LEI No 12,838, July 9, 2013

Disposes on assumed credit ascertained on the basis of credits arising from temporary differences arising from provisions for dubious settlement credits in the conditions that establishes and provides on the credit securities and instruments issued by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, for composition of its reference heritage, and amend the Law No. 12,249, of June 11, 2010.

THE CHAIRWOMAN OF THE REPUBLIC I do know that the National Congress decrees and I sanction the following Law:

Art. 1º This Act provides for the presumed credit ascertained on the basis of claims arising from temporary differences arising from provisions for dubious settlement credits and on the Financial Letter of which it treats Law No. 12,249 of June 11, 2010, and other credit securities and instruments issued by financial institutions and too many institutions authorized to function by the Central Bank of Brazil, for composition of its reference heritage.

Art. 2º The financial institutions and other institutions authorized to operate by the Central Bank of Brazil, except credit cooperatives and consortium administrators, will be able to ascertain credit presumed from provisions for credits of dubious settlement, in each calendar year, when they present cumulatively:

I-credits arising from temporary differences arising from provisions for dubious settlement credit, existing in the calendar year previous; and

II-fiscal injury ascertained in the previous calendar year.

§ 1º For the purposes of the provisions of this article, the claims arising from temporary differences arising from provisions for credits of dubious settlement correspond to the application of the Income Tax aliquots of the Legal Person-IRPJ and the Social Contribution on the Net Profit-CSLL on the differences between the expenses with provisions for dubious settlement credit arising from the activities of the legal persons referred to in the caput, deducted in accordance with the society-based accounting legislation, and the allowable expenses as deduction for determination of the actual profit, as per the provisions of the art. 9th of the Law no 9,430, December 27, 1996.

§ 2º The assumed credit value of which treats the caput of this article will be ascertained on the basis of the following formula:

CP = CDT x [PF / (CAP + RES)]

Where:

CP = credit presumed;

PF = value of fiscal injury ascertained in the previous calendar year;

CDT = balance of credits arising from differences temporary arising from provisions for dubious settlement credits existing in the previous calendar year;

CAP = balance of the integrated social capital account; and

RES = balance of capital reserves and profit reserves, ascertained after the recipients.

§ 3º The presumed credit of which treats § 2º of this article is limited to the lesser of the following values:

I-balance of CDT existing in the calendar year previous; or

II-value of fiscal injury ascertained in the previous calendar year.

§ 4º Cannot be harnessed in other periods of ascertaining the share of the provisions for dubious settlement credits equivalent to the value of the assumed credit ascertained in the form of the caput of this article divided by the sum of the aliquots of the IRPJ and the CSLL.

Art. 3º In cases of bankruptcy or extrajudicial settlement of the legal persons referred to in art. 2nd of this Act, the total balance of claims arising from temporary differences arising from provisions for dubious settlement credits, ascertained in the society-based bookkeeping, shall correspond to the credit presumed from the date of the decrement of the bankruptcy or the extrajudicial settlement.

Art. 4º The presumed credit that they treat the arts. 2º and 3º of this Act could be the object of a request for a ressarcement.

§ 1º The mishanding in kind or in securities of the federal furnished public debt, at the discretion of the Minister of State for Finance, shall be preceded by the deduction of an offending of values of a tax or non-tax nature due to the National Farm by the legal persons listed in the art's caput . 2º of this Act.

§ 2º To the presumed credit that it treats this Act does not apply to the provisions of art. 74 of Law No. 9,430 of December 27, 1996.

Art. 5º For the purposes of ascertaining the presumed credits, the accounting balances mentioned in the arts. 2º and 3º of this Act will be provided to the Registry of the Brazilian Federal Revenue Office of the Ministry of Finance by the Central Bank of Brazil based on the data available in its information systems.

Single paragraph. The National Farm will be able to check the accuracy of the presumed credits ascertained from which they treat the arts. 2º and 3º of this Act by the time limit of 5 (five) years, counted from the date of the request for a ressaration that it treats art. 4º of this Law.

Art. 6º From the deduction of trade from the debits with the National Farm or the mishandling, the legal person should add to the net profit, for the purposes of ascertaining the actual profit and calculation basis of CSLL, the following value:

ADC = CP x (CREC / PCLD) x [1 / (IRPJ + CSLL)]

Where:

ADC = value to be added to the net profit, for the purposes of ascertaining the actual profit and calculation basis of CSLL;

CP = credit presumed in the previous calendar year;

CREC = repayment effectively received in payment function, renegotiation or repactuation of operations that gave cause to the provision constitution for settlement credits doubtful;

PCLD = balance of the provisions for dubious settlement credits existing in the previous calendar year;

IRPJ = Income of Tax on the Income of the Legal Percent; and CSLL = aliquot of the Social contribution on the Net Profit.

Single paragraph. The non-addition of which treats the caput of this article will subject the legal person to the launch of an offending of the established differences of the IRPJ and CSLL.

Art. 7º To the legal persons who request the presumed credit ressaration of which they treat the arts. 2º and 3º of this Act will be imposed fine of 30% (thirty percent) on the deductible value of trade from the debits with the National Farm or mishandled in kind or in securities of the federal furnished public debt, in cases where this deduction or ressarcement are obtained with falsity in the application by them presented, without prejudice to the return of the value deducted or ressarated unduly.

Art. 8º The deduction of offending may be the subject of review by the administrative authority, upon request, when the taxable person alleging inexistence of the deducted debit.

Art. 9º The Secretariat of the Brazilian Federal Revenue Officer of the Ministry of Finance and the Central Bank of Brazil will discipline the provisions of this Act, in the respective areas of acting.

