The Brazilian market for Investment Funds in Credit Rights (“FIDCs”) has recently undergone significant adjustments with the update of ANBIMA's Codes of Qualified Services and Administration and Management of Third-Party Resources.

The new versions of the documents, which were submitted for public consultation at the end of 2025, will come into effect on March 23, 2026, reflecting a move to improve self-regulatory practices applicable to the fund industry in Brazil.

The changes aim to improve the governance of the funds and detail the division of responsibilities among the service providers involved in the structure of the FIDCs (Investment Funds in Credit Rights), especially managers and custodians.

The changes also incorporate adjustments aimed at the participation of non-resident investors (NRIs) in the Brazilian market, in line with Joint Resolution No. 13/2024 of the Central Bank of Brazil and the Securities and Exchange Commission, which simplified the entry of foreign capital into the country.

More than just isolated changes, the update to ANBIMA's self-regulation standards reflects an effort to modernize industry practices, seeking to strengthen legal certainty and operational efficiency in the Brazilian capital market.

New division of responsibilities in ballast verification.

One of the most relevant changes concerns the verification of the collateral for the credit rights that make up the portfolio of FIDCs (Investment Funds in Credit Rights).

Historically, the documentary verification of the underlying assets of credit rights has been largely associated with the activities performed by the custodian. With the evolution of CVM regulation — especially with CVM Resolution No. 175 — and with updates to ANBIMA's self-regulation, the division of responsibilities between asset manager and custodian in this process has been reinforced and detailed.

In this new model, the manager assumes a central role in the acquisition of credit rights, being responsible for the initial analysis of the documentation and the consistency of the information related to the credits that will be incorporated into the fund's portfolio.

In turn, the custodian maintains significant responsibility throughout the asset lifecycle, especially in situations such as default, maturity, or other events defined in the fund's policies, when it must perform additional verifications of the documentation and ensure the proper safekeeping and organization of the documents that support the credit rights.

This division of responsibilities seeks to more accurately reflect the practical actions of the agents involved in the structuring and management of FIDCs.

Standardization of procedures and strengthening of governance.

 The updated codes also establish minimum performance standards for managers and custodians in the procedures for verifying collateral, due diligence, and monitoring credit rights.

Among the points discussed are:

• Definition of minimum ballast verification procedures;
• Standardization of document processes;
• Monitoring events that may impact guarantees or the validity of credits;
• Defining responsibilities in cases of default.

By aligning the required practices of the different service providers involved in the structure of FIDCs (Investment Funds in Receivables), ANBIMA seeks to reduce operational asymmetries and increase the predictability of industry practices in the FIDC market.

Expanding access for Non-Resident Investors (NRIs)

The updates also incorporate changes aimed at increasing the participation of non-resident investors in the Brazilian financial market.

According to the new regulations, non-resident investors can access investments in the country through different methods, including:

• representation;
• Non-resident account;
• flexible investment structures.

In the case of the flexible investment modality, participating institutions must include in their internal policies procedures for the eventual change of modality whenever the monthly contribution limit in financial assets of R$ 2 million per intermediary institution is exceeded, or there is an intention to exceed it during the month.

These measures aim to simplify the entry of foreign capital and expand the integration of the Brazilian market with international investors.

Practical impacts for managers and service providers.

For asset managers and other industry participants, the changes imply the need to review internal procedures related to the analysis and acquisition of credit rights.

In practice, institutions are expected to:

• Strengthen due diligence procedures and verification of supporting documentation when acquiring credit rights;
• Establish clear information flow protocols between the manager and the custodian; and
• Expand the monitoring of events that may affect the asset valuation.

This movement tends to raise the level of governance in the FIDC industry and reduce operational risks associated with the origination and documentation of credits.

A further step in the evolution of market practices applicable to FIDCs (Investment Funds in Receivables).

 The changes promoted by ANBIMA reflect an ongoing process of improving self-regulatory practices applicable to the Brazilian capital market.

By establishing clearer responsibilities between managers and custodians and by facilitating access for non-resident investors, ANBIMA's new self-regulation guidelines seek to strengthen confidence in the functioning of FIDCs (Investment Funds in Credit Rights) and increase the attractiveness of this instrument for different investor profiles.

In this context, understanding the new rules and adapting internal processes has become essential for managers, fiduciary administrators, and other market participants involved in the structuring and management of these funds.

https://www.anbima.com.br/pt_br/noticias/regras-para-investidores-nao-residentes-e-prestadores-de-servicos-de-fidcs-sao-atualizadas.htm

Article written by: Diogo Ferraz, Marina Moreno, Paula Suraci, Bernardo Fontes and Piao Min You.