PAYMENT INSTITUTIONS AND MINIMUM ASSET REQUIREMENTS: CONSIDERATIONS ABOUT YOUR SYSTEMIC RISK/INSTITUICOES DE PAGAMENTO E REQUISITOS MINIMOS DE PATRIMONIO: CONSIDERACOES SOBRE SEU RISCO SISTEMICO/ENTIDADES DE PAGO Y REQUISITOS DE ACTIVOS MINIMOS: CONSIDERACIONES SOBRE SU RIESGO SISTEMICO

Contextualization of the theme: Technological advances led to the creation of new institutions operating in the financial sector, more specifically, in the Brazilian Payments System. These innovations impact the market's regulation. After all, this increased growth demands precaution related to the systematic risk that these entities, when not part of prudential conglomerates, may present to the National Financial System ("SFN"), since they have different regulation from the applicable Financial Conglomerates led by traditional financial institutions, understood in this article as the Multiple and Commercial Banks, or even the Credit, Financing and Investment Companies ("SCFI", commonly known as "Financeiras"), in relation to the treatment and capital requirements. From this different approach, it is assumed that there are some negative implications, given the competitive aspect and in relation to the risk to the stability of the SFN arising from the regulatory arrangement aimed at Payment institutions. Objectives: This article analyzes the applicable regulation to the activities of Payment Institutions within the Brazilian Payments System regarding to the minimum equity requirements to adapt to the applicable prudential regulation. Methodology: The present article relies on bibliographic review and the hypothetical-deductive method to thoroughly analyze the rules provided for in Law 12.865/2013 to protect the health of the Financial System. Results: The reached conclusion is that it is necessary to adapt rules related to minimum equity requirements, given the specificities of activities carried out by Payment Institutions as opposed to Banking Institutions. Keywords: Fintech. Systemic Risk. Prudential Regulation. Brazilian Central Bank. Capital Requirements. Contextualizacao do tema: O avanco tecnologico proporcionou a criacao de novas instituicoes no Sistema de Pagamentos Brasileiro. Essas inovacoes impactam a regulacao deste mercado. Afinal, este crescimento acelerado demanda atencao com o risco sistemico que estas entidades, quando nao integrantes de conglomerados prudenciais, podem apresentar ao Sistema Financeiro Nacional ("SFN"), uma vez que elas possuem regulacao diferente da aplicavel Conglomerados Financeiros liderados por Instituicoes Financeiras tradicionais, entendidas neste estudo como os Bancos Multiplos e Comerciais, ou mesmo as Sociedades de Credito, Financiamento e Investimento ("SCFI", popularmente conhecidas como Financeiras), em relaca