Central Bank of Brazil Resolution No. 29 — Guidelines for the Regulatory Sandbox for Financial and Payment Innovations

Resolution No. 29

BCB RESOLUTION
NO. 29, OF OCTOBER 26, 2020

Establishes the guidelines for the operation of the Controlled Testing Environment for Financial and Payment Innovations (Regulatory Sandbox) and the conditions for the provision of products and services in the context of this environment within the scope of the National Financial System and the Brazilian Payments System.

The Collegiate Board of the Central Bank of Brazil, in a session held on October 14, 2020, based on arts. 23 of Law No. 4,131, of September 3, 1962, 9º of Law No. 4,595, of December 31, 1964, 10-A, § 2º, item I, of Decree-Law No. 167, of February 14, 1967, 3º-B, item I, of Law No. 8,929, of August 22, 1994, 27-B, item I, of Law No. 10,931, of August 2, 2004, 3º-A, item I, and 35-B, item I, of Law No. 11,076, of December 30, 2004, 22, item II, and 28, item II, of Law No. 12,810, of May 15, 2013, 9º of Law No. 12,865, of October 9, 2013, and 11 of Law No. 13,775, of December 20, 2018,

R E S O L V E:

CHAPTER I
OF THE OBJECT

Art. 1º This Resolution provides for the guidelines for the operation of the Controlled Testing Environment for Financial and Payment Innovations (Regulatory Sandbox) and for the conditions for the provision of products and services in the context of this environment within the scope of the National Financial System and the Brazilian Payments System.

Sole paragraph. The Regulatory Sandbox is a unique environment for the execution of projects under the competence of the National Monetary Council and the Central Bank of Brazil, comprising the rules set forth in this Resolution and in a CMN Resolution, according to the competence of each regulatory authority.

CHAPTER II
OF THE DEFINITIONS

Art. 2º For the purposes of this Resolution, the following are considered:

I - participant: a legal entity authorized by the Central Bank of Brazil to execute an innovative project in the Regulatory Sandbox;

II - innovative project: an experimental product or service within the scope of the National Financial System or the Brazilian Payments System that meets the following requirements:

a) employs technological innovation or promotes alternative use of existing technology; and

b) promotes improvements, such as gains in efficiency, reach or coverage, cost reduction or increased security;

III - business discontinuity plan: a sequence of acts and procedures to be promoted by the participant in the process of closing its activities in the Regulatory Sandbox, with a view to ensuring compliance with its legal, regulatory and contractual obligations; and

IV - controller: a person or group of persons who holds, directly or indirectly, shareholder rights corresponding to the majority of the voting capital of a corporation or to 75% (seventy-five percent) of the share capital of a limited liability company.

CHAPTER III
OF THE CONTROLLED TESTING ENVIRONMENT FOR FINANCIAL AND PAYMENT INNOVATIONS (REGULATORY SANDBOX)

Section IOn the Concept and Objectives

Art. 3º The Regulatory Sandbox is an environment in which entities are authorized by the Central Bank of Brazil to test, for a determined period, an innovative project in the financial or payment area, observing a specific set of regulatory provisions that support the controlled and delimited realization of their activities.

Art. 4º The Regulatory Sandbox will be operationalized through cycles, the duration of which will be determined by the Central Bank of Brazil, and must be limited to a period of one year, extendable only once for an equal period.

Sole paragraph. The Central Bank of Brazil, without prejudice to the extension referred to in the caput, may extend, for up to one year, the authorization granted to the participant for the Regulatory Sandbox, for the purpose of:

I - issuing specific regulation for the product or service provided by the participant; or

II - conducting the process of definitive authorization of the participant.

Art. 5º The regulation and conduct of the Regulatory Sandbox shall have as objectives:

I - stimulate innovation and diversity of business models in the National Financial System and in the Brazilian Payments System;

II - increase efficiency and reduce costs in the National Financial System and in the Brazilian Payments System;

III - promote competition and financial inclusion;

IV - meet the needs of end users, especially freedom of choice, security, protection of their economic interests, transparency in service provision and fee charging, non-discriminatory treatment, privacy and protection of personal data and banking secrecy, access to clear and complete information and adequate conditions for the provision of products and services;

V - increase the reliability, quality and safety of products and services;

VI - improve the regulation of matters under the competence of the National Monetary Council and the Central Bank of Brazil; and

VII - improve the supervision processes of the Central Bank of Brazil.

