Normative Instruction RFB No. 1,905 — Amends the text of Normative Instruction RFB No. 1,680 of December 28, 2016, Regarding Financial Account Identification Under the Common Reporting Standard (CRS)

Published in the Official Gazette of the Union on 08/07/2019, Section 1, page 26. Amends the text of Normative Instruction RFB No. 1,680 of December 28, 2016, which provides for the identification of financial accounts in compliance with the Common Reporting Standard (CRS).

The SPECIAL SECRETARY OF THE BRAZILIAN FEDERAL REVENUE, using the authority granted by item III of Article 327 of the Internal Regulations of the Special Secretariat of the Brazilian Federal Revenue, approved by MF Ordinance No. 430 of October 9, 2017, and considering the provisions of Legislative Decree No. 105 of April 14, 2016, Decree No. 8,842 of August 29, 2016, and the Multilateral Agreement of Competent Authorities of the Common Reporting Standard of October 21, 2016, resolves:

Article 1. Normative Instruction RFB No. 1,680 of December 28, 2016, shall enter into force with the following amendments:

Article 4. The legal entities referred to in Article 2 must provide the following information regarding each reportable account maintained by them:
I - name, address, jurisdiction(s) of residence, tax identification number (TIN), date and place of birth (in the case of natural persons) of each reportable person who is the holder of the account, and in the case of an entity that is the holder of the account and that, after applying the due diligence procedures, in accordance with the provisions of Sections IV, V, and VI, is identified as having one or more controlling persons who are reportable persons, the name, address, jurisdiction(s) of residence, TIN of the entity, and the name, address, jurisdiction(s) of residence, TIN, date and place of birth of each reportable natural person;
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Article 2. The Single Annex of Normative Instruction RFB No. 1,680 of December 28, 2016, shall enter into force with the following amendments:

Section II - Due Diligence for Pre-existing Individual Accounts
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B.
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6.
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a) .............................................................................................................................
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ii) documentary evidence establishing the non-reportable status of the account holder;
b) .............................................................................................................................
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ii) documentary evidence establishing the non-reportable status of the account holder.
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Section VII: Defined Terms
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C.
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18. "Participation" means, in the case of a corporation that is a financial institution, a participation in the capital or profits of the corporation. In the case of a trust that is a financial institution, a "Participation" is considered held by any person treated as a settlor or beneficiary of all or part of the trust, or by any other natural person who exercises effective final control over the trust. A Reportable Person shall be treated as a beneficiary of a trust if such Reportable Person has the right to receive, directly or indirectly (for example, through an attorney-in-fact), a mandatory distribution or may receive, directly or indirectly, a discretionary distribution from the trust." (New)

Article 3. This Normative Instruction enters into force on the date of its publication in the Official Gazette of the Union.

MARCOS CINTRA CAVALCANTI DE ALBUQUERQUE