Open banking: um recorte legislativo do open finance e seus impactos para as instituições financeiras participantes

Abstract

This final paper addresses the evolution of the financial sector in Brazil and its legislative framework, highlighting the transition from the dominance of a few traditional banks to a more diversified and open scenario, driven by Open Banking. This system, proposed by the Central Bank of Brazil, aims to promote competition and innovation through standardized data sharing. The “Lei Geral de Proteção de Dados” (LGPD) is emphasized as a fundamental tool to regulate the treatment of personal data, addressing the balance between the rights of companies and individuals, especially concerning data security. It finds support in previous legislations, such as the “Constituição Federal”, the “Código Civil” and the “Marco Civil da Internet”. In order to analyze conduct related to the application of the aforementioned LGPD, Central Bank resolutions, and the “Código de Defesa do Consumidor” in the civil liability of service providers and financial product suppliers for the improper treatment of personal data, comparative research with other jurisdictions and specific guidelines was also utilized for a comprehensive understanding of legislative adaptation to digital changes