Normative Instruction BCB No. 365 — Procedures for Submission of Adaptation Plan for Open Finance Participation Obligations and Non-Compliance Communication

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INSTRUCTION NORMATIVA BCB NO. 365, OF MARCH 28, 2023

Establishes the procedures for submission to the Central Bank of Brazil of an adaptation plan for the obligations for the exercise of the participation modalities in Open Finance and for communication in case of non-compliance.

The Heads of the Department of Supervision of Cooperatives and Non-Bank Institutions (Desuc) and of the Banking Supervision Department (Desup), in use of the attribution that confers them art. 23, item I, letter "a", of the Internal Regulations of the Central Bank of Brazil, annexed to Ordinance No. 84,287, of February 27, 2015, and based on § 6, art. 10-A, of Resolution BCB No. 32, of October 29, 2020,

R E S O L V E:

Art. 1. The participating institutions specified in art. 6 of Joint Resolution No. 1, of May 4, 2020, that are not able to comply, within the deadline provided for in art. 9, § 1, item I, of Resolution BCB No. 32, of October 29, 2020, the obligations for the exercise of the participation modalities in Open Finance must elaborate an adaptation plan containing:

I - reason for the classification under art. 9, § 1, item I, of Resolution BCB No. 32, of 2020;

II - reason for the impossibility of compliance with the deadline provided for in art. 9, § 1, item I, of Resolution BCB No. 32, of 2020;

III

• schedule containing the necessary steps for compliance with the obligations
  for the exercise of the participation modalities in Open Finance and the date for conclusion of the adaptation plan.

Sole Paragraph. The adaptation plan referred to in the main text must be submitted through the Digital Protocol to the Banking Supervision Department - Desup or to the Department of Supervision of Cooperatives and Non-Bank Institutions - Desuc, according to the responsibility for the supervision of the entity.

Art. 2. During the analysis process of the request, the Central Bank of Brazil may:

I - summon the controllers and the administrators of the requesting institution for provision of clarifications and additional information; and

II - request adjustments in the adaptation plan referred to in art. 1.

Art. 3. The compliance with the adaptation plan referred to in art. 1 must be followed by the internal audit and, if it is not being complied with, the Central Bank of Brazil must be notified within two business days after the identification of the non-compliance.

Sole Paragraph. The notification referred to in the main text must be sent, by means of the Digital Protocol, signed by the Director responsible for Open Finance and by the person responsible for Internal Audit, referencing the Protocol of submission of the adaptation plan referred to in art. 1.

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

Harold Paquete Espínola Filho Belline Santana Head of the Department of Supervision of Head of the Department of Cooperatives and Non-Bank Institutions Banking Supervision

NOTE

Supports proposal
for issuance of normative instruction that establishes the
procedures for submission to the Central Bank of Brazil of an adaptation plan
for the obligations for the exercise of the participation modalities in Open
Finance and for communication in case of non-compliance.

Gentlemen
Heads of Desuc and Desup,

1.
The present Technical Note supports the proposal for issuance of a normative instruction, which establishes the procedures for submission of an adaptation plan for the obligations for the exercise of the participation modalities in Open Finance, as established in §6, art. 10-A of Resolution BCB No. 32, of October 29, 2020, and for communication in case of non-compliance.

2.
In compliance with the provision of art. 5 of Law No. 13,874, of September 20, 2019, Decree No. 10,411, of June 30, 2020, determines that proposals for normative acts of general interest of economic agents formulated by bodies and entities of the direct, autarchic and foundation federal public administration, as well as by collegial bodies through the body or entity responsible for providing administrative support, must be preceded by Regulatory Impact Analysis (RIA).

3.
However, it should be noted that the Instruction Normative under analysis only establishes procedure for forwarding the adaptation plan for the obligations for the exercise of the participation modalities in Open Finance and for communication in case of non-compliance, without creating new regulatory requirements for financial institutions and other institutions authorized to operate by the Central Bank of Brazil. In this sense, according to art. 4, item III, of the aforementioned Decree, the normative act now proposed is exempt from preparation of RIA by being considered of low impact.

For your consideration

Rodrigo Monteiro Ricardo Seviere Zeni Deputy Head of the Department of Deputy Head of the Department of Supervision of Cooperatives and Banking Supervision Non-Bank Institutions

Agreed.

Harold Paquete
Espínola Filho Belline Santana Head of the Department of Deputy Head of the Department of Supervision of Cooperatives and Banking Supervision Non-Bank Institutions