The President of Brazil has delegated his power to to the Banco Central do Brasil, the country's banking regulator, to allow foreign HNW investors to become shareholders in Brazilian banks.

Where previously an investor had to obtain a presidential decree to authorise his shareholding, the central bank has now streamlined the process.

The regulator's website declares: "The Presidential Decree (No 10,029 – September 26 2019) aims to give foreign investors equal treatment with domestic investors, by establishing that — provided the compliance with regulation issued by the National Monetary Council (CMN) and BCB — the increase of participation of foreign capital from individuals and legal entities domiciled abroad may be authorised by the BCB itself.

"The delegation of power to [the] BCB will make the licensing procedures of new agents in the [financial system] faster, promoting a more competitive environment and favoring the improvement of the quality of financial services and the cost reduction for clients."

The Brazilian financial sector is regulated by: the CVM (securities), the Central Bank (prudential and financial institutions), SUSEP (insurance) and PREVIC (pensions).