Regulatory Alerts2020-06-23 | Carta Circular 4060Circular Letter No. 4060 - Discloses Procedures Regarding Information Reporting Under Circular No. 3,975 of January 8, 2020
The Central Bank of Brazil issues Circular Letter No. 4060 to establish specific procedures for financial institutions to report mandatory reserve collections on savings deposits as mandated by Circular No. 3,975. The regulation defines distinct reporting channels based on STR access, specifies required domain dictionary codes for various savings categories, and details the mathematical formulas for calculating deductibility and mandatory reserve requirements. It also repeals previous circulars, sets a five-year retention period for supporting documentation, and establishes an effective date of June 22, 2020, with adjustments occurring on July 6, 2020.
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