BCB Resolution No. 2: General Criteria for Preparation and Disclosure of Financial Statements by Institutions Required to Use COSIF and Procedures for Financial Institutions

Resolução Nº 2

BCB RESOLUTION NO. 2, OF AUGUST 12, 2020

Consolidates the general criteria for the preparation and disclosure of individual and consolidated financial statements by consortium administrators and payment institutions, and the procedures for the preparation, disclosure, and submission of financial statements to be observed by financial institutions and other entities authorized to operate by the Central Bank of Brazil.

Provides for the general criteria for the preparation and disclosure of individual and consolidated financial statements by consortium administrators, payment institutions, securities brokerage companies, securities distribution companies, and foreign exchange brokerage companies authorized to operate by the Central Bank of Brazil, and regarding the procedures for the preparation, disclosure, and submission of financial statements to be observed by financial institutions and other entities authorized to operate by the Central Bank of Brazil. (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

Provides for the general criteria for the preparation and disclosure of individual and consolidated financial statements by institutions required to use the Accounting Standard of Regulated Institutions by the Central Bank of Brazil – COSIF by virtue of BCB Resolution No. 92, of May 6, 2021, and regarding the procedures for the preparation, disclosure, and submission of financial statements to be observed by financial institutions and other entities authorized to operate by the Central Bank of Brazil. (Wording given by BCB Resolution No. 553, of 3/3/2026.)

The Collegiate Board of the Central Bank of Brazil, in a session held on August 6, 2020, based on arts. 9 of Law No. 4.595, of December 31, 1964, 6 and 7, item III, of Law No. 11.795, of October 8, 2008, 9, item II, and 15 of Law No. 12.865, of October 9, 2013, and having in view the provisions of art. 17 of Resolution No. 4.818, of May 29, 2020,

R E S O L V E S :

TITLE I
PRELIMINARY PROVISIONS

SINGLE CHAPTER
ON THE OBJECT AND SCOPE OF APPLICATION

Art. 1º This Resolution consolidates the general criteria for the preparation and disclosure of individual and consolidated financial statements by consortium administrators and payment institutions and the procedures for the preparation, disclosure, and submission of individual and consolidated financial statements to be observed by financial institutions and other entities authorized to operate by the Central Bank of Brazil.

Art.
1º This Resolution provides for: (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

I - the general criteria for the preparation and disclosure of individual and consolidated financial statements by the following entities authorized to operate by the Central Bank of Brazil: (Included, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

I - the general criteria for the preparation and disclosure of individual and consolidated financial statements by institutions required to use the Accounting Standard of Regulated Institutions by the Central Bank of Brazil – COSIF in accordance with art. 1º, caput, item I, of BCB Resolution No. 92, of May 6, 2021; and (Wording given by BCB Resolution No. 553, of 3/3/2026.)

a) consortium administrators; (Included, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

a) (Revoked by BCB Resolution No. 553, of 3/3/2026.)

b) payment institutions; (Included, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

b) (Revoked by BCB Resolution No. 553, of 3/3/2026.)

c) securities brokerage companies; (Included, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

c) (Revoked by BCB Resolution No. 553, of 3/3/2026.)

d) securities distribution companies; and (Included, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

d) (Revoked by BCB Resolution No. 553, of 3/3/2026.)

e) foreign exchange brokerage companies; and (Included, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

e) (Revoked by BCB Resolution No. 553, of 3/3/2026.)

II - the procedures for the preparation, disclosure, and submission of individual and consolidated financial statements to be observed by financial institutions and other entities authorized to operate by the Central Bank of Brazil. (Included, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

Sole Paragraph. The provisions of this Resolution do not apply to associations and non-profit civil entities authorized to administer consortia.

TITLE II~~~General criteria for the preparation and disclosure of financial statements by consortium administrators and payment institutions

TITLE
IIGENERAL CRITERIA FOR THE PREPARATION AND DISCLOSURE OF FINANCIAL STATEMENTS BY CONSORTIUM ADMINISTRATORS, PAYMENT INSTITUTIONS, SECURITIES BROKERAGE COMPANIES, SECURITIES DISTRIBUTION COMPANIES, AND FOREIGN EXCHANGE BROKERAGE COMPANIES~~

(Title changed, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

TITLE II
GENERAL CRITERIA FOR THE PREPARATION AND DISCLOSURE OF FINANCIAL STATEMENTS BY INSTITUTIONS REQUIRED TO USE COSIF BY VIRTUE OF BCB RESOLUTION NO. 92, OF MAY 6, 2021

(Title changed by BCB Resolution No. 553, of 3/3/2026.)

CHAPTER I
INDIVIDUAL FINANCIAL STATEMENTS

Section I Mandatory Financial Statements

Art. 2º Consortium administrators and payment institutions must prepare and disclose the following annual financial statements, relating to the fiscal year, and semi-annual, relating to the semesters ended on June 30 and December 31:

Art. 2º The institutions mentioned in item I of the caput of art. 1º must prepare and disclose the following annual financial statements, relating to the fiscal year, and semi-annual, relating to the semesters ended on June 30 and December 31: (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

I - Balance Sheet;

II - Income Statement;

III - Statement of Comprehensive Income;

IV - Statement of Cash Flows; and

V - Statement of Changes in Equity.

§ 1º The financial statements must be disclosed, identified by the nomenclature defined in the caput, in a prominent manner, accompanied by their respective explanatory notes.

§ 2º The preparation and disclosure of the financial statements referred to in the caput are mandatory from the date of publication of the authorization to operate in the Official Gazette of the Union, except in cases where the Central Bank of Brazil, on an exceptional basis, determines another date with the objective of rationalizing the flow of information.

§ 3º Consortium administrators and payment institutions that are not registered as publicly held companies and that have net equity less than R$2,000,000.00 (two million reais), on the base date of December 31 of the immediately preceding fiscal year, are exempt from the preparation and disclosure of the Statement of Cash Flows.

§ 3º The institutions mentioned in item I of the caput of art. 1º that are not registered as publicly held companies and that have net equity less than R$2,000,000.00 (two million reais), on the base date of December 31 of the immediately preceding fiscal year, are exempt from the preparation and disclosure of the Statement of Cash Flows. (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

§ 4º The semi-annual financial statements relating to the semesters ended on June 30 may be accompanied by selected explanatory notes.

