Brazil: Informativo De Mercado De Capitais E Societário - 29 De Maio De 2017

Last Updated: 1 June 2017
Article by Carlos Motta, Caio Cossermelli and Paula Magalhães

Em 15 de maio de 2017, a Comissão de Valores Mobiliários ("CVM") divulgou o edital da audiência pública SDM nº 01/07 que apresenta a discussão sobre a norma que regulará as ofertas públicas de Certificados de Recebíveis do Agronegócio ("CRA"). Atualmente, conforme decisão do colegiado de 18 de novembro de 2008 aplica-se aos CRA, por analogia, a normas dos certificados de recebíveis imobiliários. Entretanto, tendo em vista o aumento do volume das ofertas de CRA, totalizando cerca de R$14 bilhões de reais em 2016, e como evolução natural do mercado, surge a necessidade de edição de uma instrução específica para, inclusive, acabar com as incertezas relativas a esse valor mobiliário.

Neste sentido, e de forma resumida, trazemos nesse informativo as principais alterações e definições propostas pela audiência pública, bem como seus objetivos.

O Que Pode Ser Enquadrado Como CRA

A proposta busca delimitar o que pode ser enquadrado como CRA, sendo que a CVM definiu que o direito creditório do agronegócio é: (i) aquele cujo devedor ou cedente seja produtor rural ou cooperativa; ou (ii) aquele relacionado à dívida corporativa decorrente de, ou vinculada à, relação comercial entre o devedor e um produtor rural ou cooperativa.

No primeiro caso, os direitos creditórios devem ser relacionados com a produção, a comercialização, o beneficiamento ou a industrialização de: (i) produtos agropecuários; (ii) insumos agropecuários; ou (iii) máquinas e implementos utilizados na atividade agrícola.

A instrução define como comercialização dos produtos agropecuários, a atividade de compra, venda, importação, exportação, intermediação, armazenagem e transporte de produtos in natura.

No segundo caso, em linha com a decisão do colegiado da CVM no caso Burger King, no qual atuamos como assessores legais da Companhia e onde foi oficialmente definido que o devedor do direito creditório do agronegócio não precisa ser necessariamente um produtor rural, a CVM passou a exigir uma vinculação da dívida a uma relação comercial existente com o produtor rural, no caso de emissão por terceiros, sendo obrigatória a comprovação, ao agente fiduciário, da destinação dos recursos da emissão, por meio de contratos que estejam válidos, celebrados entre um produtor rural e o terceiro emissor da dívida.

Além disso, a CVM, por meio da audiência pública propôs permitir que a securitizadora passe a subscrever as emissões de debêntures diretamente, eliminando a necessidade de um debenturista para que fosse originado o lastro dos CRA e a subsequente cessão para a securitizadora como até então ocorria em operações como esta.

Mesmo negócio jurídico para duas operações

A CVM propôs que em uma emissão de CRA cujo direito creditório do agronegócio seja relacionado à dívida coorporativa, os contratos celebrados entre o produtor rural e o terceiro devedor do lastro podem ser utilizados como forma de comprovação de destinação dos recursos, criando o lastro para a operação de CRA. Há também a possibilidade de determinado contrato ser a origem do crédito para o produtor rural e utilizada por ele, como seu lastro para uma outra emissão. Neste caso, o mesmo negócio poderia ser lastro para duas operações, uma do produtor rural e outra do terceiro que contrata com o produtor rural. A CVM antecipando-se à qualquer eventual discussão sobre isso, permitiu expressamente que o mesmo negócio jurídico pode ser lastro para duas operações.

Revolvência do lastro

Outro ponto que merece destaque, e em linha com a decisão do colegiado da CVM no caso da Octante Securitizadora S.A., é a oficialização da hipótese de revolvência do lastro, que é a possibilidade da securitizadora poder adquirir novos direitos creditórios com a utilização dos recursos provenientes do pagamento dos direitos creditórios originalmente ligados à emissão, nos casos em que o ciclo de plantação, desenvolvimento, colheita e comercialização dos produtos agropecuários vinculados aos CRA não permitam que sejam vinculados recebíveis com prazos compatíveis aos do CRA. Para que seja possível realizar a revolvência do lastro é necessário, cumulativamente que: (i) o termo de securitização estabeleça prazo máximo entre o efetivo recebimento dos recursos e a nova aquisição; (ii) os novos direitos creditórios atendam aos critérios de elegibilidade previstos no termo de securitização; (iii) haja compatibilidade entre o montante total dos direitos creditórios vinculados ao CRA e o pagamento da remuneração e amortização previstas para emissão; (iv) a parcela de recursos oriundos dos direitos creditórios não utilizada seja direcionada à aquisição de novos direitos creditórios do agronegócio, na amortização ou no resgate dos CRA; e (v) o agente fiduciários verifique tais critérios de elegibilidade.

Oferta para investidores não qualificados

Será possível realizar a oferta de CRA para investidores não qualificados desde que os seguintes requisitos sejam observados: (i) a retenção de riscos obrigatória pelo cedente ou terceiros, exceto no caso de emissão vinculada a dívida de responsabilidade de um único devedor ou devedores sob controle comum; (ii) manutenção dessa retenção de riscos durante o prazo de vigência do certificado; e (iii) necessidade de os direitos creditórios do agronegócio estarem performados no momento da cessão. Essas obrigações foram criadas como forma de proteção aos investidores não qualificados.

O agente fiduciário

A CVM propôs a vedação do exercício de atividade de custódia e outros serviços pelo agente fiduciário, em razão da possibilidade da criação de conflito de interesses na cumulação de funções. Passou a ser obrigatória, portanto, a contratação de instituição custodiante diferente do agente fiduciário, suas partes relacionadas e a securitizadora.

Responsabilidades da securitizadora

A companhia securitizadora, enquanto emissora e prestadora de serviços para a emissão dos CRA, possui obrigações mínimas, sendo responsável pelas atividades de monitoramento, controle e processamento dos ativos e compromissos vinculados à emissão, além de se responsabilizar pela cobrança dos direitos creditórios do agronegócio. A CVM reforça a responsabilidade primária da securitizadora, enquanto emissora, pela cobrança dos direitos creditórios inadimplidos, seja judicial ou extrajudicialmente, mesmo que o patrimônio separado não possua recursos para arcar com essa inadimplência.

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© Copyright 2017. Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. All rights reserved.

This article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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