferred and lifetime annuity increases. This clause will allow future retirees due to old age or disability to opt for a lower pension during a predetermined initial period, then access a higher fixed amount in Unidades de Fomento (UF) for life. The initiative aims to offer greater flexibility in pension planning, adapting to the individual needs of affiliates. The clause may be contracted alongside modalities such as immediate lifetime annuities or immediate lifetime annuities with scheduled withdrawals and can also be combined with the guaranteed payment period annuity clause. The public consultation will be open until January 31, 2025, and the CMF invites all interested parties to submit their comments and observations through its website. (more detail) 

SBS · Public consultation on the new Regulation for the trading and accounting of derivative financial instruments in financial system companies  

(01/06) · Reporting and disclosure 

The Superintendent of Banking, Insurance, and Private Pension Fund Administrators (SBS) approved the public consultation of the draft Regulation governing the negotiation and accounting of derivative financial instruments in financial system companies. This project seeks to harmonize local regulations with International Financial Reporting Standards (IFRS) and allows public participation for a period of 30 days to provide comments and observations on the proposed amendments to existing provisions. (more detail) 

SBS · Public consultation of the new Regulation for the classification and valuation of investments in financial system companies  

(01/02) · Reporting and disclosure 

The Superintendent of Banking, Insurance, and Private Pension Fund Administrators  (SBS) approved the public consultation of the new Regulation for the Classification and Valuation of Investments in Financial System Companies. This regulatory draft aims to update and harmonize local accounting regulations with International Financial Reporting Standards (IFRS), allowing public participation for 30 days to submit comments and observations. The Resolution will remain open for comments and observations until February 1, 2025.  (more detail) 

Outras publicaçoes (setor financeiro)

UK Gov · Public consultation on UK Internal Market Act 

(01/23) · Capital markets 

The United Kingdom’s (UK) Government has launched a consultation on the UK Internal Market Act. This initiative aims to gather stakeholder feedback on the implementation, impact, and potential improvements to the act, which governs internal trade between the UK’s nations following Brexit. The act seeks to ensure a frictionless internal market by maintaining the free flow of goods and services while respecting the regulatory autonomy of Scotland, Wales, Northern Ireland, and England. Through this consultation, the government hopes to identify practical challenges and promote greater collaboration to balance economic integration with devolved competencies. (more detail) 

UK Gov · Planned methodology changes on greenhouse gas emissions statistics  

(01/23) · Sustainability 

The United Kingdom’s (UK) Government has published planned methodology changes for the calculation of the country's greenhouse gas (GHG) emissions. This document outlines proposed updates to how emissions data are collected, calculated, and reported, ensuring alignment with international standards and more accurately reflecting current activities. The changes aim to enhance the transparency, consistency, and accuracy of reporting, supporting better decision-making and tracking progress toward the UK’s climate targets. (more detail) 

EC · Report on the core elements for assessing corporate transition plans 

(01/23) · Sustainability 

The European Commission (EC)'s Platform on Sustainable Finance has published a report on the core elements for assessing corporate transition plans. This document provides guidance on evaluating corporate commitments and strategies in their transition toward sustainable business models. It also aims to foster transparency, trust, and accountability between companies and investors, supporting the EU's climate and sustainability goals. (more detail) 

EBA · Opinion on the interaction between the output floor and Pillar 2 requirements 

(01/21) · Supervision · Capital 

The European Banking Authority (EBA) has published an opinion on the interaction between the output floor and Pillar 2 requirements set out in Basel III. This document provides guidance to national competent authorities (NCAs) to ensure that the implementation of the output floor does not negatively affect the allocation of capital requirements under Pillar 2. Next steps include an assessment of supervisory practices in Member States and consideration of adjustments to regulatory guidelines to ensure consistency across the European Union (EU). (more detail) 

ECB · Stress Test Announcement for 96 Euro Area Banks in 2025 

(01/20) · Supervision · Capital 

The European Central Bank (ECB), through the Single Supervisory Mechanism (SSM), has announced that it will conduct a stress test exercise for 96 banks in the euro area in 2025. This exercise includes collaboration with the European Banking Authority (EBA) to assess the region's largest banks, along with additional tests for medium-sized banks not included in the EBA sample. The results will be published in early August 2025 and will provide insights into the resilience of banks under adverse macroeconomic scenarios. (more detail) 

