CMN Resolution No. 5,185 of November 21, 2024, amending Resolution No. 4,818 of May 29, 2020, regarding financial statement preparation and disclosure criteria for financial institutions

Resolution No. 5,185

CMN RESOLUTION NO. 5,185, OF NOVEMBER 21, 2024

Amends Resolution No. 4,818, of May 29, 2020, which consolidates the general criteria for the preparation and disclosure of individual and consolidated financial statements by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on November 21, 2024, based on Articles 4, caput, items VIII and XII, of the aforementioned law, and Article 1, § 1, of Complementary Law No. 130, of April 17, 2009,

RESOLVES:

Article 1. Resolution No. 4,818, of May 29, 2020, published in the Official Gazette of the Union on June 2, 2020, shall enter into force with the following amendments:

“Article 2. .....................................................................................................................

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

§ 3. ...........................................................................................................................

I - institutions that are not registered as open companies;

.........................................................................................................................” (NR)

“Article 5. .....................................................................................................................

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

Sole Paragraph. For the purpose of preparing and disclosing individual financial statements, financial statements relating to periods different from those provided for in Article 2 are considered interim.” (NR)

“CHAPTER III-A FINANCIAL INFORMATION REPORT RELATED TO SUSTAINABILITY

Article 12-A. The institutions mentioned in Articles 9 and 10 must prepare and disclose, as an integral part of the consolidated annual financial statements referred to in Chapter III, the financial information report related to sustainability, adopting the following technical pronouncements of the Brazilian Sustainability Pronouncements Committee – CBPS:

I - Technical Pronouncement CBPS 01 – General Requirements for Disclosure of Financial Information Related to Sustainability, as approved on September 12, 2024; and

II - Technical Pronouncement CBPS 02 – Disclosures Related to Climate, as approved on September 12, 2024.

§ 1. The obligation referred to in the caput applies:

I - starting from the 2026 fiscal year, for institutions registered as open companies or that are leaders of a prudential conglomerate classified in S1 or S2; and

II - starting from the 2028 fiscal year, for other institutions.

§ 2. The report referred to in the caput must be subject to reasonable assurance by an independent auditor.

§ 3. The information required in this article may be evidenced by cross-reference to another report published by the institution, provided that:

I - they comply with the provisions of this article;

II - they relate to the same period; and

III - there is no difference in scope capable of producing material differences in relation to the information required as provided in this article.

§ 4. It is prohibited, in the first year of disclosure of the report referred to in the caput, to apply the provisions of item 4 of Appendix E of the Pronouncement mentioned in item I of the caput.

§ 5. The institutions referred to in the caput may, until the first social year of mandatory adoption, use the option provided in:

I - item 5 of Appendix E of the Pronouncement mentioned in item I of the caput; and

II - item 4 of Appendix C of the Pronouncement mentioned in item II of the caput.

§ 6. If the institution uses the option mentioned in § 5, it is exempt from disclosing comparative information on its risks and opportunities related to sustainability, except for its risks and opportunities related to climate, in the first year in which the institution ceases to use this option.

§ 7. The institution, when implementing the disclosure referred to in the caput, must consider the economic substance of the transactions carried out, and not exclusively their form.

§ 8. The institutions mentioned in the caput must explicitly and unreservedly declare that the financial information report related to sustainability is in compliance with the regulations issued by the National Monetary Council and the Central Bank of Brazil.

Article 12-B. The institutions mentioned in Article 1 that disclose a financial information report related to sustainability, voluntarily or by virtue of legal, regulatory, statutory, or contractual provisions, starting from the effective date of this Resolution, must prepare and disclose this report, as an integral part of their financial statements, in accordance with the provisions of Article 12-A.

§ 1. The report referred to in the caput must be subject to limited assurance by an independent auditor.

§ 2. In the disclosure referred to in the caput, the option provided for in Article 12-A, § 5, may be used until the third social year of adoption.

Article 12-C. The provisions of this chapter do not apply to credit cooperatives, except for the disclosures referred to in Article 12-B.” (NR)

“Article 16-A. It is optional, in the first year of preparation and disclosure of the financial information report related to sustainability referred to in Articles 12-A and 12-B, to disclose financial statements separately.

Sole Paragraph. The disclosure referred to in the caput must occur within one hundred and eighty days of the base date.” (NR)

Article 2. This Resolution enters into force on January 1, 2025.

ROBERTO DE OLIVEIRA CAMPOS NETO
President of the Central Bank of Brazil