Art. 3º Consortium administrators and payment institutions that, in accordance with current regulations, have dependencies abroad must disclose the financial statements mentioned in art. 2º with the consolidated position of operations carried out in the country and abroad.

Art. 3º The institutions mentioned in item I of the caput of art. 1º that, in accordance with current regulations, have dependencies abroad must disclose the financial statements mentioned in art. 2º with the consolidated position of operations carried out in the country and abroad. (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

Art. 4º Consortium administrators must prepare and disclose, in addition to the statements referred to in art. 2º, the following annual financial statements, relating to the fiscal year, and semi-annual, relating to the semesters ended on June 30 and December 31:

I - Consolidated Statement of Consortium Resources; and

II - Consolidated Statement of Changes in Group Availability.

Sole Paragraph. The statements referred to in the caput must be:

I - prepared from the statements of each consortium group; and

II - disclosed from the constitution of the first consortium group.

Art. 5º In the preparation and disclosure of the financial statements and respective explanatory notes, consortium administrators and payment institutions must observe, in addition to the provisions of this Resolution, the following technical pronouncements of the Accounting Pronouncements Committee (CPC):

Art. 5º In the preparation and disclosure of the financial statements and respective explanatory notes, the institutions mentioned in item I of the caput of art. 1º must observe, in addition to the provisions of this Resolution, the following technical pronouncements of the Accounting Pronouncements Committee (CPC): (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

I - Technical Pronouncement CPC 03 (R2) – Statement of Cash Flows, approved by the Accounting Pronouncements Committee (CPC) on September 3, 2010;

II - Technical Pronouncement CPC 05 (R1) – Disclosure of Related Parties, approved by the Accounting Pronouncements Committee (CPC) on September 3, 2010;

III - Technical Pronouncement CPC 24 – Subsequent Events, approved by the Accounting Pronouncements Committee (CPC) on July 17, 2009; and

IV - Technical Pronouncement CPC 41 – Earnings per Share, approved by the Accounting Pronouncements Committee (CPC) on July 8, 2010.

§ 1º The technical pronouncements cited in the text of the pronouncements mentioned in the caput cannot be applied while they have not also been received by regulation issued by the Central Bank of Brazil.

§ 2º The references to other pronouncements in the text of the pronouncements mentioned in the caput must be interpreted as references to CPC pronouncements that have been received by the Central Bank of Brazil, as well as to other regulatory provisions issued by this regulatory authority.

§ 3º The references in the text of Technical Pronouncement CPC 05 (R1) to the terms "control", "joint control", "investment entity", and "significant influence" must be interpreted as references to the following concepts:

I - control: situation in which the investing institution is exposed to, or has rights to, variable returns arising from its involvement with the invested entity and has the ability to affect those returns through its power over the investee;

II - joint control: situation in which there is contractually agreed sharing of control of an entity, in which decisions about activities that significantly affect the returns of the business require the unanimous consent of the controlling parties;

III - investment entity: entity that meets, cumulatively, the following conditions:

a) has as its commercial purpose the investment of resources exclusively for the purpose of capital appreciation returns, investment income, or both;

b) obtains resources from investors with the objective of providing them with investment management services; and

c) measures and evaluates the performance of a substantial portion of its investments based on fair value; and

IV - significant influence: power to participate in decisions regarding the financial and operating policies of an investee, without individual or joint control of these policies.

§ 4º For the purposes of the provisions of § 3º, item IV:

I - indications of the existence of significant influence are:

a) representation on the board of directors or executive board of the investee;

b) participation in the formulation of policies, including decisions on dividends and other distributions of results;

c) material transactions between the investing institution and the investee;

d) exchange of directors or other senior management members; and

e) provision of technical information essential to the institution's activity; and

II - the existence of significant influence is presumed when the investing institution holds 20% (twenty percent) or more of the voting capital of the investee, without controlling it.

§ 5º It is optional for consortium administrators and payment institutions that are not registered as publicly held companies to observe the provisions of Technical Pronouncement CPC 41.

§ 5º It is optional for the institutions mentioned in item I of the caput of art. 1º that are not registered as publicly held companies to observe the provisions of Technical Pronouncement CPC 41. (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

§ 6º The references in the text of Technical Pronouncement CPC 41 to the recognition of preferred shares as liabilities and to other accounting criteria or procedures not provided for in Central Bank regulations do not authorize the application of these criteria or procedures.

Section II Interim Financial Statements

Art. 6º Consortium administrators and payment institutions that, voluntarily or by virtue of legal, statutory, or contractual provisions, prepare and disclose interim financial statements must disclose the set of financial statements provided for in arts. 2º and 4º:

Art. 6º The institutions mentioned in item I of the caput of art. 1º that, voluntarily or by virtue of legal, statutory, or contractual provisions, prepare and disclose interim financial statements must disclose the set of financial statements provided for in arts. 2º and 4º: (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

I - prepared in accordance with the provisions applicable to semi-annual and annual statements; or

II - prepared in a condensed manner, including selected explanatory notes.

Sole Paragraph. For the purposes of preparation and disclosure of individual financial statements, interim financial statements are considered those relating to periods shorter than six months.

Sole Paragraph. For the purposes of preparation and disclosure of individual financial statements, interim financial statements are considered those relating to periods distinct from those provided for in art. 2º. (Wording given, from 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

Art. 7º In the preparation of interim financial statements, consortium administrators and payment institutions must apply the same criteria, procedures, practices, and accounting policies applied in semi-annual and annual statements.

Art. 7º In the preparation of interim financial statements, the institutions mentioned in item I of the caput of art. 1º must apply the same criteria, procedures, practices, and accounting policies applied in semi-annual and annual statements. (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

Section III Presentation of Financial Statements

Art. 8º Consortium administrators and payment institutions must, in the preparation and disclosure of the financial statements referred to in this Chapter, appropriately represent the financial and equity position, performance, and cash flows of the institution, in accordance with the definitions and recognition criteria for assets, liabilities, revenues, and expenses provided for in specific regulation.