CMF · Modification of the entry into force of instructions on operational risk management for securities intermediaries and commodity brokers 

(01/20) · Operational risk 

The Financial Market Commission (CMF) of Chile has announced the modification of the effective date for the instructions on operational risk management for securities intermediaries and commodities exchange brokers. Originally scheduled for February 1, 2025, these instructions will now come into effect on August 1, 2025. This six-month extension aims to provide the affected entities with additional time to adequately implement the new guidelines established in General Rule No. 510. The CMF emphasizes the importance of these entities using this additional time to strengthen their operational risk management systems, thereby ensuring an effective transition and compliance with the established regulatory standards. (more detail) 

EBA · 2025 EU-wide stress test launch 

(01/20) · Supervision · Capital 

The European Banking Authority (EBA) has launched its 2025 European Union (EU) wide stress test. This exercise will assess the resilience of major European banks against adverse economic scenarios and evaluate their capacity to withstand extreme financial shocks. The test involves 70 banks representing approximately 75% of EU banking assets. The results will be published in July 2025, offering key insights for regulators, the market, and the general public on the robustness of the European banking sector. (more detail) 

ESMA/EC · Guidance on digital assets outside the scope of MiCA 

(01/17) · Cryptoassets 

The European Securities and Markets Authority (ESMA) and the European Commission (EC) have published guidance on asset-referenced tokens (ARTs) and electronic money tokens (EMTs) that do not comply with the Markets in Crypto-Assets Regulation (MiCA). This document provides clarity on the regulation of these assets and details how regulators will address non-compliance cases. Next steps include the implementation of these guidelines by affected entities and continuous review to ensure alignment with MiCA. The guidelines are expected to be implemented by the end of January 2025 and fully complied with by the end of the first quarter of 2025. (more detail) 

EBA · Adoption of pseudonymisation guidelines and establishment of foundations to improve cooperation with competition authorities 

(01/17) · Technology 

The European Data Protection Board (EDPB) has adopted guidelines on data pseudonymization, marking a significant step toward enhancing personal data protection in line with the General Data Protection Regulation (GDPR). These guidelines aim to provide clarity on the use of pseudonymization techniques to safeguard individual privacy, offering practical examples and specific criteria. Additionally, the EDPB has taken steps to strengthen cooperation among national data protection authorities, fostering the uniform enforcement of regulations across the European Union (EU). (more detail) 

EBA · Repeal of the Guidelines on the reporting of major incidents under the revised PSD2  

(01/17) · Payments 

The European Banking Authority (EBA) has repealed the Guidelines on Major Incident Reporting under the revised Payment Services Directive (PSD2). This decision follows a thorough review of the guidelines since their implementation, identifying areas for improvement in the reporting processes for major incidents. The aim is to streamline and optimize procedures, ensuring that payment service providers can deliver more consistent and efficient reporting, contributing to a clearer and more practical regulatory framework. Additionally, this repeal is linked to the entry into force of the Digital Operational Resilience Act (DORA), which establishes a more robust framework for digital operational resilience and redefines the requirements for incident reporting in the financial sector. (more detail) 

CMF · Public consultation on regulatory adjustments to contribute to the internationalization of the Chilean peso 

(01/16) · Payments 

The Financial Market Commission (CMF) of Chile has issued an update on its regulatory efforts, including measures related to sustainability and financial system stability. In its statement, the CMF highlights key initiatives aimed at enhancing supervision, promoting transparency in financial markets, and facilitating the transition to a more sustainable economy, all in alignment with international standards and best industry practices. (more detail) 

BCBS · Final reports on margin in centrally and non-centrally cleared markets 

(01/15) · Capital 

The Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements (BIS), and the International Organization of Securities Commissions (IOSCO) have published three final reports. These reports provide recommendations and best practices aimed at enhancing the transparency and predictability of margin requirements in both centralized and non-centralized markets. They include specific measures to optimize risk management in these markets, improve financial stability, and ensure consistent implementation of margin requirements globally. (more detail) 

FSB · Report on the relevance of transition plans for financial stability  

(01/14) · Sustainability 

The Financial Stability Board (FSB) has released a report highlighting the importance of climate transition plans for financial stability. However, it notes that the current lack of standardization and variable data quality limit their usefulness for macroprudential assessments. The FSB urges broader and more standardized adoption of these plans, emphasizing that the information should be credible, transparent, and based on clear assumptions, with consistent metrics and methodologies. (more detail) 

