Regulatory Alerts2020-06-23 | Circular 4032Circular No. 4032 — Establishes the Initial Structure for Open Banking Governance Implementation
The Central Bank of Brazil issued Circular No. 4032 to establish the initial governance structure for implementing Open Banking in the country, requiring financial institutions to formalize this structure by July 15, 2020. The regulation defines a three-tier governance system comprising a Deliberative Council, a Secretariat, and Technical Groups, detailing their specific roles, composition, and decision-making processes. It further mandates that the Deliberative Council must decide on a definitive governance structure by October 25, 2021, subject to Central Bank approval.
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