Firm / Organisation

Fialdini Advogados

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Chairman/CEO: Vanêssa Fialdini
Number of employees: 35
Languages: English and Portuguese

Firm Overview:
 Created in 2003, Fialdini Advogados is a Brazilian law firm with broad expertise in the payments and technology markets, including fintechs and insurtechs. Fialdini Advogados provides legal and regulatory services for companies of all sizes, from wannabes, startups and scaleups to consolidated players, acting for the industry as a whole: hardware manufacturers, software developers, card brands, financial institutions, payment institutions, issuers, acquirers, subacquirers, ISO, facilitators, gateways, loyalty program companies, investment funds, insurance companies, exchanges and even self-regulation associations.

Main Areas of Practice
On the regulatory desk, coordinated by Vanêssa Fialdini, Tatiana Facchim and Mariana Mendonça, the firm acted as legal advisor on a number of requests to operate as both payment and financial institutions, on the structuring of international payments facilitators’ operations, on the structuring of acquiring and issuing BIN sponsorships and on the structuring of an innovative loyalty program that uses discount and payment cards for health and well-being-related purposes. Fialdini Advogados was also responsible for a milestone for the market, obtaining a formal response from the Brazilian Central Bank regarding dispensation from authorisation to operate for companies that perform acquiring services in association with financial institutions that detain the acquiring licenses granted by card scheme owners (the business model known as BIN sponsorship).

On the tax controversy desk, coordinated by Laerte Rosalem Junior, Fialdini Advogados was the first law firm to develop a legal thesis and successfully request that the amounts due by acquirers and subacquirers as tax on services (ISS) be paid directly in Court, due to the uncertainty scenario currently in force in Brazil, avoiding the imposition of penalties to clients and also avoiding the risk of different municipalities demanding payment over the same fact, which could lead to a double payment.

On the civil controversy desk, coordinated by Lucia Helena Barros, Fialdini Advogados, acting on behalf of a well-known acquirer, was involved on the leading case involving subacquirers who fail to make payments to accredited merchants. It also represented its clients on lawsuits proposed by both the Federal and the State Public Prosecutor’s Offices demanding that all touchscreen POS in Brazil be removed from the market and adapted to visually and hearing impaired, which would not only lead to a huge economic impact to clients for recalling and substituting all millions of touchscreen POS on the market, but also affect financial inclusion and the cards payment market as a whole, once touchscreens POS are cheaper than the regular equipment and thus enabled autonomous workers and micro and small merchants to accept cards as means of payment.

On the not-for-profit desk, coordinated by Vanêssa Fialdini, the firm assisted a number of self-regulation associations on the structuring and drafting of technical notes submitted to the Brazilian Central Bank to supported its decision-making process regarding various changes to the regulatory frame applicable to the market, such as the obligation to settle payments for the transactions at a centralised settlement chamber, the requirements for qualification of players as acquirers and subacquirers (impacting the need to comply with various rules, once acquirers are subject to many more regulatory obligations when compared to subacquirers), as well as procedures and internal controls to be adopted for preventing and combating money laundering and terrorist financing.


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Fintech 2020 Law and Practice in Brazil

Vanêssa Fialdini, Tatiana Facchim Ribeiro, Mariana de Azevedo Mendonça

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