CMF · Extension of the consultation period on amendments to the regulation of payment card issuers and operator 

(01/13) · Payments 

The Financial Market Commission (CMF) has extended the public consultation period on modifications to the regulations for payment card issuers and operators, including adjustments related to sub-acquiring operators and cross-border acquiring. These updates seek to strengthen financial supervision and improve current regulations, adapting them to market dynamics, with emphasis on prepaid cards and transfers between accounts. The new consultation period ends on February 7. (more detail)  

MINECO · Draft Order regulating the securities lending of Collective Investment Institutions  

(01/13) · Financial markets · Compliance 

The Ministry of Economy, Commerce and Enterprise (MINECO) has published a draft Order regulating securities lending by Collective Investment Institutions. This regulation aims to establish the conditions and procedures for these operations, ensuring they are conducted transparently and in compliance with existing regulations. The public consultation is open for comments until January 31st. (more detail)  

MINECO · Public consultation on the draft order regulating securities lending by Collective Investment Institutions 

(01/13) · Credit 

The Ministry of Economy, Industry, and Competitiveness (MINECO) has launched a public consultation on a draft order regulating securities lending by collective investment institutions. The purpose of this regulation is to establish the requirements and conditions under which these institutions may carry out securities lending operations, helping to improve transparency and control over these activities in the securities market. The consultation will be open for comments until January 28, 2025. (more detail) 

PRA · Policy statement PS1/25 on amendments to reporting and disclosure dates  

(01/07) · Reporting and disclosure 

The Prudential Regulation Authority (PRA) has issued Policy Statement (PS) 1/25, adjusting the deadlines for financial entities to submit their resolution assessment reports and disclose public summaries. Previously, entities were required to submit these reports biennially on the first Friday of October and publish a summary on the second Friday of June the following year. Under the new amendments, submission and disclosure dates will no longer follow specific biennial cycles. Instead, the PRA will communicate the dates for each cycle in advance, allowing entities to plan and prepare their reports more effectively. This measure aims to provide greater flexibility and ensure that resolution assessments are conducted timely and appropriately. (more detail) 

EC · Report on activities and technical screening criteria to be updated or included in the EU taxonomy 

(01/08) · Sustainability 

The European Commission's (EC) Platform on Sustainable Finance has published a preliminary report proposing updates to the technical screening criteria for activities included in the Climate Delegated Act of the European Union (EU) Taxonomy, as well as the inclusion of new activities. This report aims to enhance the clarity, conciseness, and consistency of the criteria, taking into account data availability to facilitate compliance by companies and enable independent verification. (more detail) 

SBS · Amendment to the accounting manual for financial system companies 

(01/03) · Reporting and disclosure 

The Superintendence of Banking, Insurance, and AFP (SBS) published Resolution No. 00003-2025, amending the Accounting Manual for Financial System Companies, approved by Resolution SBS No. 348-95 and its amendments. This resolution introduces improvements to the format of Report No. 28, now named Financial Information of Non-Retail Debtors, to complement the supervisory activities carried out by the SBS. The Resolution will remain open for comments and observations until February 2, 2025. (more detail) 

SBS · Amendments to the investment Regulations and capital requirements for insurance and reinsurance companies 

(12/28) · Solvency 

The Superintendence of Banking, Insurance, and AFP (SBS) has issued Resolution No. 4380-2024, introducing changes to the Investment Regulations for Insurance Companies and the Capital Requirements Regulations for Insurance and Reinsurance Companies. These amendments include incorporating liabilities from counter-guarantees received in cash or account deposits as part of technical obligations, and updating annexes ES-3, ES-3A, and ES-7C to reflect these adjustments. The Resolution will take effect on January 1, 2025. (more detail) 

CNBV · Amendment to the general provisions applicable to credit institutions  

(12/27) · Reporting and disclosure 

The National Banking and Securities Commission (CNBV) issued a resolution amending the general provisions applicable to credit institutions, published in the Official Gazette of the Federation on December 27, 2024. This amendment aims to simplify the reporting obligations for banking institutions by eliminating redundancies in requested and stored information. Specifically, it repeals the "A-2815 Assignment of the Business Indicator Method for Operational Risk" report from the "R28 Operational Risk Information Series," considering its content is fully integrated into the "A-0111 Minimum Catalog" report from the "R01 Minimum Catalog Series." The resolution will take effect the day after its publication in the Official Gazette of the Federation. (more detail) 

