The Brazilian Central Bank has enacted on November 28th, 2016, the Resolution No. 4,539, approved by the National Monetary Council on November 24th, 2016, which sets forth principles that shall guide the relationship between customers and financial institutions or other institutions authorized to operate by the Brazilian Central Bank.
According to the Resolution No. 4,539/16, such institutions must comply with the principles of ethics, responsibility, transparency and care on the conduction of its activities and on their relationships with customers.
Moreover, the institutions must adopt and enact a Customer Relationship Policy that shall regulate, amongst other issues, the segregation of functions, liabilities and the training of employees and contractors that perform activities that demand the maintenance of relationships with customers.
The institutions shall appoint an officer responsible for the compliance with the provisions set forth on the Resolution No. 4,539/16 and to ensure that the institution’s internal procedures are in accordance with the terms of the Customer Relationship Policy.
The institutions must comply with the Resolution within 360 days.