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ABSTRACT
Since 2016, digital finances have been disrupted by the introduction of open banking policies, which would facilitate data sharing in this particular industry. The UK and the EU have led this approach through the adoption of legal rules that enabled data sharing between financial institutions, particularly payment services providers, under users’ permission; lately, this has been slowly expanded into other financial services and called open finance. In this respect, certain Latin American countries have followed this, particularly led by industry efforts. In contrast to the EU, where the Digital Single Market facilitates the necessary conditions for sharing data, Latin America is fragmented in this respect. As such, this permission might be a weak basis for enabling a cross-border open finance ecosystem. This contribution will explore a selected cohort of Latin American countries and assess whether it would be feasible the development of a regional open finance system.
Disclosure statement
No potential conflict of interest was reported by the author(s).
Notes
1 For example, as noted by Ferretti, ‘(…) [h]olding the “explicit consent” as contractual would not explain why it has been expressed in the norm addressing data protection under a separate dedicated heading of the PSD2’. (see Ferretti Citation2022, 93)
2 Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on a framework for Financial Data Access and amending Regulations (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010 and (EU) 2022/2554 COM/2023/360 final.
3 Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on payment services in the internal market and amending Regulation (EU) No 1093/2010 COM/2023/367 final.
4 Ley Orgánica para el Desarrollo, Regulación y Control de los Servicios Financieros Tecnológicos (Ley Fintech), https://www.asambleanacional.gob.ec/sites/default/files/private/asambleanacional/filesasambleanacionalnameuid-29/Leyes%202013-2017/1436-nviteri/ro-215-2do-supl-22-12-2022.pdf, accessed 28 December 2023.
5 These can be consulted in the Argentina Central Bank website, through the following link: https://www.bcra.gob.ar/SistemasFinancierosYdePagos/Ordenamiento_y_resumenes.asp, accessed 28 December 2023.
6 These can be consulted in the Brazilian Central Bank website, through the following link: https://www.bcb.gov.br/estabilidadefinanceira/openfinance_participantes, accessed 28 December 2023.
7 Ley 21521 Promueve la competencia e inclusión financiera a través de la innovación y tecnología en la prestación de servicios financieros, Ley Fintec, https://bcn.cl/3huvh, accessed 6 February 2024.
8 Decreto 1297 de 2022 (Julio 25) Por medio del cual se modifica el Decreto 2555 de 2010 en lo relacionado con la regulación de las finanzas abiertas en Colombia y se dictan otras disposiciones, https://www.funcionpublica.gov.co/eva/gestornormativo/norma.php?i = 190426#4, accessed 6 February 2024.
9 Ley para regular las instituciones de tecnología financiera, https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF_200521.pdf, accessed 6 February 2024.
10 Art. 2.17.4.1.1. Decreto 2555 de 2010 (Julio 15) Por el cual se recogen y reexpiden las normas en materia del sector financiero, asegurador y del mercado de valores y se dictan otras disposiciones, as amended, https://www.funcionpublica.gov.co/eva/gestornormativo/norma.php?i = 40032, accessed 6 February 2024.
11 Art. 2.35.8.1.2. Decreto 2555 de 2010 (Julio 15) Por el cual se recogen y reexpiden las normas en materia del sector financiero, asegurador y del mercado de valores y se dictan otras disposiciones, as amended.
12 Art. 3° a) Ley Estatutaria 1581 de 2012 (Octubre 17) Reglamentada parcialmente por el Decreto Nacional 1377 de 2013, Reglamentada Parcialmente por el Decreto 1081 de 2015. Ver sentencia C-748 de 2011. Ver Decreto 255 de 2022. Por la cual se dictan disposiciones generales para la protección de datos personales, https://www.funcionpublica.gov.co/eva/gestornormativo/norma.php?i = 49981, accessed 6 February 2024.
13 Currently the jurisdictions that have been found to have this level are: Member States of the European Union and members of the European Economic Area (EEA), United Kingdom of Great Britain and Northern Ireland, Swiss Confederation, Guernsey, Jersey, Isle of Man, Faroe Islands, Canada only in respect of its private sector, Principality of Andorra, New Zealand, the Oriental Republic of Uruguay and the State of Israel only with respect to data that receives automated processing. See Disposición E 60 / 2016 Dirección Nacional de Protección de Datos Personales and Resolución 34 / 2019 Agencia de Acceso a la Información Pública, https://www.argentina.gob.ar/normativa/nacional/disposici%C3%B3n-60-2016-267922/texto and https://www.argentina.gob.ar/normativa/nacional/resoluci%C3%B3n-34-2019-320275/texto, respectively, accessed 6 February 2024.
14 Regarding this, Art. 12 allows for the transfer of data dealing with banking or securities activities. This exception has not been extensively explored by the literature but could provide an interesting path to explore.
15 Art.12 Decreto Reglamentario 1558/2001 and Resolución 159 / 2018 Agencia de Acceso a la Información Pública, https://www.argentina.gob.ar/normativa/nacional/decreto-1558-2001-70368/actualizacion and https://www.argentina.gob.ar/normativa/nacional/resoluci%C3%B3n-159-2018-317228/texto, respectively, accessed 6 February 2024.
16 As of this date, is a pending issue for the Brazilian data protection supervisory authority.
17 According to Colombian data protection supervisory authority, the following countries can be considered as adequate: Germany; Australia, Austria; Belgium; Bulgaria; Cyprus; Costa Rica; Croatia; Denmark; Slovakia; Slovenia; Estonia; Spain; United States of America; Finland; France; Greece; Hungary; Ireland; Iceland; Italy; Japan; Latvia; Lithuania; Luxembourg; Malt; Mexico; Norway; Netherlands; Peru; Poland; Portugal; United Kingdom; Czech Republic; Republic of Korea; Romania; Serbia; Sweden; and the countries that have been declared with the adequate level of protection by the European Commission. See Unique Circular from the Superintendencia de Industria y Comercio, https://www.sic.gov.co/sites/default/files/normatividad/092022/T%C3%Adtulo%20V%20Versi%C3%B3n%2029-09-2022.pdf, accessed 28 December 2023.
18 https://www.redipd.org/sites/default/files/2023-02/guia-implementacion-clausulas-
contractuales-modelo-tidp-en.pdf, last accessed December 28, 2023.