LAW NO. 14,286, OF DECEMBER 29, 2021

Effective Date

*Provides for the Brazilian foreign‑exchange market, Brazilian capital abroad, foreign capital in the country and the provision of information to the Central Bank of Brazil; amends Laws No. 4,131 (Sept 3 1962), 4,728 (July 14 1965), 8,383 (Dec 30 1991), 10,192 (Feb 14 2001), and 11,371 (Nov 28 2006), and Decree No. 23,258 (Oct 19 1933); revokes Laws No. 156 (Nov 27 1947), 1,383 (June 13 1951), 1,807 (Jan 7 1953), 2,145 (Dec 29 1953), 2,698 (Dec 27 1955), 4,390 (Aug 29 1964), 5,331 (Oct 11 1967), 9,813 (Aug 23 1999), and 13,017 (July 21 2014), Decrees‑Law No. 1,201 (Apr 8 1939), 9,025 (Feb 27 1946), 9,602 (Aug 16 1946), 9,863 (Sept 13 1946), and 857 (Sept 11 1969), Provisional Measure No. 2,224 (Sept 4 2001), and provisions of Laws No. 4,182 (Nov 13 1920), 3,244 (Aug 14 1957), 4,595 (Dec 31 1964), 5,409 (Apr 9 1968), 6,099 (Sept 12 1974), 7,738 (Mar 9 1989), 8,021 (Apr 12 1990), 8,880 (May 27 1994), 9,069 (June 29 1995), 9,529 (Dec 10 1997), 11,803 (Nov 5 2008), 12,865 (Oct 9 2013), 13,292 (May 31 2016), and 13,506 (Nov 13 2017), and Decrees‑Law No. 2,440 (July 23 1940), 1,060 (Oct 21 1969), 1,986 (Dec 28 1982), and 2,285 (July 23 1986).

THE PRESIDENT OF THE REPUBLIC

I hereby make known that the National Congress decrees and I sanction the following Law:

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CHAPTER I

PRELIMINARY PROVISIONS

Art. 1 This Law provides for the Brazilian foreign‑exchange market, Brazilian capital abroad, foreign capital in the country and the provision of information to the Central Bank of Brazil for the compilation of official macro‑economic statistics.

Single paragraph. For the purposes of this Law, observed the regulation to be issued by the Central Bank of Brazil, the following definitions apply:

1. resident: a natural or legal person residing, domiciled or having its headquarters in Brazil;
2. non‑resident: a natural or legal person residing, domiciled or having its headquarters abroad.

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CHAPTER II

THE FOREIGN‑EXCHANGE MARKET

Art. 2 Operations in the foreign‑exchange market may be carried out freely, without value limitation, observed the legislation, the guidelines established by the National Monetary Council and the regulation to be issued by the Central Bank of Brazil.

Single paragraph. The exchange rate is freely agreed between the institutions authorized to operate in the foreign‑exchange market and between those institutions and their clients.

Art. 3 Operations in the foreign‑exchange market may be carried out only through institutions authorized to operate in that market by the Central Bank of Brazil, in the form of the regulation to be issued by that agency.

Art. 4 The authorized institution operating in the foreign‑exchange market is responsible:

I – for the identification and qualification of its clients;

II – for ensuring the lawful processing of operations in the foreign‑exchange market.

§ 1 The institution referred to in the caput shall adopt measures and controls aimed at preventing the execution of foreign‑exchange operations for the practice of illicit acts, including money‑laundering and terrorist financing, pursuant to Law No. 9,613 of March 3 1998, observed the regulation to be issued by the Central Bank of Brazil.

§ 2 It is the client’s responsibility to classify the purpose of the foreign‑exchange operation, as provided in the regulation to be issued by the Central Bank of Brazil.

§ 3 Authorized institutions shall provide guidance and technical support, including virtually, to clients who need assistance in correctly classifying the purpose of the foreign‑exchange operation referred to in § 2 of this article.

