TohidA/MONA · Datasets at Hugging Face

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-09-06

P1

R0

E

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a streamlined set of indicators from the financial data currently reported to the Off-Site Banking Supervision Department of the central bank to assess the economic and financial soundness of nonbanking financial institutions.

6

12/31/2002

SB

N/A

0

6

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-09-06

P1

R0

E

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a monitoring system to verify the quality of the accounting data provided to the Financial System Information Management Department of the central bank in terms of data consistency and accuracy.

7

12/31/2002

SB

N/A

0

7

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-09-06

P1

R0

E

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress in the auctioning of the four remaining federalized state banks.

1

12/31/2002

SB

N/A

0

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-09-06

P1

R0

E

SPC

20.1

1.1. Revenue measures, excluding trade policy

Enactment of the legislation to convert the social contribution for the Programa de Integração Social (PIS) into a value-added tax (VAT), as a first step towards converting, after an observation period of operation of the new system of approximately 12 months, the CONFINS into a VAT.

1

12/31/2002

PC

N/A

0

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to congress of the legislation to prevent a revenue shortfall arising from the expected reduction in the rate of the bank debit tax (CPMF) scheduled for 2004, that is not offset by other measures.

1

03/31/2003

SB

N/A

1

2003-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Submission to congress of the legislation to reduce the degree of earmarking of federal revenues (net of transfers to states and municipalities).

1

03/31/2003

SB

N/A

1

2003-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion by the central bank of an audit of its international reserves management function and systems.

1

09/30/2002

M

N/A

1

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

23.1

4.1. Pension reforms

Submission to congress of enabling legislation to create complementary pension funds for federal civil servants after the approval of the relevant legislation.

1

12/31/2002

SB

N/A

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of a review of differences between Brazilian and internationally-accepted practices for the use of independent external bank auditors, in order to evaluate the appropriateness of implementing such international practices.

1

12/31/2002

SB

N/A

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of the updating of existing regulations regarding licensing of financial institutions, including the adoption of a multistage approach to the licensing process; the introduction of a requirement that firms present detailed operating plans before licensing, including information on corporate organization and structure, internal controls, and corporate governance; and the requirement that the licensing process include consideration of the impact of the proposed new financial institution on market concentration and competition.

2

12/31/2002

SB

N/A

1

2

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a streamlined set of indicators from the financial data currently reported to the Off-Site Banking Supervision Department of the central bank to assess the economic and financial soundness of nonbanking financial institutions.

3

12/31/2002

SB

N/A

1

3

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a streamlined set of indicators from the financial data currently reported to the Off-Site Banking Supervision Department of the central bank to assess the economic and financial soundness of banks.

4

09/30/2002

M

N/A

1

4

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Implement a systematic assessment of credit risk level of the largest borrowers in the financial system.

5

09/30/2002

M

N/A

1

5

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a monitoring system to verify the quality of the accounting data provided to the Financial System Information Management Department of the central bank in terms of data consistency and accuracy.

6

12/31/2002

SB

N/A

1

6

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a monitoring system to report significant changes in key accounting data such as credit levels and composition, credit portfolio stress risks, and risk diversification.

7

09/30/2002

M

N/A

1

7

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress in the auctioning of the four remaining federalized state banks.

1

12/31/2002

SB

N/A

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2002-12-19

P1

R1

BLANK

SPC

20.1

1.1. Revenue measures, excluding trade policy

Enactment of the legislation to convert the social contribution for the Programa de Integração Social (PIS) into a value-added tax (VAT), as a first step towards converting, after an observation period of operation of the new system of approximately 12 months, the CONFINS into a VAT.

1

12/31/2002

PC

On Congressional agenda.

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to congress of the legislation to prevent a revenue shortfall arising from the expected reduction in the rate of the bank debit tax (CPMF) scheduled for 2004, that is not offset by other measures.

1

03/31/2003

MOD-SB

Incorporated into June '03 tax reform benchmark.

2

1

2003-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to Congress of a tax reform proposal as explained in paragraph 8 of February 2003 LOI: "To improve the structure of taxation, the government is working on a tax reform proposal focused on reducing regressivity, the bias against exports, the level of revenue earmarking, tax competition among states, administrative costs, and tax evasion. The reform will seek to be revenue-neutral, maintaining the value of revenues at all levels of government, while improving the efficiency of the economy(...)"

