Revenue Secretariat Ordinary Instruction No. 1,571 of July 2, 2015 — Obligation to Provide Information Regarding Financial Operations (e-Financeira)

Published in the Official Gazette on 03/07/2015, section 1, page 32. Provides for the obligation to provide information regarding financial operations of interest to the Secretariat of the Federal Revenue of Brazil (RFB).

The SECRETARY OF THE FEDERAL REVENUE OF BRAZIL, using the powers conferred by items III and XXVI of Article 280 of the Internal Regulations of the Secretariat of the Federal Revenue of Brazil, approved by MF Ordinance No. 203 of May 14, 2012, and considering the provisions of Article 16 of Law No. 9,779 of January 19, 1999, Article 5 of Complementary Law No. 105 of January 10, 2001, Article 57 of Provisional Measure No. 2,158-35 of August 24, 2001, Decree No. 4,489 of November 28, 2002, Article 2 of Decree No. 6,022 of January 22, 2007, Article 30 of Law No. 10,637 of December 30, 2002, and Ordinary Instruction RFB No. 802 of December 27, 2007, resolves:

Art. 1. This Ordinary Instruction regulates the obligation to provide information regarding financial operations of interest to the Secretariat of the Federal Revenue of Brazil (RFB).

CHAPTER I
GENERAL PROVISIONS

Art. 2. The information shall be provided through the presentation of the e-Financeira, consisting of a set of digital files related to registration, opening, closing, and auxiliary files, and by the financial operations and private pension modules.

Art. 3. The e-Financeira issued electronically must be digitally signed by the legal representative of the company or attorney constituted in accordance with Ordinary Instruction RFB No. 944 of May 29, 2009, using a valid digital certificate issued by an entity accredited by the Brazilian Public Key Infrastructure (ICP-Brasil), in order to guarantee the authorship of the digital document.

Sole Paragraph. The e-Financeira must be transmitted to the environment of the Public Digital Bookkeeping System (SPED) by the legal entities obliged to adopt it, in accordance with this Ordinary Instruction.

Art. 4. The following are obliged to present the e-Financeira:
I - legal entities:
a) authorized to structure and market complementary pension benefit plans; b) authorized to establish and administer Individual Scheduled Retirement Funds (Fapi); or c) whose main or ancillary activity is the capture, intermediation, or application of financial resources, own or third-party, including consortium operations, in national or foreign currency, or the custody of value belonging to third parties; and II - insurance companies authorized to structure and market life insurance plans.

§ 1. The obligation referred to in the caput extends to entities supervised by the Central Bank of Brazil (Bacen), the Securities and Exchange Commission (CVM), the Private Insurance Superintendence (Susep), and the National Superintendence of Complementary Pension (Previc).

§ 2. For the purposes of applying the provisions of the caput, custody services of third-party value are considered those provided directly to the investor, according to the definition adopted by Bacen and CVM, regarding financial assets, securities, and securities, including with respect to the maintenance of positions in derivative contracts.

§ 3. The following are responsible for providing the information:
I - the financial institution depositary of deposit accounts, including savings accounts, regarding the information referred to in item I of the caput of Article 5; II - the custodian institution of custody accounts for financial assets linked to the financial applications referred to in items II and III of the caput of Article 5; III - the administrator, in the case of funds and investment clubs whose shares are linked to the financial applications referred to in items II and III of the caput of Article 5, except:
a) investment funds especially constituted, intended exclusively to receive resources from complementary pension benefit plans or life insurance plans; and b) funds whose shares are traded on an exchange or must be or are registered on an organized over-the-counter market; IV - the distributor of shares of investment funds distributed to third parties on behalf and order linked to the financial applications referred to in items II and III of the caput of Article 5; V - the intermediary institution, in the case of shares, derivatives, or investment fund shares traded on an exchange or must be or are registered on an organized over-the-counter market linked to the financial applications referred to in items II and III of the caput of Article 5; VI - the institution authorized to carry out operations in the foreign exchange market for the operations referred to in items VIII to X of the caput of Article 5; VII - the legal entities referred to in letters “a” and “b” of item I and item II of the caput, regarding the information referred to in items IV to VI of the caput of Article 5; VIII - the legal entity administering consortia, according to Article 5 of Law No. 11,795 of October 8, 2008, for the information referred to in items XI and XII of the caput of Article 5; and IX - the institution that holds the final relationship with the client, in other cases, regarding the information referred to in Article 5.

