Gabriela de Ávila Machado
Lawyer at Marcos Martins Advogados
On December 15, the Central Bank approved BCB Resolution 50, establishing conditions and procedures for its Regulatory Sandbox, setting the registration dates for Cycle 1 for February 22 to March 19, 2021 (the form and procedures for registration are set out in Annex I of the Resolution and documents must be sent via the Central Bank’s Digital Protocol).
Thus, the Resolution determines that the selection of projects will take place from March 22, with the final deadline set for June 25, 2021 (which may be extended depending on the number of applicants).
Once the final results have been published, activities will begin, with Cycle 1 scheduled to last one year (with the possibility of an extension).
As parameters for choosing the applicants, the Central Bank said that the projects will be analyzed according to “their degree of maturity, innovation, magnitude of risks, and the technical-operational capacity and governance structure of the interested entity”, with the following topics being prioritized, among others:
– solutions for the foreign exchange market;
– solutions for Open Banking;
– solutions for Pix;
