CMN Resolution No. 5343 — Amending Resolution No. 2,907 of November 29, 2001, Authorizing the Establishment and Operation of Credit Rights Investment Funds and Cotes of Credit Rights Investment Funds

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on September 24, 2026, based on Articles 3, caput, item VII, and 4, caput, item VI, of the aforementioned Law, Law No. 4,728 of July 14, 1965, and Articles 3 and 4 of Law No. 6,385 of December 7, 1976,

R E S O L V E S:

Article 1. Resolution No. 2,907 of November 29, 2001, published in the Official Gazette of the Union on December 3, 2001, shall henceforth be effective with the following amendments:

“Article 1-A It is prohibited for credit rights investment funds and funds of credit rights investment funds to make investments, directly or indirectly, in rights or expectations of rights arising from judicial actions or arbitral proceedings, while the corresponding credit does not possess liquidity, certainty, and enforceability in a definitive manner.

§ 1. For the purposes of the caput, a credit is considered to possess liquidity, certainty, and enforceability in a definitive manner if it meets, according to its origin, the following requirements:

I - when arising from a judicial action, cumulatively:

a) the decision recognizing the right in the knowledge phase has become final and unappealable (res judicata);

b) the decision issued in the liquidation phase, when necessary to determine the amount due, has become final and unappealable; and

c) the legal period for filing objections to the enforcement of the judgment or appeals against execution has elapsed without such filing, or, if filed, the decision ruling on them has become final and unappealable; or

II - when arising from an arbitral proceeding, cumulatively:

a) an arbitral award, partial or final, has been issued, which alone or together with other awards issued in the proceeding, recognizes the right and determines the amount due; and

b) the period provided for in Article 33, § 1, of Law No. 9,307 of September 23, 1996, has elapsed without the filing of an action for nullity, or, if filed, the decision ruling on it has become final and unappealable, declaring it unfounded or ordering its extinction without resolution on the merits.

§ 2. For the purposes of the caput, indirect investment is considered to be that carried out through structures, operations, and financial products capable of capturing the risks and benefits of the rights or expectations of rights arising from judicial actions or arbitral proceedings mentioned in the caput, including through the acquisition of:

I - securities, securities, or contractual instruments of any nature whose collateral, guarantee, remuneration, or payment flow is linked, in whole or in part, to these rights or expectations of rights;

II - cotes of investment funds, companies, or investment vehicles, constituted in the country or abroad, whose portfolio contains, directly or indirectly, these rights or expectations of rights or the instruments referred to in item I; or

III - derivative instruments whose underlying asset corresponds, directly or indirectly, to these rights or expectations of rights or to the instruments referred to in items I and II.” (New)

“Article 1-B Credit rights investment funds or funds of credit rights investment funds whose portfolio contains rights or expectations of rights arising from judicial actions or arbitral proceedings prohibited by Article 1-A must, at a minimum:

I - adopt a consistent methodology for determining the value of credit rights, subject to independent verification, prohibiting pricing based exclusively on internal premises of the administrator, manager, or consultant;

II - perform revaluations whenever relevant procedural events occur capable of altering the prognosis regarding the realization or value of these rights;

III - submit to the verification of independent audit the observance of the provisions set forth in items I and II; and

IV - disclose, in a standardized and comparable manner across periods, with a minimum monthly frequency and in a structured electronic format allowing automated processing, at least the following information:

a) the identification of the fund, the administrator, and the manager, with their respective registration numbers in the National Register of Legal Entities;

b) the identification of the judicial process or arbitral proceeding, as well as the respective court or arbitral chamber;

c) the identification of the assignors and assignees, as well as the parties related to them, the date and instrument of the assignment, and, if applicable, previous assignments of which the administrator has knowledge;

d) the value and fraction of the credit held by the fund, in the case of partial ownership; and

e) the portfolio composition by debtor federative entity, in the case of rights or expectations of rights enforceable against the Union, the States, the Federal District, the Municipalities, or their autarchies and foundations.” (New)

Article 2. This Resolution enters into force:

I - on October 13, 2026, regarding Article 1, in the part referring to Article 1-A of Resolution No. 2,907 of November 29, 2001; and

II - on January 4, 2027, regarding Article 1, in the part referring to Article 1-B of Resolution No. 2,907 of November 29, 2001.

GABRIEL MURICCA GALÍPOLO
President of the Central Bank of Brazil