Responsive Regulation Theory applied to the National Financial System
Keywords:
National Financial System. Central Bank of Brazil. Regulation. Supervision. Responsive Regulation Theory.Abstract
[Purpose] This article investigates the adequacy of the regulation of the National Financial System, carried out by the Central Bank of Brazil in its supervisory scope, under the perspective of Laws No. 4,595 of December 31, 1964, and Law No. 13,506 of November 13, 2017, in relation to the Responsive Regulation Theory and its regulatory instruments and strategies, in order to propose the introduction of this regulatory model supported by risk-based regulation used by the Monetary Authority and point out the challenges of its implementation.
[Methodology/approach/design] The adopted research is exploratory in nature, through which, after a brief description of the scope and regulatory technique of the Responsive Regulation Theory, the instruments and strategies adopted by the Central Bank of Brazil in regulating the institutions authorized by it to operate are examined, to investigate connections between effective regulation and the Responsive Regulation Theory.
[Findings] The regulation conducted by the Central Bank of Brazil adopts strategies and instruments that point to some responsiveness. However, there is a need to improve the supervision strategy and the corporate culture associated with it, so that the Responsive Regulation Theory can be substantially implemented. In this sense, among other things, a better modulation of enforcement strategies is advocated, which presupposes, including, transparency about its level of compliance.
[Practical implications] The research result points to the insufficiency of the regulation adopted by the Central Bank of Brazil in terms of responsiveness, requiring changes to obtain the collaborative compliance of the regulated entities, through the combination of intrusive measures and regulatory incentive measures. In addition to the proposal to adapt the model, the challenges of implementing the Responsive Regulation Theory by the Central Bank of Brazil are demonstrated.
[Originality/value] The research conducted in this article is relevant due to the need to improve the adherence of supervised entities to the risk-based regulation framework conducted by the Central Bank of Brazil. Furthermore, the optimization of regulatory techniques and instruments is necessary, especially impacted by the constant acquisition of legal competencies to the detriment of budgetary and personnel limitations.
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