JL Rodrigues is a consultancy firm with experience in the financial and capital markets, formed by partners with diverse backgrounds.

We have years of experience, and we are always searching for tools that bring innovation and modernity to our work.

Our motivation is facilitating, leading, supporting, and monitoring the entire regulatory process, using market experience and the innovation that permeates the future.

Our projects involve regulated institutions, such as:

  • Financial institutions and other entities authorized by the Central Bank, such as multiple banks, commercial banks, investment banks, brokerage firms and securities distributors, credit financing companies, investment companies etc.
  • Market infrastructures
  • Startups
  • Credit FinTechs: direct credit company (SCD) and peer-to-peer lending company (SEP)
  • Payment FinTechs: payment institutions (IP) and their service modalities
  • Payment arrangements
  • Marketplaces for online and offline service provision
  • Third-party asset management companies
  • Securitization companies and consortium administrators


The partners at JL Rodrigues & Consultants have expertise and knowledge in regulations and best practices for accessing, regulating, and supervising the financial and capital markets. We share all this knowledge with our clients.

José Luiz Rodrigues

Sócio titular

  • Presidente do Conselho da ABFintechs – desde 2017
  • Membro do Comitê Consultivo de Regulação da Cetip / B3 – desde 2015
  • Diretor Executivo Banco de Crédito Nacional (BCN) – 1970 a 1997
  • Representante da FEBRABAN no Conselho de Recursos do Sistema Financeiro Nacional (CRSFN) – 1992 a 1996
  • Bacharel em Ciências Contábeis

Isabel Bernardo Borges


  • Assessora de Relações Institucionais do Banco de Crédito Nacional (BCN) – 1987 a 1998
  • Especialista em relacionamento com o Governo
  • Experiência em acompanhamento de projetos legislativos
  • Bacharel em Jornalismo

Ricardo de Souza e Silva


  • Advogado
  • Especialista em Regulação Bancária e Direito Econômico – FGV
  • Diretor Jurídico Setorial na Associação dos Bancos no Distrito Federal – ASSBAN – 1996 a 1998
  • Assessor Jurídico no Conselho de Recursos do Sistema Financeiro Nacional (CRSFN) – 1992 a 1996

Valdir Pereira


  • Advogado
  • Doutor em Direito – USP
  • Professor do Insper e Saint Paul Escola de Negócios
  • Certificado em Proteção de Dados Pessoais (LGPD e GDPR) pela IAPP – CIPP/E e CIPM


Know-how, experience, and specialized knowledge combined with accurate look towards the future with innovation as part of our DNA. We know how market works and are acquainted to its rules, but we are open to learn and benefit from innovation in favour of our clients and the market.


  • Regulatory consultancy
  • Institutional Relations
  • Legislative monitoring
  • Access to the Financial System and Capital Markets
  • Transfer of ownership control
  • Corporate reorganization
  • Approval of election of administrators, directors, and board members
  • Change of corporate purpose
  • Mergers and acquisitions
  • Cancellation of authorization for operation
  • Creation of operational portfolio
  • Supervision consultancy for the Financial System, Money Laundering Prevention (PLD, in Portuguese), and Internal Controls
  • Development of policies, manuals, and regulations
  • Implementation of organizational and operational structure
  • Data protection and privacy (LGPD, in Portuguese)
  • Analysis of regulatory compliance environment
  • Accounting and Operational Due Diligence
  • Advice and consultancy for the adoption of prudential measures aimed at ensuring the solidity, stability, and proper functioning of Financial Institutions


Over the years, we have worked in several business cases. We have always based our work in studies and technical fundamentals to stimulate the modernization of regulatory norms in the Brazilian Financial System and Capital Markets.


Home Equity

Registration of guarantees

Paper dematerialization

Payment account for Securities Brokers

Business case: Banco Máxima S.A. (current Banco Master S.A.)


One of the first cases conducted by us was the improvement of the rules governing Brazilian Remittance Payments, that is, payment orders received from abroad. We made this possible through the issuance of Resolution CMN 3,568/08. This resolution established significant advancements in democratizing access to the foreign exchange market.