Section IIOf Duties and Prerogatives

Subsection ICommon Provisions

Art. 6º With regard to the activities executed in the innovative project subject to the rules of the Regulatory Sandbox, the participant must comply exclusively with:

I - the provisions of this Resolution and related regulation;

II - the rules for the prevention of money laundering and combating the financing of terrorism, according to the regulation in force; and

III - the rules of the Central Bank of Brazil regarding the handling of complaints made by its clients and users.

Art. 7º The charging of fees to clients and users by the participant is admitted, provided there is:

I - provision for the charging of a fee related to the provision of products or services in the contract signed between the participant and the client;

II - effective provision of the respective product or service; and

III - disclosure of a table, on the participant's website on the internet, in its application and on other network communication platforms, specifying the products or services whose provision implies the charging of a fee, as well as its respective value and method of charging.

Art. 8º In the provision of products and services, the participant must:

I - adopt procedures and controls that allow proving the identity of its clients and users, as well as the authenticity of the information provided;

II - present to its clients and users the concept of Regulatory Sandbox, as per art. 3º;

III - provide information to its clients and users about the nature and complexity of the products and services provided;

IV - ensure that such products and services are suitable for the needs, interests and objectives of its clients and users;

V - carry out its transactions with integrity, reliability, security and confidentiality;

VI - limit the maturity dates of the contracts signed with its clients and users to the period of duration of its authorization to participate in the Regulatory Sandbox, unless it proves the existence of instruments that guarantee the transfer of the ownership of the obligations formalized in these contracts to other institutions authorized to assume them; and

VII - timely provide its clients and users with contracts, receipts, statements, proofs and other documents related to these products and services.

Sole paragraph. The information mentioned in items II and III of the caput must:

I - be disclosed and kept updated in a visible location and in a legible format on the participant's website on the internet, in its application and on other network communication platforms used for communication with its clients and users;

II - be expressed in clear and objective language, in a way that allows broad understanding of the risks incurred and of the temporary and experimental nature of the innovative project;

III - appear in the contracts, in the promotional and advertising materials and in the other documents intended for the clients and users;

IV - contain a specific alert, highlighted, about the risks associated with the product or services of the innovative project;

V - contain a warning, highlighted, that the activities are carried out by the participant within the scope of the Regulatory Sandbox, including references to the fact that it does not have definitive authorization from the Central Bank of Brazil and to the end date of the authorization to participate in the experiment; and

VI - contain clarification that the participant may promote modifications in the scope of the innovative project, provided it obtains prior consent from the Central Bank of Brazil.

Art. 9º It is permitted to the participant, during the execution of its innovative project, with prior consent of the Central Bank of Brazil, to make modifications to the scope of the project, provided that it remains classified under the concept of innovative project mentioned in art. 2º, item II, and that the parameters established in the call referred to in art. 26 are observed.

Sole paragraph. In the event that the alteration is approved, the participant must:

I - carry out broad communication to clients and users affected by the modification, in accordance with the principles set forth in the sole paragraph of art. 8º; and

II - adapt the business discontinuity plan referred to in art. 2º, item III, if necessary.

Art. 10. The participant assumes full responsibility for the service provided to its clients and users during participation in the Regulatory Sandbox.

Accounting Procedures

Art. 11. The participant is permitted to apply the general criteria and accounting and audit procedures established by the National Monetary Council and the Central Bank of Brazil, embodied in the Accounting Plan of the Institutions of the National Financial System (Cosif).

Sole paragraph. The participant that does not apply the criteria referred to in the caput must observe the Basic Conceptual Pronouncement (R2) approved by the Accounting Pronouncements Committee (CPC), on November 1, 2019, in the preparation of its financial statements.

Risk Management

Art. 12. The participant must implement a risk management structure.

§ 1º The structure mentioned in the caput must be implemented in a way that allows identification, measurement, assessment, monitoring, reporting, control and mitigation:

I - of operational risk, as defined in § 2º;

II - of credit risk, as defined in § 3º, when the execution of the innovative project implies the collection of public resources; and

III - of other risks to which the participant is exposed in a relevant manner.

§ 2º For the purposes of this Resolution, operational risk is defined as the possibility of occurrence of losses resulting from external events or failure, deficiency or inadequacy of internal processes, people or systems associated with the execution of the innovative project, including:

I - internal frauds;

II - external frauds;

III - labor demands and deficient workplace security;

IV - inadequate practices regarding clients and users, products and services, including those provided by third parties;

V - damage to physical assets owned or in use by the institution;

VI - situations that cause the interruption of activities;

VII - failures in systems, processes or Information Technology (IT) infrastructure; and

VIII - failures in execution, compliance with deadlines or management of activities.

