Regulatory Alerts2026-02-20
Internal Office No. 3/2026/CVM/SDM/GDN-2: Proposal to Amend Annex II of CVM Resolution 175 Regarding Non-Standardized Credit Rights
The CVM's Market Development Superintendence (SDM) recommends approving ANFIDC's proposal to amend Annex II of CVM Resolution 175 by removing requirements that classify credit rights from companies in judicial or extrajudicial recovery as non-standardized. The SDM supports eliminating the mandatory homologation of a recovery plan and the classification of co-obligations by recovering entities as non-standardized, citing legal precedents and the need to enhance liquidity for distressed companies. This regulatory flexibility is deemed convenient and opportune as it facilitates capital access without increasing investor risk or requiring a regulatory impact analysis.
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