Nei Schilling Zelmanovits, Eduardo Castro, Gustavo Rugani, Thales Tormin Saito, Thais de Gobbi, Vicente Piccoli M. Braga, Pedro Duarte Pinho, Rodrigo Chiaverini Albano, and Pedro Augusto Cunha
The Central Bank of Brazil (BCB) and the Brazilian Securities and Exchange Commission (CVM) presented, in early 2020, their regulatory agendas for the coming years. Inspired by the resumption of Brazil's economic growth, and with the encouragement of the federal government, the agendas include studies, innovative systems, and the promulgation of various rules to address the topics selected in the schedules of each regulator.
In the latter group, structural reforms that will generate significant impacts on the operations of various regulated agents stand out, such as the advent of the Open Financial System (Open Banking), the entry into force of the rules on the Prevention of Money Laundering and Financing of Terrorism (PLD/FT), the reform of foreign currency exchange legislation, the new system of banking resolution frameworks, the creation of the Regulatory Sandbox, the implementation of the system of instantaneous payments, the regulations of the Economic Freedom Law, and the regulation of the scenarios of internalization of orders in brokerage firms.
The long list of novelties shows that the coming years should bring important legislative changes, with major impacts throughout the National Financial System. Many learning and business opportunities will certainly arise, but market players may face challenges to stay well informed about advances.
To help you keep track of the changes, in the coming weeks we will publish a series of introduction and contextualization texts on all the major topics under discussion, with descriptions of the positions of the regulators, the current scenario for each topic, and the main changes intended, among other details. The first text in the series will be available next Monday and will address the CVM's new rules on cyber security.
The other texts will be published over the next few weeks and may be accessed at the portal’s start page.
