Post by account_disabled on Feb 25, 2024 7:52:54 GMT
Last week, I posted a poll on LinkedIn asking “ After the creation of an agency for data protection, there is talk of a cybersecurity agency and another for AI. Which option is better? ”. The results were: a general IT agency (45%), an agency for each topic (22%), current regulators already resolve the issue (18%) and thematic agencies are useless (15%).
When Law No. 14,478/2022 was enacted, there was doubt as to whether the Central Bank would be the regulator of virtual asset services in Brazil, since some topics would be closer to the CVM. Behind the scenes, the National Institute of Information Technology (ITI) , regulator of the Brazilian Public Key Infrastructure (ICP-Brazil), was even considered .
Spacca
In turn, Law No. 13,709/2018 (LGPD) was amended by Law No. 13,853/2019 to create the National Data Protection Authority (ANPD).
At the end of December, news broke that B2B Email List the government intends to propose the creation of a cybersecurity regulatory agency .
The proliferation of regulators is not exclusive to issues related to technology and innovation. Recently, the Ministry of Education declared that it will send a bill to the National Congress to create a regulatory agency for public and private higher education in Brazil.
Creating an agency for each topic may seem to make sense due to the specificity of certain subjects and the non-linearity of the legislative process, usually stimulated by more immediate agendas instead of being the result of more comprehensive and rational strategic planning.
This trend is not exclusive to Brazil. In the United States, there are several financial regulators, each of them the result of a crisis. The Federal Reserve (Fed) was the result of the Panic of 1907 ; the Securities and Exchange Commission (SEC), a result of the 1929 Crisis ; the Federal Deposit Insurance Corporation (FDIC), due to bank insolvency after the 1929 Crisis; The Commodity Futures Trading Commission (CFTC), whose genesis resulted from the evolution of futures contracts markets , was created in the midst of the commodities crisis in the early 1970s , and, finally, after the 2008 crisis , Consumer Financial Protection was created Bureau (CFPB).
The multiplicity and transversality of themes contributes to a fragmentation of state power, loss of synergy in the use of regulatory instruments and impact on the public budget. In addition to the inflation of laws, we have witnessed the emergence of resolutions and other infra-legal regulations, resulting in increased compliance costs and difficulties in structuring and implementing risk management and compliance.
When Law No. 14,478/2022 was enacted, there was doubt as to whether the Central Bank would be the regulator of virtual asset services in Brazil, since some topics would be closer to the CVM. Behind the scenes, the National Institute of Information Technology (ITI) , regulator of the Brazilian Public Key Infrastructure (ICP-Brazil), was even considered .
Spacca
In turn, Law No. 13,709/2018 (LGPD) was amended by Law No. 13,853/2019 to create the National Data Protection Authority (ANPD).
At the end of December, news broke that B2B Email List the government intends to propose the creation of a cybersecurity regulatory agency .
The proliferation of regulators is not exclusive to issues related to technology and innovation. Recently, the Ministry of Education declared that it will send a bill to the National Congress to create a regulatory agency for public and private higher education in Brazil.
Creating an agency for each topic may seem to make sense due to the specificity of certain subjects and the non-linearity of the legislative process, usually stimulated by more immediate agendas instead of being the result of more comprehensive and rational strategic planning.
This trend is not exclusive to Brazil. In the United States, there are several financial regulators, each of them the result of a crisis. The Federal Reserve (Fed) was the result of the Panic of 1907 ; the Securities and Exchange Commission (SEC), a result of the 1929 Crisis ; the Federal Deposit Insurance Corporation (FDIC), due to bank insolvency after the 1929 Crisis; The Commodity Futures Trading Commission (CFTC), whose genesis resulted from the evolution of futures contracts markets , was created in the midst of the commodities crisis in the early 1970s , and, finally, after the 2008 crisis , Consumer Financial Protection was created Bureau (CFPB).
The multiplicity and transversality of themes contributes to a fragmentation of state power, loss of synergy in the use of regulatory instruments and impact on the public budget. In addition to the inflation of laws, we have witnessed the emergence of resolutions and other infra-legal regulations, resulting in increased compliance costs and difficulties in structuring and implementing risk management and compliance.