Experimental regulatory environments: sandbox in the Brazilian financial system

Bibliographic Details
Main Author: Missagia, Caio Rezende
Publication Date: 2023
Other Authors: Amato, Lucas Fucci
Format: Article
Language: por
Source: Revista Brasileira de Sociologia do Direito
Download full: https://revista.abrasd.com.br/index.php/rbsd/article/view/747
Summary: The paper discusses the first proposals for the adoption of the regulatory sandbox (herein referred to as experimental regulatory environment) in Brazil. This institute was pioneered by Complementary Law 182/2021 (Legal Framework for Startups), and has been developed in the regulation of the national financial system through the initiatives of the Superintendence of Private Insurance (Susep), the Securities and Exchange Commission (CVM), and the Central Bank of Brazil (BCB). Anchored in a socio-legal literature, the paper mapped these initiatives and analyzed them in light of the hypothesis that experimental regulatory environments are alternatives to two basic models of regulatory law in general, and of financial regulation in particular: the model of centralized and detailed regulation, typical of the welfare state, and the model of deregulation characteristic of neoliberalism. In a trans-nationalized economy, the regulatory sandbox allows national regulators to develop experimental forms of law that lower barriers to entry for new service providers – in this case, it increases the potential for innovative financial services (such as fintechs), which can counter the high banking concentration in the Brazilian market.  
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spelling Experimental regulatory environments: sandbox in the Brazilian financial systemAmbientes regulatórios experimentais: o sandbox no sistema financeiro brasileiroRegulatory lawRegulatory sandboxFinancial regulationDireito regulatórioSandbox regulatórioRegulação financeiraThe paper discusses the first proposals for the adoption of the regulatory sandbox (herein referred to as experimental regulatory environment) in Brazil. This institute was pioneered by Complementary Law 182/2021 (Legal Framework for Startups), and has been developed in the regulation of the national financial system through the initiatives of the Superintendence of Private Insurance (Susep), the Securities and Exchange Commission (CVM), and the Central Bank of Brazil (BCB). Anchored in a socio-legal literature, the paper mapped these initiatives and analyzed them in light of the hypothesis that experimental regulatory environments are alternatives to two basic models of regulatory law in general, and of financial regulation in particular: the model of centralized and detailed regulation, typical of the welfare state, and the model of deregulation characteristic of neoliberalism. In a trans-nationalized economy, the regulatory sandbox allows national regulators to develop experimental forms of law that lower barriers to entry for new service providers – in this case, it increases the potential for innovative financial services (such as fintechs), which can counter the high banking concentration in the Brazilian market.     O artigo discute as primeiras propostas de adoção do sandbox regulatório (aqui denominado de ambiente regulatório experimental) no Brasil. Tal instituto foi pioneiramente trazido pela Lei Complementar 182/2021 (Marco Legal das Startups), tendo sido desenvolvido na regulação do sistema financeiro nacional a partir de iniciativas da Superintendência de Seguros Privados (Susep), da Comissão de Valores Mobiliários (CVM) e do Banco Central do Brasil (BCB). Ancorado em uma literatura sociojurídica, o trabalho mapeou essas iniciativas e as analisou tendo em vista a hipótese de que os ambientes regulatórios experimentais são alternativas a dois modelos básicos de direito regulatório em geral e de regulação financeira, em especial: o modelo de regulação centralizada e minudente, típico do Estado social, e o modelo de desregulação característico do neoliberalismo. Em uma economia transnacionalizada, o sandbox regulatório permite às autoridades reguladoras nacionais desenvolverem formas experimentais de direito que diminuam as barreiras à entrada de novos ofertantes de serviços – no caso, aumenta-se o potencial para serviços financeiros inovadores (como as fintechs), os quais podem fazer frente à alta concentração bancária do mercado brasileiro.  Associação Brasileira de Pesquisadores em Sociologia do Direito2023-09-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://revista.abrasd.com.br/index.php/rbsd/article/view/74710.21910/rbsd.v10i3.747Brazilian Journal of Sociology of Law; Vol. 10 No. 3 (2023): Revista Brasileira de Sociologia do Direito; 143-171Revista Brasileira de Sociologia do Direito; v. 10 n. 3 (2023): Revista Brasileira de Sociologia do Direito; 143-1712359-558210.21910/rbsd.v10i3reponame:Revista Brasileira de Sociologia do Direitoinstname:Associação Brasileira de Pesquisadores em Sociologia do Direito (ABraSD)instacron:ABRASDporhttps://revista.abrasd.com.br/index.php/rbsd/article/view/747/345Copyright (c) 2023 Autor e ABraSDinfo:eu-repo/semantics/openAccessMissagia, Caio RezendeAmato, Lucas Fucci2023-12-26T00:51:24Zoai:ojs.revista.abrasd.com.br:article/747Revistahttp://revista.abrasd.com.br/index.php/rbsd/indexONGhttp://revista.abrasd.com.br/index.php/rbsd/oaiartur@stamford.pro.br || rbsd.abrasd@gmail.com2359-55822359-5582opendoar:2023-12-26T00:51:24Revista Brasileira de Sociologia do Direito - Associação Brasileira de Pesquisadores em Sociologia do Direito (ABraSD)false