Art. 5. The entities referred to in Article 4 must inform in the financial operations module the following information regarding financial operations of users of their services:
I - balance on the last business day of the year of any deposit account, including savings, considering any movements, such as payments made in current currency or checks, issuance of credit orders or similar documents or cash and term redemptions, discriminating the total gross monthly income paid or credited to the account, accumulated annually, month by month; II - balance on the last business day of the year of each financial application, as well as the corresponding monthly credit and debit sums, considering any movements, such as those related to investments, redemptions, alienations, assignments, or liquidations of the said applications, month by month, during the year; III - gross income, accumulated annually, month by month, by financial applications during the year, individualized by type of income, including values from the sale or redemption of assets under custody and redemption of investment funds; IV - balance, on the last business day of the year or on the closing day, of mathematical provisions of benefits to be granted regarding each complementary pension benefit plan or each life insurance plan, discriminating, month by month, the total of the respective movements, credit and debit, occurred during the year, in the manner established in item I of the caput of Article 15; V - balance, on the last business day of the year or on the closing day, of each Fapi, and the corresponding movements, discriminated month by month, credit and debit, occurred during the year, in the manner established in item I of the caput of Article 15; VI - values of benefits or insured capitals, accumulated annually, month by month, paid in the form of single payment, or in the form of income; VII - transfer entries between accounts of the same holder made between checking accounts, or between savings accounts, or between checking accounts and savings accounts; VIII - purchases of foreign currency; IX - conversions of foreign currency into national currency; X - transfers of currency and other values to the exterior, excluding the operations referred to in item VIII; XI - the total of values paid until the last day of the year, including the values of bids that resulted in award, deducted from the values of credits made available to the shareholder and the corresponding movements, occurred during the year, discriminated month by month, credit and debit, in the manner established in item I of the caput of Article 15, per consortium share; and XII - value of credits made available to the shareholder, accumulated annually, month by month, per consortium share, during the year.

§ 1. The balances resulting from credits in transit shall also be reported, thus considered the values applied or redeemed in financial applications in the last days of the calendar year, and which have only been converted into financial assets or credited to deposit accounts in the following year.

§ 2. In the case of closing of accounts or financial applications, the balance of the business day immediately preceding the closing day must be reported.

§ 3. For the purposes of this Ordinary Instruction, financial applications are considered:
I - any and all fixed-income operations or those equivalent to them and swap operations; II - any and all variable-income operations; and III - funds and investment clubs of any species, except investment funds especially constituted and intended, exclusively, to receive resources from complementary pension benefit plans or life insurance plans.

§ 4. The balance on the last business day of the year is considered:
I - in the case of deposit accounts, including savings, the value available on the last business day of the year, except in the case of term deposits, for which the original value will be considered; II - in the case of investment funds:
a) whose taxation occurs only upon redemption of shares or distribution of profits or income, the acquisition value of the shares; and b) for other investment funds:
1. if the beneficiary has not acquired or redeemed shares after the date of the last periodic incidence of income tax, the value related to the share balance on that date; and
2. if the beneficiary has acquired or redeemed shares after the date of the last periodic incidence of income tax, the value related to the share balance on that date (last periodic incidence) that remain, in case of redemption, added to the acquisition value of the shares;
III - in the case of other fixed-income financial applications, the original acquisition values; IV - in the case of shares, the updated value considering the closing price on the last business day of the year, or on the date of the last negotiation, or in the impossibility of determining the updated value, the value declared by the owner of the share; and V - in the case of mathematical provisions of benefits to be granted and Fapi referred to in items IV and V of the caput of Article 5, the value available on the last business day of the year.

