Regulatory Alerts2020-04-09 | Circular 3999Circular No. 3999 — Amends deadlines for financial statement disclosure and submission of accounting documents to the Central Bank of Brazil due to the economic impacts of Covid-19
The Collegiate Board of the Central Bank of Brazil issued Circular No. 3999 to extend statutory deadlines for financial reporting and document submission in response to the economic impacts of the Covid-19 pandemic. The regulation mandates that institutions submit specific accounting documents for the period between March and November 2020 within extended timeframes ranging from the 22nd day to 45 days after the respective base dates. Additionally, the circular postpones the publication deadline for 2019 annual financial statements to April 30, 2020, and exempts institutions from separately disclosing recurring and non-recurring results in their 2020 interim reports.
The Collegiate Board of the Central Bank of Brazil, in a session held on April 8, 2020, based on Articles 9 and 37 of Law No. 4,595 of December 31, 1964, Articles 6 and 7 of Law No. 11,795 of October 8, 2008, Article 61 of Law No. 11,941 of May 27, 2009, Articles 9 and 15 of Law No. 12,865 of October 9, 2013, and considering the provisions of Article 12 of Resolution No. 4,720 of May 30, 2019,
RESOLVES:
Art. 1 Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must observe the following deadlines for submission to the Central Bank of Brazil of documents related to the base dates from March to November 2020, specified below:
I - until the 22nd day of the month following the respective base date, for document code No. 4010;
II - until the last day of the month following the respective base date, for document code No. 5011; and
III - until 45 (forty-five) days from the respective base date, for documents with codes No. 2080, 4020, 4026, 4040, 4046, 4303, 4313, 4343, 4060, 4066, 4500, and 4510.
Art. 2 The institutions mentioned in Art. 1 must publish their semi-annual and interim financial statements related to periods ending in the year 2020 within 90 (ninety) days after the respective base date.
Sole Paragraph. The institutions mentioned in Art. 1 are exempt from publishing, in the financial statements referred to in the caput, the information regarding recurring and non-recurring results in a segregated manner, as provided for in item V of Art. 16 of Circular No. 3,959 of September 4, 2019.
Art. 3 Subject to the other legal and regulatory provisions in force, the deadline for publishing annual financial statements related to the year 2019 is extended until April 30, 2020.
Art. 4 This Circular enters into force on the date of its publication.
Otávio Ribeiro Damaso Director of Regulation