Managers of Brazil’s receivables investment funds, known as FIDCs, gain permission from 1 November to consult the central bank’s Credit Information System, or SCR, during acquisition and portfolio due diligence. CVM announced the change on 5 October under Resolution 247, dated 2 October. Access remains subject to central-bank rules and financial-confidentiality law.[1][2]
The investment consequence is a potentially wider view of a borrower’s obligations. A receivable may look sound when assessed alone while competing with other claims on the same debtor’s cash flow. Access to a shared credit record can help a manager identify that problem, provided it can connect the information to the asset under consideration.
Industry association ANBIMA said on 15 October that the change addressed a request pursued with CVM and the central bank since 2023. It highlighted the earlier asymmetry: FIDC administrators supplied monthly credit information, while access to the system was confined to financial institutions such as banks. ANBIMA linked the new access to managers’ selection and monitoring of assets.[3]
Two reporting calendars
Who must prepare for which requirement
| Party | Requirement | Timing |
|---|---|---|
| FIDC manager | May consult SCR for credit-asset due diligence, subject to applicable conditions. | From 1 November 2026Source 1 |
| FIDC administrator | Monthly credit-operation submissions within nine business days of month-end. | No additional adaptation periodSource 1Source 2 |
| Securitiser already registered when the resolution was published | Implement the new reporting and related duties. | By 31 October 2027Source 1 |
Securitisers’ monthly submission deadline is also nine business days. The rules require named reporting and technical contacts, data-quality controls and confidentiality. Authorisations for SCR enquiries must be retained for at least five years after the operation matures, is settled or is written off.[1]
Implementation has two distinct workstreams: managers need to document authorised enquiries and their use in investment decisions, while administrators need to reconcile and submit the monthly credit data.
Better information still needs interpretation
A broader credit record helps managers assess competing claims on a debtor’s cash flow. Collection prospects and the quality of each receivable still determine how that information translates into a lending decision.
For data and administration providers, the practical opportunity is to connect that investment judgement with reliable records: identify the debtor consistently, preserve the basis for an enquiry and reconcile information used by the manager with information submitted by the administrator. The value of the new access will depend on that connection as much as on the permission itself.
Sources & further reading
- Resolution CVM 247, of 2 October 2026 Comissão de Valores Mobiliários · 2 Oct 2026 · Accessed 29 Oct 2026
- CVM improves rules on submission and access to Credit Information System data Comissão de Valores Mobiliários · 5 Oct 2026 · Accessed 21 Oct 2026
- CVM allows FIDC managers and administrators access to the central bank credit system ANBIMA · 15 Oct 2026 · Accessed 29 Oct 2026