FIDCs: nova regra ajuda gestores, melhorando informação

Starting from November 1st, managers of FIDCs will be able to consult the Central Bank's Credit Information System (SCR), a database that records all credit transactions and loan limits for both individuals and companies in the country. The measure will broaden managers' access to information about corporate debt and credit risk.

Currently, FIDCs are already required to forward information to the SCR, but the managers of these funds could not access the system. The release came with Resolution 247 of CVM, stemming from a Technical Cooperation Agreement signed between the regulator and the Bank of Brazil. "This was an old demand. It's a simple measure that benefits the entire FIDC industry by leveling the available information for managers and financial institutions," said Felipe Tucunduva Heemstede of Pinheiro Neto Advogados.

"Managers, who had to resort to third-party information to analyze the quality of the creditor's credit, will now have access to this information firsthand." The lawyer believes the trend is towards increased competitiveness. "FIDCs have already been establishing themselves as an alternative to credit in the traditional financial market."

The managers also celebrated the measure. "Managers will be able to access data and identify, for example, if the company has credits with other banks, if there are late payments, debt outside the balance sheet," said one manager. "It's a positive measure to try to put the funds on the same playing field as banks, although it's not transformative for the industry," said another manager.

Resolution 247 also determined that securitizers, responsible for issuing mortgage and agribusiness receivable certificates and bonds, will start providing information to the SCR. Securitizers have a 12-month deadline to adapt to the new obligations.