Art. 8º The institutions mentioned in item I of the caput of art. 1º must, in the preparation and disclosure of the financial statements referred to in this Chapter, appropriately represent the financial and equity position, performance, and cash flows of the institution, in accordance with the definitions and recognition criteria for assets, liabilities, revenues, and expenses provided for in specific regulation. (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

§ 1º For the purposes of the provisions of the caput, consortium administrators and payment institutions must:

§ 1º For the purposes of the provisions of the caput, the institutions mentioned in item I of the caput of art. 1º must: (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

I - assume the continuity of their activities in the foreseeable future, unless management intends to liquidate the institution or cease its business, or still has no realistic alternative but its discontinuation;

II - separately present each relevant class of similar items, segregating items of different nature or function, unless they are not relevant;

III - observe that assets and liabilities, revenues, and expenses:

a) must be recognized according to the accrual basis; and

b) cannot be offset, unless required or permitted by specific regulation issued by the Central Bank of Brazil;

IV - disclose comparative information regarding the previous period for all values presented in the current period's financial statements, as well as for narrative and descriptive information that may be presented, if relevant to the understanding of the set of statements;

V - maintain consistency in the presentation and classification of the various items in the financial statements from one period to another, unless there is a distinct determination in regulation issued by the Central Bank of Brazil, or if a change in presentation or classification represents reliable and more relevant information for the user; and

VI - present additional information to that required in specific regulation if the requirements established therein are insufficient to allow the understanding of the impact of certain transactions, events, and conditions on the financial and equity position and its performance.

§ 2º Financial information, including that relating to accounting policies, must be presented in a manner that provides relevant, reliable, comparable, and understandable information.

§ 3º Consortium administrators and payment institutions, when observing the provisions of item II of § 1º, cannot hide information, so as to reduce the clarity and understandability of their financial statements.

§ 3º The institutions mentioned in item I of the caput of art. 1º, when observing the provisions of item II of § 1º, cannot hide information so as to reduce the clarity and understandability of their financial statements. (Wording given, from 1/1/2024, by BCB Resolution No. 367, of 1/25/2024.)

§ 4º The accrual basis referred to in item "a" of item III of § 1º does not apply to the Statement of Cash Flows.

Art. 9º Consortium administrators and payment institutions must declare in explanatory notes, explicitly and without reservation, that the financial statements are in conformity with the regulation issued by the Central Bank of Brazil.

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Art. 9º The institutions mentioned in item I of the caput of Art. 1 must explicitly and unreservedly declare in the explanatory notes that the financial statements are in compliance with the regulations issued by the Central Bank of Brazil. (Amended, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

CHAPTER II
CONSOLIDATED FINANCIAL STATEMENTS

Art. 10. Consortium administrators and payment institutions that are registered as publicly held companies or are leaders of an integrated economic group by an institution registered as a publicly held company must prepare consolidated annual financial statements, adopting the international accounting standard according to the pronouncements issued by the International Accounting Standards Board (IASB), translated into Portuguese by a Brazilian entity accredited by the International Financial Reporting Standards Foundation (IFRS Foundation).

Art. 10. Institutions that fall into at least one of the following conditions must prepare consolidated annual financial statements, adopting the international accounting standard according to the pronouncements issued by the International Accounting Standards Board (IASB), translated into Portuguese by a Brazilian entity accredited by the International Financial Reporting Standards Foundation (IFRS Foundation): (Amended, effective 1/7/2023, by BCB Resolution No. 310, of 4/12/2023.)

I - consortium administrators and payment institutions registered as publicly held companies; (Added, effective 1/7/2023, by BCB Resolution No. 310, of 4/12/2023.)

II - payment institutions that are leaders of a prudential conglomerate Type 3 classified in Segment 2 (S2) or Segment 3 (S3), according to current regulations; and (Added, effective 1/7/2023, by BCB Resolution No. 310, of 4/12/2023.)

III - payment institutions that are leaders of a prudential conglomerate Type 2 that have total assets, calculated according to the criteria and procedures embodied in the Accounting Standard for Institutions Regulated by the Central Bank of Brazil (Cosif), exceeding 0.1% (one-tenth of one percent) of the Gross Domestic Product (GDP) of Brazil. (Added, effective 1/7/2023, by BCB Resolution No. 310, of 4/12/2023.)

§ 1º It is optional, until January 1, 2022, for the consortium administrators and payment institutions mentioned in the caput that, on January 1, 2020, were not required to prepare and disclose consolidated financial statements according to the international standard, to prepare and disclose the consolidated financial statements referred to in the caput.

§ 1º (Revoked, effective 1/7/2023, by BCB Resolution No. 310, of 4/12/2023.)

§ 2º In preparing the consolidated financial statements referred to in the caput, the effective date of validity of the pronouncements issued by the IASB must be observed.

§ 3º The early adoption of the pronouncements mentioned in the caput is conditioned by the provision in a regulation of the Central Bank of Brazil.

§ 4º It is optional, until January 1, 2025, for the payment institutions mentioned in the caput that, on January 1, 2023, were not required to prepare and disclose consolidated financial statements according to the international standard, to prepare and disclose the consolidated financial statements referred to in the caput. (Added, effective 1/7/2023, by BCB Resolution No. 310, of 4/12/2023.)

§ 5º For the purposes of item III of the caput, the GDP of Brazil corresponds to the gross domestic product calculated at market prices and current values disclosed by the Brazilian Institute of Geography and Statistics (IBGE), accumulated for a period of four consecutive quarters ending on the base dates of June 30 and December 31, calculated within ninety days after the base date to which they refer, with no subsequent revision allowed. (Added, effective 1/7/2023, by BCB Resolution No. 310, of 4/12/2023.)

Art. 10-A. Securities brokerage companies, securities distribution companies, and foreign exchange brokerage companies registered as publicly held companies or that are leaders of a prudential conglomerate classified in Segment 1 (S1), Segment 2 (S2), or Segment 3 (S3), according to specific regulations, must prepare consolidated annual financial statements adopting the international accounting standard according to the pronouncements issued by the International Accounting Standards Board (IASB), translated into Portuguese by a Brazilian entity accredited by the International Financial Reporting Standards Foundation (IFRS Foundation). (Added, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

Art.
10-A. Securities brokerage companies, securities distribution companies, foreign exchange brokerage companies, and virtual asset service providers registered as publicly held companies or that are leaders of a prudential conglomerate classified in Segment 1 – S1, Segment 2 – S2, or Segment 3 – S3, according to specific regulations, must prepare consolidated annual financial statements adopting the international accounting standard according to the pronouncements issued by the International Accounting Standards Board – IASB, translated into Portuguese by a Brazilian entity accredited by the International Financial Reporting Standards Foundation – IFRS Foundation. (Amended by BCB Resolution No. 553, of 3/3/2026.)

