Regulatory Alerts2020-06-03 | Circular 4023Circular No. 4023 — Amends Circular No. 3,929 of February 13, 2019, regarding the calculation and payment of contributions to the Credit Guarantee Fund (FGC)
The Board of Directors of the Central Bank of Brazil issued Circular No. 4,023 to amend Circular No. 3,929/2019, establishing new rules for calculating the FGC contribution base and updating the specific accounting titles used for ordinary, special, and additional contributions. The regulation modifies the definition of the Reference Value and the calculation of additional contributions by specifying deduction methods based on Resolution No. 4,222/2013 and Circular No. 3,915/2018. It also mandates that late payment penalties be updated using the Selic rate and sets the effective date of the circular to July 1, 2020.
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