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 Launches Stress Tests for Banks, Issues Other Updates
The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
