With this measure, the BC created the conditions for the establishment by the market of the organizational arrangement responsible for governing the process of implementing Open Banking in the country. The initial structure will be divided into three levels: strategic, represented by the Deliberative Council, administrative, formed by the Secretariat, and technical, composed by the Technical Groups.
The Deliberative Council will be responsible for defining the structure's internal regulations, deciding on the convention of the participating institutions, defining guidelines for the Secretariat and for the Technical Groups and deciding on the other issues necessary for the implementation of Open Banking. The Secretariat will organize and coordinate the work and will be responsible for proposing, executing and managing the structure's budget, among other activities of an administrative nature. The Technical Groups will be in charge of preparing studies and technical proposals, according to the work plans approved by the Deliberative Council. It is important to highlight that the Technical Groups may participate, in addition to representatives of the associations present in the Deliberative Council, representatives of other associations, institutions participating in Open Banking, technology companies, academics, among other specialists, according to the composition to be decided by the Deliberative Council.
Rules were also established for the composition and elective process of the Deliberative Council, the deliberation procedures and the apportionment of maintenance costs, among other issues. With regard to the composition of the deliberative board of the initial structure, it should be composed of seven members, one being an independent director and six members appointed by six associations or groups of associations that have a significant representation of institutions that provide the services of the initial scope of Open Banking , that is, retail credit operations, deposit accounts and payment services, in order to favor the representativeness and the plurality of participating institutions and segments.
The BC will follow the discussions of the Technical Groups and the Deliberative Council, being responsible for the approval of the convention to be proposed by this structure.
The initial governance structure should be formalized by July 15, 2020 by the participant associations, with a provision to replace it with a definitive structure until the implementation of the last stage of Open Banking, on October 25, 2021.
With this measure, the BC created the conditions for the establishment by the market of the organizational arrangement responsible for governing the process of implementing Open Banking in the country. The initial structure will be divided into three levels: strategic, represented by the Deliberative Council, administrative, formed by the Secretariat, and technical, composed by the Technical Groups.
The Deliberative Council will be responsible for defining the structure's internal regulations, deciding on the convention of the participating institutions, defining guidelines for the Secretariat and for the Technical Groups and deciding on the other issues necessary for the implementation of Open Banking. The Secretariat will organize and coordinate the work and will be responsible for proposing, executing and managing the structure's budget, among other activities of an administrative nature. The Technical Groups will be in charge of preparing studies and technical proposals, according to the work plans approved by the Deliberative Council. It is important to highlight that the Technical Groups may participate, in addition to representatives of the associations present in the Deliberative Council, representatives of other associations, institutions participating in Open Banking, technology companies, academics, among other specialists, according to the composition to be decided by the Deliberative Council.
Rules were also established for the composition and elective process of the Deliberative Council, the deliberation procedures and the apportionment of maintenance costs, among other issues. With regard to the composition of the deliberative board of the initial structure, it should be composed of seven members, one being an independent director and six members appointed by six associations or groups of associations that have a significant representation of institutions that provide the services of the initial scope of Open Banking , that is, retail credit operations, deposit accounts and payment services, in order to favor the representativeness and the plurality of participating institutions and segments.
The BC will follow the discussions of the Technical Groups and the Deliberative Council, being responsible for the approval of the convention to be proposed by this structure.
The initial governance structure should be formalized by July 15, 2020 by the participant associations, with a provision to replace it with a definitive structure until the implementation of the last stage of Open Banking, on October 25, 2021.