The access of foreign-controlled companies to the national financial system may be restricted by the Central Bank in case of balance of payments disequilibrium.
"SECTION IV - Access of foreign capital companies to the national financial system
Article 22. In periods of imbalance in the balance of payments, recognized by the National Monetary Council, the Central Bank, by adopting measures to contain credit, may limit recourse to the country's financial system, in the case of companies that have access to the market international financial
§ 1 For the purposes of this article, it is considered that they have access to the international financial market:
a) branches of foreign companies;
b) companies headquartered in the country whose capital is wholly owned by residents or domiciled abroad;
c) companies headquartered in the country controlled by persons residing or domiciled abroad.
§ 2 A company is considered to be controlled by persons residing or domiciled abroad, when they directly or indirectly hold the majority of the voting capital.
Art. 23. The limit of access to the financial system referred to in art. 22 cannot be set at a lower level:
a) 150% (one hundred and fifty percent) of own resources belonging to residents or domiciled abroad;
b) 250% (two hundred and fifty percent) of own resources belonging to residents or domiciled in the country. [...]
§ 4 The national financial system, for the purposes of this article, comprises the capital market and all financial institutions, public or private, headquartered or authorized to operate in the country.[...]
§ 6 The provisions of this article and the following article do not apply to financial institutions, whose limits will be fixed in accordance with Law n. 4,595, of December 31, 1964.[...]" (Law No. 4,728 on Capital Markets (14 July 1965), last amended by Law No. 13,986 of 2020, Articles 22 and 23 [google translation])
Law No. 4,728 on Capital Markets (14 July 1965), last amended by Law No. 13,986 of 2020, Articles 22 and 23
[<a href="https://www.planalto.gov.br/ccivil_03/leis/l4728.htm">Law</a>]