New Regulations Restrict FIDCs’ Acquisition of Judicial Credits
Starting October 13, 2023, FIDCs – Funds of Investment in Credit Rights – will face new restrictions when acquiring judicial and arbitration credits. The CMN Resolution 5.343/26 prohibits new investments in these assets until the credit has definitive liquidity, certainty, and enforceability. It also introduces new evaluation requirements for existing credits in portfolios. Under the new rules, acquisition can only occur after the appeal process concludes and the right is recognized, plus after liquidation and any challenges to enforcement decisions are finalized.
Evaluation Methodology Overhaul
For Paulo De Maria, an attorney specializing in credit recovery at Barcellos Tucunduva Law Firm, the primary impact lies in how these assets are economically evaluated. From January 2027, the methodology applied to credits covered by the norm must be consistent and subject to independent verification. Traditional classifications such as “probable,” “possible,” or “remote” success are insufficient for determining credit value. These classifications were designed to help debtors assess potential losses, not to price assets for creditors.
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“Pricing a process with an adjective is an elegant way of not pricing it,” De Maria explains. The new rule requires a substantiated opinion from an independent evaluator who does not participate in the process. This opinion must translate the case into step-by-step probabilities, estimated timelines, risk of value reduction, and the debtor’s actual payment capacity. A factual procedural event may trigger a revaluation, but other occurrences can significantly alter the credit’s economic value without any movement in the case files.
Impact on Existing Portfolios
The resolution also affects existing portfolios. De Maria cites legal changes like Law 14.905/24, which altered criteria for monetary updates and interest rates, and repetitive appellate rulings that can simultaneously change perspectives across multiple credits. “Revaluation requires predefined criteria and a materiality filter,” he stresses. The new requirement increases the importance of analysis independence. While the fund’s administration remains primarily responsible for evaluation, the new rule makes it difficult to justify pricing based solely on premises from those who manage, generate, or consult on the portfolio. “The evaluator is not responsible for the process outcome but for the quality of the evaluation.”
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These changes may also affect litigation strategies. Since credits only become eligible for FIDC acquisition after all challenges conclude, these discussions could extend the period the asset remains outside this market. For the creditor, stabilizing the value becomes more important, presenting consistent calculations, and advancing on uncontroversial installments when legally possible. Transparency about credits covered by the new requirements may increase, with periodic disclosures about assignments and holders revealing concentration or dispersion across different funds, potentially influencing negotiation strategies.
The most significant transformation, De Maria concludes, lies in the evaluation logic itself. “It’s necessary to consider probabilities, time, risk of value reduction, and payment capacity. A methodology that only looks at the files is not consistent.”
