Brazilian Open Financial System Implementation and Incentive-Based Regulation
Open Banking regulatory strategy in Brazil
Keywords:
Legal regulation. Open Banking. Open Financial System. Regulation by incentives. Responsive Regulation.Abstract
[Purpose] This study seeks to evaluate if the model of implementation of Brazilian Open Banking suppresses traditional regulatory strategies of command-and-control and applies a regulation by incentive method, that seeks to adopt internal coercion to enforce public interests.
[Methodology/approach/design] We intend to do a case study, evaluating the legal dispositions regarding the Open Banking in Brazil, edited by the National Financial System authority, to identify confluences between the regulatory strategy and the regulation by incentives method.
[Findings] The study reveals that the regulatory strategy applied by the regulator is not limited to the command-and-control model and indicates that the regulator is searching for a regulatory approach that takes in consideration market agent’s practices.
[Practical implications] The work may provide support to the comprehension of the regulatory framework adopted in the implementation of the Open Banking, besides allowing a theoretical reading about the regulatory strategies adopted in the Brazilian Financial System.
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