Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 154

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 4
Chunk 154
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 made exclusively through public-sector financial institutions (including, but not limited to, depositing federal government funds or judicial deposits).
 We highlight below some rules that may impact competitiveness, due to certain regulatory requirements:
 Through Circular No. 3,590/12, as amended, transfers of corporate control, takeovers, mergers, transfers of business, contracts with a view to cooperation in the financial sector, acquisitions of holdings greater than or equal to 5% and acquisitions that result in the purchaser having a stake equal to or greater than 5% in cases in which the investor holds 5% or more of the voting capital, directly or indirectly involving financial institutions, must be submitted to the Central Bank of Brazil.
 Through CMN Resolution No. 4,970/21, as amended, CMN determined the authorization processes related to financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
 In short, it includes institutions within the scope of application of CMN Resolution No. 4,970/21, such as (i) development banks; (ii) foreign exchange banks; (iii) development banks; (iv) investment banks; (v) multiple banks; (vi) foreign exchange brokers; (vii) securities and exchange brokers and real estate agencies; (viii) securities and exchange distribution companies; and (ix) loan companies between private individuals. In addition, on August 30, 2022, the Central Bank of Brazil issued Normative Instruction No. 299/22, as amended, which discloses procedures, documents, terms and information necessary for the instruction of authorization requests related to the operation of the institutions covered by CMN Resolution No. 4,970/21.
 Through Resolution No. 5,050/22, as amended, the CMN regulates the credit fintechs, providing for the establishment and operation of the Direct Loan Companies (SCD) and Interpersonal Loan Companies (SEP), regulating loans and financing between people using electronic platforms. In summary, SCD and SEP have to be constituted in the form of joint stock companies and may meet less stringent criteria than those of other financial institutions to obtain authorization. However, the SCD can only perform loans and financing using their own resources or by obtaining resources in BNDES transfers and loans, while the SEP cannot make use of operations with its own resources, acting as an intermediary between creditors and debtors and providing other services established in the Resolution.
 In 2019, the CMN created rules for the Credit Society for Micro