Yesterday, Resolution BCB 50, of 12/16/2020 was published, which deals with the procedures and requirements applicable to the instauration, execution, as well as classification and authorization for participation in the Regulatory Sandbox.
The Resolution brings that the period of selection and authorization of participants of Cycle 1 will be from March 22 to June 25, 2021 and the Regulatory Sandbox will start 5 working days after the publication of the final result. It will have a duration of one year, and may be extended for an equal period and limited to ten participants (and may be extended after project analysis).
The registration of interested parties will be from February 22 to March 19, 2021, through the Digital Protocol system, available on the website of Bacen, with the presentation of the documents and information contained in the Resolution.
The normative also brings some rules that complement CMN Resolutions 4,865 and 29, of 2020 and brings other provisions such as: (i) rules and period of 90 days, for the Plan for Discontinuance of Activities; (ii) forms of submission for the case of modification in the scope of the innovative project; (iii) form and rules for the replacement of controller or administrator; (iv) provisions for the cases of cancellation of the authorization to participate in the Regulatory Sandbox; and (v) the strategic priorities of Bacen, mentioned in the other Resolutions, which includes "solutions for Open Banking", "PIX", among others.
The models of documents for the instruction of processes will be made available on the Bacen website.
The Resolution contains three annexes, which deal with 1) documents and information necessary for the instruction of processes, which must be subscribed by administrators whose representativeness is recognized by the bylaws or articles of incorporation; 2) the information necessary for registration; and 3) the table of classification and scoring criteria, for the hypotheses that the number of eligible entities is higher than the maximum number allowed.
The Resolution shall enter into force on 4/01/2021.
