The Brazilian Securities and Exchange Commission ("CVM") published, on March 6, 2026, Resolution No. 240 ("RCVM 240"), which amended Normative Annex II of Resolution No. 175, dated December 23, 2022 ("RCVM 175"), governing the specific rules applicable to receivables investment funds (fundos de investimento em direitos creditórios, "FIDC").
The rule concerns the regulatory treatment applicable to receivables assigned by companies under judicial or out-of-court restructuring proceedings ("RJ" and "RE," respectively). In practice, the amendments introduced by RCVM 240 tend to expand the possibility of assigning such assets to FIDCs without their being classified as non-standard receivables ("DC-NP"), which in turn enables the distribution of fund quotas to a broader investor base — and not exclusively to professional investors, as is the rule applicable to FIDCs that acquire DC-NPs. The measure reinforces the use of this structure as a financing and liquidity management mechanism for companies undergoing restructuring. To that end, RCVM 240 introduced two specific amendments to Normative Annex II of RCVM 175, as detailed below.
The first amendment simplifies the regulatory requirements applicable to receivables assigned by companies under RJ or RE proceedings to FIDCs. Under the original wording of Normative Annex II of RCVM 175, the rule required, among other conditions, that the restructuring plan had been previously confirmed by the competent court for such receivables to qualify as standard receivables. Under the new wording, this requirement has been eliminated. That is, the only remaining circumstance under which receivables assigned by companies under RJ or RE proceedings to FIDCs continue to be classified as DC-NP relates to receivables arising from agreements for the purchase and sale of goods or the rendering of services that have not yet been performed (unperformed, or "a performar," receivables).
The second amendment concerns the removal of the reference to the concept of "co-obligor" for purposes of classifying a receivable as a DC-NP. Under this amendment, such classification now depends exclusively on the situation of the principal debtor of the receivable. Accordingly, the mere fact that a co-obligor is subject to RJ or RE proceedings is no longer sufficient to classify the asset as a DC-NP, thus reinstating the interpretation that had already been observed by the regulatory authority prior to the issuance of RCVM 175.
RCVM 240, which is already in force, may be accessed via this link.