§ 3º The definition referred to in § 2º includes the legal risk associated with the inadequacy or deficiency in contracts signed by the institution, sanctions due to non-compliance with legal provisions and indemnities for damages to third parties resulting from the activities developed by the institution.

§ 4º For the purposes of this Resolution, credit risk is defined as the possibility of occurrence of losses associated with:

I - non-compliance by the counterparty with its obligations as agreed; and

II - devaluation or reduction of remunerations and expected gains in a financial instrument resulting from the deterioration of the credit quality of the counterparty or the mitigating instrument.

§ 5º For the purposes of item I of § 4º, the counterparty is considered the borrower, the guarantor and the issuer of a title or security acquired.

Art. 13. The structure referred to in art. 12 must contemplate policies, strategies, routines and procedures for:

I - identification, measurement, assessment, monitoring, reporting, control and mitigation of the risks mentioned in art. 12;

II - monitoring the participant's liquidity level;

III - assessment, management and monitoring of operational risk arising from outsourced services relevant to the regular functioning of the participant; and

IV - maintenance of IT infrastructure that ensures the integrity, security and availability of data related to risk management.

§ 1º For the purposes of this Resolution, liquidity is defined as the availability of financial resources to efficiently honor expected and unexpected obligations, current and future, including those resulting from the linking of guarantees, without affecting daily operations and without incurring significant losses.

§ 2º The policies, strategies, routines and procedures mentioned in the caput must be documented.

Monitoring

Art. 14. For the purposes of monitoring activities related to the innovative project, the participant, before the Central Bank of Brazil, must:

I - indicate representatives with managerial responsibilities for periodic and timely interaction, either in person or remotely;

II - guarantee full access to relevant information about the business, including those related to its development and the achievement of operation goals;

III - present information, documents or other materials related to the business, whenever requested; and

IV - communicate the materialization of extraordinary risks during the development of activities.

Subsection IIOf Participants Operating in the Foreign Exchange Market

Art. 15. The participant that operates in the foreign exchange market, considering the nature of its innovative project, must:

I - identify the client or user and store, in electronic media, proof of their identification;

II - inform the client or user, prior to the realization of the foreign exchange operation, the Total Effective Value (VET), according to the regulation in force;

III - classify foreign exchange operations as defined by the Central Bank of Brazil, considering the information provided by its clients and users and, if applicable, the documentation related to the underlying legal transactions; and

IV - make available to the client or user, immediately after the realization of the foreign exchange operation, proof of the operation carried out, containing the identification of the parties, the indication of the foreign currency, the exchange rate, the VET and the values in foreign currency and in national currency.

Sole paragraph. In the event of an operation that implies international payment or transfer, the participant must, additionally:

I - ensure that the referred operations contain in their payment chain information about the sender and the beneficiary of the resources; and

II - in the relationship with an institution abroad, obtain sufficient information to fully understand the nature of the institution's activity abroad, its reputation and the quality of its supervision.

Art. 16. The participant referred to in art. 15 is permitted to hold an account in foreign currency in the Country for the exclusive purpose of settling a foreign exchange operation of its client or user carried out within the scope of its innovative project, and the regulatory provisions of accounts held by institutions authorized to operate in the foreign exchange market must be observed.

Sole paragraph. In the event of cancellation of the authorization to participate in the Regulatory Sandbox, the participant must sell the existing balance in the foreign currency account to the institution with definitive authorization to operate in the foreign exchange market, within the period established by the Central Bank of Brazil.

Art. 17. The exchange rate must be freely agreed upon between the participant referred to in art. 15 and its clients and users, reflecting exclusively the price of the negotiated currency for the date of the foreign exchange operation contract.

Art. 18. The balance of foreign exchange operations carried out by the participant referred to in art. 15, defined as the difference, in United States dollars, between the accumulated values of foreign exchange purchase and sale operations since the beginning of its operation in the foreign exchange market, must be calculated daily by the participant and cannot be negative at the end of the day.

Sole paragraph. The equivalence in United States dollars of foreign exchange operations carried out in other foreign currencies must be performed according to instructions from the Central Bank of Brazil.

Art. 19. Foreign exchange operations between the participant and an institution with definitive authorization to operate in the foreign exchange market must be:

I - carried out according to the rules applicable to the primary market, fully observing the provisions provided by the regulation in force; and

II - registered in the Câmbio System by the institution with definitive authorization to operate in the foreign exchange market in the manner specified by the Central Bank of Brazil.