2

06/30/2003

SB

N/A

2

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Submission to congress of the legislation to reduce the degree of earmarking of federal revenues (net of transfers to states and municipalities).

1

03/31/2003

MOD-SB

Incorporated into June '03 tax reform benchmark.

2

1

2003-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion by the central bank of an audit of its international reserves management function and systems.

1

09/30/2002

M

N/A

2

1

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

23.1

4.1. Pension reforms

Submission to congress of enabling legislation to create complementary pension funds for federal civil servants after the approval of the relevant legislation.

1

12/31/2002

MOD-DATE

New 6/03 test date set

2

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

23.1

4.1. Pension reforms

Submission to congress of enabling legislation to create complementary pension funds for federal civil servants after the approval of the relevant legislation.

1

06/30/2003

SB

N/A

2

1

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

23.1

4.1. Pension reforms

Submission to Congress of legislation to reform the civil servants' pension system, consistent with the principles of the Brasilia Letter.

2

06/30/2003

SB

N/A

2

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of a review of differences between Brazilian and internationally-accepted practices for the use of independent external bank auditors, in order to evaluate the appropriateness of implementing such international practices.

1

12/31/2002

M

N/A

2

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of the updating of existing regulations regarding licensing of financial institutions, including the adoption of a multistage approach to the licensing process; the introduction of a requirement that firms present detailed operating plans before licensing, including information on corporate organization and structure, internal controls, and corporate governance; and the requirement that the licensing process include consideration of the impact of the proposed new financial institution on market concentration and competition.

2

12/31/2002

M

N/A

2

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a streamlined set of indicators from the financial data currently reported to the Off-Site Banking Supervision Department of the central bank to assess the economic and financial soundness of nonbanking financial institutions.

3

12/31/2002

M

N/A

2

3

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a streamlined set of indicators from the financial data currently reported to the Off-Site Banking Supervision Department of the central bank to assess the economic and financial soundness of banks.

4

09/30/2002

M

N/A

2

4

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Implement a systematic assessment of credit risk level of the largest borrowers in the financial system.

5

09/30/2002

M

N/A

2

5

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a monitoring system to verify the quality of the accounting data provided to the Financial System Information Management Department of the central bank in terms of data consistency and accuracy.

6

12/31/2002

M

N/A

2

6

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a monitoring system to report significant changes in key accounting data such as credit levels and composition, credit portfolio stress risks, and risk diversification.

7

09/30/2002

M

N/A

2

7

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress in the auctioning of the four remaining federalized state banks.

1

12/31/2002

MOD-DATE

Shifted to 6/03 test date.

2

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress in the auctioning of the four remaining federalized state banks.

1

06/30/2003

SB

N/A

2

1

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Progress towards the passage of a new bankruptcy law aiming at protecting creditor rights and a quicker restructuring of distressed businesses.

1

05/31/2003

SB

N/A

2

1

2003-05-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-03-17

P1

R2

BLANK

SPC

20.1

1.1. Revenue measures, excluding trade policy

Enactment of the legislation to convert the social contribution for the Programa de Integração Social (PIS) into a value-added tax (VAT), as a first step towards converting, after an observation period of operation of the new system of approximately 12 months, the CONFINS into a VAT.

1

12/31/2002

M

N/A

2

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to congress of the legislation to prevent a revenue shortfall arising from the expected reduction in the rate of the bank debit tax (CPMF) scheduled for 2004, that is not offset by other measures.

1

03/31/2003

MOD-SB

Incorporated into June '03 tax reform benchmark.

3

1

2003-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to Congress of a tax reform proposal as explained in paragraph 8 of February 2003 LOI: "To improve the structure of taxation, the government is working on a tax reform proposal focused on reducing regressivity, the bias against exports, the level of revenue earmarking, tax competition among states, administrative costs, and tax evasion. The reform will seek to be revenue-neutral, maintaining the value of revenues at all levels of government, while improving the efficiency of the economy(...)"

2

06/30/2003

M

N/A

3

2

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Submission to congress of the legislation to reduce the degree of earmarking of federal revenues (net of transfers to states and municipalities).

1

03/31/2003

MOD-SB

Incorporated into June '03 tax reform benchmark.

3

1

2003-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion by the central bank of an audit of its international reserves management function and systems.

1

09/30/2002

M

N/A

3

1

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

23.1

4.1. Pension reforms

Submission to congress of enabling legislation to create complementary pension funds for federal civil servants after the approval of the relevant legislation.

