Brazil’s Central Bank discloses rules for Open Banking

Latamlist – The Brazilian Central Bank approved the rules for the initial governance structure of the Open Financial System, also known as Open Banking. 

The initial structure will be divided into three levels:

  • strategic: represented by the Deliberative Council
  • administrative: formed by the Secretariat
  • technical: composed by the Technical Groups

The Deliberative Council will be responsible for defining the structure’s internal regulations, deciding on the convention of the participating institutions, defining guidelines for the Secretariat and for the Technical Groups, and deciding on the other issues necessary for the implementation of Open Banking. 

The Secretariat will organize and coordinate the work and will be responsible for proposing, executing, and managing the structure’s budget, among other activities of an administrative nature. 

The Technical Groups will be in charge of preparing studies and technical proposals, according to the work plans approved by the Deliberative Council. 

The initial governance structure will be formalized by July 15, 2020 with a provision to replace it with a definitive structure until the implementation of the last stage of Open Banking on October 25, 2021.

Read more on Latam Fintech

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