Art. 5 It is the competence of the Central Bank of Brazil to:

I – regulate the foreign‑exchange market and its operations, including swaps, and to prescribe the types and characteristics of products, forms, limits, rates, terms and other conditions;

II – discipline the constitution, functioning and supervision of institutions authorized to operate in the foreign‑exchange market, including when they involve non‑resident participation;

III – authorize the constitution, functioning, transfer of control, merger, spin‑off and incorporation of institutions authorized to operate in the foreign‑exchange market, including when they involve non‑resident participation;

IV – authorize institutions in operation to operate in the foreign‑exchange market, including when they involve non‑resident participation;

V – cancel, ex officio or upon request, under the regulation to be issued by the Central Bank of Brazil, the authorizations referred to in items III and IV of this caput;

VI – authorize, under the regulation to be issued by the Central Bank of Brazil, the holding and exercise in the administrative bodies or bodies foreseen in the statutes or articles of incorporation of institutions authorized to operate in the foreign‑exchange market;

VII – supervise the authorized institutions for the purposes of this Law and apply the applicable sanctions referred to in Art. 20 of this Law;

VIII – regulate real‑denominated accounts held by non‑residents, including requirements and procedures for opening and handling them;

IX – regulate foreign‑currency accounts in the country, including requirements and procedures for opening and handling them;

X – maintain deposit, clearing, settlement and custody accounts, in reais and foreign currency, held by international organizations, observed the limits, terms, forms and conditions established in the regulation to be issued by the Central Bank of Brazil;

XI – maintain deposit, clearing, settlement and custody accounts, in reais, held by foreign central banks or institutions domiciled or headquartered abroad that provide clearing, settlement and custody services in the international market, observed the limits, terms, forms and conditions established in the regulation to be issued by the Central Bank of Brazil.

§ 1 In exercising its supervisory activities, the Central Bank of Brazil may require authorized institutions to provide data and information and to exhibit documents and accounting books, kept in physical or digital form, including for the assessment of their active and passive operations and assumed risks; refusal to comply shall be considered obstruction to supervision and subject to the sanctions applicable under Art. 20 of this Law.

§ 2 Assets of international organizations and foreign central banks held in the accounts referred to in items X and XI of the caput are unseizable and immune from execution when used in the performance of their own functions and may not be subject to seizure, attachment, search and seizure or any other judicial constriction.

§ 3 The provisions of Art. 6 of Law No. 10,214 of March 27 2001 apply to assets of institutions domiciled or headquartered abroad that provide clearing, settlement and custody services in the international market, held in the accounts referred to in item XI of the caput.

§ 4 Real‑denominated accounts held by non‑residents referred to in item VIII shall receive the same treatment as real‑denominated accounts held by residents, except for the requirements and procedures that the Central Bank of Brazil may establish, including regarding movements carried out as provided for in Art. 6 of this Law.

Art. 6 In accordance with the regulation to be issued by the Central Bank of Brazil, banks authorized to operate in the foreign‑exchange market may fulfill payment orders in reais received from abroad or sent abroad, by using real‑denominated accounts held by banks that are owned by institutions domiciled or headquartered abroad and that are subject to financial regulation and supervision in their country of origin.

Single paragraph. Within the scope of international correspondent banking relations in reais, the banks referred to in the caput must obtain information about the foreign‑based institution in order to fully understand the nature of its activity, its reputation and the quality of financial supervision to which it is subject, and to assess its internal controls regarding anti‑money‑laundering and counter‑terrorism financing.

Art. 7 The cancellation or reduction of the foreign‑exchange position relating to foreign‑currency purchase contracts that support advances in reais shall subject the foreign‑currency seller to a financial charge payable to the Central Bank of Brazil not exceeding 100 % (one hundred percent) of the advance amount.

§ 1 The authorized institution that purchases the foreign currency is responsible for the payment of the financial charge referred to in the caput.

§ 2 The National Monetary Council shall regulate the provisions of this article and prescribe the calculation method of the financial charge and the cases in which its collection may be waived, prohibiting differentiated treatment based on the nature of the foreign‑currency seller or its productive sector.

