Circular No. 4002 — Amends Circular No. 3,691 of December 16, 2013, which regulates Resolution No. 3,568 of May 29, 2008, regarding the foreign exchange market, to adjust deadlines for foreign exchange operations

The Collegiate Board of the Central Bank of Brazil, in a session held on April 15, 2020, based on art. 23 of Law No. 4,131, of September 3, 1962, arts. 9, 10, item VII, and 11, item III, of Law No. 4,595, of December 31, 1964, arts. 10 and 38 of Resolution No. 3,568, of May 29, 2008, and considering the provisions of art. 1 of Law No. 11,371, of November 28, 2006, art. 1 of Legislative Decree No. 6, of March 20, 2020, and art. 16-A, item I, of Resolution No. 3,568, of 2008,

R E S O L V E:

Art. 1. Circular No. 3,691, of December 16, 2013, shall enter into force with the following alterations:

“Art. 99. The foreign exchange contract for export may be entered into for immediate or future settlement, prior to or subsequent to the shipment of the goods or the provision of the service.” (NR)

“Art. 99-A. The maximum deadline for settlement of the foreign exchange contract for export is 1,500 (one thousand and five hundred) days, counted from the date of its contracting.

§ 1. In the case of settlement of the foreign exchange contract on a date subsequent to the date of shipment of the goods or the provision of the service, the maximum deadline of 1,500 (one thousand and five hundred) days between the date of shipment of the goods or the provision of the service and the date of settlement of the foreign exchange contract must additionally be observed.

§ 2. The provisions of this article may be applied to foreign exchange contracts for export entered into from March 20, 2020, and to foreign exchange contracts for export entered into on a date prior to that which, on March 20, 2020, were in a regular situation regarding the shipment of the goods or the provision of the service.” (NR)

“Art. 99-B. For foreign exchange contracts for export not falling under the hypotheses of § 2 of art. 99-A, the maximum deadline of 750 (seven hundred and fifty) days between contracting and settlement must be observed, as well as the following:

I - in the case of prior contracting, the maximum deadline between the contracting of foreign exchange and the shipment of the goods or the provision of the service is 360 (three hundred and sixty) days;

II - the maximum deadline for settlement of the foreign exchange contract is the last business day of the 12th month subsequent to the month of shipment of the goods or the provision of the service.

Sole Paragraph. For foreign exchange contracts for export, in the case of a request for judicial recovery, the filing of a bankruptcy petition against the exporter, or in another situation where it is documentarily proven that the exporter is incapable of shipping the goods or providing the service due to factors beyond their control, the shipment of the goods or the provision of the service may occur up to 1,500 (one thousand and five hundred) days from the date of contracting the foreign exchange operation, provided that the period between contracting and settlement of the foreign exchange contract does not exceed 1,500 (one thousand and five hundred) days.” (NR)

“Art. 111. Advance payment for import may be made with an advance of up to 360 (three hundred and sixty) days from the date scheduled for:

................................................................

§ 1. Exclusively for machinery and equipment with a long production cycle or for manufacturing to order, the advance period must be compatible with the production or commercialization cycle of the good, respecting the conditions contractually agreed upon, such as down payment and intermediate installments, observed that the maximum advance period directly in the banking network for imports of this kind is 1,800 (one thousand and eight hundred) days with respect to the dates indicated in items I and II.

§ 2. The period referred to in the main text may be applied to advance payments made before April 16, 2020, if the events of items I and II of the main text have not yet occurred.” (NR)

Art. 2. The following are revoked:

I - Circular No. 3,982, of February 6, 2020;

II - items I and II and the sole paragraph of art. 99 of Circular No. 3,691, of 2013;

III - the sole paragraph of art. 106 of Circular No. 3,691, of 2013; and

IV - the sole paragraph of art. 111 of Circular No. 3,691, of 2013.

Art. 3. This Circular enters into force on the date of its publication.

Otávio Ribeiro Damaso
Director of Regulation