Home Equity

This case originated from a request by a real estate credit company interested in expanding its activities in the market. As a result, it benefited the entire real estate industry and the population. Our offered technical support for an authorization request from the Brazilian Central Bank to grant loans secured by mortgage/property trust, with a term exceeding 36 months, regardless of the purpose of the funds.

After three years of work, on December 21, 2006, the National Monetary Council (CMN, in Portuguese) issued Resolution CMN 3,425/06, which added the activity of granting loans and financing secured by mortgage or property trust to Resolution CMN 2,122/94, with diverse purposes for acquisitions, improvements, or business by mortgage companies.

Registration of guarantees

With expertise in Market Infrastructures (IMFs, in Portuguese), we contributed to a new regulation that required Financial Institutions to register their assets in a financial registration and settlement system authorized by the Brazilian Central Bank (BCB). In the first stage, registration of vehicle collateral was required, followed by real estate collateral. In this way, we collaborated in the issuance of Resolution CMN 4,088/12 and Circular BCB 3,747/15.

Paper dematerialization

In collaboration with our client, specialized law firms, and technical representatives from the agribusiness sector, we worked on a proposal to allow for the issuance of Book-Entry Certificates of Deposit (CDBs, in Portuguese). The result was the publication of Law 13,986/20, which allowed for the dematerialization not only of CDBs, but also of various other securities.

Payment account for Securities Brokers

In November 2020, Resolution CNM 4,871/20 was issued, authorizing brokerage firms (CTVMs, in Portuguese) and securities distributors (DTVMs, in Portuguese) to function as issuers of electronic currency, thus, enabling them to offer payment services and digital accounts to their clients. We played an active role along with the Brazilian Central Bank, providing guidance to the industry during this process.

Business case: Banco Máxima S.A.
(current Banco Master S.A.)

In 2017, due to the worsening regulatory capital indicators presented by Banco Máxima S.A., the Brazilian Central Bank demanded adjustments to the institution's equity and measures related to capital injections, so that the Bank could meet regulatory limits.

In this scenario, our Consultancy was hired to develop the Business Plan for the capitalization of Bank Máxima and guide the transfer of the institution's ownership, which would require changes in its capital structure, executive management, corporate governance, and internal controls.

Thus, the Adjustment, Equity Restoration, and Corporate and Administrative Restructuring Plan was prepared and delivered to the Brazilian Central Bank in August 2017. The Plan initially included a capitalization schedule for the required equity restoration and capital adequacy, a crucial step towards the intended transfer of ownership to the current controller, Daniel Vorcaro. Additionally, the initial guidelines were outlined for the adoption of a new governance model that prioritized the credit granting environment, corporate risk management, and qualified compliance, aligned with the prudential recommendations provided by the Brazilian Central Bank, adapting the institution's structure to the new operational model already intended by the new controller. In late 2019, the transfer of ownership control of the Bank was approved by the Brazilian Central Bank.

We also played a direct role in restructuring the conglomerate, including: (i) guidance on the administrative process for the transfer of ownership control of Investprev Seguradora S.A., Investprev Seguros e Previdência S.A. and Invest Capitalização S.A., a process approved by the Superintendence of Private Insurance (SUSEP, in Portuguese); (ii) change of the corporate name to Banco Master S.A.; (iii) guidance on the transfer of ownership control from Banco Vipal S.A. to the current Banco Master S.A., which now operates as the investment bank of the conglomerate.

Banco Master currently has over one billion Reais in net equity and holds a prominent position among commercial banks.


Supporting our clients throughout the journey is the bedrock of JL Rodrigues & Consultants' work. It is not enough to provide information to our clients. Our work involves a specialized team in relevant areas, which allows us to have a global perspective and accompany the entire work process actively and collaboratively, ensuring that the operation in the Brazilian Capital Markets is implemented in the best feasible way. We provide safety, support, and the right path for companies seeking success.

If you have any queries, please contact us.

Contact our team


SGAS Quadra 902, Conjunto B, Ent. C, salas 222/229
Ed. Athenas | CEP 70.390-020

Av. Brigadeiro Faria Lima, 4300 - 9° andar, sala 916
Torre FL Office | CEP 04.552-040
São Paulo/SP

+55 (61) 3321-2366 (Brasília)

+55 (11) 3571-6857 (São Paulo)

+55 (11) 3571-6859 (São Paulo)

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