Resolution CMN No. 5259 — Consolidates General Criteria for Preparing and Disclosing Combined Financial Statements of the Cooperative System

RESOLUTION
CMN NO. 5,259, OF OCTOBER 23, 2025

Consolidates the general criteria for the preparation of the Combined Trial Balance of the Cooperative System and the Combined Financial Statements of the Cooperative System, the submission of the Combined Trial Balance of the Cooperative System, and the disclosure of the Combined Financial Statements of the Cooperative System.

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 October 23, 2025, based on Articles 4, caput, items VIII and XII, and 31 of the aforementioned Law, and Article 1, § 1, and 12, caput, item V, of Complementary Law No. 130, of April 17, 2009,

RESOLVES:

CHAPTER I
OF THE OBJECT AND SCOPE OF APPLICATION

Article 1. This Resolution establishes the general criteria for the preparation of the Combined Trial Balance of the Cooperative System and the Combined Financial Statements of the Cooperative System, the submission of the Combined Trial Balance of the Cooperative System, and the disclosure of the Combined Financial Statements of the Cooperative System by cooperative banks, credit confederations, service confederations constituted by central credit cooperatives, and central credit cooperatives.

Sole paragraph. For the purposes of this Resolution, the cooperative system is considered to be the set of institutions formed by single credit cooperatives, central credit cooperatives, credit confederations, service confederations constituted by central credit cooperatives, and cooperative banks, as well as other entities that act collectively and coordinately as if they formed a single economic entity.

CHAPTER II
OF THE CRITERIA FOR PREPARATION

Article 2. The Combined Trial Balance of the Cooperative System and the Combined Financial Statements of the Cooperative System must be prepared based on financial information from the institutions comprising the cooperative system to which they refer, as per Article 1, sole paragraph, as if that system represented a single economic entity, and must include:

I - cooperative banks, credit confederations, service confederations constituted by central credit cooperatives, central credit cooperatives, and single credit cooperatives participating in the same cooperative system;

II - entities authorized by the Central Bank of Brazil directly or indirectly linked to the institutions cited in item I, through equity participation or effective operational control, characterized by common administration or management, or by acting in the market collectively and coordinately;

III - investment funds in which the institutions comprising the cooperative system assume or retain substantially all risks and benefits in any form;

IV - payment institutions not authorized by the Central Bank of Brazil directly or indirectly linked to the institutions cited in item I, through equity participation or effective operational control, characterized by common administration or management, or by acting in the market collectively and coordinately;

V - voluntary guarantee funds exclusive to the cooperative system itself;

VI - entities that carry out the acquisition of credit operations, including real estate, or credit rights, such as factoring companies, securitization companies, and single-object companies; and

VII - other legal entities whose corporate purpose is exclusively equity participation in the entities mentioned in items I to VI.

Sole paragraph. Transactions of any nature carried out, directly or indirectly, between the entities of the cooperative system must be considered as if they had been carried out between departments of a single economic entity.

Article 3. In the preparation of the Combined Trial Balance of the Cooperative System and the Combined Financial Statements of the Cooperative System, the accounting standards provided for in the Accounting Standard of Institutions Regulated by the Central Bank of Brazil – Cosif must be applied, when they are not conflicting with this Resolution.

Article 4. The Combined Trial Balance of the Cooperative System and the Combined Financial Statements of the Cooperative System must be signed by the administrators and the director responsible for their preparation and by a legally qualified accountant.

CHAPTER III
OF THE SUBMISSION OF THE COMBINED TRIAL BALANCE OF THE COOPERATIVE SYSTEM

Article 5. The Combined Trial Balance of the Cooperative System must be submitted to the Central Bank of Brazil quarterly by:

I - central credit cooperatives; and

II - credit confederations, service confederations constituted by central credit cooperatives, or cooperative banks.

Sole paragraph. The institutions mentioned in item I of the caput must prepare and submit the Combined Trial Balance of the Cooperative System regardless of whether they are included in the document prepared by the institutions mentioned in item II of the caput.

CHAPTER IV
OF THE DISCLOSURE OF THE COMBINED FINANCIAL STATEMENTS OF THE COOPERATIVE SYSTEM

Section I
General Criteria

Article 6. It is optional for the institutions mentioned in Article 5 to disclose the Combined Financial Statements of the Cooperative System, provided that they are:

I - prepared and disclosed as follows, in accordance with specific regulation:

a) Balance Sheet;

b) Income Statement; and

c) Comprehensive Income Statement;

II - accompanied by explanatory notes, the report on financial information related to sustainability, and the independent auditor's report;

III - prepared for all base dates, for at least three complete fiscal years;

IV - identified by the nomenclature defined in the caput, in a prominent manner; and

V - prepared:

a) by the institutions mentioned in Article 5, caput, item I, in two-tier systems; and

b) by the institutions mentioned in Article 5, caput, item II, in three-tier systems.

