BCB Resolutions 29, of 10/26/2020 and CMN Resolutions 4,865, of 10/26/2020 and 4866, of 10/26/2020 regulating the Sandbox were published yesterday.
By means of the Regulatory Sandbox, the entities authorized to operate by Bacen may test innovative projects in the financial or payment area, subject to the monitoring rules and regulatory requirements.
The Sandbox will be limited to a period of one year, with the possibility of extension, and will have objectives such as stimulating innovation, promoting competition and seeking improvements.
Resolution BCB 29/2020 deals with the guidelines for the operation of the Controlled Test Environment for Financial and Payment Innovations (Regulatory Sandbox) and the conditions for the supply of products and services within the scope of the SFN and SPB.
The collection of fees will be allowed, provided that there is a provision in the contract signed between the participant and the client, effective supply and disclosure of table, demonstrating value and form of collection.
In the cases of projects related to payment or international transfer, it will be mandatory to ensure the information about the sender and the beneficiary of the resources. In addition, the participant will be allowed to hold a foreign currency account in the country with the exclusive purpose of settlement of exchange transactions of its customer or user performed within its innovative project, subject to the regulatory provisions of the exchange market.
The process of participation in the Sandbox depends on registration and, if approved, will begin by means of a normative act of the Bacen, containing the specific rules, which may require compliance with operational limits and additional criteria.
CMN Resolution 4865/2020, in turn, establishes the guidelines for the functioning of the Regulatory Sandbox and the conditions for the supply of products and services for the scope of the National Financial System, containing the rules that the participant must comply with within the scope of the National Monetary Council's regulatory competence.
Finally, Resolution 4866/2020, deals with the preparation, disclosure and remittance of consolidated financial statements of the prudential conglomerate, to provide that business corporations incorporated for the regulatory Sandbox shall not be part of the prudential conglomerate.
The Resolutions come into force on 01/12/2020.
