News

Resolution CMN No. 5,343/2026 introduced significant changes for Receivables Investment Funds (FIDCs), which invest in the acquisition of receivables, and for funds that invest in their units (FIC-FIDCs).

Since 13 October, the regulation has prohibited new direct or indirect investments in rights or expectations arising from court proceedings or arbitration proceedings where the relevant claims have not yet become definitively liquid, certain and enforceable.

In the case of judicial claims, the regulation generally requires final decisions not only on the recognition of the underlying right, but also on the determination of the amount due, where necessary, and on any disputes during the judgment enforcement or execution phase.

The restriction extends beyond the direct acquisition of these claims. It also covers structures, transactions and financial products linked to the risks and benefits of these assets, including certain securities, contractual instruments, fund units and investment vehicles in Brazil and abroad, as well as derivatives.

For funds that already hold claims in their portfolios that do not yet meet the finality requirements, the Resolution does not require divestment. However, it establishes additional requirements that must be observed from 4 January 2027.