Project Opens Stock Market to SMEs: They Can Convert Receivables into Negotiable Securities
Proposal for changes in SMEs. Photo: Image generated with artificial intelligence-CHATGPT
TL;DR
- The URF has published a draft decree for comments to create a special securitization regime for SMEs.
- SMEs will be able to convert their accounts receivable into negotiable securities in the stock market.
- This aims to diversify financing sources beyond traditional credit.
- The mechanism allows companies to issue titles backed by payment flows, such as invoices.
- It seeks to expand financing alternatives and attract investors.
- Securitization will transform assets like invoices into instruments for investors.
- Assets must be certain or determinable, identifiable, and transferable, generating sufficient payment flows.
- Securitization can be structured through non-mortgage asset securitization companies or fiduciary companies.
- A mechanism for automatic registration in the National Registry of Securities and Issuers is proposed.
- Investor protection is emphasized, requiring compliance with issuance and placement regulations.
- Entities must report relevant facts affecting operations, including risk changes or defaults.
- The government seeks to bridge financing needs of SMEs with investment opportunities.
- Public comments on the project are open until March 27, 2026.