Brazil: National Monetary Council Resolution No. 5,298 on the organisation and functioning of the derivatives market including prohibition of derivative contracts on sporting, gaming, and non-economic events enters into force

On 4 May 2026, CMN Resolution No. 5,298 on the organisation and functioning of the derivatives market entered into force in Brazil, including a prohibition of derivative contracts on sporting, gaming, and non-economic events. The Resolution applies to participants in the derivatives market in Brazil, including offerors of derivatives traded abroad to investors in Brazilian territory. The Resolution prohibits the offering and trading in Brazil of derivative contracts whose underlying assets relate to real sporting events as defined in Law No. 14,790 of 2023, virtual events of online games as defined in the same law, and real or virtual events of a political, electoral, social, cultural, entertainment, or other nature that the Brazilian Securities and Exchange Commission determines do not represent an economic-financial benchmark. The Resolution treats as economic-financial benchmarks price and securities indices, interest and exchange rates, credit risk classifications and indices, prices of commodities and financial assets traded on organised exchanges or registered in financial market infrastructures authorised by the Central Bank or the Brazilian Securities and Exchange Commission, and other benchmarks based on consistent and verifiable methodologies. The Brazilian Securities and Exchange Commission adopts complementary regulation to implement the Resolution.