§ 5. Income is considered any and all value, gross, derived from the financial applications mentioned in § 3.

§ 6. The information referred to in items I to III and VII to XII of the caput comprises the identification of the holders of the financial operations and final principals and must include name, nationality, tax residence, address, account number or equivalent, individualized by account or contract in the declaring institution, registration number in the Individual Taxpayer Registry (CPF) or in the National Registry of Legal Entities (CNPJ), Tax Identification Number (NIF) abroad, when applicable, business name, the balances and the global monthly amounts moved and other registration information.

§ 7. The full name or corporate name, the corresponding registration number in the CPF or CNPJ, and the address of any person authorized to move the accounts referred to in § 6 must be reported, covering all legal or conventional representatives in accordance with Bacen regulations.

§ 8. The information referred to in items IV to VI of the caput comprises the identification of clients or beneficiaries of the resources, including when payment is made in the case of death of the holder of a complementary pension benefit plan or life insurance plan, or Fapi, and must include name, nationality, tax residence, address, proposal number and process number of plan or Fapi approval by the relevant regulatory body, individualized by plan or Fapi in the declaring institution, CPF registration number, NIF abroad, when applicable, balances of mathematical provisions of benefits to be granted, Fapi balance, global monthly amounts moved and other registration information.

§ 9. For the non-financial legal entity holder of the financial operations, and which is considered passive in accordance with the Agreement between the Government of the Federative Republic of Brazil and the Government of the United States of America for the exchange of information and improvement of tax compliance and implementation of the Foreign Account Tax Compliance Act (FATCA), the information referred to in § 6 must also be provided regarding the natural person, regardless of nationality, that controls or holds at least 10% (ten percent) of direct or indirect participation.

§ 10. The final principal referred to in § 6 and non-resident investors must be identified in accordance with CVM and National Monetary Council (CMN) regulations.

§ 11. It is prohibited to insert any element that allows identifying the origin or destination of the resources used in the financial operations referred to in the caput.

§ 12. For the purposes of § 6, the global monthly amount moved is considered, in an isolated manner, the sum:
I - of credit entries and debit entries made in the month, in the financial operations referred to in items I, II, V and VII of the caput; II - of gross income and values from sale or redemption, in the financial operations referred to in items I and III of the caput; III - of purchases referred to in item VIII of the caput, made in the month, in national currency; IV - of sales referred to in item IX of the caput, made in the month, in national currency; V - credit, of values paid by the shareholder, such as those made as a bid or contribution, and debit, of values made available to the shareholder, such as awards, for the operations referred to in item XI; and VI - in national currency, of the values referred to in item X of the caput, transferred in the month, covering all modalities, regardless of the foreign exchange market in which they are operated.

§ 13. For the purposes of § 8, the global monthly amount moved is considered, in an isolated manner:
I - the respective sums of credit entries and debit entries made in the month, in the operations referred to in items IV and V of the caput; and II - the value of benefits or insured capitals, paid by the entity in the form of single payment, or in the form of income, in the case provided for in item VI of the caput of Article 5.

§ 14. In the calculation of the global monthly amounts moved, entities shall not consider debit or credit entries related to accounting reversals, nor the entries that gave rise to them.

§ 15. In the event that a natural or legal person is holder of more than one account or is related to more than one account, in the same financial institution, including consortium administrators, information on annual balances and global monthly amounts moved must be provided individually, by account number.

§ 16. In the event that a natural person is related to more than one complementary pension benefit plan, more than one Fapi, or more than one life insurance plan, in the same entity, information on balances of mathematical provisions of benefits to be granted and Fapi and on global monthly amounts moved must be provided individually, by proposal number and process number of approval, or equivalent, by the relevant regulatory body.

§ 17. For the purposes of this article, balance information is mandatory when related to the last business day of the year or in the cases referred to in § 2 and § 25.

§ 18. Regarding each account, information on annual balances and global monthly amounts moved, including in consortia, must be provided in the name of all persons linked to it, individually.

§ 19. Regarding the provisions of items VIII to X of the caput, purchases, conversions, and transfers are independent of the financial operation that motivates them.

