The Brazil Securities Commission (CVM) issued Resolution CVM 240 making targeted amendments to the specific regime for Fundos de Investimento em Direitos Creditórios (FIDC), focusing on how credit rights assigned by companies undergoing judicial or extrajudicial recovery are characterised, with the stated aim of removing regulatory obstacles to these transfers. The changes to Annex Normative II of Resolution CVM 175 remove the requirement for court approval of the recovery plan for performed credit rights assigned by a company in judicial recovery to be treated as standardised, and revise the regulatory treatment of any co-obligation assumed by a company in judicial or extrajudicial recovery when transferring receivables so that it no longer characterises the credit right as non-standard. The measure forms part of the CVM’s 2026 Regulatory Agenda, is already in force, and was adopted without an impact assessment or public consultation on the basis that it is a narrow, requirements-relaxing amendment under Decree 10.411 and CVM Resolution 67.
Brazil Securities Commission (CVM) 2026-03-06
Brazil Securities Commission updates FIDC rules to ease receivables transfers by companies in judicial or extrajudicial recovery
The Brazil Securities Commission (CVM) issued Resolution CVM 240, amending the regime for Fundos de Investimento em Direitos Creditórios (FIDC) to ease the transfer of credit rights by companies in judicial or extrajudicial recovery. The changes remove the need for court approval of recovery plans and adjust the treatment of co-obligations, ensuring these do not render credit rights non-standard. This measure, part of the CVM’s 2026 Regulatory Agenda, was implemented without an impact assessment.