A securitização de direitos creditórios não performados (NPLs) através de FIDCs não padronizados

Abstract

This study analyzes the role of Credit Receivables Investment Funds (FIDCs), with a particularfocus on non-standardized FIDCs, as key instruments for transforming illiquid assets into liquidones within the Brazilian financial market. Starting from the concept and historical evolutionof securitization, the research demonstrates how this mechanism mobilizes assets, redistributesrisks, and creates liquidity from low-marketability credits such as future receivables and non-performing loans (NPLs). The study shows that by converting future cash flows into tradablefinancial instruments, securitization expands access to credit, reduces corporate dependence ontraditional banking systems, and contributes to the development of a more dynamic andinclusive capital market. It also examines the role of Special Purpose Entities (SPEs) instructuring securitization operations and contrasts their functionality with the FIDC model,emphasizing the latter’s advantages in flexibility, regulatory transparency, and riskdiversification. Furthermore, the research explores how the securitization of defaulted creditsallows the reactivation of previously stagnant assets, turning potential losses into structuredinvestment opportunities. Drawing on bibliographical review, regulatory analysis, and theauthor’s professional experience in asset management and structured finance, the studyconcludes that non-standardized FIDCs represent one of the most sophisticated expressions ofcontemporary financial engineering, establishing themselves as catalysts for modernization,liquidity creation, and efficiency in the Brazilian economy