Joint Resolution No. 7 — Amending Joint Resolution No. 1 of May 4, 2020, Regarding Open Finance Implementation

Resolution No. 7

JOINT RESOLUTION NO. 7, OF OCTOBER 26, 2023

Amends Joint Resolution No. 1, of May 4, 2020, which provides for the implementation of Open Finance .

The Central Bank of Brazil, in accordance with Art. 9 of Law No. 4,595, of December 31, 1964, makes public that its Executive Board, in a session held on October 17, 2023, and the National Monetary Council, in a session held on October 26, 2023, based on Arts. 4, item VIII, of the aforementioned law, 9-A, item I, of Law No. 4,728, of July 14 of 1965, and 9, item II, of Law No. 12,865, of October 9, 2013,

RESOLVED:

Art. 1. Joint Resolution No. 1, of May 4, 2020, shall enter into force with the following amendments:

“Art. 10. ............................................................................................................

§

1. .................................................................................................................

.........................................................................................................................

III - have a validity period compatible with the purposes referred to in item II;

.........................................................................................................................

§ 2. To alter the condition referred to in item IV of § 1, it is necessary to obtain new consent from the client.

.........................................................................................................................

§ 7. To alter the conditions referred to in items II, III, or V of § 1, the data receiving institution or the payment transaction initiating institution must inform the client of the content of the alteration, in a specific manner, and obtain their agreement, being exempt from the requirement of authentication and confirmation procedures in the environment of the data transmitting institution or the account-holding institution referred to in Arts. 16 to 22.

§ 8. The agreement referred to in § 7 must occur through a specific and active manifestation by the client.” (NR)

“Art. 13. ............................................................................................................

.........................................................................................................................

§ 1. In the case of successive payment transactions, the consent must also provide for the frequency of the transactions and the term.

.........................................................................................................................

§ 4. The payment transaction initiating institution must request the client's consent for each new payment transaction, except in the case of successive payment transactions. ” (NR)

“Art. 22. ............................................................................................................

.........................................................................................................................

§ 1. In the case of successive payment transactions, the confirmation must also provide for the frequency of the transactions and the term.

.........................................................................................................................” (NR)

Art. 2. § 6 of Art. 10 of Joint Resolution No. 1, of 2020, is hereby repealed.

Art. 3. This Joint Resolution enters into force on the date of its publication.

ROBERTO DE OLIVEIRA CAMPOS NETO President

of

Central Bank

of

Brazil