Brazilian Authorities to Implement Regulatory Sandbox
BCB, the Ministry of Economy's Special Finance Secretariat, the Securities Commission, and the Superintendence of Private Insurance are considering the implementation of regulatory sandbox in Brazil in the coming months. The sandbox will facilitate the process of making innovations available in the financial market while allowing close monitoring of the risks associated with new technologies.
During the testing period, companies are subject to different regulatory requirements and may receive from regulators personalized guidance on how to interpret and apply the applicable regulation. Regulators will have access to the results obtained and will be able to assess the risks associated with new products. In case of unresolved issues during testing or high risks, authorities may prohibit or limit the offering of innovations. The specifics of each sandbox and the information to be reported to the supervisory authorities will be defined on a case-by-case basis.
Related Link (in Portuguese): Notice
Keywords: Americas, Brazil, Banking, Insurance, Securities, Regulatory Sandbox, Fintech, Regtech, BCB
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