Featured Product

    BCB Communicates on Supervision of Open Banking Activities

    April 24, 2019

    BCB published a communication regarding the supervision of open banking model in Brazil. The collegiate Board of the Central Bank of Brazil, in a meeting held on April 23, 2019, approved the fundamental requirements for implementation of the open banking system in Brazil. The Open Banking initiative is expected to be implemented in the country from the second half of 2020.

    BCB considers open banking to be sharing of certain information by financial institutions and other authorized institutions at the discretion of its clients. The scope of the model to be adopted in Brazil should cover financial institutions, payment institutions, and other institutions authorized to operate by BCB, including. The institutions should provide at least the following metrics:

    • Data on products and services offered by participating institutions (location of service points, product characteristics, contractual terms and conditions and financial costs, among others)
    • Customer registration data (name, affiliation, address, among others)
    • Transactional customer data (data related to deposit accounts, credit operations, other products and services contracted by customers, among others)
    • Payment services (initialization of payment, transfers of funds, payments of products and services, among others)

    With regard to the process of implementation of Open Banking, the publication of normative acts and self-regulation initiatives are foreseen. As for normative acts, BCB expects to submit a public consultation in the second half of 2019, with the proposals covering several aspects such as definition, scope, responsibilities, minimum requirements for operation of the model, internal controls, risk management, and minimum conditions for the contractual relationship that may be established between authorized institutions and unauthorized third parties, in addition to the implementation schedule. As per the BCB communication, the implementation of the model will occur in phases established as per a schedule. First, the institutions that are members of the prudential conglomerates of segments 1 (S1) and 2 (S2) will be required to participate. Subsequently, this obligation may be extended to the other institutions, at the discretion of the Central Bank of Brazil. Furthermore, BCB expects that the participating institutions will be responsible for technological standardization and operational procedures, safety standards and certificates, and the implementation of interfaces, all in accordance with the regulations.

     

    Related Link (in Portugese): BCB Communiqué

     

    Keywords: Americas, Brazil, Banking, PMI, Open Banking, Risk Management, Internal Controls, BCB

    Related Articles
    News

    OSFI Consults on Revisions to BCAR and Leverage Requirements Returns

    OSFI proposed revisions to the Basel Capital Adequacy Reporting (BCAR) and leverage requirements returns for the 2023 reporting, with the comment period ending on July 09, 2021.

    May 04, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Revisions to Nonperforming Loan Data Templates

    EBA published a discussion paper on review of the standardized nonperforming loans (NPL) transaction data templates, along with the proposed revised NPL data templates.

    May 04, 2021 WebPage Regulatory News
    News

    Bundesbank Updates Requirements Documentation for AnaCredit Reporting

    Bundesbank updated AnaCredit reporting requirements for banks, with reference to the Notice 8001/2020.

    May 03, 2021 WebPage Regulatory News
    News

    CBUAE Issues Regulation for Low-Risk Specialized Banks

    CBUAE has issued a regulation that introduces the licensing and supervision framework for low-risk, specialized banks.

    May 01, 2021 WebPage Regulatory News
    News

    APRA Proposes Guidance to Support Prudential Standard on Remuneration

    APRA is consulting on CPG 511—the draft Prudential Practice Guide on remuneration for banks, insurers, and superannuation licensees—with the comment period ending on July 23, 2021.

    April 30, 2021 WebPage Regulatory News
    News

    MAS Announces Grant Scheme to Spur Adoption of Regtech Solutions

    MAS announced a new RegTech grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector.

    April 30, 2021 WebPage Regulatory News
    News

    PRA Review Finds Most Banks Compliant with Regulatory Reporting Rules

    PRA published a letter that sets out findings from the 2020 Internal Audit Review of the Collections function of a sample of non-systemic banks and building societies.

    April 30, 2021 WebPage Regulatory News
    News

    EIOPA Launches Consultation on Interbank Offered Rate Transitions

    EIOPA launched a consultation on the Interbank Offered Rate (IBOR) transitions, in context of the EU Benchmarks Regulation.

    April 30, 2021 WebPage Regulatory News
    News

    IFRS Issues Proposals Related to New Sustainability Standards Board

    The Trustees of the IFRS Foundation proposed amendments to the Constitution of the IFRS Foundation to accommodate the potential formation of the new International Sustainability Standards Board within the governance structure of the organization.

    April 30, 2021 WebPage Regulatory News
    News

    BCB Amends Rules on Open Banking and Proposes ESG Disclosure Rules

    BCB amended the resolution that establishes technical requirements and operational procedures for the implementation of open banking in Brazil, with the amended resolution entering into force on its publication date.

    April 30, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6925