1

12/31/2002

MOD-DATE

New June '03 test date set.

3

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

23.1

4.1. Pension reforms

Submission to congress of enabling legislation to create complementary pension funds for federal civil servants after the approval of the relevant legislation.

1

06/30/2003

SB

N/A

3

1

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

23.1

4.1. Pension reforms

Submission to Congress of legislation to reform the civil servants' pension system, consistent with the principles of the Brasilia Letter.

2

06/30/2003

M

N/A

3

2

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of a review of differences between Brazilian and internationally-accepted practices for the use of independent external bank auditors, in order to evaluate the appropriateness of implementing such international practices.

1

12/31/2002

M

N/A

3

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of the updating of existing regulations regarding licensing of financial institutions, including the adoption of a multistage approach to the licensing process; the introduction of a requirement that firms present detailed operating plans before licensing, including information on corporate organization and structure, internal controls, and corporate governance; and the requirement that the licensing process include consideration of the impact of the proposed new financial institution on market concentration and competition.

2

12/31/2002

M

N/A

3

2

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a streamlined set of indicators from the financial data currently reported to the Off-Site Banking Supervision Department of the central bank to assess the economic and financial soundness of nonbanking financial institutions.

3

12/31/2002

M

N/A

3

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a streamlined set of indicators from the financial data currently reported to the Off-Site Banking Supervision Department of the central bank to assess the economic and financial soundness of banks.

4

09/30/2002

M

N/A

3

4

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Implement a systematic assessment of credit risk level of the largest borrowers in the financial system.

5

09/30/2002

M

N/A

3

5

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a monitoring system to verify the quality of the accounting data provided to the Financial System Information Management Department of the central bank in terms of data consistency and accuracy.

6

12/31/2002

M

N/A

3

6

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a monitoring system to report significant changes in key accounting data such as credit levels and composition, credit portfolio stress risks, and risk diversification.

7

09/30/2002

M

N/A

3

7

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress in the auctioning of the four remaining federalized state banks.

1

12/31/2002

MOD-DATE

Shifted to June '03 test date.

3

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress in the auctioning of the four remaining federalized state banks.

1

06/30/2003

SB

N/A

3

1

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Progress towards the passage of a new bankruptcy law aiming at protecting creditor rights and a quicker restructuring of distressed businesses.

1

05/31/2003

M

N/A

3

1

2003-05-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-06-13

P1

R3

BLANK

SPC

20.1

1.1. Revenue measures, excluding trade policy

Enactment of the legislation to convert the social contribution for the Programa de Integração Social (PIS) into a value-added tax (VAT), as a first step towards converting, after an observation period of operation of the new system of approximately 12 months, the CONFINS into a VAT.

1

12/31/2002

M

N/A

3

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to congress of the legislation to prevent a revenue shortfall arising from the expected reduction in the rate of the bank debit tax (CPMF) scheduled for 2004, that is not offset by other measures.

1

03/31/2003

MOD-SB

Incorporated into June '03 tax reform benchmark.

4

1

2003-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to Congress of a tax reform proposal as explained in paragraph 8 of February 2003 LOI: "To improve the structure of taxation, the government is working on a tax reform proposal focused on reducing regressivity, the bias against exports, the level of revenue earmarking, tax competition among states, administrative costs, and tax evasion. The reform will seek to be revenue-neutral, maintaining the value of revenues at all levels of government, while improving the efficiency of the economy(...)"

2

06/30/2003

M

N/A

4

2

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Submission to congress of the legislation to reduce the degree of earmarking of federal revenues (net of transfers to states and municipalities).

1

03/31/2003

MOD-SB

Incorporated into June '03 tax reform benchmark.

4

1

2003-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

20.5

1.5. Debt Management

Start of operations of the new primary and secondary dealer system and the development of the sale of public debt over the internet.

1

09/30/2003

SB

N/A

4

1

2003-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion by the central bank of an audit of its international reserves management function and systems.

1

09/30/2002

M

N/A

4

1

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

23.1

4.1. Pension reforms

Submission to congress of enabling legislation to create complementary pension funds for federal civil servants after the approval of the relevant legislation.

1

12/31/2002

MOD-DATE

New June '03 test date set.

4

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

23.1

4.1. Pension reforms

Submission to congress of enabling legislation to create complementary pension funds for federal civil servants after the approval of the relevant legislation.

