CMN Resolution No. 5,343

Resolution CMN No. 5,343, approved by the National Monetary Council (CMN) on September 24, 2026, stipulates that Investment Funds in Credit Rights (FIDCs) and investment funds in FIDC quotas may not invest, directly or indirectly, in credits arising from legal actions or arbitration proceedings that are not yet liquid, certain, and definitively enforceable.

The Resolution also establishes requirements for funds that already hold these assets in their portfolio and sets distinct effective dates for each set of rules.

Credits arising from legal proceedings

For judicial credits, this definitive character depends on the conclusion of the stages in which the right or value can still be discussed: the decisions of the cognizance phase and, when applicable, of the liquidation phase must have become final and unappealable, and the deadline for challenging the enforcement of the judgment or for filing objections to the execution must have expired without presentation or, if presented, with a final and unappealable decision.

Credits arising from arbitration proceedings

In arbitration cases, an arbitral award, partial or final, is required that recognizes the right and establishes the amount due, and that the legal deadline for filing an action for annulment has expired without such action being filed, or, if filed, that the action has been dismissed or extinguished without resolution of the merits by a final and unappealable decision.

Indirect application

The prohibition also applies to indirect investments, that is, to structures, operations and financial products capable of capturing the risks and benefits of these credits, such as securities and contracts linked to them, fund units, companies or vehicles, in Brazil or abroad, that hold them, and derivatives that have them as an underlying asset.

Funds that already hold these assets in their portfolio

Funds that already hold these assets in their portfolios must adopt a consistent and independently verifiable pricing methodology that is not based solely on internal assumptions of the administrator, manager, or consultant, and re-evaluate the assets whenever there is a relevant procedural event affecting their realization or value. Compliance with these rules will be verified by independent audit.

These funds must also disclose, at least monthly and in a standardized electronic format, information about the fund, the administrator and manager, legal proceedings and arbitration procedures, assignments of credits, the fraction held by the fund in each credit, and the portfolio composition by debtor federative entity.

Validity

The ban takes effect from October 13, 2026, and the obligations of funds that already hold these assets take effect from January 4, 2027.

Recommended measures

Until those dates, it is recommended to review regulations, pricing policies, assignment agreements, and reporting routines, as well as map the portfolio, including indirectly held positions, to identify assets subject to restrictions and new obligations, and to assess any necessary contractual adjustments with assignors and service providers.

Mazzucco & Mello Advogados closely monitors these updates and advises its clients on adapting to the new regulatory requirements.

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

• “"With CMN Resolution No. 5,343, the FIDC (Investment Fund in Credit Rights) can only invest in judicial or arbitral credit that is liquid, certain, and definitively enforceable."”
• “"Until October 13, 2026 and January 4, 2027, the effective dates of the new rules, it is recommended to review regulations, pricing policies, and disclosure routines."”
• “"The pricing of these assets cannot be based exclusively on internal assumptions of the administrator, manager, or consultant, and compliance with this rule will be verified by an independent audit."”