Brazil Securities Commission and ANBIMA expand cooperation to cover FIDC and FIC FIDC offerings and broaden eligible CRI collateral

The Brazil Securities Commission (CVM) and the Brazilian Financial and Capital Markets Association (ANBIMA) expanded the public offering “matrix” covered by their technical cooperation agreement, making issuances of Credit Rights Investment Funds (FIDCs) and funds investing in FIDCs (FIC FIDCs) eligible for ANBIMA’s analysis and allowing greater flexibility in the underlying assets of Real Estate Receivables Certificates (CRIs) that can be reviewed by the self-regulator. The changes are already in force and are intended to speed up offer registration by removing the need for an initial CVM review when an offering receives an unrestricted opinion from ANBIMA. The inclusion of FIDCs and FIC FIDCs is linked to the expansion of FIDC public offerings to the general public permitted under CVM Resolution 175 and to market demand to add these funds to the cooperation framework. For CRIs, the prior exhaustive list of eligible underlying assets was removed, and ANBIMA can now analyse any underlying assets that have already been analysed and registered by CVM under the ordinary registration process. The update also builds on the recent inclusion of Fiagro offerings in the matrix as a single category following the entry into force of the dedicated Fiagro regime under CVM Resolution 214, replacing the prior treatment limited to Fiagro-FII offerings.