§ 1º The provisions of the caput also apply to: (Added, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

I - institutions not registered as publicly held companies, which are leaders of an economic group integrated by an institution registered as a publicly held company; and (Added, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

II - institutions that are leaders of an economic group that meet the criteria provided for in specific regulations for classification in S1, S2, and S3. (Added, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

§ 2º In preparing the consolidated financial statements referred to in the caput, the effective date of validity of the pronouncements issued by the IASB must be observed. (Added, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

§ 3º The early adoption of the pronouncements provided for in the caput is conditioned by the provision in a regulation of the Central Bank of Brazil. (Added, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

Art. 11. Consortium administrators and payment institutions that voluntarily or by virtue of legal, regulatory, statutory, or contractual provisions disclose or publish consolidated financial statements must adopt the international accounting standard in the preparation of these statements, as provided in Art. 10.

Art. 11. The institutions mentioned in item I of the caput of Art. 1 that disclose or publish consolidated financial statements, voluntarily or by virtue of legal, regulatory, statutory, or contractual provisions, must adopt the international accounting standard in the preparation of these statements, as provided in Arts. 10 and 10-A. (Amended, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

Sole Paragraph. The provisions of the caput also apply to consolidated financial statements relating to periods of less than one year.

Art. 12. Consortium administrators and payment institutions must inform, in explanatory notes to the financial statements referred to in this Chapter, any differences existing between the criteria, procedures, and rules for identification, classification, recognition, and measurement applied in the consolidated statements and those applied in the individual financial statements relating to the same accounting period.

Art. 12. The institutions mentioned in item I of the caput of Art. 1 must inform, in explanatory notes to the financial statements referred to in this Chapter, any differences existing between the criteria, procedures, and rules for identification, classification, recognition, and measurement applied in the consolidated statements and those applied in the individual financial statements relating to the same accounting period. (Amended, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

CHAPTER II-A
REPORT ON FINANCIAL INFORMATION RELATED TO SUSTAINABILITY

(Chapter II-A added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

Art. 12-A. The institutions mentioned in Arts. 10, 10-A, and 11 must prepare and disclose, as an integral part of the consolidated annual financial statements referred to in Chapter II, the report on financial information related to sustainability, adopting the following technical pronouncements of the Brazilian Sustainability Pronouncements Committee – CBPS: (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

I - Technical Pronouncement CBPS 01 – General Requirements for Disclosure of Financial Information Related to Sustainability, as approved on September 12, 2024; and (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

II - Technical Pronouncement CBPS 02 – Disclosures Related to Climate, as approved on September 12, 2024. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

§ 1º The obligation referred to in the caput applies: (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

I - starting from the fiscal year 2026, for institutions registered as publicly held companies or that are leaders of a prudential conglomerate classified in S1 or S2; and (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

II - starting from the fiscal year 2028, for the remaining institutions. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

§ 2º The report referred to in the caput must be subject to reasonable assurance by an independent auditor. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

§ 3º The information required in this article may be evidenced by cross-reference to another report published by the institution, provided that: (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

I - they comply with the provisions of this article; (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

II - they relate to the same period; and (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

III - there is no difference in scope capable of producing material differences in relation to the information required as provided in this article. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

§ 4º It is prohibited, in the first year of disclosure of the report referred to in the caput, to apply the provisions of item 4 of Appendix E of the Pronouncement mentioned in item I of the caput.(Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

§ 5º The institutions referred to in the caput may, until the first social year of mandatory adoption, use the option provided in the: (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

I - item 5 of Appendix E of the Pronouncement mentioned in item I of the caput; and (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

II - item 4 of Appendix C of the Pronouncement mentioned in item II of the caput. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

§ 6º If the institution uses the option mentioned in § 5º, it is exempt from disclosing comparative information on its sustainability-related risks and opportunities, except its risks and opportunities related to climate, in the first year in which the institution ceases to use this option. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

§ 7º The institution, when implementing the disclosure requirements referred to in the caput, must consider the economic substance of the transactions carried out, and not exclusively their form. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

§ 8º The institutions mentioned in the caput must explicitly and unreservedly declare that the report on financial information related to sustainability is in compliance with the regulations issued by the National Monetary Council and the Central Bank of Brazil. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

Art. 12-B. The institutions mentioned in Art. 1, caput, item I, letters “a” to “e”, that disclose a report on financial information related to sustainability, voluntarily or by virtue of legal, regulatory, statutory, or contractual provisions, starting from the effective date of this Resolution, must prepare and disclose this report as an integral part of their financial statements, in compliance with the provisions of Art. 12-A. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

§ 1º The report referred to in the caput must be subject to limited assurance by an independent auditor. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

§ 2º In the disclosure referred to in the caput, the option provided for in Art. 12-A, § 5º, may be used until the third social year of adoption. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

CHAPTER III
DISCLOSURE OF FINANCIAL STATEMENTS

Art. 13. Subject to the other legal and regulatory provisions in force, the financial statements referred to in this Title must be disclosed in the Financial Statements Central of the National Financial System, at the official electronic address of the Central Bank of Brazil on the internet.

Sole Paragraph. If a consortium administrator or payment institution discloses its financial statements again with alterations, voluntarily or by determination of the Central Bank of Brazil in the exercise of its legal duties, the facts determining the new disclosure must be informed in explanatory notes.

Sole Paragraph. If the institution mentioned in item I of the caput of Art. 1 discloses its financial statements again with alterations, voluntarily or by determination of the Central Bank of Brazil in the exercise of its legal duties, the facts determining the new disclosure must be informed in explanatory notes. (Amended, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

Art. 14. The financial statements referred to in this Title must be disclosed accompanied by the independent audit report, observing specific regulations, and by the administration report on social business and the main administrative facts of the period.

Sole Paragraph. In intermediate financial statements, the disclosure of the administration report is optional.

Art. 15. The financial statements referred to in this Title must be signed by the administrators and by the director responsible for the accounting of the institution and by a legally qualified accountant.

Art. 16. The Central Bank of Brazil may determine that consortium administrators and payment institutions carry out a new disclosure of the financial statements referred to in this Resolution, with the corrections that may be necessary for the appropriate representation of asset and income items and cash flows.