Art. 20. It is prohibited to the participant:

I - alter and cancel foreign exchange operations with clients and users, with the exception of annulling the operation registration in Sisbacen to correct errors or eliminate duplication;

II - carry out a purchase or sale operation of foreign currency with an institution abroad;

III - maintain deposit accounts in national currency of residents, domiciled or headquartered abroad or accounts in foreign currency for clients and users within the scope of the Regulatory Sandbox; and

IV - use cash resources for the delivery or receipt of reais or foreign currency.

Subsection IIIOf the Prerogatives of the Central Bank of Brazil

Art. 21. The period for the participant to put its innovative project into operation will be defined considering the characteristics of the project authorized to participate in the Regulatory Sandbox.

Art. 22. The Central Bank of Brazil, during the duration of the Regulatory Sandbox, may establish the limits referred to in art. 35, § 2º, or make adjustments to them, when it detects that the participant's activity may expose excessive risks:

I - the National Financial System;

II - the Brazilian Payments System;

III - its related parties, as per the specific accounting regulation applicable to institutions authorized to function by the Central Bank of Brazil, embodied in the Accounting Plan of the Institutions of the National Financial System (Cosif); or

IV - its clients and users.

Art. 23. If it identifies inadequacy or insufficiency in the management of risks associated with the execution of the innovative project, the Central Bank of Brazil may determine its improvement.

Art. 24. Simplified monitoring procedures will be adopted according to the complexity and risks associated with each participant's innovative project.

CHAPTER IV
OF PARTICIPATION IN THE REGULATORY SANDBOX

Section IOf Participants

Art. 25. Only the following may participate in the Regulatory Sandbox:

I - private legal entities provided for in art. 44, items I, II and VI, of Law No. 10,406, of January 10, 2002;

II - notarial and registration service providers, as provided for in Law No. 8,935, of November 18, 1994;

III - public companies; and

IV - mixed-capital companies.

Section IIOf the Call

Art. 26. The participation process in the Regulatory Sandbox will begin through a normative act of the Central Bank of Brazil, containing specific rules, covering the following aspects:

I - duration period, respecting the period referred to in art. 4º;

II - maximum number of participants, when there is a need for limitation, due to the operational capacity of the Central Bank of Brazil or other relevant circumstance;

III - thematic concentration area of the projects, when there is interest in stimulating innovative projects related to certain strategic priorities of the Central Bank of Brazil;

IV - necessary documentation for registration; and

V - schedule of the registration and authorization phases.

Section IIIOf Registration

Art. 27. The interested entity must register, according to the call act to be issued by the Central Bank of Brazil in accordance with art. 26.

Art. 28. For the purposes of registration, the interested entity must:

I - present a proposal for the provision of a product or service:

a) classified under the concept of innovative project; and

b) inserted within the scope of regulatory competence of the Central Bank of Brazil;

II - demonstrate the origin of the resources used or to be used in the development of the innovative project;

III - prove the unblemished reputation of its controllers and administrators;

IV - present a business discontinuity plan, subject to approval by the Central Bank of Brazil; and

V - designate, before the Central Bank of Brazil, a statutory director, in the case of corporations, a director mentioned in the social contract, in the case of limited companies, or a legal representative, in the case of other participants, responsible for participation in the Regulatory Sandbox and for compliance with the provisions of this Resolution.

Sole paragraph. For the purposes of the proof referred to in item III of the caput, the following situations and occurrences will be considered:

I - impediment by special law, conviction for bankruptcy crime, tax evasion, prevarication, active or passive corruption, extortion, embezzlement, against the popular economy, public faith, property, the National Financial System or the Brazilian Payments System, or conviction to a criminal penalty that prohibits, even temporarily, access to public office;

II - disqualification or suspension for the exercise of positions of fiscal councilor, administration councilor, director or managing partner in financial institutions and other institutions authorized to function by the Central Bank of Brazil, or in complementary pension entities, insurance companies, capitalization societies, open companies or entities subject to supervision by the Securities and Exchange Commission (CVM);

III - criminal process or police inquiry to which the controller or administrator is responding, or any company of which it was or has been, at the time of the facts, controller or administrator;

IV - judicial or administrative process that has a relationship with the National Financial System and the Brazilian Payments System; and

V - other situations, occurrences or analogous circumstances judged relevant by the Central Bank of Brazil.