§ 20. The institution authorized to carry out operations in the foreign exchange market, when contracting legal entities through an agreement to carry out foreign exchange operations, is responsible for declaring the information regarding the contracted parties.

§ 21. The provisions of items VIII to X of the caput extend to the Brazilian Post and Telegraph Company (ECT).

§ 22. For the purposes of this Ordinary Instruction, transfers of the same holder are considered those that have exactly the same holders, regardless of the order in each account.

§ 23. When transfers occur between accounts of different financial institutions, these may identify the same holder through information declared by the client at the time of each operation.

§ 24. The movements referred to in item XI of the caput include credit values related to payments made for the share and bids that resulted in award, and debit values related to the value of the awarded asset, as well as values returned to the shareholder.

§ 25. In the case of closing of the group or consortium contract, the value specified in item XI of the caput must be reported on the date immediately preceding the closing date.

Art. 5-A. The entities referred to in letters “a” and “b” of item I and item II of the caput of Article 4 must inform, in the private pension module, the following information, regarding the operations of users of their services:
I - receipt of contributions, premiums, and contributions intended for the funding of pension nature benefit plans and payments of redemptions to participants and beneficiaries; II - the CNPJ registration number of the pension nature benefit plan, the life insurance plan with survival coverage clause, or the Fapi, or the process number of registration in the respective regulatory body; III - the date of entry of the participant into the plan, including in the case of portability or transfer from another plan or fund; and IV - the options for the exclusive taxation regime referred to in Articles 1 and 2 of Law No. 11,053 of December 29, 2004, formalized by participants of pension nature benefit plans, by Fapi shareholders, or by insured persons of life insurance plans with survival coverage clause.

§ 1. The information referred to in the caput comprises the identification of the holders and beneficiaries indicated in the pension nature benefit plans by the CPF registration number, proposal number and process number, type of product and plan, the global monthly amounts moved and other registration information required by Executive Declaratory Act (ADE) of the General Coordination of Audit (Cofis).

§ 2. The information provided through the private pension module in the e-Financeira will be required for taxable events that occur from January 1, 2019.

§ 3. Regarding events occurring from January 1, 2019, the provision to the RFB of the information referred to in Ordinary Instruction SRF No. 673 of September 1, 2006, and Ordinary Instruction RFB No. 1,452 of February 21, 2014, is waived.

§ 4. The obligation established by this article does not exempt the legal entity from bookkeeping the financial operations module when the operation or fact justifies it.

Art. 6. The entities referred to in Article 4 will also provide, through the financial operations module, information on payments made annually to Non-Participating Financial Institutions, in accordance with the Agreement between the Government of the Federative Republic of Brazil and the Government of the United States of America for the exchange of information and improvement of tax compliance and implementation of FATCA.

Sole Paragraph. The annual payments to be reported refer only to those made in the years 2015 and 2016.

Art. 7. The entities referred to in Article 4 are obliged to present the information regarding the financial operations mentioned in items I, II and VIII to XI of the caput of Article 5, when the global amount moved or the balance, in each month, by type of financial operation, is higher than:
I - R$ 2,000.00 (two thousand reais), in the case of natural persons; and II - R$ 6,000.00 (six thousand reais), in the case of legal entities.

§ 1. The limits mentioned in the caput must be applied in an aggregated manner for all financial operations of the same type maintained in the same financial institution.

§ 2. In the event that any of the limits referred to in the caput is exceeded, institutions must provide information regarding all annual balances and all other global monthly amounts moved, even if for these the monthly sum is lower than the said limits.

§ 3. The provision of the information referred to in this article will cover all months, from the month in which the limit has been reached, relative to the reference period of the information.

§ 4. Regarding accounts of the Severance Indemnity Fund (FGTS), referred to in Law No. 8,036 of May 11, 1990, only those with annual deposits higher than R$ 100,000.00 (one hundred thousand reais) must be reported.

