The National Monetary Council (CMN) published, this Friday (24), a resolution that prohibits the negotiation of derivative contracts related to sports betting and other categories, such as politics, elections, social issues, entertainment and culture.
According to Resolution No. 5,298, only negotiations linked to “economic-financial references” remain authorized. This modality encompasses interest rates, financial assets, economic and price indices, among others.
The prohibitions also cover, throughout the national territory, derivatives offered abroad. Therefore, the Securities and Exchange Commission (CVM) was given the responsibility of additionally regulating the matter and monitoring compliance with what is stipulated in the regulations.
It is worth noting that an ordinary meeting of the National Monetary Council was held last Thursday (23). Currently, the group is made up of:
• President of the Central Bank, Gabriel Galípolo
• Minister of Treasury, Dario Durigan
• Minister of Planning and Budget, Bruno Moretti
Check out CMN Resolution No. 5,298 of 4/24/2026 in full:
CMN RESOLUTION No. 5,298, OF APRIL 24, 2026
Provides for the organization and functioning of the derivatives market in the country.
The Central Bank of Brazil, in accordance with art. 9th of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on April 23, 2026, in view of the provisions of arts. 3rd, caput, items I and III, and 4th, caput, item I, of Law No. 6,385, of December 7, 1976,
DECIDED:
Art. 1 This Resolution provides for the organization and functioning of the derivatives market in the country.
Art. 2 The organization and functioning of the derivatives market must observe, at a minimum, the following principles:
I – investor protection and adequacy of products, services and operations;
II – transparency and clarity in the provision of information;
III – market integrity and efficiency;
IV – prevention of regulatory arbitration and speculation that are harmful to investors and harmful to the public interest; and
V – stimulation of innovation.
Art. 3 The offer and negotiation, in the country, of derivative contracts whose underlying assets are related to:
I – real sports-themed event, as defined in Law No. 14,790, of December 29, 2023;
II – virtual online gaming event, as defined in Law No. 14,790, of December 29, 2023; and
III – real or virtual event of a political, electoral, social, cultural, entertainment nature or any other theme that, at the discretion of the Securities and Exchange Commission, is not representative of an economic-financial reference.
Single paragraph. For the purposes of the provisions of section III of the caput, economic-financial references will be considered:
I – price or rate indices, securities indices, bond indices, interest rates, exchange rates, classification or index relating to credit risk;
II – the prices of commodities, financial assets and securities traded on organized stock exchange and over-the-counter markets or registered and deposited in financial market infrastructures authorized to operate by the Central Bank of Brazil or the Securities and Exchange Commission; and
III – other references related to variables of relevant economic or financial interest, which are determined based on consistent prices or methodologies that can be verified.
Art. 4 The prohibitions referred to in art. 3rd of this Resolution apply to offers in the national territory of derivatives traded abroad, in accordance with the regulations of the Securities and Exchange Commission.
Art. 5 The Securities and Exchange Commission will adopt, in accordance with its legal powers, the necessary measures for complementary regulation and the implementation of the provisions of this Resolution.
Art. 6 This Resolution comes into force on May 4, 2026.
GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil
