Resolution CMN No. 3854 — Disposes on the declaration of assets and values held abroad by individuals or legal entities resident, domiciled or with headquarters in the Country

RESOLUTION NO. 003854

Disposes on the declaration of assets and values held abroad by individuals or legal entities resident, domiciled or with headquarters in the Country.

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 May 27, 2010, based on Article 1 of Decree-Law No. 1,060, of October 21, 1969, and on Article 5 of Provisional Measure No. 2,224, of September 4, 2001, and taking into account the provisions of § 1 of Article 201 of Decree-Law No. 5,844, of September 23, 1943,

RESOLVES:

Art. 1. Individuals or legal entities resident, domiciled or with headquarters in the Country, as defined in tax legislation, must provide the Central Bank of Brazil, in the form, limits and conditions established in this Resolution, a declaration of assets and values held outside the national territory.

Sole Paragraph. The disclosure of data related to the declarations provided in accordance with the caput of this article shall be done in a manner that does not identify individual situations.

Art. 2. The declaration referred to in Art. 1, including its corrections, must be filed annually, electronically, on the reference date of December 31 of each year, when the declarant's assets and values abroad total, on that date, an amount equal to or greater than US$100,000.00 (one hundred thousand United States dollars), or its equivalent in other currencies.

§ 1. Without prejudice to the provisions of the caput of this article, the persons referred to in Art. 1 are obliged to file declarations on the reference dates of March 31, June 30 and September 30 of each year, when the declarant's assets and values abroad total, on those dates, an amount equal to or greater than US$100,000,000.00 (one hundred million United States dollars), or its equivalent in other currencies.

§ 2. The Central Bank of Brazil will establish the periods for filing the declaration.

§ 3. Persons who, on the dates referred to in the caput and § 1 of this article, hold assets and values in amounts lower than those indicated therein are exempt from filing the declaration referred to in this Resolution.

§ 4. If the assets and values are maintained in a joint deposit account or, in any other way, belong in co-ownership to two or more individuals or legal entities, the limits referred to in the caput and § 1 of this article must be calculated based on the total value of the assets held in these situations, regardless of the number of account holders or co-owners, considering each of them responsible for the declaration referred to in this Resolution.

Art. 3. The declaration of assets and values referred to in this Resolution shall include information related to the following modalities:

I - deposit;

II - currency loan;

III - financing;

IV - financial leasing;

V - direct investment;

VI - portfolio investment;

VII - investment in financial derivative instruments; and

VIII - other investments, including real estate and other assets.

Art. 4. Information regarding investments in Brazilian Depositary Receipts (BDR) must be declared by the depositary institutions, in a totalized manner by program.

Art. 5. Investment funds, through their administrators, must inform the total of their investments, discriminating type and characteristics.

Art. 6. The declaration of assets and values in the case referred to in § 1 of Art. 2 of this Resolution shall be mandatory starting from the position of March 31, 2011.

Art. 7. Those responsible for providing information under the terms of this Resolution must maintain, for a period of five years counted from the reference date of the declaration, the supporting documentation of the information provided, for presentation to the Central Bank of Brazil, when requested.

Art. 8. Non-compliance with the rules regarding the declaration referred to in this Resolution subjects those responsible to fines, applied by the Central Bank of Brazil, according to the percentages fixed below, due to the following occurrences:

I - filing of the declaration out of time: 10% (ten percent) of the value provided for in Art. 1 of Provisional Measure No. 2,224, of 2001, or 1% (one percent) of the value subject to declaration, whichever is lower;

II - filing of a declaration containing incorrect or incomplete information: 20% (twenty percent) of the value provided for in Art. 1 of Provisional Measure No. 2,224, of 2001, or 2% (two percent) of the value subject to declaration, whichever is lower;

III - failure to file the declaration or failure to present the supporting documentation to the Central Bank of Brazil of the information provided: 50% (fifty percent) of the value provided for in Art. 1 of Provisional Measure No. 2,224, of 2001, or 5% (five percent) of the value subject to declaration, whichever is lower;

IV - filing of a false declaration or false information regarding the values subject to declaration: 100% (one hundred percent) of the value provided for in Art. 1 of Provisional Measure No. 2,224, of 2001, or 10% (ten percent) of the value subject to declaration, whichever is lower.

§ 1. The fine referred to in item I of this article shall be reduced in the following situations:

I - delay of 1 to 30 days in filing the declaration, in which case it will correspond to 10% (ten percent) of the value provided;

II - delay of 31 to 60 days in filing the declaration, in which case it will correspond to 50% (fifty percent) of the value provided;

§ 2. The reduction provided for in § 1 of this article applies even to pending administrative punitive processes at the date of publication of this Resolution.

Art. 9. The application of the penalties provided for in this Resolution shall comply with the provisions of Resolution No. 1,065, of December 5, 1985.

Art. 10. The penalties referred to in this Resolution shall be applied without prejudice to other penalties provided for in current legislation.

Art. 11. The Central Bank of Brazil will issue the rules and adopt the measures necessary for the execution of this Resolution.

Art. 12. This Resolution enters into force on the date of its publication.

Art. 13. Resolution No. 3,540, of February 28, 2008, is repealed.

Brasília, May 27, 2010.

Alexandre Antonio Tombini
President, substitute