Art. 16. The Central Bank of Brazil may determine that the institutions mentioned in item I of the caput of Art. 1 carry out a new disclosure of the financial statements referred to in this Resolution, with the corrections that may be necessary for the appropriate representation of asset and income items and cash flows. (Amended, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

Sole Paragraph. Consortium administrators and payment institutions must make the new disclosure in the same communication media used for the first disclosure, with the same prominence and with explicit mention in explanatory notes of the facts determining the new disclosure.

Sole Paragraph. The institutions mentioned in item I of the caput of Art. 1 must make the new disclosure in the same communication media used for the first disclosure, with the same prominence and with explicit mention in explanatory notes of the facts determining the new disclosure. (Amended, effective 1/3/2024, by BCB Resolution No. 367, of 1/25/2024.)

Art. 16-A. It is optional, in the first year of preparation and disclosure of the report on financial information related to sustainability referred to in Arts. 12-A and 12-B, the disclosure in a segregated manner of the financial statements. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

Sole Paragraph. The disclosure referred to in the caput must occur within one hundred and eighty days of the base date. (Added, effective 1/1/2025, by BCB Resolution No. 435, of 11/28/2024.)

Art. 17. Consortium administrators must keep under their custody the documents relating to the financial statements of the groups administered and of the consolidation of these groups.

Sole Paragraph. Documents of interest to the consortium member must be kept in a location that facilitates access.

Art. 18. Consortium administrators and payment institutions must keep available to the Central Bank of Brazil, for at least five years, the information, data, consolidation maps, documents, interrogations, verifications, and questionnaires necessary for the adequate evaluation of active and passive operations and risks assumed by consolidated entities, regardless of their nature or operational activity.

Art. 18. The institutions mentioned in item I of the caput of Art. 1 must keep at the disposal of the Central Bank of Brazil, for at least five years, the information, data, consolidation maps, documents, inquiries, verifications, and questions necessary for the adequate assessment of the active and passive operations and the risks assumed by the consolidated entities, regardless of their nature or operational activity. (Redacted, effective from 1/1/2024, by Resolution BCB No. 367, of 1/25/2024.)

TITLE III
PROCEDURES FOR THE PREPARATION, DISCLOSURE, AND SUBMISSION OF FINANCIAL STATEMENTS

Art. 18-A. The provisions in Chapters I, II, III, and IV of this Title do not apply to the annual consolidated financial statements referred to in Arts. 10, 10-A, and 11. (Included, effective from 1/1/2025, by Resolution BCB No. 435, of 11/28/2024.)

CHAPTER I
CONTENT AND FORM OF FINANCIAL STATEMENTS

Section I
Balance Sheet

Art. 19. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must present, in the Balance Sheet, the balances of all accounting groupings relevant to understanding their financial position.

§ 1º The Balance Sheet must contain, at a minimum, information on the following equity items:

I - in assets:

a) cash and cash equivalents;

b) financial instruments;

c) lease operations;

d) provisions for expected losses associated with credit risk;

e) current and deferred tax assets;

f) investments in participations in affiliates and controlled entities;

g) property, plant, and equipment for use;

h) intangibles;

i) depreciation and amortization; and

j) provisions for impairment of assets; and

II - in liabilities:

a) deposits and other financial instruments;

b) provisions;

c) current and deferred tax liabilities;

d) share capital;

e) capital reserves;

f) profit reserves;

g) other comprehensive income;

h) accumulated profits or losses; and

i) treasury shares.

§ 2º The balances of the most relevant classes of equity items listed in items "b", "d", "i", and "j" of item I and in item "a" of item II of § 1º must be disclosed separately in the Balance Sheet or in the notes.

§ 3º Financial lease operations must be presented by the following balances:

I - present value of total amounts to be received as provided in the contract; and

II - provision for expected losses associated with credit risk.

§ 3º (Revoked, effective from 1/1/2025, by Resolution BCB No. 435, of 11/28/2024.)

§ 4º In the calculation of the present value referred to in § 3º, item I, a rate equivalent to the financial charges provided for in the contract must be used, or, if there is no contractual provision, the rate that equates the value of the leased asset, on the date of contracting, to the present value of all receipts and payments provided for over the contractual term, including:

I - the guaranteed residual value; or

II - the probable present value of realization of the leased asset at the end of the contract, net of selling costs, in the absence of a guaranteed residual value.

§ 4º (Revoked, effective from 1/1/2025, by Resolution BCB No. 435, of 11/28/2024.)

Art. 20. Assets must be presented in the Balance Sheet segregated into:

I - current, composed of:

a) resources considered cash or cash equivalents, according to specific regulation, except if their use is prohibited for at least twelve months after the balance sheet date;

b) assets realizable within twelve months after the balance sheet date;

c) instruments held within a business model that provides for the sale of the asset, regardless of its maturity date, within twelve months counted from the balance sheet date; or

d) applications of resources for the advance payment of expenses arising from obligations to be fulfilled by third parties during the twelve months following the balance sheet date; and

II - non-current, composed of assets not classified as current, subdivided into:

a) long-term realizable;

b) investments;

c) property, plant, and equipment; and

d) intangibles.

§ 1º Asset accounts must be presented in descending order of liquidity.

§ 2º The class of assets referred to in item "a" of item II of the caput consists of:

I - rights realizable after the end of the twelve months following the balance sheet date;

II - assets held within a business model that provides for their sale, regardless of their maturity date, after the end of the twelve months following the balance sheet date;

III - applications of resources for the advance payment of expenses arising from obligations to be fulfilled after the end of the twelve months following the balance sheet date;

IV - operations carried out with affiliate or controlled companies, directors, partners, shareholders, or profit participants that do not constitute usual business in the exploration of the corporate purpose; and

V - deferred tax assets.

Art. 21. Liabilities must be presented in the Balance Sheet segregated into:

I - current, composed of obligations:

a) whose settlement is expected to occur within a period of up to twelve months after the balance sheet date, even if the settlement period is longer than twelve months; or

b) that are held within a business model that provides for the settlement of the liability, regardless of its maturity date, within twelve months counted from the balance sheet date;

II - non-current, composed of obligations:

a) whose settlement is expected to occur after twelve months following the balance sheet date;

b) whose settlement the institution has the unconditional and unilateral right and intention to defer for at least twelve months after the balance sheet date;

c) whose creditor has assumed a firm commitment, by the balance sheet date, to extend its maturity to at least twelve months after the balance sheet date, without the possibility of demanding early settlement; or

d) deferred tax liabilities; and

III - shareholders' equity.

