Estruturação de um FIDC multicedente/multissacado fictício: financiamento alternativo no Brasil

Abstract

This study investigates the historical, regulatory, and market evolution of Credit Receivables Investment Funds (FIDCs) in Brazil, demonstrating how this trajectory informs the design of a modern and robust investment vehicle. Starting from the analysis of the macroeconomic scenario that motivated their creation in 2001, the research maps the foundational regulatory milestones, the governance crises that exposed systemic weaknesses, and the subsequent regulatory responses, with emphasis on CVM Instruction 531/2013 and the consolidating CVM Resolution 175/2022. The central hypothesis is that structuring an efficient and secure FIDC is not a purely theoretical exercise, but a direct application of lessons learned over two decades of market maturation. As a practical result of this analysis, the work proposes the detailed structuring of a multi-originator/multi-obligor FIDC focused on financing small and medium-sized enterprises (SMEs). The proposed model incorporates robust investor protection mechanisms, such as calculated subordination levels, reserve funds, strict covenants, and a technologically supported credit pipeline, justifying each design element based on the regulatory history. The research combines a literature review, documentary analysis of regulations and market reports, and a financial simulation to validate the resilience of the proposed fund. It is concluded that a well-structured FIDC, designed in light of its evolution, represents a superior solution for the SME financing gap and an attractive and safe investment alternative in the current Brazilian capital market environment, especially after its opening to retail investors.