Dias, Luciana. “Fundos de Investimento em Direitos Creditórios: o arcabouço regulatório construído para minimizar o risco de fraude e prestadores de serviço como gatekeepers na indústria de FIDCs” [Receivables Investment Funds: the regulatory framework built to minimize the risk of fraud and the service providers as gatekeepers in the FIDC industry] in Hanszmann, Felipe (Org.). Atualidades em direito societário e mercado de capitais, vol. IV, Lumen Juris, 2019, Rio de Janeiro, p. 505-551.
Summary
- Introduction
- Introduction of the opinion
- The FIDC regulatory framework
3.1. Regulatory changes between 2007 and 2016
3.2. The 2013 reform and the role of the custodian
3.2.1. Validation of credit eligibility criteria (art. 32, clause I)
3.2.2. Financial backing verification and documentation keeping (art. 38, clauses II, III and IV)
3.3. FIDC-NP (Non-Standard Receivables Investment Funds)
- The main regulatory arguments of the objections
4.1. Extent of financial backing and credit eligibility verification
4.1.1. Custody as a formal activity
4.1.2. Credit rights whose drawee, assignor or originator is a party related to the service providers of the fund
4.1.3. Financial backing verification by sampling
4.2. Liability for third-party fraud
4.3. Investors sophistication and the risk of fraud
4.4. Joint Liability
4.5. The effects of prior approval of the fund’s documents
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