Regulatory Alerts2020-05-04 | Resolução Conjunta 1Joint Resolution No. 1 - Implementation of Open Finance
The Central Bank of Brazil and the National Monetary Council issued Joint Resolution No. 1 to regulate the implementation of Open Finance, mandating standardized data and service sharing among financial institutions. The resolution establishes strict definitions, scope, and principles including transparency and security, while requiring mandatory participation from major segments and voluntary participation from others. It outlines detailed procedures for customer consent, authentication, and interface standards to ensure data privacy and interoperability within the national financial system.
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