Featured Product

    BCB Issues Guides for Open Banking and Regulatory Sandbox Operations

    October 29, 2020

    ​BCB and the National Monetary Council (CMN) published resolutions to establish guidelines for the operation of controlled test environments for technological innovations in the financial sector (regulatory sandbox). The resolutions also provide for the conditions for the supply of products and services tested under this environment's framework, within the scope of the National Financial System (SFN) and the Brazilian Payment System (SPB). The resolutions entered into force on December 01, 2020. BCB also published a resolution, which takes effect from its publication date, that establishes technical requirements and operational procedures for the implementation of open banking in Brazil.

    The Regulatory Sandbox is an environment where entities are licensed by BCB to test, for a certain period, an innovative project in the financial or payment areas, observing a specific set of regulatory provisions. The implementation of the Regulatory Sandbox is intended to promote the entry of innovative business models, competition, and financial inclusion as well as to enhance the supervision process of BCB. To be licensed to operate within the Regulatory Sandbox environment of BCB, the institutions—in addition to carrying out their transactions with integrity, reliability, security, and confidentiality—must comply with the regulation on the prevention of money laundering and combat of the financing of terrorism and the handling of complaints of their clients and users. Moreover, the institution licensed to test a product/service has to disclose, to its customers, that its products and services are being offered within the scope of the Regulatory Sandbox. The Regulatory Sandbox will be implemented through cycles, whose duration will be determined by BCB and limited to the period of one year, with the possibility of one extension for the same period. The first cycle is scheduled for 2021. 

     

    Related Links

    Effective Date: December 01, 2020 (Regulatory Sandbox Resolution)/Publication Date (Open Banking Resolution)

    Keywords: Americas, Brazil, Banking, Regulatory Sandbox, Open Banking, AML/CFT, Regtech, CMN, BCB

    Related Articles
    News

    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.

    January 31, 2023 WebPage Regulatory News
    News

    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.

    January 17, 2023 WebPage Regulatory News
    News

    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.

    January 04, 2023 WebPage Regulatory News
    News

    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.

    January 01, 2023 WebPage Regulatory News
    News

    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.

    December 30, 2022 WebPage Regulatory News
    News

    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.

    December 29, 2022 WebPage Regulatory News
    News

    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.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    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.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8699