On November 29, the Central Bank launched two public consultations on regulatory proposals to implement the Open Financial System (Open Banking) and the regulatory Sandbox. The Central Bank expects the regulation on the implementation (i.e. the rules and procedures for implementation) to be completed in the first semester of 2020, and those interested in commenting may do so until January 31, 2020.
The Open Banking proposal sets out the minimum scope of participating institutions and the data and services covered, as well as a series of requirements. Under study for the last two years, the proposal aims to foster greater competitiveness and encourage innovation in the supply and development of products by the institutions in the sector.
Regarding the regulatory Sandbox, the idea is to allow institutions authorized by the Central Bank to test innovative projects such as new products, services or business models. The regulation for consultation on this subject establishes conditions for products and services to be supplied in the context of the regulatory Sandbox by defining specific rules such as the duration and limitation of the number of participants, the documentation necessary, the classification criteria of the entities interested and the selection and authorization process.
Interested parties may participate in this process until January 31, 2020, sending contributions and suggestions through the electronic public consultation system set up by the Bank.