CVM Resolution No. 247

The Brazilian Securities and Exchange Commission (CVM) issued Resolution CVM No. 247, of October 2, 2026, which amends Resolution CVM No. 60/2021, applicable to securitization companies, and Annex II of CVM Resolution No. 175/2022, which governs investment funds in credit rights (FIDCs). The regulation implements the Technical Cooperation Agreement signed between the CVM and the Central Bank of Brazil (BCB) in April 2026 and will enter into force on November 1, 2026.

With the change, securitization companies will now be required to submit information regarding their credit operations to the Central Bank of Brazil's Credit Information System (SCR), an obligation that already applied to financial institutions and FIDC (Investment Fund in Credit Rights) administrators. The regulation also standardizes and details the duties of FIDC administrators to the SCR, establishes a penalty for late submission of information, and authorizes the managers of these funds to consult the system. In practice, the measure tends to broaden the SCR's coverage of credit granted outside the banking system and linked to securitization operations, giving regulators a more complete view of borrowers' indebtedness.

New obligations for securitization companies

Article 51-A of CVM Resolution No. 60 stipulates that securitization companies must submit information regarding credit operations to the SCR (Credit Information System) monthly, within nine business days after the end of the reference month, according to the models made available by the Central Bank of Brazil (BCB) on its website. The provision also establishes ancillary duties of a registration, operational, and informational nature, including registration in the Information System on Institutions of Interest to the Central Bank (Unicad), indicating the person responsible for the information submitted and a technical manager; notification to the contracting parties of credit operations that their information will be sent to the SCR, if there has been no prior notification; the retention, for a minimum period of five years, of authorizations granted by the holders for consultations with the system; compliance with the confidentiality and regulations of the National Monetary Council (CMN) and the BCB regarding the SCR, as a condition for access to the information contained therein; and the concealment of client data in compliance with court orders.

Two aspects deserve attention. The first is the caveat regarding prior notification, relevant in operations structured from the assignment of credits, in which the assignor, when a financial institution, may have already informed the debtor about the sending of their data to the SCR (Credit Information System). In this context, it is recommended that the verification of the existence of prior notification to the debtor be included in the due diligence procedures on the credit portfolio.

The second point is that, by establishing conditions for access to SCR information, the regulation also contemplates the possibility of consultation by securitization companies, provided that the requirements set forth in the applicable regulations are observed, including the authorization of the data subject.

Changes for FIDCs

In Annex II of CVM Resolution No. 175, item II of article 31 now stipulates that the administrator must submit information regarding credit operations to the SCR (Credit Information System) within the same nine-business-day period after the end of the month, and the new sole paragraph of the provision assigns duties equivalent to those of securitization companies. The new article 56-A, in turn, subjects the administrator to a daily penalty as provided for in the specific regulations in case of non-compliance with the deadlines for submitting periodic information to the SCR, without prejudice to the penalties of article 11 of Law No. 6,385/1976.

The regulation also amends Article 34 of Normative Annex II to allow managers, within the scope of due diligence related to the acquisition and management of credit rights, to consult information on credit operations available in the SCR (Credit Information System). Consultation is optional and subject to compliance with the regulations of the CMN (National Monetary Council) and the BCB (Central Bank of Brazil) regarding the system, which requires authorization from the holder of the information, as well as legislation governing the confidentiality of operations of financial institutions. This is a relevant tool for assessing the credit risk of debtors and the indebtedness of assignors and drawees.

Adaptation deadlines

CVM Resolution No. 247 enters into force on November 1, 2026. Securitization companies registered with the CVM on the date of publication of the rule have until October 31, 2027 to adopt the measures required by the rule.

Key points for securitization companies, administrators, and managers.

Securitization companies and FIDC administrators must review the instruments for the assignment and acquisition of receivables, especially the provisions relating to communication to contracting parties regarding the sending of information to the SCR (Credit Information System) and obtaining authorization from the holders for consultations with the system, when applicable; update their compliance and personal data protection policies; and structure the routine for registration in Unicad (National System for Credit Information) and monthly submission to the SCR, including the designation of the responsible parties to be indicated to the BCB (Central Bank of Brazil) and the implementation of information quality controls. Managers who intend to consult the SCR must provide, in the operation documents, for obtaining authorization from the holders of the information and align with the administrator the flow of collection and storage of these authorizations.

Mazzucco & Mello Advogados keeps up with regulatory updates and advises its clients on adapting to new regulatory requirements.

Article prepared by: Antonio Mazzucco, Paula Suraci and Marcos Buzo

• “"With CVM Resolution No. 247, securitization companies are now integrated into the Central Bank's Credit Information System, which brings the treatment of securitized credit closer to that already applied to financial institutions and FIDCs (Investment Funds in Credit Rights)."”