BCB Amends Initial Framework for Implementation of Open Banking
BCB published Circular No. 4.037, which amends Circular No. 4.032 that sets out the initial governance framework for implementation of open banking in Brazil. Circular No. 4.032 was published on June 23, 2020. Among other changes, the regulation now deals with cases related to withdrawal or dismissal of associations represented on the deliberative council. Owing to these adjustments, the date for formalization of the initial governance framework has been been changed from July 15, 2020 to July 24, 2020. In addition, BCB consulted on proposals for changes in the regulation related to the authorization and operation of payment institutions (Circular 3.885). The proposals include a new type of payment institution that will enable consumers to make payments using different means than traditional ones. The consultation period ended on August 08, 2020.
BCB also notified that the normative acts issued by BCB now have a new nomenclature. Circulars will be called “BCB Resolutions” and Circular Letters will be called “BCB Normative Instructions.” The change, which is valid for rules published as of July 30, 2020, is part of a process of review and consolidation of the normative acts, in compliance with the Decree No. 10.139. BCB completed one of the stages of the process, with the disclosure of the list of all its normative acts (including prudential regulations related to banks) and those of the National Monetary Council (CMN). The deadline for publishing the results of the first stage of review and consolidation is November 30, 2020. The fifth and final stage is expected to end one year later. The rules issued by BCB until July 29, 2020 (circulars and circular letters) will continue with the same name until they are reviewed and consolidated. The deadline for consolidating the entire inventory is November 30, 2021.
Related Links (in Portuguese)
- News Release on Circular 4.037
- Circular 4.037
- News Release on Consultation on Payment Institutions
- News Release on Normative Acts
- Notice on Normative Acts
- Lists of Normative Acts
Comment Due Date: August 08, 2020
Keywords: Americas, Brazil, Banking, Open Banking, Governance Framework, Consolidation of Normative Acts, BCB
Previous Article
APRA Consults on Alignment of Daily Liquidity Report for BanksNext Article
FSB Chair Updates G20 on Ongoing Policy WorkRelated Articles
OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks
The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