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CHAPTER III

BRAZILIAN CAPITAL ABROAD AND FOREIGN CAPITAL IN THE COUNTRY

Art. 8 For the purposes of this Law, the following are considered:

I – Brazilian capital abroad: the amounts, assets, rights and assets of any nature held outside the national territory by residents;

II – Foreign capital in the country: the amounts, assets, rights and assets of any nature held within the national territory by non‑residents.

Single paragraph. The Central Bank of Brazil is authorized to prescribe the situations in which, considering the nature of the operations:

I – resident capital held in the national territory in favor of non‑residents shall be equated to Brazilian capital abroad;

II – non‑resident capital held abroad in favor of residents shall be equated to foreign capital in the country.

Art. 9 Foreign capital in the country shall be afforded juridical treatment identical to that granted to national capital under equal conditions.

Art. 10 It is the competence of the Central Bank of Brazil to:

I – regulate and monitor Brazilian capital abroad and foreign capital in the country regarding their flows and stocks;

II – establish procedures for remittances concerning foreign capital in the country, observed the legislation, the economic rationale of the operations and the conditions usually observed in international markets;

III –, at its discretion, request information on Brazilian capital abroad and foreign capital in the country, observed the regulation to be issued by the Central Bank of Brazil, which may also prescribe, among other matters, the responsible parties, forms, deadlines and criteria for providing information and the situations in which it may be exempted.

Single paragraph. Violations of the regulation referred to in the caput shall subject the responsible parties to the penalties applicable by the Central Bank of Brazil, as provided in the single paragraph of Art. 20 of this Law.

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CHAPTER IV

INFORMATION FOR THE COMPILATION OF OFFICIAL MACRO‑ECONOMIC STATISTICS BY THE CENTRAL BANK OF BRAZIL

Art. 11 The Central Bank of Brazil is authorized to request from residents the information necessary for the compilation of official macro‑economic statistics.

§ 1 Without prejudice to compliance with information requests formulated for the investigation of crimes and other irregularities by competent authorities, pursuant to the legislation in force, the Central Bank of Brazil and its agents shall keep confidentiality of the individual information obtained under this article, allowing its use exclusively for statistical compilation or for the purposes provided in § 2 of this article.

§ 2 Individual information obtained under this article, treated so as not to allow direct or indirect identification of its holder, may be made available by the Central Bank of Brazil to support studies and research, upon presentation of a substantiated request and the signing of a commitment term by the interested party.

§ 3 The Central Bank of Brazil shall regulate the provisions of this article and may prescribe the conditions, detail, frequency and periodicity for the provision of information and the conditions for access to information pursuant to § 2.

§ 4 The regulation referred to in § 3 shall consider the statistical standard adopted by the Central Bank of Brazil, the best international practices in statistical standards and the reasonableness of the cost of compliance for the natural and legal persons obliged to provide information.

§ 5 Violations of the regulation referred to in this article shall subject the responsible parties to the penalties applicable by the Central Bank of Brazil, as provided in the single paragraph of Art. 20 of this Law.

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CHAPTER V

GENERAL PROVISIONS

Art. 12 Private compensation of credits or amounts between residents and non‑residents is authorized in the situations provided for in the regulation of the Central Bank of Brazil.

§ 1 In the regulation referred to in the caput, the Central Bank of Brazil may require residents to provide information on the execution of private compensation, observed the deadlines, forms and other conditions therein provided.

§ 2 Violations of the provisions of this article and the regulation to be issued by the Central Bank of Brazil shall subject the responsible parties to the penalties applicable by the Central Bank of Brazil, as provided in the single paragraph of Art. 20 of this Law.

Art. 13 The stipulation of payment in foreign currency for enforceable obligations on national territory is permitted in the following situations:

I – in contracts and securities relating to foreign trade of goods and services, its financing and guarantees;

II – in obligations whose creditor or debtor is a non‑resident, including those arising from credit operations or leasing, except for lease contracts of real estate located on national territory;

III – in leasing contracts concluded between residents, based on the capture of resources originating abroad;

IV – in the assignment, transfer, delegation, assumption or modification of the obligations referred to in items I, II and III of the caput, even if the parties involved are residents;

V – in the purchase and sale of foreign currency;

VI – in indirect export as provided for by Law No. 9,529 of December 10 1997;

VII – in contracts concluded by exporters where the counterpart is a concessionaire, permittee, authorizer or lessee in infrastructure sectors;

VIII – in situations provided for in the regulation issued by the National Monetary Council, when stipulation in foreign currency may mitigate exchange‑rate risk or increase business efficiency;

IX – in other situations provided for in legislation.

