On Jul. 20, BVMF issued circulars on operational qualification program.
BVMF issued Circular 003/2023-VPE and Circular 010/2023-VPC on operational qualification program (PQO) roadmap updates, comes into effect from Jan. 2, 2024.
Follows Same investor transactions instruction, also part of B3 roadmap, #174773.
Circular 010
B3 completed the updates made to the Operational qualification program (PQO).
The new version incorporates recent rules from BRZ CVM, BRZ CB, and B3.
Also includes sectorial updates, like investment portability, mechanisms to prevent cyber attacks, information security breaches, and inclusion of risk liquidity stress test.
Circular 003
The circular makes updates to technological standards based on new version of PQO.
Participants who have more than 10k individual customers with a position with the B3 depository must have electronic means for time controls and acceptance of requests.
The technology can be developed in house or by hiring contracted third parties.
The participants also have the option to adopt a system developed by B3 itself.
If the participant opts to develop their own system, there are minimum requirements.
The custody account information must be automatically validated by the system.
It must inform the user of the estimated time needed to complete the process.
Make consultation available at all times to investors on transfer requests, containing the updated status and history of actions performed, with date and timestamps added.
If there are problems completing the transfer, must provide reason for the issue.
Effectiveness
The new PQO roadmap takes effect on Jan. 2, 2024.
Oct. 10, 2024 BVMF Restricted Hearing
On Oct. 10, 2024, BVMF issued Circular Letter 136/2024-PRE to update PQO Roadmap.
New draft adjusted requirements that were reviewed in meetings and discussions.
BVMF starts Public Hearing Restricted to its participants from Oct. 10 to Nov. 1, 2024.
The Operational Qualification Program (PQO) Roadmap draft is available in website.
Dec. 2024 BVMF Updated PQO Roadmap
On Dec. 12, 2024, BVMF issuedCircular 178/2024-PRE with updates to PQO roadmap.
New version reflects adjustments to fraud prevention, operation rules, and standards.
Also reflects changes to suspension of orders, authentication factor, internal controls report, consolidation of Business Continuity and Change Management processes.
Compliance with CVM and B3 regulations for morning tests recording of dialogues, indication of directors, conflicts to be avoided, compliance with CVM Resolution 179.
The new version of the PQO roadmap will come into effect as of Jan. 2, 2025.
