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Master's Dissertation
DOI
https://doi.org/10.11606/D.2.2019.tde-10072020-171540
Document
Author
Full name
Eduardo Paschoin de Oliveira Campos
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2019
Supervisor
Committee
Vercosa, Haroldo Malheiros Duclerc (President)
Gouvêa, Carlos Pagano Botana Portugal
Oioli, Erik Frederico
Buranello, Renato Macedo
Title in Portuguese
Aspectos jurídicos da securitização de direitos creditórios do agronegócio no mercado de capitais brasileiro
Keywords in Portuguese
Agronegócio
CRA
FIFC
Securitização
Abstract in Portuguese
O financiamento ao agronegócio no Brasil foi sempre muito dependente de recursos e políticas públicas. Desde a década de 1990, novos instrumentos financeiros vêm sendo criados para fomentar sua atratividade e acesso à recursos privados, os quais foram analisados detalhadamente ao longo deste trabalho. O mercado de capitais se faz cada vez mais importante para criar pontes entre os integrantes do setor e a poupança popular. Nesse contexto surge a securitização de direitos creditórios do agronegócio, que consiste na vinculação de um fluxo de recebíveis originados no setor a um título ou valor mobiliário para colocação junto ao público investidor. Por ser um processo complexo do ponto de vista jurídico, foram analisados seus aspectos essenciais neste trabalho, que envolvem a importância de um negócio subjacente gerador de prestações financeiras diferidas ao longo do tempo, cessão de crédito definitiva em caráter true sale em favor de um veículo (fundo de investimento ou companhia securitizadora de direitos creditórios do agronegócio) e sua titularização ou securitização materializada em um novo instrumento de maior liquidez e atratividade. Embora seja um processo complexo, a securitização deve ser analisada como um negócio jurídico único.
Title in English
Legal Aspects of the Securitization of Agribusiness Credit Rights in the Brazilian Capital Markets
Keywords in English
Agribusiness
CRA
FIDC
Securitization
Abstract in English
The financing of agribusiness in Brazil has always been very dependent public funds and policies. Since the 1990s, new financial instruments have been created to reduce such dependence, fostering its attractiveness and access to private resources. These financial instruments are analyzed in detail throughout this dissertation. In this context, the capital market becomes increasingly important in the creation of connections between the agribusiness' players and the investors. This is where the securitization agribusiness credit rights come in. Such transactions consist of linking a flow of receivables originated in the agribusiness sector to a bond or security. As a complex process from the legal point of view, its essential aspects were analyzed in this work, which involves (i) the importance of an underlying transaction that generates deferred financial flow over time, (ii) definitive credit assignment in true sale character on behalf of a vehicle (investment fund or agribusiness credit rights' securitization company) and (iv) its securitization, materialized in a new instrument of greater liquidity and attractiveness. Aspects of the credit rights originated in the agribusiness that give them different legal treatment were also analyzed.
 
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Release Date
2022-07-10
Publishing Date
2020-07-28
 
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