Single paragraph. Stipulation of payment in foreign currency made contrary to this article is null and void.

Art. 14 Entry into and exit from the country of national and foreign currency must be carried out exclusively through an institution authorized to operate in the foreign‑exchange market, which shall be responsible for identifying the client and the recipient or sender.

§ 1 The provision of the caput does not apply to the physical carriage of amounts:

I – up to US$ 10,000.00 (ten thousand United States dollars) or its equivalent in other currencies; and

II – whose entry into or exit from the country is proven in the manner provided by the regulation referred to in § 4 of this article.

§ 2 Observing the guidelines of the National Monetary Council, the Central Bank of Brazil shall regulate the provisions of the caput and may prescribe:

I – the form, limits and conditions for entry into and exit from the country of national or foreign currency;

II – the types of institutions authorized to operate in the foreign‑exchange market that may not carry out entry into or exit from the country of national or foreign currency, considering the size, nature and business model of the institutions.

§ 3 Non‑compliance with this article shall, after due legal process, result in the forfeiture of the amount exceeding the limits referred to in § 1 in favor of the National Treasury, in addition to the criminal sanctions provided for in the specific legislation.

§ 4 It is the competence of the Special Secretariat of Federal Revenue of the Ministry of Economy to regulate the provision of § 1 and to apply the forfeiture penalty referred to in § 3, in accordance with §§ 1‑6 of Art. 89 of Provisional Measure No. 2,158‑35 of August 24 2001 and other applicable legal provisions.

§ 4 It is the competence of the Special Secretariat of Federal Revenue of the Ministry of Finance to regulate the provision of § 1. (Amended by Law No. 14,651 of 2023)

§ 5 The penalty arising from the infringement referred to in § 3 shall be applied by a Federal Revenue Auditor and formalized through an infraction notice accompanied by a seizure term and, if applicable, a custody term, which must be accompanied by the statements, testimonies, expert reports and other essential evidence to prove the illicit act. (Included by Law No. 14,651 of 2023)

Art. 15 Financial institutions and other institutions authorized by the Central Bank of Brazil, observed the activities permitted to them by legislation, may allocate, invest and earmark for credit and financing operations, in the country and abroad, the resources raised domestically and abroad, observed the regulatory and prudential requirements established by the National Monetary Council and the Central Bank of Brazil.

Art. 16 The provision in item “a” of Art. 4 of Law No. 1,521 of December 26 1951 does not apply to foreign‑exchange operations performed under this Law.

Art. 17 The Central Bank of Brazil may enter into agreements for the sharing of information with federal public administration bodies and entities, according to their areas of competence, observed the legislation on banking secrecy and fiscal secrecy.

Art. 18 In the regulation of this Law, the Central Bank of Brazil may:

I – establish differentiated requirements and procedures, based on proportionality, considering aspects such as value, risk and other characteristics of the operation in the foreign‑exchange market, Brazilian capital abroad or foreign capital in the country;

II –, considering the scope of the interested institution’s activity in the foreign‑exchange market, its volume, nature, innovation capacity and business risks:

a) establish differentiated and proportional requirements for the constitution and functioning of institutions authorized to operate in the foreign‑exchange market;

b) waive the authorization for the constitution and functioning of the institutions referred to in sub‑item “a”.

Art. 19 This Law does not apply to purchase or sale operations of foreign currency in cash, up to US$ 500.00 (five hundred United States dollars) or its equivalent in other currencies, carried out in the country, occasionally and non‑professionally, between natural persons.

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CHAPTER VI

FINAL PROVISIONS

Art. 20 The provisions of Chapter II and Art. 36 of Law No. 13,506 of November 13 2017 apply to violations of this Law and to the regulations to be issued by the National Monetary Council and the Central Bank of Brazil.

