meta_id 2941373

On March 6, 2026, the Comissão de Valores Mobiliários (CVM), Brazil's securities regulator, issued Resolution CVM 240, which amends Annex II of Resolution CVM 175 governing Fundos de Investimento em Direitos Creditórios (FIDC), or credit rights investment funds. The resolution makes targeted amendments to the characterisation of credit rights ceded by companies undergoing judicial or extrajudicial recovery. The CVM removed regulatory barriers to the transfer of credit rights by companies in judicial recovery, facilitating the use of FIDC as a funding source for the real economy. The amendments include two key changes: first, the removal of the requirement for judicial homologation of recovery plans for performing credit rights ceded by companies in judicial recovery to be considered standardised; and second, a revision of the regulatory treatment of co-obligations assumed by companies in judicial or extrajudicial recovery when transferring receivables, no longer classifying such co-obligations as characterising non-standardised credit rights. The measure forms part of the CVM's 2026 Regulatory Agenda and aims to enhance legal certainty and predictability for companies undergoing restructuring using FIDC instruments. João Accioly, Interim President of the CVM, stated the update contributes to greater clarity and legal security in FIDC operations and strengthens the capital market's role in supporting recovery processes. Resolution CVM 240 is effective immediately. The resolution was not preceded by a Regulatory Impact Analysis or public consultation, in accordance with Article 4, VII of Decree 10.411 and Articles 14, VII and 31, I, "a" of Resolution CVM 67, given its targeted and deregulatory nature. REFERENCES: Comissão de Valores Mobiliários. (2026). Resolução CVM 240. Available at: https://www.gov.br/cvm