Art. 29. The Central Bank of Brazil will activate the existing coordination mechanisms with the Securities and Exchange Commission (CVM) and the Private Insurance Superintendence (SUSEP), in order to enable the evaluation regarding the classification, within the scope of regulatory competence of the National Monetary Council or the Central Bank of Brazil, of an innovative project that has been presented in any of those autarchies.

§ 1º The evaluation referred to in the main text shall only occur in the case where the innovative project is proposed during the registration phase of the Central Bank of Brazil's Regulatory Sandbox.

§ 2º The Central Bank of Brazil may request complementary documentation from the interested entity, for the purpose of complying with the provisions of Art. 28.

§ 3º The interested entity must comply with the provisions of § 2º within a maximum period of five business days.

Section IV Classification and Authorization

Art. 30. In the selection and authorization process, the criteria referred to in Arts. 25 and 28, item I, shall be initially evaluated.

Sole paragraph. Entities that meet the criteria mentioned in the main text shall be considered eligible to proceed in the Regulatory Sandbox selection process.

Art. 31. In the event that the number of entities eligible to proceed in the Regulatory Sandbox selection process exceeds the maximum number of participants referred to in Art. 26, item II, they shall be classified according to the following criteria:

I - Central Bank of Brazil's strategic priorities, to be specified in the summons referred to in Art. 26;

II - degree of maturity of the innovative project;

III - nature and magnitude of the risks inherent to the innovative project; and

IV - technical-operational capacity and governance structure of the interested entity.

Art. 32. Only the criteria established in Art. 28, items III to V, shall be analyzed regarding the entities classified according to Art. 31 up to the maximum number of participants referred to in Art. 26, item II.

Art. 33. Authorization to participate in the Regulatory Sandbox shall be granted:

I - to eligible entities that meet the criteria established in Art. 28, items III to V, in the event that the number of eligible entities is less than or equal to the maximum number of participants defined in the summons; or

II - to the entities mentioned in Art. 32 that meet the criteria established in Art. 28, items III to V, in the event that the number of eligible entities exceeds the maximum number of participants defined in the summons.

Sole paragraph. The Central Bank of Brazil may, at any time, analyze the criterion referred to in Art. 28, item II, observing that, in the event that the analysis occurs:

I - during the authorization process, failure to meet the criterion referred to in the main text shall imply the denial of the request for authorization to participate in the Regulatory Sandbox; and

II - during the duration of the Regulatory Sandbox, failure to meet the criterion referred to in the main text shall imply the ex officio cancellation of the authorization granted to the participant.

Art. 34. Authorization to participate in the Regulatory Sandbox is limited:

I - to the period determined by the Central Bank of Brazil, in the manner of Art. 4º; and

II - to the single and exclusive realization of the innovative project object of the authorization.

Sole paragraph. Authorization to participate in the Regulatory Sandbox does not imply any guarantee, for any purposes, that the participant will receive, at the end of the period stipulated in the main text, definitive authorization from the Central Bank of Brazil to operate.

Art. 35. The Central Bank of Brazil may condition the authorization to participate in the Regulatory Sandbox on the compliance with operational limits and additional criteria, aiming at the mitigation of risks to the National Financial System and the Brazilian Payments System associated with the innovative project under analysis, without prejudice to the adoption of the measures provided for in Art. 23.

§ 1º The operational limits and additional criteria mentioned in the main text may be established in a personalized manner for each innovative project, according to the following criteria:

I - public interest;

II - protection of public savings;

III - risks of the innovative project;

IV - money laundering and terrorist financing risk; and

V - proportionality.

§ 2º The operational limits mentioned in the main text may include specific restrictions regarding:

I - the participant's financial situation;

II - the maximum number of clients served by the innovative project;

III - the client profile;

IV - the maximum value of operations;

V - the maximum quantity of operations;

VI - the settlement period of the operations;

VII - the specification of nature, type, and other characteristics of the operations;

VIII - the geographic scope of the innovative project;

IX - the business model of the innovative project; or

X - the technology used in the innovative project.

§ 3º The additional criteria mentioned in the main text refer to requirements that must be added to the innovative project to allow its adequate monitoring by the Central Bank of Brazil, as well as to ensure that its execution occurs in a safe and transparent manner for clients and users.

Art. 36. The Central Bank of Brazil may, in the classification and authorization process:

I - request the documents and additional information it deems necessary for its decision; and

II - summon the controllers and administrators to provide clarifications and additional information.

