BCB Resolution No. 295 — Dispenses Mandatory Participation in Open Finance

BCB RESOLUTION NO. 295, OF FEBRUARY 23, 2023

Provides for the exemption from mandatory participation in Open Finance.

The Collegiate Board of the Central Bank of Brazil, in a session held on February 23, 2023, based on art. 9 of Law No. 4.595, of December 31, 1964, art. 9, item II, of Law No. 12.865, of October 9, 2013, and art. 51, item XI, of Joint Resolution No. 1, of May 4, 2020, of the Central Bank of Brazil and the National Monetary Council,

R E S O L V E:

Art. 1. Institutions holding accounts that:

I - do not hold free-flow accounts for their clients through electronic channels; or

II - do not have natural persons, individual micro-entrepreneurs, micro-enterprises, and small businesses as clients, in accordance with Complementary Law No. 123, of December 14, 2006,

are exempted from mandatory participation in Open Finance, as provided for in art. 6, item II, letter "a", of Joint Resolution No. 1, of May 4, 2020.

Art. 2. Upon evaluation by the Central Bank of Brazil, institutions holding accounts that:

I - offer free-flow accounts only to a specific and limited set of natural person clients, such as their own employees and similar cases, and other situations where the obligation of their participation is not apt to bring significant benefits to clients in light of the objectives and principles of Open Finance; or

II - make electronic channels available to clients for moving their accounts only in contingency situations,

may be exempted from mandatory participation in Open Finance, as provided for in art. 6, item II, letter "a", of Joint Resolution No. 1, of 2020.

Art. 3. The procedures for exclusion from the participant directory in the cases provided for in art. 1 and for the submission of exemption requests regarding the cases provided for in art. 2 will be contained in a specific normative instruction.

Art. 4. This Resolution enters into force on April 1, 2023.

Paulo Sérgio Neves de Souza

Acting Director of Regulation