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Brazil CMN regulation of FIDC judicial credit investments

Updated 1 time since CLSTR started tracking revisions of this situation.

What changed

2026-09-28 06:22 UTC → 2026-10-02 00:03 UTC · added removed

The Brazilian National Monetary Council (CMN) has introduced stricter regulations for Credit Rights Investment Funds (FIDCs) concerning the acquisition of judicial and arbitration credits. The new measures, formalized through Resolution 5.343/2026, prohibit funds from investing—either directly or indirectly through other vehicles or derivatives—in rights or expectations of rights from legal proceedings that lack liquidity, certainty, and enforceability. Under these rules, which take effect on October 13, funds must generally wait for a final judgment (res judicata), the liquidation process, and the conclusion of appeals before investing. In arbitration cases, a sentence fixing the value and the expiration of annulment periods are required. While the regulation does not mandate the liquidation of existing holdings, current portfolios must comply with enhanced standards, including mandatory monthly disclosures and independent third-party pricing. The regulation aims In response to mitigate these upcoming changes, financial risks, prevent market manipulation, executives and curb fraudulent practices. It addresses associations, including the Brazilian Special Situations Association, ABVCAP, and ANFIDC, have approached the Ministry of Finance, the Central Bank, and the CVM. They are seeking a significant segment suspension or postponement of the capital market, noting rule prohibiting the purchase of rights over judicial or arbitration claims that according to have not reached a final judgment. Simultaneously, the National Council Confederation of Justice, 63% Financial Institutions (FIN) has petitioned Supreme Federal Court Minister Alexandre de Moraes to suspend the collection of processes in Brazil remain in IOF (Tax on Financial Operations) on FIDCs. FIN argues the knowledge phase, while only 37% have reached current structure creates a distortion through double taxation, as credit operations acquired by the execution stage. funds are already subject to daily IOF, potentially increasing production costs and consumer prices.

Versions

  1. 2026-10-02 00:03 UTC Brazil CMN regulation of FIDC judicial credit investments
  2. 2026-09-28 06:22 UTC Brazil CMN regulation of FIDC judicial credit investments

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