Art. 7-A The entities referred to in Article 4 are obliged to present the annual information regarding the financial operations mentioned in items I, II, III, XI and XII of the caput of Article 5, when:
I - the limits provided for in Article 7 are not reached; and II - the financial operations do not qualify as “Excluded Account”, according to the provisions contained in subparagraphs of item C(17) of Section VII of the Single Annex of Ordinary Instruction RFB No. 1,680 of December 28, 2016.

Sole Paragraph. The annual information referred to in the caput must be provided only with respect to the month of December, or the month of account closing, and comprises, regardless of tax residence, all information provided for in § 6 of Article 5, except credit and debit entries made in the month.

Art. 8. The entities referred to in Article 4 are obliged to present the information regarding the operations referred to in items IV to VI of the caput of Article 5, when:
I - the balance, in each month, of the mathematical provision of benefits to be granted or the Fapi is higher than R$ 50,000.00 (fifty thousand reais); or II - the global monthly amount moved, considering in an isolated manner, the sum of credit entries and the sum of debit entries and the value of benefits or insured capitals, paid in the form of single payment, or in the form of income, is higher than R$ 5,000.00 (five thousand reais).

§ 1. The limits mentioned in this article must be applied in an aggregated manner for all operations of the same type maintained in the same entity.

§ 2. In the event that any of the limits referred to in the caput is exceeded, entities must provide information regarding all balances and all other global monthly amounts moved, even if for these the monthly sum is lower than the said limits.

§ 3. The provision of the information referred to in this article will cover all months

from the date on which the limit has been reached, relative to the reference period of the information.

Art. 8-A The entities referred to in Art. 4 are obliged to present the annual information relating to the financial operations mentioned in items IV to VI of the caput of Art. 5, when:
I - the limits provided for in Art. 8 have not been reached; and II - the financial operations do not qualify as "Excluded Account", according to the provisions contained in the sub-paragraphs of item C(17) of Section VII of the Single Annex of Revenue Secretariat Ordinary Instruction No. 1,680, of 2016.

Sole paragraph. The annual information referred to in the caput must be provided only with respect to the month of December, or the month of account closure, and comprise, regardless of tax residence, all information provided for in § 8 of Art. 5, except for credit and debit entries made in the month.

CHAPTER II
OF THE FORM AND DEADLINE FOR SUBMISSION

Art. 9 The e-Financeira must be generated directly by a system under the responsibility of the declarant, digitally signed and transmitted to the SPED environment via webservice, containing files in the format Extensible Markup Language (XML), with specific layouts as provided for in item I of the caput of Art. 15.

Sole paragraph. The generation, storage and sending of digital files do not exempt declarants from keeping the documents that gave rise to the information contained therein, in the manner and deadlines established by applicable legislation.

Art. 10. The e-Financeira is mandatory for events occurring from December 1, 2015 and must be transmitted semi-annually within the following deadlines, observing the provisions of Art. 11:
I - until the last business day of February, containing information relating to the second semester of the previous year; and II - until the last business day of August, containing information relating to the first semester of the current year.

§ 1 Exceptionally, for events occurring between December 1 and 31, 2015, the e-Financeira may be delivered until the last business day of May 2016.

§ 2 The deadline for submitting the e-Financeira will end at 23:59:59 (twenty-three hours, fifty-nine minutes and fifty-nine seconds), Brasília time, on the day fixed for its presentation.

Art. 11. Exceptionally, for the information and persons defined by the Agreement between the Government of the Federative Republic of Brazil and the Government of the United States of America for the exchange of information and improvement of international tax compliance and implementation of FATCA, the financial operations module of the e-Financeira will be mandatory for events relating to the months of July to December of the calendar year 2014.

§ 1 For the purposes of the provisions of this article, the e-Financeira may contain only the files, according to the layouts defined in item I of the caput of Art. 15, necessary to comply with the Agreement referred to in the caput with data relating to the last business day of the month of December 2014 or to the months in which there was closure of any account, supplementary pension plan, Fapi or life insurance in accordance with items I and II of the caput of Art. 12, and must be delivered until August 31, 2015.

