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Federal Revenue Will Require CPF of Shareholders in All Funds Starting in 2026 to Enhance Transparency and Combat Financial Crimes.
Federal Revenue Changes Rules and Requires CPF from Shareholders: See Who Will Be Affected
The Federal Revenue will require CPF from all investment fund shareholders in Brazil starting on January 1, 2026, in a measure that promises to transform the financial market, according to the Government.
The initiative reaches both national and international investors and reinforces the fight against financial crimes. The measure applies nationwide and will be implemented through a regulatory instruction published on October 31.
The Government’s intention, according to the official announcement, is to identify the final beneficiary of each investment, increase control over exclusive funds, and enhance transparency in the economy. To this end, the Federal Revenue will create a mandatory digital system to record shareholder data, including CPF, number of shares, and assets.
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According to the Minister of Finance, Fernando Haddad, the change ends any anonymity. He stated:
“Now, all funds will be required to disclose even the CPF. If it’s a pyramid scheme, you will have to get to the person’s CPF.”
Thus, the Government aims to prevent practices such as money laundering, concealment of assets, and financial pyramid schemes.
What Changes for Shareholders and Financial Institutions
With the new rule, the Federal Revenue and the Central Bank will share detailed data about shareholders and funds. The CPF requirement applies to all funds, and administrators have 30 days to comply. Those who fail to comply face CNPJ suspension, banking blockages, and fines.
Additionally, institutions will send monthly reports with CPF, assets, and the number of shares to the Revenue, which cross-references the information with the CNPJ and thereby strengthens the fight against fraud and oversight of the financial system.
New System: e-BEF Will Identify Final Beneficiaries
The Federal Revenue will launch the Digital Form for Final Beneficiaries (e-BEF), which must be completed by financial entities. It will allow for automated reporting of who controls or benefits from financial investments.
The document can be pre-filled with data already existing in the Revenue’s database, which should expedite the process and reduce rework in financial institutions.
Funds Abroad Also Subject to the Rule
In addition to Brazilian funds, the measure will apply to funds abroad that have ties to the national market. Thus, even investments located outside the country will need to report their beneficiaries, as long as they have any activity in Brazil.
Who Must Declare CPF
The rule applies to:
- Civil and commercial companies
- Associations and cooperatives
- Foundations with CNPJ
- Financial institutions
- Fund administrators
- Trusts and foreign entities operating in Brazil
Who Is Exempt
On the other hand, the following are exempt from the obligation to complete the e-BEF:
- Public companies and mixed economy companies
- Publicly traded companies and their subsidiaries
- Individual Microentrepreneurs (MEIs)
- Single-member corporations
Transparency, Oversight, and Economic Impact
The Federal Revenue emphasizes that the measure should, above all, strengthen oversight, prevent fraud, and improve control over large fortunes. Thus, the agency believes that identifying the CPF of shareholders will enhance transparency and make illegal practices in the financial system more difficult.
Moreover, experts assert that the new requirement may, consequently, encourage greater legal security and strengthen the formal economy. This way, the rule tends to reduce the circulation of resources without clear identification, which, in turn, contributes to a safer and more reliable financial environment.
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