CMN bans credit receivables funds from buying uncertain…

In brief

The CMN banned credit receivables funds from buying uncertain court claims.

2 billion in such assets in July.

Verified fact · material
The CMN approved on September 24 a rule banning credit receivables funds from buying claims from lawsuits or arbitration that still lack liquidity, certainty and enforceability.
Restricts a relevant market for legal assets.
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Verified fact · material
According to CVM data, the funds had about R$ 35.2 billion exposed to court claims in July 2026.
Sizes the affected stock.
Sources[01][02]
Verified fact · material
From January 4, 2027, such credits already in portfolios require stricter valuation methods and more transparency.
Sets the treatment of the existing stock.
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Verified fact
According to NeoFeed, the rule is Resolution 5,343 and creates a maze for special situations funds.
Records the industry reaction.
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Verified fact
According to Valor, the special situations industry reacted and asked for the measure to be suspended and discussed.
Indicates pressure for revision.
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Transmission to assets

The rule reduces the pool of buyers for court claims and tends to lower prices of private judgments and litigation assets.

For special situations managers, it raises compliance costs and pressures fundraising.

FIDCs e gestoras de special situationsnegative

The ban reduces demand for court claims and raises valuation costs.

Effect concentrated in a niche.

What would change the view: Rule kept without suspension.

sector50% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

Limits of the reporting

The effective date of the restriction differs across outlets: October 13 according to Agência Brasil and October 26 according to CNN Brasil.