§ 2 It is the exclusive responsibility of the declarant to carry out the necessary diligence to verify the users subject to declaration, in accordance with the regulation of their respective regulatory bodies, as well as to correct the data transmitted in the manner provided for in this Ordinary Instruction.

§ 3 With respect to the calendar year 2014, if reportable accounts are identified at a later stage than the submission of the information referred to in § 1, the mentioned data must be forwarded to the RFB within a period of up to 20 (twenty) days, counted from the date of identification of the event, as provided for in Art. 14.

§ 4 If the closure of reportable accounts of the persons referred to in the caput for the purposes of complying with FATCA is identified, in the period between January and November 2015, the information relating to the closed accounts must be delivered until the last business day of May 2016.

Art. 12. The information referred to in Art. 5 must be submitted observing the following form:
I - with respect to the calendar year 2014 and the information referred to in items I, II, VII and XI of the caput of Art. 5: identification of the holders of the financial operations and ultimate principals, which must include name, nationality, tax residence, address, account number or equivalent, individualized by account or contract in the declarant institution, registration number on the CPF or CNPJ, TIN abroad, business name and the balances of each account referred to in items I and II of the caput of Art. 5; II - with respect to the calendar year 2014 and the information referred to in items IV and V of the caput of Art. 5: identification of clients or beneficiaries of the resources, including when payment is made in the event of the death of the holder of a supplementary pension plan or life insurance, or of Fapi, which must include name, nationality, tax residence, address, proposal number and number of the plan approval process, or Fapi, by the relevant regulatory body, individualized by plan or Fapi in the declarant institution, registration number on the CPF, TIN abroad, the balances of mathematical provisions of benefits to be granted and balance of Fapi; III - with respect to events generated from December 1, 2015: the information relating to all persons using the services of the entities referred to in Art. 4, which must be declared in the financial operations module, including the natural person referred to in § 9 of Art. 5, the information mentioned in items I and II of the caput of this article, plus the other information mentioned in Art. 5, except for the values of sales and redemptions in which the declarant institution acts in the capacity of custodian entity, which must be reported from the calendar year 2016; and IV - with respect to the calendar year 2016 onwards: all the information mentioned in Art. 5.

Sole paragraph. With respect to events occurring from January 1, 2016, the provision to the RFB of the information referred to in Revenue Secretariat Ordinary Instruction No. 811, of January 28, 2008, is exempted, in the manner provided for in Revenue Secretariat Ordinary Instruction No. 1,168, of June 29, 2011.

Art. 13. The submission of the e-Financeira outside the deadlines established by Art. 10 or its submission with inaccuracies or omissions will subject the legal entity:
I - with respect to the information that must be provided through the financial operations module:
a) to the fines provided for in Art. 30 of Law No. 10,637, of December 30, 2002, if the delay, inaccuracy or omission refers to information covered by Complementary Law No. 105, of January 10, 2001; and b) to the fines provided for in Art. 57 of Provisional Measure No. 2,158-35, of August 24, 2001, if the delay, inaccuracy or omission refers to the other information; and II - with respect to the information that must be provided through the private pension module, to the fines provided for in Art. 57 of Provisional Measure No. 2,158-35, of August 24, 2001, observing the provisions of § 2 of Art. 5-A.

CHAPTER III
OF THE CORRECTION

Art. 14. The e-Financeira, submitted in the manner provided for in this Ordinary Instruction, may be replaced, by transmission of a new validated and signed digital file, for the inclusion, alteration or exclusion of records and other operations and information.

Sole paragraph. The correction of the e-Financeira may be carried out within up to 5 (five) years, counted from the end of the deadline for its submission in accordance with the provisions of Art. 10.

CHAPTER IV
OF THE FINAL PROVISIONS

Art. 15. The General Coordination of Audit must issue, from the publication of this Ordinary Instruction, with respect to the e-Financeira:
I - the layouts within 15 (fifteen) days; and
II - the layout orientation manual within 30 (thirty) days.

Art. 16. This Ordinary Instruction enters into force on the date of its publication in the Official Gazette of the Union.

JORGE ANTONIO DEHER RACHID