CMF · New standards on Corporate Governance and Comprehensive Risk Management for Financial Intermediaries 

(12/27) · Governance · Financial markets 

The Financial Market Commission (CMF) of Chile has issued General Character Standard No. 528, dated December 27, 2024, which provides detailed instructions on corporate governance and comprehensive risk management for stockbrokers, securities agents, and commodity exchange brokers. This regulation replaces Circular No. 2,054 of 2011, updating and strengthening standards to ensure more robust practices in risk management and corporate governance structures of these entities. The aim is to enhance transparency, accountability, and efficiency in the Chilean financial market, fostering greater confidence among investors and market participants. (more detail) 

CMF · Update on Operational Risk Management Regulations 

(12/27) · Compliance and conduct 

The Financial Market Commission (CMF) of Chile has issued general standard (NCG) No. 529, which amends general NCG No. 510 on operational risk management. This update introduces changes in response procedures to events that may disrupt operational continuity, emphasizing the conduct of Business Impact Analysis (BIA) and Risk Impact Analysis (RIA). Additionally, new guidelines are established for risk assessment and the implementation of crisis management plans, aiming to strengthen the resilience and stability of the Chilean financial market. (more detail) 

BCB · Resolution BCB No. 448 on the Amendment of Provisions Related to Risk Management and Prudential Requirements 

(12/23) · Capital and Provisions 

The Central Bank of Brazil (BCB) has issued Resolution BCB No. 448, dated December 23, 2024, which amends Resolutions BCB Nos. 198, 199, and 201, dated March 11, 2022, related respectively to the methodology for establishing provisions for expected losses, minimum capital requirements to cover credit and market risks, and procedures for operational risk management. This new regulation introduces changes to the criteria for the establishment of provisions, in line with Resolution BCB No. 352, dated November 23, 2023, which sets a more robust framework for managing financial risks. Furthermore, it establishes a timeline for the gradual implementation of these changes, beginning on January 1, 2025, and concluding on January 1, 2028, with the aim of strengthening the stability of the Brazilian financial system and ensuring its resilience to adverse scenarios. (more detail) 

CMN · Update of the methodology for calculating reference equity 

(12/23) · Capital  

The National Monetary Council (CMN) of Brazil has issued Resolution CMN No. 5,199, dated December 23, 2024, which amends Resolution CMN No. 4,955, dated October 21, 2021, concerning the methodology for calculating Reference Equity (PR). This update introduces key adjustments to ensure that financial institutions can assess their regulatory capital with greater precision and detail, aligning with international best practices. The goal is to enhance the Brazilian financial system’s ability to manage risks and maintain its stability in an increasingly dynamic and interconnected economic environment. (more detail) 

SEC · Daily computation of Customer and Broker-Dealer Reserve Requirements under the  

Broker-Dealer Customer Protection Rule 

(12/20) · Capital, liquidity and leverage  

The Security and Exchange Commission (SEC) has adopted amendments to the broker-dealer customer protection rule to require certain broker-dealers to perform their reserve computations for accounts of customers and proprietary accounts of broker-dealers and make any required deposits into their reserve bank accounts daily rather than weekly. The SEC also is adopting amendments to the broker-dealer net capital rule and customer protection rule to permit certain broker-dealers that perform a daily reserve computation for accounts of customers to reduce aggregate debit items (i.e., customer-related receivables) by 2% rather than 3% as part of the computation. Finally, SEC is adopting technical amendments to the Financial and Operational Combined Uniform Single Report, FOCUS Report, to conform it to the amendments with respect to the lowering the debit reduction from 3% to 2%. (more detail) 

Chile 

CMF · Resolution of the Financial Market Commission Board approving the issuance of regulations amending General Standard No. 507  

(12/23) · Capital, liquidity and leverage  

The Financial Market Commission (CMF) has published a regulation introducing amendments to General Rule No. 507, which establishes key guidelines on corporate governance and comprehensive risk management for General Fund Administrators (AGF). The main objective of this agreement is to strengthen supervision and self-regulation standards within these entities, ensuring greater transparency and operational efficiency. Additionally, an accompanying regulatory report has been attached, outlining the rationale behind the need for this update and providing a technical and regulatory context to support its implementation. This report, which forms an integral part of the resolution, explains the reasons for the changes, aligning them with international best practices and market demands, with the aim of protecting investors and promoting financial system stability. (more detail) 