Art. 10. The Law No. 12,249 of June 11, 2010, passes the following with the following amendments:

" Art. 37. The financial institutions and other institutions authorized to operate by the Central Bank of Brazil may issue Financial Letter, nominative credit title, transferable and free trading. " (NR)

" Art. 38. .......................................................................................................................

IX-the date or the conditions of maturity;

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XIV-the clause of suspension of payment of the stipulated remuneration, when there are;

XV-the extinction clause of the credit right represented by the Financial Letter, when there is; and

XVI-the conversion clause of the Financial Letter into shares of the issuing institution, when there are.

.....................................................................................................................................

§ 4º The register of the Financial Letter should contain all of the characteristics mentioned in this article and the negotiating conditions that will discipline its conversion, if issued with the clause of which treats the inciso XVI of the caput.

§ 5º The clause of which treats the inciso IX of the caput it may establish, as the maturity conditions of the Financial Letter, the inadimplement of the obligation to pay the remuneration or the dissolution of the issuing institution, in which case both conditions are to appear in the title.

§ 6º Will be deemed to extinguish the remuneration regarding the period of the suspension of payment brought about by the clause of which treats the inciso XIV of the caput.

§ 7º The conversion into shares of which treats the inciso XVI of the caput it will not be able to proceed from the initiative of the holder or the issuing institution of the Financial Letter. " (NR)

" Art. 40. .......................................................................................................................

§ 1º The Financial Letter of which treats the caput can be used for the purposes of composition of the estate of reference of the issuing institution, under the conditions specified by the CMN.

§ 2º The standards edited by the CMN will be able to establish order of preference in the payment of the holders of the Financial Letter that it treats the caput, in accordance with the characteristics of the title. " (NR)

" Art. 41. .......................................................................................................................

I-the type of institution authorized for its issuance;

.....................................................................................................................................

V-the emission limits, considered in function of the type of institution;

VI-the conditions of maturity;

VII-the situations during which the suspension of payment of the stipulated remuneration will occur; and

VIII-the situations in which the extinction of the right of credit or the conversion of the title into shares of the issuing institution. " (NR)

Art. 11. For the purposes of preserving the smooth operation of the financial system, the Central Bank of Brazil will be able to determine, according to criteria established by the National Monetary Council-CMN, the extinction of debts represented in credit securities and too much instruments authorized to compose the reference heritage of financial institutions and too many institutions authorized to function by the Central Bank of Brazil or the conversion of these securities or instruments into shares of the issuing institution, issued after 1º of March 2013 or paced in such a way as to predict this possibility.

Art. 12. Are definitive and irreversible the extinction of debts represented in credit securities and too much instruments authorized to compose the reference equity of financial institutions and too many institutions authorized to operate by the Bank Central to Brazil and the conversion of these securities or instruments into shares of the issuing institution.

Single paragraph. The extinction or conversion mentioned in the caput of this article subsists even if carried out in an improper manner, in which case any disputes will be resolved in loss and damage.

Art. 13. The extinction of debts represented in credit securities and too many instruments authorized to compose the reference heritage of financial institutions and too many institutions authorized to function by the Central Bank of Brazil, the conversion of these securities or instruments in shares of the issuing institution or the suspension of the payment of the remuneration in them stipulated will not be considered as events of inaddition or other factors that generate the anticipation of the maturity of debts, in any legal business from which to participate the issuing institution or other entity of the same economic conglomerate-financial, as defined by the CMN.

Single paragraph. They are void of the clauses of the legal business referred to in the caput of this article which ascribe to the events there described the following consequences:

I-anticipation of the maturity of debts;

II- majoring in interest rates or other forms of remuneration;

III-demand for the provision of guarantees or their majoration;

IV-payment of any amount; or

V-other consequence that they aim to achieve practical effects similar to those laid out in the incisos I to IV, albeit by means of derivative contracts.

Art. 14. Should the conversion into shares of credit securities and instruments issued by financial institutions and too many institutions authorized to operate by the Central Bank of Brazil result in the possibility of the transfer of the controlling share, the exercise of the right to vote inherent in the actions resulting from the conversion and liable to modify the control of the institution shall be conditional upon authorization by the competent governmental authorities.

Art. 15. Applies to credit securities and too much convertible instruments in shares issued by financial institutions and too many institutions authorized to function by the Central Bank of Brazil, for composition of its reference estate, the willing on the following devices of Law No. 6,404 of December 15, 1976:

I-the inciso IV of the caput of the art. 109;

II-the inciso IV of the caput of the art. 122;

III-the inciso VII of the caput of the art. 142;

IV-the art. 157;

V-the inciso III of the caput of the art. 163;

VI-the inciso III of the caput and the § § 1st and 2nd of the art. 166;

VII-the art. 171; and

VIII-the art. 172.

Art. 16. The distribution of the dividends provided for in the arts. 202 and 203 of Law No. 6,404 of December 15, 1976, to shareholders of financial institutions and too many institutions authorized to operate by the Central Bank of Brazil shall be subject to compliance with the prudential requirements set by the CMN.

Art. 17. The presumed credit that it treats this Act will not be ascertained by the institutions whose extrajudicial settlement or bankruptcy has been enacted before 1º January 2014.

Art. 18. This Act comes into effect on the date of its publication, producing effects:

I-in relation to the arts. 1º to 9º and 17, as of 1º January 2014; and

II-in relation to the remaining devices, as of 1º March 2013.

Brasília, July 9, 2013; 192º of Independence and 125º of the Republic.

DILMA ROUSSEFF

Guido Mantega

Alexandre Antonio Tombini