Single paragraph. For the purposes of the caput of this article, the violations of the legal and regulatory norms addressed in Arts 10, 11 and 12 of this Law are not subject to Arts 2, 3 and 4 and items I, III, V and VI of the caput of Art. 5 of Law No. 13,506 of November 13 2017.

Art. 21 Article 6‑A of Decree No. 23,258 of October 19 1933 shall come into force with the following wording:

“Art. 6‑A The National Monetary Council shall discipline the provisions of Art. 3 of this Decree and may establish the grading of the fine referred to in the caput of Art. 6 of this Decree.” (NR)

Art. 22 Article 9 of Law No. 4,131 of September 3 1962 shall come into force with the following amendments:

“Art. 9 Remittances abroad for profits, dividends, interest, amortizations, royalties, scientific, administrative and similar technical assistance depend on proof of payment of the income tax due, if applicable.

§ 1 (Repealed).

§ 2 (Repealed).

§ 3 (Repealed).” (NR)

Art. 23 Law No. 4,728 of July 14 1965 shall come into force amended by the addition of Article 9‑A:

“Art. 9‑A It is the competence of the Central Bank of Brazil, observed the guidelines of the National Monetary Council, without prejudice to the provisions of Law No. 6,385 of December 7 1976:

I – to discipline the conditions for the constitution and functioning of securities brokerage firms, foreign‑exchange brokerage firms and securities distribution firms;

II – to authorize the constitution and functioning and to supervise the activities of securities brokerage firms, foreign‑exchange brokerage firms and securities distribution firms.

Single paragraph. For the purposes of this article, the provisions of Law No. 4,595 of December 31 1964, Law No. 6,024 of March 13 1974, Decree‑Law No. 2,321 of February 25 1987, Law No. 9,447 of March 14 1997, Law No. 13,506 of November 13 2017, and other provisions concerning financial institutions apply:

I – to the securities brokerage firms, foreign‑exchange brokerage firms and securities distribution firms;

II – to the administrators and members of the board of directors, the board of auditors, the audit committee and other bodies provided for in the bylaws or articles of incorporation of the firms referred to in item I of this paragraph;

III – to natural and legal persons and to the administrators and technical responsible persons of legal entities that provide independent audit services to the firms referred to in item I of this paragraph.”

Art. 24 Article 50 of Law No. 8,383 of December 30 1991 shall come into force with the following amendments:

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Article 50. The expenses referred to in sub‑paragraph “b” of the sole paragraph of article 52 and in item 2 of sub‑paragraph “e” of the sole paragraph of article 71 of Law No. 4,506, of November 30, 1964, arising from contracts that, after December 31, 1991, are signed and recorded at the National Institute of Industrial Property (INPI), become deductible for the purpose of calculating real profit, subject to the limits and conditions established by legislation.

(See Provisional Measure No. 1,152, of 2022)

Effective date

(Repealed by Law No. 14,596, of 2023)

Effective date

Sole paragraph. (Repealed). (NR)

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Article 25. Paragraph I of the sole paragraph of article 1 of Law No. 10,192, of February 14, 2001, shall now read as follows:

"Article 1º ................................................................................................................

Sole paragraph ........................................................................................................

I – payments expressed or linked to gold or foreign currency, except for cases provided for by law or in the regulation issued by the Central Bank of Brazil;

................................................................................................................"

(NR)

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Article 26. Article 1 of Law No. 11,371, of November 28, 2006, shall now read with the following amendments:

"Article 1. It is permitted to maintain abroad the foreign‑currency resources related to receipts from Brazilian exports of goods and services abroad, carried out by natural or legal persons who are residents, domiciled, or have their headquarters in the Country.

§ 1 (Repealed).

§ 2 (Repealed)."

(NR)

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Article 27. The institution authorized to operate in the foreign exchange market may not require the client to provide documents, data or certificates that are available in its databases or in public and private databases with broad access.

Sole paragraph. Notwithstanding the provision of the article’s main clause, the client may choose to present the documents, data or certificates referred to in the main clause.

