Circular No. 3666 — Amends and consolidates the rules relating to the calculation of the tax base and the collection of contributions of institutions associated with the Credit Guarantee Fund (FGC)

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A Collegiate Board of the Central Bank of Brazil, in session held on 29 August 2013, based on art. 9 of Law No. 4,595, of 31 December 1964, and in view of the provisions of Resolution No. 4,222, of 23 May 2013,

R E S O L V E :

Art. 1º The amounts of ordinary and special contributions of institutions associated with the Credit Guarantee Fund (FGC) must be calculated based on the balances on the last day of each month of the accounts and the instruments corresponding to the obligations subject to guarantee, recorded in titles and subtitles of the Accounting Plan of Institutions of the National Financial System (Cosif).

Art. 2º Institutions associated with the FGC must inform the financial institution accredited by the Fund, by the fifteenth day of each month, in the manner and under the conditions disclosed by it, the amounts corresponding to the sum of the respective balances on the last day of each month of the titles and subtitles of the Cosif that serve as the calculation base for the ordinary and special contributions referring to the immediately preceding month.

§ 1º The statements of the calculations performed for the purposes of this article must be kept at the headquarters of the associated institutions for a period of five years.

§ 2º In the absence of the information provided for in the main clause, regarding a given month, the associated institution shall be charged the same amount as the last contribution assessed and paid to the FGC.

§ 3º When regularizing the occurrence, under the terms of § 2, the amount of the complement or the refund of the contribution must be updated based on the Selic rate.

Art. 3º The financial institution accredited by the FGC must inform the associated institutions and the Fund, by the 25th day of each month, the amounts of the contributions referring to the immediately preceding month.

Parágrafo único. The collection of contributions from the institutions associated with the FGC must be provided on the first business day of the following month.

Art. 4º The Department of Monitoring of the Financial System (Desig) is authorized to establish the operational procedures necessary to comply with the provisions of article 1, including publishing the titles and subtitles, contained in the Cosif, to be used as the calculation base for the ordinary and special contributions of the institutions associated with the FGC.

Art. 5º Delay in the collection of the ordinary or special contribution due results in, for the associated institution responsible for the contribution, a fine of 2 % (two percent) on the respective amount, increased by updating based on the Selic rate, in the manner provided in article 6, paragraph III, of Resolution No. 4,222, of 23 May 2013.

Parágrafo único. It is the responsibility of the financial institution accredited by the FGC to adopt the measures related to the assessment and collection, to the Fund, of the amount corresponding to the fine and the additions referred to in this article, observing the conditions established by it.

Art. 6º The collection of ordinary contributions, special contributions, as well as the complementary collection provided for in § 3 of article 2 and the fine provided for in article 5, must be processed within the Brazilian Payments System (SPB), through the Reserve Transfer System (STR).

Parágrafo único. The financial institution accredited by the FGC is authorized to adopt the necessary procedures to comply with the provisions of this article.

Art. 7º This Circular enters into force on the date of its publication.

Art. 8º Circulars No. 3,327, of 26 September 2006, 3,403, of 28 August 2008, 3,449, of 31 March 2009, and 3,601, of 20 June 2012, are revoked.

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Anthero de Moraes Meirelles
Director of Supervision

Sidnei Corrêa Marques
Director of Organization of the Financial System and Control of Rural Credit Operations *