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Who regulates what in Brazil: the federal authorities a foreign investor deals with

Last verified: 2026-10-27 · Status: Stable

Money and credit sit with the National Monetary Council and the Central Bank, securities with the CVM, competition with CADE, data with the ANPD and anti money laundering intelligence with COAF. Twelve sector regulatory agencies, from ANEEL in power to ANM in mining, enjoy statutory autonomy. Company registration runs through the state Juntas Comerciais under the federal DREI, while taxes are split between the Union, the states and the municipalities.

USD figures use the Banco Central do Brasil PTAX selling rate of R$5.3346 per US dollar for 27 October 2026, the rate published on the day this page was verified. Conversions are for orientation only; the rate on the day of each FX contract will differ.

Key facts

CADE filing threshold, larger group revenue in Brazil	750000000 BRLLei nº 12.529 art. 88 I; Portaria Interministerial nº 994 art. 1 I, as of 2012-05-30 · in force
CADE filing threshold, other group revenue in Brazil	75000000 BRLLei nº 12.529 art. 88 II; Portaria Interministerial nº 994 art. 1 II, as of 2012-05-30 · in force
Maximum CADE merger review period	240 daysLei nº 12.529 art. 88 § 2, as of 2026-10-27 · in force
LGPD fine cap, share of Brazilian revenue	2 %Lei nº 13.709 art. 52 II, as of 2026-10-27 · in force
LGPD fine cap per infringement	50000000 BRLLei nº 13.709 art. 52 II, as of 2026-10-27 · in force
Clean Company Act fine floor	0.1 % of gross revenueLei nº 12.846 art. 6 I, as of 2026-10-27 · in force
Clean Company Act fine ceiling	20 % of gross revenueLei nº 12.846 art. 6 I, as of 2026-10-27 · in force
Federal regulatory agencies listed in statute	12 agenciesLei nº 13.848 art. 2, as of 2026-02-25 · in force
National Monetary Council members	3 membersLei nº 9.069 art. 8, as of 2026-10-27 · in force
Central Bank board members including the Governor	9 membersLei Complementar nº 179 art. 3, as of 2026-10-27 · in force

The rule

1. The National Monetary Council (CMN) has three members: the Minister of Finance, who chairs it, the Minister of Planning and Budget, and the Governor of the Central Bank. It decides by resolution and majority vote; the chair may decide urgent matters subject to later ratification.Lei nº 9.069 of 29 June 1995, art. 8 as worded by Lei nº 14.600 of 19 June 2023, Art. 8, items I to III and §§ 1 and 2, 2023-06-19 official text · verified 2026-10-27

2. The Central Bank of Brazil (BCB) is a federal autarchy that enforces the rules assigned to it by law and the CMN's regulations. Financial institutions may operate in Brazil only with prior Central Bank authorization, or by decree of the Executive if they are foreign.Lei nº 4.595 of 31 December 1964, Art. 8; art. 9; art. 18, caput, 1964-12-31 official text · verified 2026-10-27

3. The Central Bank's fundamental objective is price stability, and it alone conducts monetary policy to meet the targets set by the CMN. Its Governor and eight directors are appointed by the President after Senate approval for fixed four year terms.Lei Complementar nº 179 of 24 February 2021, Art. 1; art. 2; art. 3; art. 4, 2021-02-24 official text · verified 2026-10-27

4. The Securities and Exchange Commission (CVM) is a special regime autarchy linked to the Ministry of Finance, with independent administrative authority, no hierarchical subordination, fixed terms and stability for its officers, and financial and budget autonomy. It is run by a chair and four commissioners appointed after Senate approval.Lei nº 6.385 of 7 December 1976, art. 5 as worded by Lei nº 10.411 of 26 February 2002, Art. 5 and art. 6, 2002-02-26 official text · verified 2026-10-27

5. CADE, the Administrative Council for Economic Defense, is a federal autarchy with adjudicative powers across Brazil, linked to the Ministry of Justice. Mergers and acquisitions must be notified and cleared before closing when one group had gross revenue in Brazil of at least R$750,000,000 in the prior year and another at least R$75,000,000; review takes at most 240 days.
Cost to do it: Thresholds of R$750,000,000 (about US$140,591,609) and R$75,000,000 (about US$14,059,161).
Example: A buyer group with R$2,000,000,000 of Brazilian revenue acquiring a target group with R$80,000,000 must file with CADE and wait for clearance before closing. / About US$374,910,959 and US$14,996,438.Lei nº 12.529 of 30 November 2011; Portaria Interministerial nº 994 of 30 May 2012, Lei nº 12.529 art. 4 and art. 88, caput and §§ 1 to 3; Portaria nº 994 art. 1, 2012-05-30 official text · verified 2026-10-27