Sole paragraph. Liability accounts must be presented in descending order of exigibility.

Art. 22. The following information regarding share capital and reserves must be disclosed in the Balance Sheet, the Statement of Changes in Equity, or in the notes:

I - the quantity of authorized shares, subscribed and paid-in shares, and subscribed but unpaid shares;

II - the nominal value per share, also indicating when there is no value;

III - the reconciliation between the quantities of shares in circulation at the beginning and at the end of the period;

IV - the rights, preferences, and restrictions associated with each class of shares, including restrictions on dividend distribution and capital repayment;

V - shares or quotas of the institution held by itself, by controlled entities, or by affiliates;

VI - shares intended for issuance to honor options and share sale contracts, including the terms and respective values; and

VII - a description of the nature and purpose of each reserve.

Sole paragraph. An institution not constituted in the form of a joint-stock company must disclose information equivalent to that required in the caput, highlighting the changes during the period in each category of equity participation and the rights, preferences, and restrictions associated with each category of equity instrument.

Art. 23. The presentation of asset and liability accounts in the Balance Sheet based solely on liquidity and exigibility is permitted, if the institution judges that this form of presentation will provide more relevant and reliable information for the user.

Sole paragraph. If the prerogative described in the caput is exercised, the expected amount to be realized or settled within twelve months and in a period longer than that must be highlighted in the notes for each item presented in assets and liabilities.

Section II
Income Statement

Art. 24. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must present, in the Income Statement, the balances related to all accounting groupings relevant to understanding their performance during the period, specifying, at a minimum, information on the following items:

I - main revenues and expenses of financial intermediation;

II - result of financial intermediation;

III - other operating revenues;

IV - main operating expenses;

V - provision expenses, segregated by the most relevant classes;

VI - operating result;

VII - main items of other revenues and expenses;

VIII - result before taxes and participations;

IX - taxes and participations on profit;

X - net result; and

XI - net result per share.

Section III
Statement of Comprehensive Income

Art. 25. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must present, in the Statement of Comprehensive Income, the following information:

I - net result of the period; and

II - other comprehensive income of the period, segregated into:

a) items that may be reclassified to profit or loss; and

b) items that may not be reclassified to profit or loss.

§ 1º For the purposes of this Resolution, other comprehensive income is considered to be items of revenue and expenses recognized directly in equity, according to current regulation.

§ 2º The portions of other comprehensive income attributable to the institution itself must be segregated from the portions related to participation in other comprehensive income of investments evaluated by the equity method.

§ 3º The value of the tax effect related to each component of the statement must be highlighted in the Statement of Comprehensive Income or in the notes.

Section IV
Statement of Changes in Equity

Art. 26. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must present, in the Statement of Changes in Equity, the changes that occurred in equity accounts during the period, highlighting, at a minimum:

I - the comprehensive result of the period;

II - the effects of any retrospective applications of accounting policies or retrospective reclassifications of equity items, recognized in accordance with current regulation, for each component of equity;

III - the reconciliation of the balance at the beginning and at the end of the period for each component of equity, demonstrating separately the modifications resulting from:

a) net profit;

b) each item of other comprehensive income; and

c) transactions with owners, segregating contributions and distributions made; and

IV - the value of capital remuneration recognized as distribution to owners during the period, segregated by amounts related to dividends and interest on equity.

Section V
Consolidated Statement of Consortium Resources

Art. 27. Consortium administrators must present, in the Consolidated Statement of Consortium Resources, the following information:

I - in assets:

a) cash and cash equivalents;

b) financial investments;

c) advances of third-party resources;

d) amounts receivable;

e) book value of assets taken back or returned;

f) rights from credit in qualification processes; and

g) rights against consortium members;

II - in active compensation:

a) monthly forecast of resources to be received from consortium members;

b) contributions due to the group;

c) value of assets or services to be awarded; and

d) other values that do not have a specific account;

III - in liabilities:

a) obligations with consortium members;

b) amounts to be transferred;

c) obligations for awards to be delivered;

d) obligations with the administrator;

e) resources to be returned to consortium members; and

f) group resources; and

IV - in passive compensation:

a) monthly resources to be received from consortium members;

b) group obligations for contributions;

c) assets or services to be awarded; and

d) other values that do not have a specific account.

Sole paragraph. Accounting titles related to accounts must be presented whenever their omission could compromise the understanding of the statements.

Section VI
Consolidated Statement of Variations in Group Cash and Cash Equivalents

Art. 28. Consortium administrators must highlight in the Consolidated Statement of Variations in Group Cash and Cash Equivalents the variations that occurred during the period, specifying, at a minimum, information on the following items:

I - cash and cash equivalents;

II - financial investments of the groups;

III - financial investments linked to awards;

IV - collected resources; and

V - resources used.

Sole paragraph. The institution must present:

I - the reconciliation of the balance at the beginning and at the end of the period, for items I, II, and III of the caput; and

II - the accounting titles considering the nature of the resource, for the resources referred to in items IV and V of the caput.

Section VII
General Provisions

Art. 29. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must prominently inform the following information in each financial statement and in the notes:

I - the name of the institution, as well as any change that may have occurred in this name since the end of the previous period;

II - the scope of the financial statements, indicating whether they refer to the institution individually or to the consolidation of a group of institutions;

III - the closing date of the period or the period to which the financial statements and the respective notes refer; and

IV - the level of rounding of monetary values used in the presentation of the financial statements.

Sole paragraph. The rounding referred to in item IV of the caput cannot imply distortion of the information provided.

Art. 30. The nomenclature of the accounts used and their order of presentation or aggregation in the financial statements may be modified according to the nature of the institution's activities, provided that the new account structure provides more relevant information for understanding its financial and economic position, its performance, and its cash flows.

Art. 31. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must present in the financial statements the balances of additional accounting groupings beyond those established in this Chapter whenever they are relevant for understanding their financial and economic position, their performance, and their cash flows.