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Article 28. The following are repealed:

I – Law No. 156, of November 27, 1947;
II – Law No. 1,383, of June 13, 1951;
III – Law No. 1,807, of January 7, 1953;
IV – Law No. 2,145, of December 29, 1953;
V – Law No. 2,698, of December 27, 1955;
VI – Law No. 4,390, of August 29, 1964;
VII – Law No. 5,331, of October 11, 1967;
VIII – Law No. 9,813, of August 23, 1999;
IX – Law No. 13,017, of July 21, 2014;
X – Decree‑Law No. 1,201, of April 8, 1939;
XI – Decree‑Law No. 9,025, of February 27, 1946; XII – Decree‑Law No. 9,602, of August 16, 1946; XIII – Decree‑Law No. 9,863, of September 13, 1946; XIV – Decree‑Law No. 857, of September 11, 1969; XV – Provisional Measure No. 2,224, of September 4, 2001; XVI – article 5 of Law No. 4,182, of November 13, 1920; XVII – articles 48, 49, 50, 51, 52, 53, 54 and 55 of Law No. 3,244, of August 14, 1957; XVIII – the following provisions of Law No. 4,131, of September 3, 1962:
a) articles 1, 2, 3, 4, 5, 6, 7 and 8; b) §§ 1, 2 and 3 of article 9; c) articles 10 and 11; d) article 14; e) articles 20, 21, 22, 23, 24, 25, 26, 27, 28, 29 and 30; f) articles 34, 35, 36, 37, 38, 39, 40 and 41; g) article 46; h) articles 50, 51, 52, 53, 54, 55, 56 and 57; XIX – the following provisions of Law No. 4,595, of December 31, 1964:
a) subsection XXXI of the caput of article 4; b) article 57; XX – the following provisions of Law No. 4,728, of July 14, 1965:
a) subsection VI of the caput of article 2; b) article 9; c) articles 22, 23, 24 and 25; d) § 3 of article 31; XXI – article 9 of Law No. 5,409, of April 9, 1968; XXII – the following provisions of Law No. 6,099, of September 12, 1974:
a) article 16; b) article 24;
XXIII – article 12 of Law No. 7,738, of March 9, 1989; XXIV – article 9 of Law No. 8,021, of April 12, 1990; XXV – the sole paragraph of article 50 of Law No. 8,383, of December 30, 1991; XXVI – article 6 of Law No. 8,880, of May 27, 1994; XXVII – the following provisions of Law No. 9,069, of June 29, 1995:
a) article 65; b) article 72;
XXVIII – article 3 of Law No. 9,529, of December 10, 1997; XXIX – the following provisions of Law No. 11,371, of November 28, 2006:
a) §§ 1 and 2 of article 1; b) article 2; c) sole paragraph of article 3; d) article 4; e) article 5; f) article 7; XXX – the following provisions of Law No. 11,803, of November 5, 2008:
a) articles 7 and 8; b) § 1 of article 10;
XXXI – article 25 of Law No. 12,865, of October 9, 2013; XXXII – article 5 of Law No. 13,292, of May 31, 2016; XXXIII – the following provisions of Law No. 13,506, of November 13, 2017:
a) article 40; b) articles 42, 43, 44 and 45; c) articles 59, 60, 61 and 62; XXXIV – articles 1, 2 and 4 of Decree No. 23,258, of October 19, 1933; XXXV – article 3 of Decree‑Law No. 2,440, of July 23, 1940; XXXVI – article 1 of Decree‑Law No. 1,060, of October 21, 1969; XXXVII – subsection II of the caput of article 1 of Decree‑Law No. 1,986, of December 28, 1982; and XXXVIII – subsection II of the caput of article 1 of Decree‑Law No. 2,285, of July 23, 1986.

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Article 29. This Law shall enter into force after the lapse of one (1) year from its official publication.

Brasília, December 29, 2021; 200th anniversary of Independence and 133rd of the Republic.

Jair Messias Bolsonaro

Marcelo Pacheco dos Guaranys

This text does not replace the one published in the Official Gazette on 30.12.2021