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Newsletter Corporate – Financial and Economic Statement – Brazilian Central Bank

10 / 03 / 2020

Pursuant to Normative Rule 3,689 of December 16, 2013 issued by the Brazilian Central Bank (“BCB”), Brazilian entities that are held by individuals or legal entities resident, domiciled or headquartered abroad must provide certain periodic information to the BCB, by means of the submission of the Financial and Economic Statement (DEF).

Accordingly, companies that:

(i) have assets or net equity lower than BRL 250,000,000 must submit the annual DEF by March 31 of each year, with regard to the date of December 31 of the preceding year;

(ii) have assets or net equity equal or higher than BRL 250,000,000 must submit the DEF quarterly, in accordance with the following calendar:

A.  regarding the date of December 31, the DEF must be submitted by March 31 of the following year;

B.   regarding the date of March 31, the DEF must be submitted by June 30 of the same year;

C.   regarding the date of June 30, the DEF must be submitted by September 30 of the same year; and

D.   regarding the date of September 30, the DEF must be submitted by December 31 of the same year.

The provision of false, inaccurate, incomplete or delayed information or the actual failure to submit the annual or quarterly DEF subjects the Brazilian company to the imposition of fines by the BCB, in accordance with Art. 60 of Normative Rule 3,857 of November 14, 2017.

We are at your disposal to assist in the submission of the annual and quarterly DEFs, as the case may be, and to provide any further clarification you may need.

 

KEY CONTACTS:

Fabiano Gallo
Partner
T: +55 11 3077 3574
E: fabiano.gallo@cmalaw.com

Carolina Sant’Angelo     
Partner
T: +55 11 3077 3574
E: carolina.santangelo@cmalaw.com