The Central Bank of Brazil, through Circular No. 3,602 dated June 25, 2012, has established the Annual Survey on Foreign Capital. The 2014 Survey must be completed by companies, including investment funds, headquartered in Brazil that, on December 31, 2013:
- had direct investment by non-residents in their capital stock in any amount and with a net worth equal to or higher than US$ 100 million (one hundred million US dollars); or
- were debtors of short-term commercial credits (payable within 360 days) equal to or higher than US$ 10 million (ten million US dollars).
Investment funds managers must disclose funds' total worth and the respective share held by non-residents, detailing holdings by non-residents that individually hold a share equal to or higher than 10% of the fund assets, respecting the minimum amount of US$ 100 million (one hundred million US dollars) invested in the country as of December 31, 2013.
Deadline and form of submission
The Annual Survey response must be submitted electronically to the Brazilian Central Bank website (www.bcb.gov.br) from 9:00 am on July 1, 2014 until 6:00 pm on August 15, 2014.
Penalties
The non-presentation or late presentation of the completed Annual Survey to the Brazilian Central Bank, or the presentation of incomplete or false information may subject the company to a penalty of up to R$ 250,000.00 (two hundred fifty thousand reais), as provided in Resolution No. 4,104 of the National Monetary Council.
All information received by the Central Bank of Brazil will be kept confidential.
Legal Grounds
Law No. 4,131, dated 09.03.1962
Provisional Measure No. 2,224, dated 09.04.2001
Resolution CMN No. 4,104, dated 06.28.2012
Circular No. 3,602, dated 06.25.2012
Circular BCB No. 3,603, dated 06.27.2013
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