6. Twelve bodies are regulatory agencies by statute: ANEEL (electricity), ANP (oil, gas and biofuels), Anatel (telecoms), Anvisa (health surveillance), ANS (private health plans), ANA (water and sanitation), Antaq (waterway transport), ANTT (land transport), Ancine (film), Anac (civil aviation), ANM (mining) and ANPD (data protection). They have no hierarchical subordination and enjoy functional, decision making, administrative and financial autonomy, with fixed terms for their directors.Lei nº 13.848 of 25 June 2019, art. 2 item XII as worded by Lei nº 15.352 of 25 February 2026, Art. 2 items I to XII; art. 3, 2026-02-25 official text · verified 2026-10-27 · changed: ANPD added as item XII by Lei nº 15.352 of 25 February 2026.

7. The National Data Protection Agency (ANPD) is a special regime autarchy linked to the Ministry of Justice and Public Security that enforces the General Data Protection Law. It may fine a private company up to 2 percent of the revenue of the company, group or conglomerate in Brazil in its last financial year, net of taxes, capped at R$50,000,000 per infringement.
Cost to do it: Fine cap R$50,000,000 per infringement (about US$9,372,774).
Example: A group with R$1,000,000,000 of Brazilian revenue faces up to R$20,000,000 per infringement (2 percent); one with R$5,000,000,000 is capped at R$50,000,000. / About US$3,749,110 and US$9,372,774.Lei nº 13.709 of 14 August 2018 (LGPD), art. 55-A as worded by Lei nº 15.352 of 25 February 2026, Art. 55-A; art. 52 item II, 2026-02-25 official text · verified 2026-10-27

8. COAF, Brazil's financial intelligence unit, receives, examines and identifies suspicious transactions and applies administrative penalties under the anti money laundering law. It has technical and operational autonomy and is administratively linked to the Central Bank.Lei nº 9.613 of 3 March 1998; Lei nº 13.974 of 7 January 2020, Lei nº 9.613 art. 14; Lei nº 13.974 art. 2, 2020-01-07 official text · verified 2026-10-27

9. The Comptroller General of the Union (CGU) investigates and judges corporate acts harmful to foreign public administrations under the Clean Company Act; for domestic acts, the highest authority of each affected body opens the case. Administrative fines run from 0.1 percent to 20 percent of the prior year's gross revenue, net of taxes, and are never less than the advantage obtained where it can be estimated.
Example: A company with R$300,000,000 of gross revenue faces a fine between R$300,000 and R$60,000,000. / About US$56,237 to US$11,247,329.Lei nº 12.846 of 1 August 2013 (Clean Company Act), Art. 6 item I; art. 8; art. 9, 2013-08-01 official text · verified 2026-10-27

10. Company registration is run by the National System of Business Registration: the federal DREI sets national rules and supervises, and the state Juntas Comerciais execute registrations.
Cost to do it: Example: São Paulo charges R$273.55 (about US$51.28) to register a Ltda.'s articles under Portaria JUCESP nº 74 of 28 July 2026.Lei nº 8.934 of 18 November 1994, as worded by Lei nº 13.833 of 2019 and Lei nº 13.874 of 2019, Art. 3, items I and II; art. 4, 1994-11-18 official text · verified 2026-10-27

11. Labor inspection belongs to the Ministry of Labor's competent authorities, who enforce worker protection rules.Decreto-Lei nº 5.452 of 1 May 1943 (CLT), Art. 626, 1943-05-01 official text · verified 2026-10-27

12. The National Institute of Industrial Property (INPI) applies the industrial property rules (patents, trademarks, industrial designs) nationwide.Lei nº 5.648 of 11 December 1970, art. 2 as worded by Lei nº 9.279 of 1996, Art. 2, 1970-12-11 official text · verified 2026-10-27

