Central Bank imposes new rules for exempt securities

with Selic's discharge over the past two years, fixed income tax securities have gain more Notoriety, reaching the mark of R $ 1.4 trillion at the end of 2023. The fact is that some titles of this species began to be used in a “creative” way, as is the example of banks that used them as a source of founding. /P>

As a result, in early February, the National Monetary Council (CMN), through Resolutions 5,118 and 5,119, approved adjustments to limit the issuance of these titles and eliminate this gap, so that such securities They fulfill the real role for which they were designated, as they aim to encourage agribusiness and the real estate market. They are: Agribusiness Receivable Certificates (CRA), Real Estate Receivable Certificates (CRI), Agribusiness Credit Letters (LCA), Real Estate Credit (LCI) and Guaranteed Real Estate Letters (LIG).

From now on, it is forbidden that these securities will be issued for purposes that do not have direct connection with agribusiness or real estate sector. Regarding the LCAs, the minimum issuance period is no longer 90 days and is 9 months, as in the case of LCIs, which becomes 12 months. In addition, the LCAs, from July, cannot be considered in operations that have union subsidies.

market players believe the impact may be bad for investors, but, on the other hand, they think the CMN acted correctly, as the purpose of the titles was being diverted; They also believe that the limitations imposed on the issuance of such securities will encourage investor to migrate to other capital market assets, moving the market.

It is noteworthy that for the investor who already has any of these titles in his wallet, nothing changes. The same for Cris and CRAS that are already under analysis at the Securities Commission (CVM). The new rules, therefore, will be applied only to future emissions.

With the exception of LCA predictions, which come into force from July this year, the term of the others began on the date of publication of resolutions, on 02/01/2024.