Circular 3057 (on payment systems)

Brazil

(enacted in 2000)

Pursuant to Circular 3057 of 2000 (on payment systems) and Regulation 2882 of 2001, both issued by the Central Bank of Brazil, entities engaged in clearing and settlement services are subject to authorization and supervision by the Central Bank of Brazil (CBB). Other participants of the payments system may be supervised at the CBB’s discretion. This circular and Regulation 2882 of 2001 set out guiding principles for the infrastructure, governance and risk management for all participants in the payments system and gives CBB the discretion to establish minimum standards for all participants.

DISCLAIMER: Due to the fact that an English translation was unavailable for this circular, information for this summary has been taken from secondary sources and not from review of the actual legal text.