The Brazilian Central Bank ("BCB") must be notified within 10 days of hiring the cloud service provider. Such notification must contain the following:

• Name of the cloud service provider

• Relevant services provided

• Indication of the countries and regions of each country where services are to be provided and data may be stored, processed or managed

The BCB's prior approval must be obtained if the financial institution or payment institution retains a cloud service provider in countries where there is no agreement to exchange information between the BCB and the competent authorities. The financial institution or payment institution must request such approval from the BCB at least 60 days before retaining the cloud services in question.