Due to the covid-19 pandemic and its consequences for the operation of certain services on a global scale, the Central Bank of Brazil (BC) changed the schedule for submission of the Brazilian Assets Abroad Survey (CBE) by means of Circular No. 3,995/20, , provided for in another circular, No. 3,624/13.
The survey is provided for in Resolution 3,854/10, which provides that individuals or legal entities resident, domiciled, or headquartered in Brazil are required to provide to the BC, by electronic means, a declaration of assets and securities that they own outside Brazilian territory. Individuals or legal entities must provide information on capital arising from financing, portfolio investments, leasing, direct investments, investments in derivative financial instruments, and other modalities provided for in the rule.
Also in accordance with Resolution No. 3,854/10, declarants who have assets and/or securities equal to or greater than USD 100 thousand (or a corresponding amount in other currencies), on the base date of December 31 of each year, must submit the survey annually. Those with assets and/or securities abroad equal to or in excess of USD 100 million must submit surveys on the base dates of March 31, June 30, and September 30 of each year.
The periods for the submission of CBE surveys are set forth by BC Circular No. 3,624/13 for each of the base dates.
The deadline for annual CBE survey with a base date of December 31, 2019, has been extended to June 1, 2020, while the period for quarterly CBE surveys with a base date of March 31, 2020, has been changed to between June 15 and July 15, 2020.
Failure to submit the surveys described herein or submission thereof in disagreement with the applicable BC regulations may result in fines of between BRL 2,500 and BRL 250,000. The amounts may increase by 50% if the CBE surveys are not reported, amended, or supplemented when requested by the BC, in accordance with Circular No. 3,857/17.