dc.title.none.fl_str_mv Experimental regulatory environments: sandbox in the Brazilian financial system
Ambientes regulatórios experimentais: o sandbox no sistema financeiro brasileiro
title Experimental regulatory environments: sandbox in the Brazilian financial system
spellingShingle Experimental regulatory environments: sandbox in the Brazilian financial system
Missagia, Caio Rezende
Regulatory law
Regulatory sandbox
Financial regulation
Direito regulatório
Sandbox regulatório
Regulação financeira
title_short Experimental regulatory environments: sandbox in the Brazilian financial system
title_full Experimental regulatory environments: sandbox in the Brazilian financial system
title_fullStr Experimental regulatory environments: sandbox in the Brazilian financial system
title_full_unstemmed Experimental regulatory environments: sandbox in the Brazilian financial system
title_sort Experimental regulatory environments: sandbox in the Brazilian financial system
author Missagia, Caio Rezende
author_facet Missagia, Caio Rezende
Amato, Lucas Fucci
author_role author
author2 Amato, Lucas Fucci
author2_role author
dc.contributor.author.fl_str_mv Missagia, Caio Rezende
Amato, Lucas Fucci
dc.subject.por.fl_str_mv Regulatory law
Regulatory sandbox
Financial regulation
Direito regulatório
Sandbox regulatório
Regulação financeira
topic Regulatory law
Regulatory sandbox
Financial regulation
Direito regulatório
Sandbox regulatório
Regulação financeira
description The paper discusses the first proposals for the adoption of the regulatory sandbox (herein referred to as experimental regulatory environment) in Brazil. This institute was pioneered by Complementary Law 182/2021 (Legal Framework for Startups), and has been developed in the regulation of the national financial system through the initiatives of the Superintendence of Private Insurance (Susep), the Securities and Exchange Commission (CVM), and the Central Bank of Brazil (BCB). Anchored in a socio-legal literature, the paper mapped these initiatives and analyzed them in light of the hypothesis that experimental regulatory environments are alternatives to two basic models of regulatory law in general, and of financial regulation in particular: the model of centralized and detailed regulation, typical of the welfare state, and the model of deregulation characteristic of neoliberalism. In a trans-nationalized economy, the regulatory sandbox allows national regulators to develop experimental forms of law that lower barriers to entry for new service providers – in this case, it increases the potential for innovative financial services (such as fintechs), which can counter the high banking concentration in the Brazilian market.  
publishDate 2023
dc.date.none.fl_str_mv 2023-09-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://revista.abrasd.com.br/index.php/rbsd/article/view/747
10.21910/rbsd.v10i3.747
url https://revista.abrasd.com.br/index.php/rbsd/article/view/747
identifier_str_mv 10.21910/rbsd.v10i3.747
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://revista.abrasd.com.br/index.php/rbsd/article/view/747/345
dc.rights.driver.fl_str_mv Copyright (c) 2023 Autor e ABraSD
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2023 Autor e ABraSD
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Associação Brasileira de Pesquisadores em Sociologia do Direito
publisher.none.fl_str_mv Associação Brasileira de Pesquisadores em Sociologia do Direito
dc.source.none.fl_str_mv Brazilian Journal of Sociology of Law; Vol. 10 No. 3 (2023): Revista Brasileira de Sociologia do Direito; 143-171
Revista Brasileira de Sociologia do Direito; v. 10 n. 3 (2023): Revista Brasileira de Sociologia do Direito; 143-171
2359-5582
10.21910/rbsd.v10i3
reponame:Revista Brasileira de Sociologia do Direito
instname:Associação Brasileira de Pesquisadores em Sociologia do Direito (ABraSD)
instacron:ABRASD
instname_str Associação Brasileira de Pesquisadores em Sociologia do Direito (ABraSD)
instacron_str ABRASD
institution ABRASD
reponame_str Revista Brasileira de Sociologia do Direito
collection Revista Brasileira de Sociologia do Direito
repository.name.fl_str_mv Revista Brasileira de Sociologia do Direito - Associação Brasileira de Pesquisadores em Sociologia do Direito (ABraSD)
repository.mail.fl_str_mv artur@stamford.pro.br || rbsd.abrasd@gmail.com
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