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
Previous ArticleAMF Postpones Launch of Strategic Plan to April 2021 Due to Crisis
BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.
ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.
EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.
BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.
EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.
BIS Innovation Hub, BDF, and SNB announced that, together with a private-sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currency (wCBDC) for cross-border settlement.
ESAs published two amended implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).
EBA published revised guidelines on major incident reporting under the Payment Service Directive (PSD2).
BCBS updated the year-end and annual average exchange rates in context of the global systemically important bank (G-SIB) assessment exercise.
HKMA issued a circular informing the industry about its intention to revise the target effective dates for the revised frameworks on credit risk, operational risk, output floor, leverage ratio, market risk, and credit valuation adjustment risk.