§ 1. The explanatory notes referred to in item II of the caput must evidence the necessary information regarding the equity, financial, and results position of the cooperative system, including, at minimum:

I - the accounting criteria and procedures adopted;

II - the analytical composition of the participations among the institutions included in the document;

III - the level and type of operational control exercised, characterized by the form of common administration or management or operation under the same brand;

IV - the goodwill or bargain purchase resulting from the acquisition of equity participation, as well as the criteria used for its amortization or recognition in results; and

V - the identification of the institutions included in or excluded from the document during the period, with the respective clarifications, as well as the date of the financial statements that served as the basis for the preparation of the Combined Financial Statements of the Cooperative System.

§ 2. In the preparation of the report on financial information related to sustainability, the specific regulation defining 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 must be observed.

§ 3. In the event of exercising the option provided for in this article, the requirement to prepare and disclose the report on financial information related to sustainability by the institutions mentioned in Article 5 applies starting from the 2029 fiscal year.

§ 4. It is optional to prepare and disclose the report on financial information related to sustainability by the institutions mentioned in Article 5 that are part of two-tier or three-tier cooperative systems that do not contain an institution classified in segments 1 – S1 or 2 – S2.

Section II
Audit

Article 7. The Combined Financial Statements of the Cooperative System must be audited by an independent auditor registered with the Securities and Exchange Commission (CVM) or by a cooperative audit entity.

§ 1. The independent auditor and the cooperative audit entity referred to in the caput must issue an opinion on the values presented, the representation of the cooperative system's economic and financial position in accordance with the standards of the National Monetary Council and the Central Bank of Brazil, as well as on the observance of the elimination procedures provided for in the current regulation.

§ 2. If any fact is identified that implies suspicion regarding the independence of the cooperative audit entity in performing the audit service of the Combined Financial Statements of the Cooperative System, the Central Bank of Brazil may determine the revision of the audit by another entity that does not have an equity link with the audited cooperative system.

§ 3. If the measure provided for in § 2 is adopted and the problem persists, the Central Bank of Brazil may determine that the cooperative audit entity refrain from continuing to audit the Combined Financial Statements of the Cooperative System to which it belongs.

Article 8. If the audit referred to in Article 7 is performed by an independent auditor, the institutions responsible for preparing the Combined Financial Statements of the Cooperative System must, when contracting audit services, observe the provisions of the current regulation regarding the provision of independent audit services for institutions authorized to operate by the Central Bank of Brazil.

Section III
Disclosure

Article 9. If the cooperative system uses the option provided for in Article 6, the complete Combined Financial Statements of the Cooperative System, including the explanatory notes and the independent auditor's report, must be disclosed in the Financial Statements Central of the National Financial System, on the Central Bank of Brazil's electronic address on the internet.

Sole paragraph. If the cooperative system discloses its combined statements again with alterations, voluntarily or by determination of the Central Bank of Brazil in the exercise of its legal powers, the institution must inform in the explanatory notes the facts determining the new disclosure.

Article 10. The general criteria for the preparation and disclosure of financial statements by financial institutions and other institutions authorized to operate by the Central Bank of Brazil must be applied in the disclosure of the Combined Financial Statements of the Cooperative System, when they are not conflicting with this Resolution.

CHAPTER V
FINAL PROVISIONS

Article 11. The Central Bank of Brazil may determine that institutions be included in or excluded from the Combined Trial Balance of the Cooperative System, with the objective of avoiding distortions in the qualitative and quantitative representation of the combined equity.

Article 12. All documentation used in the preparation of the Combined Trial Balance of the Cooperative System and the Combined Financial Statements of the Cooperative System must be kept available to the Central Bank of Brazil for a minimum period of five years.

Article 13. The Central Bank of Brazil will regulate additional procedures to be observed in the preparation and disclosure of the documents referred to in this Resolution, including regarding:

I - accounting combination applicable in the preparation of the Combined Trial Balance of the Cooperative System; and

II - form, content, and deadlines for the preparation, submission, and disclosure of the Combined Trial Balance of the Cooperative System and the Combined Financial Statements of the Cooperative System.

Article 14. The following are repealed:

I - Resolution No. 4,151, of October 30, 2012, published in the Official Gazette of the Union on October 31, 2012; and

II - Resolution No. 4,434, of August 5, 2015, published in the Official Gazette of the Union on August 6, 2015.

Article 15. This Resolution enters into force on January 1, 2026.

AILTON DE AQUINO SANTOS
President of the Central Bank of Brazil (substitute)