1

06/30/2003

MOD-SB

At P1R4, incorporated into broader pension reform

4

1

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

23.1

4.1. Pension reforms

Submission to Congress of legislation to reform the civil servants' pension system, consistent with the principles of the Brasilia Letter.

2

06/30/2003

M

N/A

4

2

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of a review of differences between Brazilian and internationally-accepted practices for the use of independent external bank auditors, in order to evaluate the appropriateness of implementing such international practices.

1

12/31/2002

M

N/A

4

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of the updating of existing regulations regarding licensing of financial institutions, including the adoption of a multistage approach to the licensing process; the introduction of a requirement that firms present detailed operating plans before licensing, including information on corporate organization and structure, internal controls, and corporate governance; and the requirement that the licensing process include consideration of the impact of the proposed new financial institution on market concentration and competition.

2

12/31/2002

M

N/A

4

2

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a streamlined set of indicators from the financial data currently reported to the Off-Site Banking Supervision Department of the central bank to assess the economic and financial soundness of nonbanking financial institutions.

3

12/31/2002

M

N/A

4

3

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a streamlined set of indicators from the financial data currently reported to the Off-Site Banking Supervision Department of the central bank to assess the economic and financial soundness of banks.

4

09/30/2002

M

N/A

4

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Implement a systematic assessment of credit risk level of the largest borrowers in the financial system.

5

09/30/2002

M

N/A

4

5

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a monitoring system to verify the quality of the accounting data provided to the Financial System Information Management Department of the central bank in terms of data consistency and accuracy.

6

12/31/2002

M

N/A

4

6

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a monitoring system to report significant changes in key accounting data such as credit levels and composition, credit portfolio stress risks, and risk diversification.

7

09/30/2002

M

N/A

4

7

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress in the auctioning of the four remaining federalized state banks.

1

12/31/2002

MOD-DATE

Shifted to June '03 test date.

4

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress in the auctioning of the four remaining federalized state banks.

1

06/30/2003

MOD-DATE

Shifted to Sept '03 test date.

4

1

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress in the auctioning of the four remaining federalized state banks.

1

09/30/2003

SB

N/A

4

1

2003-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Progress towards the passage of a new bankruptcy law aiming at protecting creditor rights and a quicker restructuring of distressed businesses.

1

05/31/2003

M

N/A

4

1

2003-05-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

N/A

2003-09-05

P1

R4

BLANK

SPC

20.1

1.1. Revenue measures, excluding trade policy

Enactment of the legislation to convert the social contribution for the Programa de Integração Social (PIS) into a value-added tax (VAT), as a first step towards converting, after an observation period of operation of the new system of approximately 12 months, the CONFINS into a VAT.

1

12/31/2002

M

N/A

4

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to congress of the legislation to prevent a revenue shortfall arising from the expected reduction in the rate of the bank debit tax (CPMF) scheduled for 2004, that is not offset by other measures.

1

03/31/2003

MOD-SB

Incorporated into June '03 tax reform benchmark.

5

1

2003-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Submission to Congress of a tax reform proposal as explained in paragraph 8 of February 2003 LOI: "To improve the structure of taxation, the government is working on a tax reform proposal focused on reducing regressivity, the bias against exports, the level of revenue earmarking, tax competition among states, administrative costs, and tax evasion. The reform will seek to be revenue-neutral, maintaining the value of revenues at all levels of government, while improving the efficiency of the economy(...)"

2

06/30/2003

M

N/A

5

2

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

20.1

1.1. Revenue measures, excluding trade policy

Introduce legislation to Congress to expand the scope of portfolio adjustments that are free from the bank debit tax (CPMF)

3

03/31/2004

SB

N/A

5

3

2004-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Submission to congress of the legislation to reduce the degree of earmarking of federal revenues (net of transfers to states and municipalities).

1

03/31/2003

MOD-SB

Incorporated into June '03 tax reform benchmark.

5

1

2003-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

20.3

1.3. Expenditure measures, including arrears clearance

Announce criteria to increase borrowing limits for state and local governments that propose qualifying revenue-yielding projects of a self sustaining nature in water and sanitation, with a view to modernizing the sector

2

12/31/2003

SB

N/A

5

2

2003-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

20.5

1.5. Debt Management

Start of operations of the new primary and secondary dealer system and the development of the sale of public debt over the internet.

