FIDCs; Regulatory | Brazilian SEC Flexibilizes FIDC’s Rules  for the Assignment of Credit Rights by Companies in Judicial Reorganization 

The Brazilian Securities and Exchange Commission (CVM) published the Resolution CVM 240, which removes obstacles to the assignment of credit rights by companies in judicial reorganization, making specific amendments to regulation of Receivables Investment Funds (FIDCs).

The change in regulation seeks to facilitate the use of FIDC as a source of funding, particularly given the record number of companies in judicial reorganization registered at the end of 2025 (5,680), an increase of approximately 24% compared to the stock in 2024.

The new rule includes two modifications:

1. The reorganization plan approval by the judge (homologação) is no longer a requirement for the receivables’ qualification as standardized: Resolution CVM 240 eliminated the requirement for judicial approval of the reorganization plan for performing receivables assigned by a company in judicial reorganization to be considered standardized.

With the change, promoted in §1 of article 2 of Resolution CVM 175 (Annex II), only receivables assigned by a business company in judicial or extrajudicial reorganization that originate from commercial contracts for the purchase and sale of products, goods and services for future delivery or provision (non-performed rights) will be considered non-standardized.

2. Co-obligation of a company in judicial reorganization ceases to be a characterizing element of non-standardized receivables: CVM reviewed the regulatory treatment applicable to joint liability (co-obligation) assumed by a company in judicial or extrajudicial reorganization when assigning receivables, ceasing to qualify it as a characterizing element of non-standardized receivables.

Until then, Article 2, item XIII of Resolution CVM 175 (Annex II) qualified as non-standardized receivables whose debtor or co obligator was a business entity in judicial or extrajudicial reorganization. The new rule removed the word “co obligator” from the wording.

The CVM’s initiative makes the FIDC an even more attractive vehicle for financing companies undergoing restructuring, an opportunity that should be on the radar of managers, administrators, and investors.