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Deadline for presenting the Economic and Financial Statement before Brazilian Central Bank system

Deadline for the presentation of the Economic and Financial Statement to the Brazilian Central Bank (Bacen) ends on July 1, 2019, the first business day that follows the actual date set in the calendar currently in force.

The Statement requires that Brazilian companies that receives foreign direct investment and had assets or net equity equal to or greater than R$ 250,000,000.00 (two hundred and fifty million reais) as of the base date of March 31, 2019, under penalty of incurring pecuniary fines defined in Article 60 of Bacen Circular No. 3,857 of 2017. Please note that Brazilian Central Bank started a rigorous inspection regarding its compliance.

Established by Article 34-B of Bacen Circular No. 3,689 dated as of 16/12/2013, the obligation has a quarterly periodicity, and uses the information of the last days of each calendar quarter as basis.

The next two statements shall be made, respectively, until September 30, referring to the base date of June 30, and until December 31, referring to the base date of September 30.

We highlight that compliance with this obligation for the present base date of March 31, 2019 does not release companies from filing them at previous dates (if they were at that time obliged to do so). Therefore, it is extremely important that each company receiving foreign direct investment is aware of the criteria that lead to the fulfilment of the obligation dealt with herein.

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