BCB Resolution No. 310 of April 12, 2023, amending Resolution BCB No. 2 of August 12, 2020, regarding financial statement preparation and disclosure criteria for consortium administrators and payment institutions

Resolution No. 222

BCB RESOLUTION NO. 310, OF APRIL 12, 2023

Amends
Resolution BCB No. 2, of August 12, 2020, which 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 institutions authorized to operate by the Central Bank of Brazil.

The Collegiate Board of the Central Bank of Brazil, in a session held on April 12, 2023, 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, items II and IX, item "b", and 15 of Law No. 12,865, of October 9, 2013,

R E S O L V E :

Art. 1º Resolution BCB No. 2, of August 12, 2020, shall enter into force with the following amendments:

“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):

I - consortium administrators and payment institutions registered as public companies;

II - payment institutions leading a Type 3 prudential conglomerate classified in Segment 2 (S2) or Segment 3 (S3), according to current regulation; and

III - payment institutions leading a Type 2 prudential conglomerate that have total assets, calculated according to the criteria and procedures embodied in the Accounting Standard of Institutions Regulated by the Central Bank of Brazil (Cosif), exceeding 0.1% (one-tenth of one percent) of Brazil's Gross Domestic Product (GDP).

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§ 4º It is optional, until January 1, 2025, for the payment institutions mentioned in the main text that, on January 1, 2023, were not obliged to prepare and disclose consolidated financial statements according to the international standard, to prepare and disclose the consolidated financial statements referred to in the main text.

§ 5º For the purposes of item III of the main text, Brazil's GDP corresponds to the gross domestic product calculated at market prices and current values published 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.” (NR)

Art. 2º Paragraph 1 of Article 10 of Resolution BCB No. 2, of 2020, is repealed.

Art. 3º This Resolution enters into force on July 1, 2023.

Otávio Ribeiro Damaso
Director of Regulation”