1

09/30/2003

M

N/A

5

1

2003-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

20.8

1.8. Budget preparation (e.g., submission or approval)

Complete a study on the implications of budget rigidities for maintaining a cyclically-adjusted fiscal stance

1

06/30/2004

SB

N/A

5

1

2004-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

21.2

2.2. Central bank auditing, transparency, and financial controls

Completion by the central bank of an audit of its international reserves management function and systems.

1

09/30/2002

M

N/A

5

1

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Submission to congress of enabling legislation to create complementary pension funds for federal civil servants after the approval of the relevant legislation.

1

12/31/2002

MOD-DATE

June '03 test date set.

5

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Submission to congress of enabling legislation to create complementary pension funds for federal civil servants after the approval of the relevant legislation.

1

06/30/2003

MOD-SB

At P1R4, incorporated into broader pension reform.

5

1

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

23.1

4.1. Pension reforms

Submission to Congress of legislation to reform the civil servants' pension system, consistent with the principles of the Brasilia Letter.

2

06/30/2003

M

N/A

5

2

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Enable loan applicants and banks to have access to the central bank's centralized credit rating system (SCR, Cadastro Positivo), with a view to make available to competing banks information on borrowers' credit profiles

1

06/30/2004

SB

N/A

5

1

2004-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of a review of differences between Brazilian and internationally-accepted practices for the use of independent external bank auditors, in order to evaluate the appropriateness of implementing such international practices.

2

12/31/2002

M

N/A

5

2

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of the updating of existing regulations regarding licensing of financial institutions, including the adoption of a multistage approach to the licensing process; the introduction of a requirement that firms present detailed operating plans before licensing, including information on corporate organization and structure, internal controls, and corporate governance; and the requirement that the licensing process include consideration of the impact of the proposed new financial institution on market concentration and competition.

3

12/31/2002

M

N/A

5

3

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a streamlined set of indicators from the financial data currently reported to the Off-Site Banking Supervision Department of the central bank to assess the economic and financial soundness of nonbanking financial institutions.

4

12/31/2002

M

N/A

5

4

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a streamlined set of indicators from the financial data currently reported to the Off-Site Banking Supervision Department of the central bank to assess the economic and financial soundness of banks.

5

09/30/2002

M

N/A

5

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Implement a systematic assessment of credit risk level of the largest borrowers in the financial system.

6

09/30/2002

M

N/A

5

6

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a monitoring system to verify the quality of the accounting data provided to the Financial System Information Management Department of the central bank in terms of data consistency and accuracy.

7

12/31/2002

M

N/A

5

7

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Develop a monitoring system to report significant changes in key accounting data such as credit levels and composition, credit portfolio stress risks, and risk diversification.

8

09/30/2002

M

N/A

5

8

2002-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress toward the sale of the four remaining federalized state banks.

1

12/31/2002

MOD-DATE

Shifted to June '03 test date.

5

1

2002-12-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress toward the sale of the four remaining federalized state banks.

1

06/30/2003

MOD-DATE

Shifted to Sept. '03 test date.

5

1

2003-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Further progress toward the sale of the four remaining federalized state banks.

1

09/30/2003

M

N/A

5

1

2003-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Implement the Provisional Measure to allow workers to pledge a fraction of their future wages to the repayment of consumer loans and expand the arrangement to include retirees in the public pension system via a National Social Security Institute (INSS) ruling

1

03/31/2004

SB

N/A

5

1

2004-03-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Conduct a study to identify measures to simplify, integrate, and reduce registration requirements for business and address overlaps and redundancies between different agencies and levels of government

2

09/30/2004

SB

N/A

5

2

2004-09-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Implement the bankruptcy law (after congressional approval) by providing training as outlined in paragraph 11

3

06/30/2004

SB

N/A

5

3

2004-06-30

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SB

30.1

11.1. Private sector legal and regulatory environment reform (non financial sector)

Progress towards the passage of a new bankruptcy law aiming at protecting creditor rights and a quicker restructuring of distressed businesses.

4

05/31/2003

M

N/A

5

4

2003-05-31

N/A

513

BRAZIL

223

SBA

2002-09-06

2,002

2003-11-05

2,003

2005-03-31

N/A

2003-12-15

P1

R5

BLANK

SPC

20.1

1.1. Revenue measures, excluding trade policy

Enactment of the legislation to convert the social contribution for the Programa de Integração Social (PIS) into a value-added tax (VAT), as a first step towards converting the CONFINS into a VAT.

1

12/31/2002

M

N/A

5

1

2002-12-31

N/A