On September 24, 2026, the Brazilian National Monetary Council (Conselho Monetário Nacional – “CMN”) issued CMN Resolution No. 5,343 (the “Resolution”), amending CMN Resolution No. 2,907 of November 29, 2001, to establish new rules applicable to Receivables Investment Funds (Fundos de Investimento em Direitos Creditórios – “FIDCs”) and FIDC Fund of Funds (Fundos de Investimento em Cotas de FIDCs – “FIC-FIDCs”).
The Resolution prohibits FIDCs and FIC-FIDCs from making, whether directly or indirectly, investments in rights or contingent rights arising from judicial proceedings or arbitral proceedings until the underlying credit has become final, liquid, certain, and legally enforceable.
For purposes of the new rule, claims arising from judicial proceedings will only be deemed final if all of the following conditions are satisfied:
- (i) the decision recognizing the underlying right in the merits phase (fase de conhecimento) has become final and no longer subject to appeal (transitado em julgado);
- (ii) where necessary to determine the amount due, the decision rendered in the liquidation phase (fase de liquidação) has likewise become final and no longer subject to appeal; and
- (iii) the statutory period for challenging the enforcement of the judgment or filing objections to enforcement has expired without any such challenge being filed or, if filed, the decision resolving the challenge has become final and no longer subject to appeal.
With respect to claims arising from arbitral proceedings, the Resolution requires:
- (i) the issuance of a partial or final arbitral award recognizing the underlying right and determining the amount due; and
- (ii) the expiration of the statutory period for filing an action seeking to set aside the arbitral award without such action being commenced or, if commenced, the issuance of a final, non-appealable decision dismissing the action or terminating it without a decision on the merits.
The prohibition also extends broadly to investments in domestic or foreign securities whose underlying assets, guarantees, remuneration, or payment flows are linked to such rights or contingent rights, including interests in investment vehicles holding these assets in their portfolios and derivative instruments whose underlying assets correspond, directly or indirectly, to such rights or contingent rights.
For FIDCs and FIC-FIDCs that already hold rights or contingent rights which become prohibited under the Resolution, specific obligations have been established regarding the valuation of such receivables and the monthly disclosure of information to the market.
The prohibition on new investments in rights and contingent rights that do not satisfy the requirements of finality, certainty, liquidity, and enforceability will become effective on October 13, 2026. The disclosure and valuation obligations applicable to existing portfolios holding such assets will become effective on January 4, 2027.
Further information, including the full text of CMN Resolution No. 5,343, is available on the CMN’s website (https://www.gov.br/fazenda/pt-br/assuntos/cmn).