Sole paragraph. The presentation in the Balance Sheet of additional accounts as provided in the caput must consider:

I - the nature and liquidity of the assets;

II - the function of the assets; and

III - the values, nature, and terms of the liabilities.

Art. 32. The presentation of immaterial information in the financial statements referred to in this Resolution and in the respective notes is waived.

Art. 33. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must observe, in addition to the provisions of this Title, the current regulation regarding procedures for disclosure of information related to events, transactions, and specific financial instruments and products.

CHAPTER II
NOTES TO THE FINANCIAL STATEMENTS

Art. 34. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must highlight, in the presentation of the notes to the financial statements:

I - all information necessary for the complete understanding of their position and evolution of equity, their financial situation, their performance, and their cash flows;

II - information on the basis of preparation of the financial statements and specific accounting policies applied to significant transactions and events;

III - information not included in the financial statements themselves considered necessary for an adequate presentation of their financial and economic position, their performance, and their cash flows, including those additional to those required in current regulation;

IV - judgments made in the process of applying accounting policies that cause significant effects on the values recognized in the financial statements, except those resulting from estimates;

V - recurring and non-recurring results presented separately; and

VI - the following information:

a) its domicile and legal form, the address of its headquarters, and the location of its main business, if distinct from the headquarters;

b) a description of the nature of its operations and its main activities; and

c) the name of the controlling entity and the ultimate controlling entity of the economic group to which it belongs.

§ 1º Accounting policies must be presented in a manner that provides adequate understanding of how usual transactions and other events affect the institution's financial and economic position, performance, and cash flows.

§ 2º The institutions referred to in the caput must present cross-references of each item of the financial statements with the respective information presented in the notes, except in cases of disclosure of additional information not related to a specific item of the statements.

§ 3º The notes must be presented systematically, considering the effects on the understandability and comparability of the financial statements to which they refer.

§ 4º For the purposes of this Resolution, non-recurring result is considered to be the result that:

I - is not related or is only incidentally related to the usual activities of the institution; and

II - is not expected to occur frequently in future fiscal years.

§ 5º The nature and financial effect of the events that gave rise to the non-recurring result must be highlighted in the notes.

§ 6º The institution must establish a consistent and verifiable methodology, duly documented, to define the criteria considered in determining the non-recurring result.

Art. 35. The notes must contain specific information on:

I - uncertainties in the estimates of assets and liabilities whose book values may undergo significant changes in the next fiscal year, including:

a) the nature and book value of assets and liabilities at the end of the reporting period;

b) the nature of assumptions and other uncertainties in the estimates;

c) the sensitivity of book values to the methods, assumptions, and estimates underlying the respective calculation, including the reasons for this sensitivity;

d) the variety of reasonably possible scenarios over the next fiscal year regarding the book values of impacted assets and liabilities; and

e) an explanation of the changes made to assumptions adopted in the past regarding these assets and liabilities, if the uncertainty remains unresolved;

II - capital management, comprising:

a) qualitative information on its objectives, policies, and processes, including:

1. a description of the elements covered by capital management;

2. the nature of capital requirements imposed by current regulation and how they are integrated into capital management; and

3. how the objectives of capital management are being met;

b) relevant quantitative data on the elements included in capital management;

c) any changes in the information referred to in items "a" and "b" of this item compared to the preceding period; and

d) indication of compliance or non-compliance, during the period, with the capital requirements provided for in current regulation, as well as the consequences of non-compliance;

III - the declared or proposed capital remuneration, which does not constitute a present obligation, as well as the respective value per share or equivalent; and

IV - instruments eligible for capital, including:

a) the objectives, policies, and processes for managing the obligation to repurchase or redeem instruments when required to do so by the holders of these instruments, including any changes compared to the previous period; and

b) the expected cash flows in the repurchase or redemption of this class of financial instruments.

§ 1º The information referred to in item II of the caput must be based on the information made available to the main executives of the institution itself.

§ 2º The institution must disclose information on capital requirements in an aggregated or individual manner per requirement, whichever form reflects the correct understanding of capital management.

Art. 36. Consortium administrators must also present information related to the administrator and to ongoing consortium groups, specifying, at a minimum, the following items:

I - quantity of groups administered;

II - quantity of assets delivered, in the current period and in total;

III - default rate;

IV - quantity of active consortium members and excluded members, in the current period and in total; and

V - quantity of assets pending delivery.

Art. 37. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil that do not prepare their financial statements on the going concern assumption must disclose:

I - the bases on which the financial statements were prepared; and

II - the reason why the continuity of the institution is not assumed.

CHAPTER III
INTERIM STATEMENTS

Section I
Presentation and Preparation of Interim Statements

Art. 38. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil that prepare and disclose interim financial statements must present:

I - the Income Statement and the Statement of Comprehensive Income based on the accumulated balance of the current fiscal year; and

II - the other statements based on the balance of the current fiscal year.

Section II
Condensed Statements

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Art. 39. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil that, based on current regulations, prepare and disclose condensed interim financial statements must include all relevant information for understanding the changes in their financial and economic position, performance, and cash flows that have occurred since the end of the most recent fiscal year, including, at a minimum, the balance of each of the groups and subgroups of accounts included in the most recent complete financial statements.

§ 1º In defining the information to be included in the condensed statements, the materiality of the information for the interim period must be assessed.

§ 2º Additional items beyond those provided for in the caput must be included in the condensed statements if they are relevant for understanding the items mentioned therein.

Art. 40. The items presented in the condensed financial statements must be classified, recognized, and measured in accordance with the current regulations as of the reporting date, according to the same accounting criteria applicable to semi-annual and annual statements.

Sole Paragraph. Retrospective adjustment of values disclosed in the interim statements of previous periods due to changes in estimates in the current period is prohibited.

Section IIIDesigned Selected Explanatory Notes

Art. 41. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil that prepare and disclose selected explanatory notes must highlight significant information for understanding the changes in equity, economic and financial position, and performance since the end of the last fiscal year, as provided in Chapter II of this Title.