13. Taxes are levied by three levels of government: federal taxes (income tax, IPI, IOF, import duty, CBS) by the Union and collected by the Federal Revenue (Receita Federal); ICMS by the states and the Federal District; ISS by the municipalities; IBS is shared by states and municipalities.Constituição Federal of 5 October 1988, as amended by Emenda Constitucional nº 132 of 20 December 2023, Art. 153; art. 155 item II; art. 156 item III; art. 156-A; art. 195 item V, 2023-12-20 official text · verified 2026-10-27

Area	Authority	Legal basis	What it means for an investor
Monetary and credit policy	CMN (Finance, Planning, Central Bank Governor)	Lei nº 9.069 art. 8	Sets FX and credit rules by resolution
Banking, FX, payments	Banco Central do Brasil	Lei nº 4.595 arts. 8 to 18; LC 179	Authorizes banks; runs SCE-IED and FX registration
Securities	CVM	Lei nº 6.385 art. 5	Securities market regulator
Competition	CADE	Lei nº 12.529 arts. 4 and 88	Pre closing merger clearance above R$750 million and R$75 million
Data protection	ANPD	Lei nº 13.709 art. 55-A	LGPD enforcement; fines up to R$50 million per infringement
AML intelligence	COAF	Lei nº 9.613 art. 14; Lei nº 13.974 art. 2	Receives and examines suspicious transaction reports
Anti corruption	CGU (foreign bribery) and each affected body	Lei nº 12.846 arts. 8 and 9	Corporate liability for harmful acts against public administration
Electricity	ANEEL	Lei nº 13.848 art. 2 I	Sector regulator for electricity
Oil, gas, biofuels	ANP	Lei nº 13.848 art. 2 II	Sector regulator for oil, natural gas and biofuels
Telecoms	Anatel	Lei nº 13.848 art. 2 III	Sector regulator for telecommunications
Health products	Anvisa	Lei nº 13.848 art. 2 IV	Health surveillance regulator
Private health plans	ANS	Lei nº 13.848 art. 2 V	Regulator of private health plans
Water and sanitation	ANA	Lei nº 13.848 art. 2 VI	Water regulator
Transport	Antaq, ANTT, Anac	Lei nº 13.848 art. 2 VII, VIII and X	Waterway, land and air transport regulators
Film and audiovisual	Ancine	Lei nº 13.848 art. 2 IX	Film regulator
Mining	ANM	Lei nº 13.848 art. 2 XI	Mining regulator
Company registry	DREI and state Juntas Comerciais	Lei nº 8.934 arts. 3 and 4	Incorporation and corporate filings
Labor	Ministry of Labor inspection	CLT art. 626	Enforces worker protection rules
Industrial property	INPI	Lei nº 5.648 art. 2	Applies industrial property rules
Taxes	Receita Federal; state and municipal tax authorities	Constitution arts. 153, 155, 156, 156-A and 195	Three tax calendars

Federal regulators map. All entries from the statutes cited on this page.

Worked example

Acquiring a Brazilian software company: the buyer group has R$900,000,000 of Brazilian revenue and the target group R$80,000,000, so the deal needs CADE clearance before closing (Lei nº 12.529 art. 88; Portaria nº 994). The target processes personal data, so ANPD is the regulator for LGPD exposure, with fines capped at 2 percent of Brazilian revenue and R$50,000,000 per infringement. Funding goes through an FX contract and SCE-IED under the Central Bank. In dollars the thresholds are about US$140,591,609 and US$14,059,161.

Step by step

1. Map your activity to a sector agency using the table; if one applies, read its licensing rules before signing leases or hiring.
2. Test every acquisition against the CADE thresholds at group level before signing.
3. Appoint someone responsible for LGPD compliance and data incident response.
4. Check whether your sector has anti money laundering reporting duties under Lei nº 9.613 and, if so, set up reporting to COAF.
5. Register with the state (ICMS) and municipal (ISS) tax authorities for each establishment.

Common traps

Closing before CADE clearance. Notifiable deals cannot be consummated before review; gun jumping voids the act and brings fines (Lei nº 12.529 art. 88 § 3).
Assuming a foreign bank can just open a branch. Foreign financial institutions need a decree of the Executive (Lei nº 4.595 art. 18).
Overlooking ANPD's new status. Since February 2026 it is a regulatory agency with full autonomy (Lei nº 15.352).
Treating the Junta Comercial as federal. Registration is executed by the state Juntas under DREI rules, and fees differ by state (Lei nº 8.934 art. 3).

Sources

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