Securitização imobiliáriaestudo sobre o conceito de crédito imobiliário para fins de lastro dos certificados de recebíveis imobiliários

Resumo

This dissertation examines the concept of real estate credit as collateral for the issuance of Brazilian Real Estate Receivables Certificates (Certificados de Recebíveis Imobiliários – CRI), with the objective of identifying which real estate credits may back CRI issuances and proposing a definition of real estate credit for real estate securitization purposes. Pursuant to Article 6 of Law No. 9,514/97, CRI are defined as registered, freely negotiable credit instruments backed by real estate credits and representing a promise of payment in cash. Although Law No. 9,514/97 requires CRI to be backed by real estate credits, there is a regulatory gap regarding the legal definition of what characterizes the real estate nature of such credits. The research adopts an exploratory, descriptive, and qualitative methodology. The analysis is based on the legislation applicable to CRI, legal scholarship, decisions of the board of the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM), technical staff interpretations issued by the authority, and regulations enacted by the National Monetary Council (Conselho Monetário Nacional – CMN). The findings indicate that, due to the tax benefit granted to individual investors in CRI and the absence of an express definition of real estate credit for securitization purposes, the concept evolved through CVM decisions, while more recent CMN regulations have restricted the range of eligible collateral for CRI issuances. The dissertation concludes by proposing a definition of real estate credit for securitization purposes, through the delimitation of criteria and requirements necessary to characterize real estate credits, while preserving the purpose for which CRI were created: to promote real estate financing in general.

Ficha do documento

Tipo

Dissertação

Ano

2026

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/40197

Temas

Planejamento Urbano

Palavras-chave

Certificados de recebíveis imobiliáriosCRICrédito imobiliárioSecuritização imobiliáriaMercado de capitaisCertificates of real estate receivablesReal estate receivablesReal estate securitizationCapital marketsDireitoSecuritização - LegislaçãoTítulos de créditoMercado de capitais - BrasilHabitação - Financiamento