Novas regras dos FIDCs: as mudanças que o mercado pede ao Governo

Executives from Brazil's financial market organized after a resolution changed the rules for FIDCs, requesting modifications to mitigate what they perceive as disastrous impacts. The resolution prohibits FIDCs from purchasing rights to judicial or arbitration claims that have not yet been decided. The market demands a suspension or postponement of this provision until January 4, as opposed to the current deadline of October 13.

Guilherme Setoguti, president of the Brazilian Association of Special Situations, stated that the government should create a working group with representatives from the government and the market to discuss the effects of the measure. The associations presented their requests to the AGU, Central Bank, CVM, and the Ministry of Finance.

In a recent advertisement, they shared the goal of strengthening anti-money laundering prevention and financial system integrity, but believe the measure must coexist with legal certainty, regulatory predictability, and preservation of legitimate economic activities.

Setoguti acknowledges the requirement for increased transparency in disclosing asset information as acceptable, but deems the additional demands excessive. FIDCs must price assets with external verification and audit, while also reassessing them whenever relevant events occur. However, they find it unreasonable to require the disclosure of cedents, counterparties, and purchase values – strategic information that firms wish to keep private.

A credit manager explained that while the norm aims to combat fraud, the balance must be struck between necessary actions to avoid irregularities and actions that might destroy the market.

Managers believe the measure benefits banks, as the restrictions apply only to FIDCs and not to treasury departments. Additionally, the market may shift to alternative structures, such as FIPs, to perform similar operations. Setoguti argues that prohibiting FIDCs from making specific investments does not solve fraud, as other structures may be less transparent than FIDCs.