Circular No. 2990 — Establishes the Obligation to Prepare and Submit Quarterly Financial Information

CIRCULAR NO. 002990

Establishes the obligation to prepare and submit quarterly financial information.

The Collegiate Board of the Central Bank of Brazil, in a session held on June 28, 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 Articles 22 and 26 of Law No. 6,385 of December 7, 1976, with the changes introduced by Article 14 of Law No. 9,447 of March 14, 1997,

DECIDED:

Article 1. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must prepare, at the end of each calendar quarter, starting from the base date of March 31, 2001, inclusive, the Quarterly Financial Information document - IFT.

Article 2. The document referred to in the previous article must contain, at least, the following information:

I - registration information;

II - financial statements;

III - explanatory notes and analytical tables to clarify the financial situation and results of the period;

IV - participations in controlled and affiliated companies;

V - the institution's policies regarding the raising and application of resources;

VI - policies adopted for risk management;

VII - complementary statistical data;

VIII - report of the special review by independent audit;

IX - other information necessary for the monitoring and supervision of the institution's activities.

Sole Paragraph. The structure of the IFT will be published by the Department of Standards of the Financial System (DENOR).

Article 3. The IFT must be sent to the Central Bank of Brazil within 45 days after the respective base date, observing the following coding of the Document Catalog - CADOC:

SEGMENT CADOC CODE

Development Agencies 05.1.4.001-3
Savings and Loan Associations 12.1.4.001-3
Commercial Banks 20.1.4.001-2
Development Banks 22.1.4.001-0
Investment Banks 24.1.4.001-8
Multiple Banks 26.1.4.001-6
BNDES 28.0.4.001-1
Caixa Economica Federal 38.0.4.001-8
Mortgage Companies 39.1.4.001-0
Leasing Companies 77.1.4.001-0
Securities and Brokerage Companies 79.1.4.001-8 Credit, Financing and Investment Companies 81.1.4.001-3 Real Estate Credit Companies 83.1.4.001-1 Securities Distributors - 85.1.4.001-9.

Article 4. The document referred to in Article 1 must be subject to a special review, in the manner established by the Federal Council of Accounting - CFC, by independent audit, observing the provisions of Resolution No. 2,267 of March 29, 1996, and complementary regulation.

Article 5. Non-compliance with the provisions of this Circular will subject the infringing institution to the payment of a fine, in accordance with Resolution No. 2,194 of August 31, 1995.

Article 6. This Circular enters into force on the date of its publication.

Brasilia, June 28, 2000

Sergio Darcy da Silva Alves
Director