Sole paragraph. In the case where the interested entity is constituted as an association, the summons referred to in item II of the main text shall apply only to administrators.

Art. 37. In the case where the interested entity is an institution authorized to operate by the Central Bank of Brazil, this regulatory agency may condition its participation in the Regulatory Sandbox on the constitution of a business company specifically intended for the realization of the innovative project.

Art. 38. The Central Bank of Brazil may, during the examination, deny the request for authorization to participate in the Regulatory Sandbox if it verifies:

I - circumstances that may affect the reputation of the controllers or administrators of the interested entity;

II - omissions or provision of documents, data, or information that are incorrect or inconsistent with legal or regulatory standards, considering the circumstances of each concrete case and the context of the facts; or

III - failure to comply with requests for the presentation of additional documents, provision of information, appearance to conduct interviews, or other requests related to the process, within the specified deadline.

Sole paragraph. In the cases covered by this article, a period shall be granted for the interested entities to make a prior statement.

Art. 39. The participant must obtain prior authorization from the Central Bank of Brazil to replace its controller or administrator.

Sole paragraph. The replacement of the controller or administrator shall be admitted provided that the unblemished reputation of the indicated substitutes is proven, as provided in Art. 28, sole paragraph.

Art. 40. The Central Bank of Brazil may archive the request for authorization to participate in the Regulatory Sandbox when the innovative project of the interested entity is classified, according to the criteria described in Art. 31, in a classification higher than the maximum number of participants referred to in Art. 26, item II, if applicable.

Section V Closure of Participants' Activities

Art. 41. The closure of the participant's activities in the Regulatory Sandbox shall occur in the following circumstances:

I - end of the period stipulated to participate in the Regulatory Sandbox;

II - obtaining definitive authorization from the Central Bank of Brazil by the participant, during the validity of the Regulatory Sandbox, considering any extensions; or

III - cancellation of the authorization to participate in the Regulatory Sandbox:

a) at the request of the participant; or

b) ex officio, by the Central Bank of Brazil.

Sole paragraph. A normative act of the Central Bank of Brazil shall regulate the procedures regarding:

I - the cancellation of authorization; and

II - the execution of the discontinuity plan of activities upon the closure of activities referred to in this article.

Art. 42. The Central Bank of Brazil may, at any time, cancel ex officio the authorization to participate in the Regulatory Sandbox, due to:

I - non-compliance with the terms of the authorization to participate in the Regulatory Sandbox;

II - increase in the risks referred to in Art. 22, to the extent that they are no longer compatible with the participation regime in the Regulatory Sandbox;

III - failure to prove the origin of the resources used in the development of the innovative project, in accordance with Art. 33, sole paragraph;

IV - non-compliance with the deadline to put the innovative project into operation, provided for in Art. 21;

V - replacement of the participant's controller or administrator without prior authorization from the Central Bank of Brazil;

VI - failure to prove the unblemished reputation of the substitute controller or administrator; or

VII - receipt of an excessive quantity of complaints from users of the products and services made available by the participant.

Sole paragraph. Prior to the cancellation referred to in the main text, an administrative process shall be initiated, notifying the participant to manifest themselves regarding the intention to cancel.

CHAPTER V
FINAL PROVISIONS

Art. 43. It is prohibited for institutions authorized to operate by the Central Bank of Brazil to limit or prevent, in any way, the access of Regulatory Sandbox participants to products and services necessary for the execution of the innovative project, as well as to client information, provided that authorized by them.

§ 1º The provisions of the main text apply to products and services regularly provided by the institution.

§ 2º The non-provision of an electronic means regularly provided by the institution, alternative to in-person service, for the formalization of the request, authorization, confirmation, and cancellation of the provision of a product or service referred to in the main text, constitutes a limitation or impediment to access to products and services.

§ 3º The non-provision of the products and services referred to in the main text to participants who do not hold an account in the providing institution does not constitute a limitation or impediment.

Art. 44. In the event of refusal or discontinuation of the provision of the products and services referred to in Art. 43, the institution must keep available to the Central Bank of Brazil the documentation and respective justifications, based on legal and regulatory standards, for a period of five years.

Art. 45. Confidential information provided by interested entities to the Central Bank of Brazil or collected by it in the exercise of its competencies shall have their confidentiality preserved, in accordance with the legislation in force.

Art. 46. This Resolution enters into force on December 1, 2020.

Otávio Ribeiro Damaso
Director of Regulation