BRAZIL Law and Practice Contributed by: Thomas Gibello Gatti Magalhães, André Dágola Brostoline and Luisa Grespan Danhoni Neves, Magalhães & Zettel
The information security policy must be com - patible with the size, risk profile and business model of the Intermediary, as well as the nature of the transactions, the complexity of the prod - ucts, services, activities and processes and the sensitivity of the data and information under its responsibility. In addition, such policy must be applicable to employees, agents and service providers, pro - viding for the periodicity with which they must be trained in relation to the rules, procedures and internal controls aimed at ensuring the con - fidentiality, authenticity, integrity and availability of sensitive data and information. In the same context, it is worth highlighting Law No 13,709/2019, known as the General Data Protection Law (LGPD), which came into force in September 2020 and represents a regulatory framework for the processing of personal data in Brazil, covering both physical media and digi - tal platforms, applicable to public and private institutions. LGPD gives the individual (referred to as a “Sub - ject”) a central role in the legal relationships involving the processing of their data, not only by regulating the protection of personal data but, above all, by electing “informative self-determi - nation” as the essential basis, which means that the Subject has the right to decide which data will be used, in addition to determining the limits and term of its use. Such rights impose a series of duties on those who process data, notably financial institutions, which routinely handle sensitive information of their customers. LGPD thus establishes a series of obligations aimed at ensuring security, privacy and transparency in the use of this information,
reinforcing the need for adequate measures for the protection of personal data. For financial institutions, strict compliance with LGPD and with the aforementioned regulations is not limited to mere legal compliance, but con - stitutes a fundamental element for the preserva - tion of customer and market trust, in addition to being crucial for mitigating the risks of sanctions and reputational damage. BCB annually promotes Agenda BC#, which aims to discuss a set of strategic guidelines focused on reducing credit costs, modernising the regulatory framework and promoting greater efficiency in the national financial system. This programme also seeks to foster financial inclu - sion, increase competitiveness, promote sus - tainability and strengthen transparency in finan - cial market transactions. Agenda BC# is structured in thematic axes that reflect the priorities of BCB’s Regulation Board, among which the following stand out: • foreign exchange and international capital; • prudential regulation; • sustainability; • rural credit; and • innovation. 11. Horizon Scanning 11.1 Regulatory Developments For 2024, in the scope of foreign exchange and international capital, the following central topics stand out: • the simplification of the investment process by non-residents in asset portfolios;
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