Featured Product

    BCB Circular on Initial Framework for Implementation on Open Banking

    June 25, 2020

    BCB published Circular No. 4.032 that sets out the initial governance framework for implementation of open banking in Brazil. The circular went into effect on the date of its publication. The circular states that the initial governance framework will consist of three levels: strategic, administrative, and technical. This initial governance framework must be formalized by July 15, 2020, with the provision for replacement by a definitive governance framework until the implementation of the last stage of Open Banking, on October 25, 2021.

    The circular highlights that the strategic level functions will be performed by the "Deliberative Council." The main functions of the Council will be to define the internal rules of the governance framework, deliberate on convention of the participating institutions, define guidelines for the Secretariat and Technical Groups, and decide on the other issues necessary for implementation of open banking in the country. The circular also notes that duties at the administrative level will be exercised by the Secretariat. These duties involve organization and coordination of work plans as well as the proposition, execution, and management of budget, in addition to several other activities of an administrative nature. At the technical level, the Technical Groups will be responsible for preparation of studies and technical proposals for implementation of open banking, according to the work plans approved by the Deliberative Council. The circular also contains rules on composition of the Deliberative Council, the Secretariat, and the Technical Groups.

     

    Related Links (in Portuguese)

    Keywords: Americas, Brazil, Banking, Open Banking, Open Banking, Governance Framework, BCB

    Related Articles
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    HKMA Announces Repayment Deferment Under Payment Holiday Scheme

    HKMA, together with the Banking Sector Small and Medium-Size Enterprise (SME) Lending Coordination Mechanism, announced a ninety-day repayment deferment for trade facilities under the Pre-approved Principal Payment Holiday Scheme.

    August 05, 2020 WebPage Regulatory News
    News

    ESRB Paper Presents Alternative Approach to EBA Stress Test Proposal

    The Advisory Scientific Committee of ESRB published a response, in the form of an Insights Paper, to the EBA proposals for reforms to the stress testing framework in EU.

    August 05, 2020 WebPage Regulatory News
    News

    MAS Announces Key Initiatives to Support Adoption of SORA

    MAS announced several initiatives to support adoption of the Singapore Overnight Rate Average (SORA), which is administered by MAS.

    August 05, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    News

    PRA to Extend Temporary High Balance Coverage Amid COVID Crisis

    PRA published the policy statement PS19/20 on the final policy for extending coverage under the Financial Services Compensation Scheme (FSCS) for Temporary High Balance.

    August 04, 2020 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure and Reporting of MREL and TLAC

    EBA published the final draft implementing technical standards for disclosures and reporting on the minimum requirements for own funds and eligible liabilities (MREL) and the total loss-absorbing capacity (TLAC) requirements in EU.

    August 03, 2020 WebPage Regulatory News
    News

    EBA Releases Erratum for Phase 2 Package on Reporting Framework 2.10

    EBA published an erratum for the phase 2 of technical package on the reporting framework 2.10.

    August 03, 2020 WebPage Regulatory News
    News

    EC Sets Out Updated Technical Information for Solvency II Calculations

    EC published the Implementing Regulation 2020/1145, which lays down technical information for calculation of technical provisions and basic own funds.

    August 03, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5635