Our partner Mauricio Jayme e Silva was featured in an article in *Valor Econômico* regarding the Federal Court’s interim injunction suspending provisions of a resolution by the National Monetary Council (CMN), to the benefit of Banco do Estado do Espírito Santo (Banestes).

CMN Resolution No. 5,272/2025 prevents financial institutions from offering investment funds to the Special Social Security Schemes (RPPS) adopted by the Federal Government, states and municipalities. Under the new rule, the RPPS may only invest in funds where the manager is classified in segments S1 and S2 by the Central Bank. Banestes is in category S3.

Valid for 90 days, the order from the 4th Federal Civil Court of Vitória benefits Banestes, which filed the lawsuit in the face of the imminent loss of around R$ 1.5 billion in investments from its portfolio.

Mauricio points out that there are no other such rulings in the country as yet. However, he highlights other areas where the CMN regulation could be challenged in court, such as the ban on investment advisers participating in RPPS investments.

According to him, restricting the institutions eligible to operate with this type of investment is a way of “playing to the gallery”. “As well as discouraging competition, it disrupts thousands of businesses run by small asset managers and investment advisers, for whom a large part of their work is linked to RPPS.”

To read the full article, click here.