Circular No. 2964 — Establishes the obligation to prepare, submit, and publish financial statements by microentrepreneur credit societies

CIRCULAR NO. 002964

Establishes the obligation to prepare, submit, and publish financial statements by microentrepreneur credit societies.

The Collegiate Board of the Central Bank of Brazil, in a session held on February 3, 2000, based on Article 4, item XII, of Law No. 4,595 of December 31, 1964, by competence delegated by the National Monetary Council, by act of July 19, 1978, and having in view the provisions of Resolutions Nos. 2,194 of August 31, 1995, and 2,627 of August 2, 1999, and Circulars Nos. 2,804 of February 11, 1998, 2,915 of August 5, 1999, and 2,946 of October 27, 1999,

DECIDED:

Article 1. Apply to microentrepreneur credit societies the accounting criteria and procedures, as well as the rules for the preparation, submission, and publication of standardized financial statements, established in the current regulation and embodied in the Chart of Accounts of the Institutions of the National Financial System - COSIF.

Article 2. Microentrepreneur credit societies must submit to the Central Bank of Brazil, observing the established deadlines and procedures, the following financial statements:

I - monthly:

a) Analytical Balance Sheet, doc. 1 of COSIF, CADOC 4010;

II - on the base dates of June 30 and December 31:

a) Analytical Balance Sheet, doc. 1 of COSIF, CADOC 4010;

b) Analytical Balance Sheet, doc. 1 of COSIF, CADOC 4016.

Article 3. Regulatory fines for late delivery of each document do not apply to microentrepreneur credit societies until the base date of December 31, 2000.

Article 4. Microentrepreneur credit societies must publish their financial statements on a semi-annual basis.

Sole Paragraph. Societies constituted by limited liability quotas or corporations that meet the requirements of Article 294 of Law No. 6,404 of December 15, 1976, with wording given by Article 1 of Law No. 9,457 of May 5, 1997, are exempt from compliance with the provisions of this article.

Article 5. This Circular enters into force on the date of its publication.

Brasília, February 3, 2000

Luiz Fernando Figueiredo
Director