Circular No. 3510 — Amends Procedures for the Substitution of Accounting Documents Submitted to the Central Bank of Brazil

CIRCULAR NO. 003510

Amends the procedures for the substitution of accounting documents submitted to the Central Bank of Brazil.

The Collegiate Board of the Central Bank of Brazil, in a session held on October 26, 2010, based on Articles 10, item IX, and 37 of Law No. 4,595, of December 31, 1964, and Articles 6 and 7 of Law No. 11,795, of October 8, 2008,

DECIDED:

Article 1. Financial institutions and other entities authorized to operate by the Central Bank of Brazil must observe, in the event of substitution of documents provided for in the Accounting Plan of the National Financial System Institutions (Cosif), the operational procedures published by the Department of Monitoring of the Financial System and Information Management (Desig).

§ 1. A report signed by the statutory director responsible for the accounting and audit areas, containing the justifications for the substitution of the documents referred to in this article, must be kept available to the Central Bank of Brazil for a minimum period of five years.

§ 2. In cases where the replaced document is subject to review or opinion by an independent auditor, the report referred to in § 1 must contain the acknowledgment of the independent auditor or the cooperative audit entity.

Article 2. This Circular enters into force on the date of its publication.

Brasília, October 26, 2010.

Alexandre Antonio Tombini Alvir Alberto Hoffmann Director of Standards and Organization Director of Supervision of the Financial System