§ 1º The content of the selected explanatory notes must comprise, at a minimum:

I - a description of the nature and effects of any changes in accounting policies and calculation methods used in the preparation of the statements or, if there are no changes, a declaration that these policies and methods are the same as those used in the most recent annual financial statements;

II - the explanations necessary for understanding seasonal or cyclical interim operations, if any;

III - the nature and values of unusual items due to their nature, size, or incidence that affected assets, liabilities, equity, net income, or cash flows;

IV - the nature and values of changes in estimates of values disclosed in an interim period of the current year, in the final interim period of the current fiscal year, or in previous annual periods;

V - the issuance, repurchases, and redemptions of debt and equity securities;

VI - the remuneration of capital paid separately by ordinary shares and by other types and classes of shares;

VII - subsequent events to the end of the interim period that have not been reflected in the accounting statements of the interim period;

VIII - the effects of changes in the institution's structure during the interim period, including incorporation, merger, spin-off, acquisition or loss of control of subsidiaries and long-term investments, restructurings, and discontinued operations; and

IX - the information defined in current regulations regarding the fair value of financial instruments.

§ 2º The presentation of information in the selected explanatory notes that has not undergone significant change compared to those highlighted in the explanatory notes of the most recent annual financial statements is optional.

CHAPTER IV
ON THE FORM OF DISCLOSURE OF FINANCIAL STATEMENTS

Art. 42. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must disclose their financial statements on a comparative basis with the previous period, observing that:

I - the Balance Sheet at the end of the current period must be compared with the Balance Sheet at the end of the immediately preceding fiscal year; and

II - the other statements must be compared with those relating to the same periods of the previous fiscal year for which they were presented.

§ 1º It is admitted that the statements mentioned in item II of the caput relating to periods ending on December 31 may be compared with the statements relating to the previous fiscal year.

§ 2º The explanatory notes necessary for correct understanding must be presented on a comparative basis, when relevant for understanding the set of statements of the period.

§ 3º In addition to what is required in the caput, the Balance Sheet corresponding to the beginning of the previous period must be disclosed, when the following changes cause a material effect on the information in this balance sheet:

I - application of an accounting policy retrospectively;

II - retrospective restatement of items in the financial statements; or

III - reclassification of items in the financial statements.

§ 4º For business lines that are significantly seasonal, all information necessary for understanding the effects of seasonality on the institution's financial and economic position, performance, and cash flows must be disclosed.

§ 5º Comparative presentation of the financial statements, semi-annual and annual, relating to the year of authorization for operation of the institution by the Central Bank of Brazil is optional.

Art. 43. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must reclassify the values presented for comparative purposes when the presentation or classification of items in the financial statements is altered, highlighting in the explanatory notes:

I - the nature of the reclassification;

II - the value of each item or class of items that was reclassified; and

III - the reason for the reclassification.

Sole Paragraph. In situations where reclassification as referred to in the caput is impracticable, the following must be disclosed:

I - the reason for not reclassifying the values; and

II - the nature of the adjustments that would have been made if the values had been reclassified.

Art. 44. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must disclose the financial statements covered by this Resolution within the following deadlines:

I - up to sixty days from the reporting date, for statements relating to periods ending on June 30;

II - up to ninety days from the reporting date, for statements relating to periods ending on December 31; and

III - up to forty-five days from the reporting date, for other statements.

CHAPTER V
ON THE SUBMISSION OF STATEMENTS TO THE CENTRAL BANK OF BRAZIL

Art. 45. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must submit to the Central Bank of Brazil their individual and consolidated financial statements, annual, semi-annual, and interim, prepared for the purpose of complying with the disclosure or publication obligation established in legislation or specific regulation.

§ 1º The institution must submit the statements referred to in the caput within the deadline defined in current regulations for publication or disclosure:

I - in compliance with legal and regulatory requirements; and

II - in full.

§ 2º The statements referred to in the caput must be accompanied by a cover letter, the respective explanatory notes, the independent audit report, and the management report on business affairs and main administrative facts of the period, as defined in specific regulation.

§ 3º The cover letter mentioned in § 2º must be signed, at least, by the director responsible for accounting, the president of the audit committee, if it exists, and the accountant responsible for preparing the statements, in which the following must appear:

I - the institution's logo;

II - the reporting date to which the financial statements refer;

III - the list of financial statements and other documents contained in the file;

IV - the date and means by which the financial statements were originally disclosed, if applicable; and

V - the declaratory term of senior management regarding responsibility for the content of the documents contained in the file.

Art. 46. The statements mentioned in Art. 45 must be submitted via an informatized system, in an electronic file in the format defined by the Central Bank of Brazil.

§ 1º The following individual and consolidated financial statements, annual, semi-annual, and interim, must also be prepared and submitted in open data format, according to specifications established in specific regulation:

I - Balance Sheet;

II - Income Statement;

III - Statement of Comprehensive Income;

IV - Statement of Cash Flows; and

V - Statement of Changes in Equity.

§ 2º In addition to the statements mentioned in § 1º, consortium administrators must send in open data format the Consolidated Statement of Consortium Resources and the Consolidated Statement of Changes in Group Liquidity.

§ 3º The authenticity of the files referred to in this article must be carried out by including digital certification in the standard of the Brazilian Public Key Infrastructure – ICP-Brasil.

§ 4º The cover letter referred to in Art. 45, § 2º, must be contained on the first page of the electronic file mentioned in the caput.

TITLE IV
GENERAL AND FINAL PROVISIONS

CHAPTER I
GENERAL PROVISIONS

Art. 47. The financial statements covered by this Resolution will be made available on the official electronic address of the Central Bank of Brazil on the internet, with the specific objective of public and free disclosure.

Art. 48. The Central Bank of Brazil will disclose the operational procedures necessary for compliance with the provisions of this Resolution, including regarding the form of submission of the statements referred to in Arts. 45 and 46.

CHAPTER II
FINAL PROVISIONS

Art. 49. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must apply the provisions of this Resolution prospectively in the preparation, disclosure, and submission of financial statements carried out from the date of its entry into force.

Sole Paragraph. The provisions of Arts. 10 and 11 will produce effects only from January 1, 2022, and their early application is prohibited, except in the case of voluntary disclosure or publication.

Art. 50. The following are revoked:

I - Circular No. 3,578, of February 16, 2012;

II - Circular No. 3,901, of May 22, 2018;

III - Arts. 1 to 14 of Circular No. 3,950, of June 25, 2019;

IV - Circular No. 3,959, of September 4, 2019; and

V - Circular No. 3,964, of September 25, 2019.

Art. 51. This Resolution enters into force on January 1, 2021.

Otávio Ribeiro Damaso
Director of Regulation