CMF · Rules on the assessment of the quality of risk management of General Fund Managers and minimum capital and collateral requirements 

(12/23) · Capital, liquidity and leverage  

The Financial Market Commission (CMF) has published regulations detailing the way in which the quality of the risk management of the General Fund Managers and the minimum equity and guarantee requirements for these entities and for those that manage third-party portfolios will be assessed. The regulation amending NCG No. 507 on corporate governance and risk management describes the evaluation process to be carried out by the CMF regarding the quality of corporate governance and the risk management system of the fund managers, which is part of the Commission's risk-based supervision process. The new minimum assets and guarantees regulation, applicable to general fund managers and to entities that manage third-party portfolios, establishes minimum assets requirements based on a risk-weighted assets methodology, in line with international best practices and by virtue of the amendments introduced by the Fintec Law. The risk management regulations are effective immediately, with the exception of the self-assessment in section VI, which applies from 1 July 2027, while the minimum net worth regulations come into force on 1 January 2026, with the exception of section III, which also applies from 1 July 2027. (more detail) 

Outras publicaçoes (setor seguros)

SUSEP · Law on insurance cooperatives and mutual benefit societies 

(01/16) · Business model · Corporate governance 

The Superintendence of Private Insurance (SUSEP) in Brazil has published a new law regulating insurance cooperatives and mutual protection groups. This legislation allows these cooperatives to expand their activities to various branches of private insurance, except for those specifically prohibited, and establishes a regulatory framework for administrators of mutual protection operations. Additionally, the law strengthens the supervision of the sector by SUSEP, promotes socio-environmental and climate sustainability, and protects consumers. Although the law is already in effect, specific regulations for its implementation and oversight are expected to be developed in the coming months. (more detail) 

CMF · Public consultation on a new additional clause for lifetime annuities 

(01/06)  

The Financial Market Commission (CMF) has opened a public consultation on a proposal introducing a new additional clause for deferred and lifetime annuity increases. This clause will allow future retirees due to old age or disability to opt for a lower pension during a predetermined initial period, then access a higher fixed amount in Unidades de Fomento (UF) for life. The initiative aims to offer greater flexibility in pension planning, adapting to the individual needs of affiliates. The clause may be contracted alongside modalities such as immediate lifetime annuities or immediate lifetime annuities with scheduled withdrawals and can also be combined with the guaranteed payment period annuity clause. The public consultation will be open until January 31, 2025, and the CMF invites all interested parties to submit their comments and observations through its website. (more detail) 

SUSEP · 2025 Regulation plan  

(12/27) · Supervisory expectations 

The Superintendency of Private Insurance (SUSEP) has approved its Regulatory Plan for 2025, structured into four main areas: insurance economy and economic order, products and conduct, prudential regulation, corporate governance, and infrastructure. Priorities include regulating Law No. 15.040/2024, known as the Insurance Contract Law, which establishes rules for private insurance. Additionally, regulation stemming from Complementary Law Bill 143/2024 is planned, addressing the operation of insurance cooperatives and mutual protection groups, promoting comprehensive reform in Brazil's National Private Insurance System (SNSP). (more detail) 

CNSP · Adjustments to capital requirements for underwriting and operational risks  

(12/27) · Capital · Operating risk 

The National Council of Private Insurance (CNSP) approved Resolution CNSP No. 479, introducing targeted amendments to Resolution CNSP No. 432/2021, a key regulation establishing capital requirements for underwriting and operational risks for insurers in Brazil to ensure sector solvency. These adjustments align with SUSEP Circular No. 682 of 2022, which revised insurance branches, including new categories and updated their nomenclature and accounting. Effective January 1, 2025, the resolution also removes outdated references in the calculation of underwriting risk capital and unifies terminology related to survivorship coverages, in accordance with the new rules applicable since 2024. (more detail) 

As novidades regulatórias de trimestres ou exercícios anteriores podem ser consultadas na seção Informes trimestrais regulatórios, se forem do ano em curso, ou na página Informes anuais regulatórios, se forem de anos anteriores.