Credit Rights Investment Funds (FIDCs) will have stricter rules for investing in credits from lawsuits and arbitration proceedings. The National Monetary Council (CMN) changed this Thursday (24) rules that had been in force since 2001.
The main change consists of prohibiting FIDCs from purchasing credits or expectations of rights arising from legal proceedings or arbitrations while these amounts do not yet have liquidity (capacity for immediate sale), certain sources of resources and enforceability (capacity for collection in court by the creditor).
In practice, the rule prevents funds from purchasing certain credits whose receipt still depends on a judicial or arbitration decision and, therefore, is subject to a high degree of uncertainty.
What changes
The FIDC is a type of fund that brings together money from investors to buy credit rights, amounts that someone is entitled to receive. These receivables include financing installments and invoices.
The problem identified by the regulator is in a specific category: rights that depend on the resolution of a judicial or arbitration dispute.
Judicial credit is any amount that a person or company is entitled to receive as a result of a legal decision or dispute. Depending on the case, the credit may still be discussed or may already be recognized. Precatório are a type of this credit, when there is a definitive court ruling in which the Public Authority has to pay.
The new rule establishes that:
FIDCs will not be able to make new purchases of these credits until they are liquid, certain and demandable;
the restriction applies to direct purchases;
Indirect acquisition, through other funds or instruments that have these same assets in the portfolio, is also prohibited;
and funds that already have these credits will have to comply with additional evaluation, pricing and transparency requirements.
Why is there a restriction?
A judicial credit may have an estimated value, but this value will not necessarily be received by the fund.
This happens because the process may still involve questions about:
the existence of the right;
the amount actually owed;
when the money will be received;
the outcome of the judicial or arbitration dispute.
Therefore, assets of this type may present a greater degree of uncertainty than conventional receivables.
According to the CMN, the intention of the change is to reduce vulnerabilities that could be exploited for fraud or price manipulation in the capital market.
And who already has it?
The new resolution does not automatically eliminate judicial credits currently in the FIDCs' portfolios.
According to data from the Securities and Exchange Commission (CVM), the funds had approximately R$35.2 billion exposed to legal actions in July 2026.
For this existing stock, the CMN established new requirements designed to make the valuation of these assets more reliable.
Among the measures are:
improvement of evaluation and pricing procedures;
greater detail of information disclosed to investors;
submission of assessment procedures to an independent audit;
creation of minimum criteria to reduce conflicts of interest in the evaluation of credits.
The logic is to increase transparency about how much these assets are really worth and what risks are involved.
Restrictions on purchases of judicial credits come into force on October 13th. The changes in the evaluation of credits currently in the funds' portfolio are valid from January 4th.
What is still allowed?
The resolution does not prevent FIDCs from taking legal action to collect conventional credits.
A fund may therefore have regularly acquired a receivable that the debtor subsequently fails to pay. In this case, the fund can still go to court or arbitration to collect the amount owed. The difference is in the origin of the credit.
The CMN restriction targets the purchase of rights whose very existence, value or possibility of receipt still depends on the resolution of a dispute.
Objectives of the measure
In a statement, the Secretary of Economic Reforms of the Ministry of Finance, Regis Dudena, informed that the resolution is part of the regulator's work to identify and address vulnerabilities in the financial system.
“The publication of this resolution is yet another sign that the regulator is attentive to diagnoses about the vulnerabilities of the financial market and has been acting to preserve its integrity and its ability to contribute to economic development and social interest”, highlighted Dudena.
With the change, the CMN seeks to establish stricter parameters for a segment that moves relevant values and, at the same time, involves assets whose evaluation can be complex.
The main body responsible for formulating the guidelines for the country's monetary, credit and exchange rate policies, the CMN is formed by the Minister of Finance, Dario Durigan, who presides over the council; by the president of the Central Bank, Gabriel Galípolo; and by the Minister of Planning and Budget, Bruno Moretti.
