On Sep. 28, 2026, BRZ CMN published Resolution CMN 5.343 in the official gazette.
On Sep. 24, BRZ CMN restricted investments linked to litigation claims assets.
BRZ CMN issued Resolution CMN 5.343, amends rules governing FIDCs and FIDC fund-of-funds, introducing restrictions on investments linked to litigation claims assets.
Credit Rights Investment Funds (FIDCs) and fund-of-funds investing in FIDCs.
Amends Resolution 2.907, of Nov. 29, 2001, which authorizes the establishment and operation of investment funds in credit rights and investment funds.
Litigation Credit Investment Limits
Funds are prohibited from investing directly or indirectly in judicial or arbitral claims before credits become definitively enforceable and liquid.
Resolution specifies legal conditions that judicial credits must satisfy, including final decisions and exhaustion of challenge mechanisms applicable.
Similar requirements apply to arbitral awards, requiring recognized rights, defined amounts and expiration or resolution of nullity actions.
Indirect exposure through securities, investment vehicles, contracts or derivatives linked to judicial or arbitral claims is also prohibited.
Funds already holding restricted rights must adopt valuation methodologies, reassess positions, obtain audit verification and provide standardized disclosures.
Required disclosures include proceeding details, assignment history, credit ownership information, portfolio composition and public-sector debtor exposure data.
Effectiveness
Entry into force of Art. 1-A, which prohibits FIDCs, FIC-FIDCs from investing in certain judicial, arbitral claims before they become definitively enforceable, on Oct. 13, 2026.
Entry into force of Art. 1-B, which establishes valuation, audit, review, and disclosure requirements for funds holding such assets, on Jan. 4, 2027.
Sep. 28, 2026 Official Publication
On Sep. 28, 2026, BRZ CMN published Resolution CMN 5.343 in the official gazette.
