Brazil’s central bank and CMN issue new Open Finance rules to strengthen security and facilitate data sharing by business customers

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Brazil’s CMN and central bank approved Joint Resolution No. 21, revising the rules for Open Finance partnership agreements and facilitating data sharing by business customers. Participating institutions must assess their partners’ compliance and data protection capabilities, with certification provided by an independent auditor registered with CVM. Customers must give explicit authorization in the environment of the integrating institution, and authorization must be obtained separately for each partner. Contracts must also require the timely suspension of data sharing in the event of a security incident, and prohibit subcontracting partnerships and sharing relevant data with third parties.