Regulatory Alerts2020-07-15 | Circular 4037Circular No. 4037 — Amends Circular No. 4,032 of June 23, 2020, Regarding the Initial Governance Structure for Open Banking Implementation
The Executive Board of the Central Bank of Brazil issued Circular No. 4037 to amend the regulatory framework governing the initial implementation structure of Open Banking in the country. The amendments establish a July 24, 2020 deadline for representative associations to formalize the initial structure via contract and define the composition of the Deliberative Council, including specific voting groups and substitution rules. Additionally, the regulation incorporates provisions from Joint Resolution No. 1 regarding technological standards and outlines procedures for council member dismissal and extraordinary meetings.
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