BCB Circular on Initial Framework for Implementation on Open Banking
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 Article
AMF Postpones Launch of Strategic Plan to April 2021 Due to CrisisRelated Articles
EBA Finalizes Remuneration Standards for Investment Firms in EU
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
ECA Recommends Actions to Enhance Resolution Planning for Banks
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA Proposes Rules on Identity Verification of Depositor Protection
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB Publishes Work Program for 2021
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA Issues Update on Move to New Data Collection Platform
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank Publishes Derivation Rules for Reporting by Banks
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED Revises Capital Planning and Stress Testing Requirements for Banks
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB Releases Results of Bank Lending Survey for Fourth Quarter of 2020
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs Publish Reporting Templates for Financial Conglomerates
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
