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
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