Brazil: CMN restricts FIDCs from investing in non definitive judicial or arbitral credits

At a session on September 24, 2026, the National Monetary Council (CMN) approved CMN Resolution No. 5,343, which amends CMN Resolution No. 2,907 of November 29, 2001, the rule authorizing the creation and operation of Receivables Investment Funds (FIDCs) and Funds of Receivables Investment Funds (FIC-FIDCs).

The new rule will take effect in two stages: on October 13, 2026, when the prohibition on new investments takes effect, and on January 4, 2027, when the rules applicable to funds that already hold these assets in their portfolios take effect.

The resolution prohibits FIDCs and FIC-FIDCs from investing, directly or indirectly, in rights or expectations of rights arising from judicial actions or arbitral proceedings while the corresponding credit lacks liquidity, certainty, and enforceability on a definitive basis.

In addition, it sets minimum requirements for pricing, revaluation, auditing, and disclosure of information for funds that already hold these assets in their portfolios.

Among the main points of the new resolution, the following are notable:

Credits with definitive status
The rule defines the requirements for a credit to be considered as having liquidity, certainty, and enforceability on a definitive basis, depending on its origin.

Indirect investment
The prohibition also covers indirect investments by funds, understood as those made through structures, transactions, and financial products that can capture the risks and benefits of such rights.

Funds with these assets in their portfolios
FIDCs and FIC-FIDCs that already hold in their portfolios rights or expectations of rights arising from judicial actions or arbitral proceedings covered by the prohibition – that is, credits that still lack liquidity, certainty, and definitive enforceability – must comply with the pricing, revaluation, independent auditing, and information disclosure rules established by CMN Resolution No. 5,343.

Entry into force
CMN Resolution No. 5,343 enters into force in two stages:

• October 13, 2026: prohibition on direct or indirect investment in rights or expectations of rights arising from judicial actions or arbitral proceedings that lack definitive status; and
• January 4, 2027: pricing, revaluation, auditing, and disclosure rules applicable to funds that already hold these assets in their portfolios.

Points of attention
The broad concept of indirect investment – which covers instruments backed by, guaranteed by, or whose payment flows are tied to such rights, as well as quotas of vehicles in Brazil or abroad and derivatives – requires administrators and managers to review not only receivables acquired directly but also the structures used to access those receivables.

The rule does not set a specific divestment requirement for assets already held, but it subjects these funds to additional governance and transparency obligations that will require operational adjustments by January 2027.

For more information, please contact Mattos Filho’s Investment Funds and Asset Management practice.