Melhores Advogados de Financiamento Estruturado em Rio de Janeiro

1. About Financiamento Estruturado Law in Rio de Janeiro, Brasil

Financiamento Estruturado, or structured financing, is a method to raise capital through a dedicated legal vehicle, typically a special purpose entity (SPE). In such deals, cash flows from a project or group of receivables back securities or notes issued to investors. This structure isolates assets and risks from the sponsor or originator.

In Rio de Janeiro, structured financing is commonly used for infrastructure, real estate projects, energy ventures and public-private partnerships (PPPs). The city and the state frequently rely on SPVs to finance large projects while complying with Brazilian regulatory standards. The legal framework is predominantly federal, with local players adapting processes to Rio de Janeiro markets and tax regimes.

Key players in these transactions include originators, SPVs or SPEs, trustees, servicers, and investors. Counsel plays a central role in drafting and negotiating documentation, ensuring compliance with securities regulation, corporate law and the applicable tax regime. Compliance, disclosure and due diligence are core elements of any Financiamento Estruturado transaction in Rio de Janeiro.

Lei 9.514/1997 regula a securitização de créditos imobiliários e cria instrumentos como CRI e CRA.

A Comissão de Valores Mobiliários regula o mercado de capitais brasileiro, incluindo estruturas de financiamento estruturado, securitização e SPVs.

A Lei Geral de Proteção de Dados (LGPD) regula o tratamento de dados pessoais em operações financeiras estruturadas.

2. Why You May Need a Lawyer

Rio de Janeiro deals frequently involve complex regulatory, tax and corporate considerations. A lawyer specialized in Financiamento Estruturado can help in the following concrete situations.

• Structuring a project finance SPV for a new port or highway concession in Rio de Janeiro. A lawyer ensures the SPV's governance, the waterfall of payments, and compliance with securitization requirements.
• Negotiating a securitization of receivables for a real estate development in Rio das Ostras or Porto Maravilha projects. Counsel drafts the securitization deed, transfer agreements and trustee arrangements to protect investors.
• Raising funds through a CRI or CRA involving Rio de Janeiro-based assets. A lawyer verifies eligibility of assets, rating implications and disclosure obligations under CVM rules.
• Advising on public sector financing with Rio de Janeiro state or municipal authorities. Counsel navigates Fiscal Responsibility laws, procurement rules and possible regulatory incentives.
• Managing cross-border investor participation in a Rio de Janeiro structured deal. A lawyer coordinates with Brazilian and foreign counsel on compliance, currency rules and repatriation considerations.
• Handling post-closing issues such as debt service coverage tests, covenant breaches, and insolvency risk in SPVs. Legal counsel drafts remedies and ensures enforceability of security interests.

3. Local Laws Overview

Structured financing in Brazil is shaped by a mix of federal laws, regulatory instructions and fiscal rules. In Rio de Janeiro, the practical impact of these rules is felt in SPV formation, securitization processes and tax treatment of finance operations.

Below are two to three key laws and regulations commonly involved in Financiamento Estruturado transactions, with their general scope and dates of enactment.

• Lei n° 9.514/1997 - Securitização de créditos imobiliários; cria instrumentos como CRI e CRA. Publicada em 20 de novembro de 1997. O regime jurídico facilita a securitização de ativos por meio de entidades securitizadoras e SPVs.
• Lei n° 6.404/1976 - Lei das Sociedades Anônimas; regula a estrutura de governança, emissão de títulos e operações de SPV em formato societário. Publicada em 15 de dezembro de 1976.
• Instrução CVM n° 480/2009 - Regula ofertas públicas de valores mobiliários com distribuição restrita; define requisitos de prospecto, divulgação e registrabilidade para securitização e estruturas de financiamento. Publicada em 7 de dezembro de 2009.
• Lei Complementar n° 101/2000 - Lei de Responsabilidade Fiscal; afeta o planejamento financeiro e a execução de operações de crédito envolvendo entes públicos de Rio de Janeiro, especialmente em PPPs e financiamentos de infraestrutura. Publicada em 4 de maio de 2000.
• Lei n° 13.709/2018 (LGPD) - Lei Geral de Proteção de Dados; orienta o tratamento de dados pessoais em operações de financiamento estruturado, incluindo dados de clientes e de ativos. Publicada em 14 de agosto de 2018; entra em vigor gradualmente a partir de 2020.

Em termos de regulamentação local, conselhos de Rio de Janeiro e autoridades fiscais estaduais também influenciam a tributação de operações estruturadas. Partes interessadas devem considerar o papel da SEFAZ Rio de Janeiro na gestão de impostos e obrigações correlatas durante a execução do financiamento.

Lei 6.404/1976 regula as sociedades por ações, incluindo estruturas de SPV utilizadas em Financiamento Estruturado.

Secretaria Estadual de Fazenda do Rio de Janeiro - boas práticas fiscais e obrigações tributárias aplicáveis a operações estruturadas no estado.

4. Frequently Asked Questions

What is Financiamento Estruturado in simple terms?

Financiamento Estruturado is a funding method using a dedicated SPV to pool and securitize cash flows. It isolates risk and helps raise capital with tailored repayment structures.

How does a CRI differ from a CRA in Brazil?

CRI stands for Certificado de Recebíveis Imobiliários and backs real estate assets. CRA stands for Certificado de Recebíveis do Agronegócio and backs agricultural receivables. Both are backed by specific cash flows and regulated by the CVM.

When should a Rio de Janeiro company hire a structured finance attorney?

Hire one early in deal planning, before drafting SPV documents or issuing securities. Early counsel reduces risk and clarifies regulatory requirements for all stakeholders.

Where can I find authoritative sources on Brazilian securitization rules?

Key sources include the Planalto Portal da Legislação for law texts and the CVM for market regulation. These are official Brazilian government resources.

Can a foreign investor participate in a Rio de Janeiro structured deal?

Yes, but you will need Brazilian counsel to navigate local rules, currency, tax compliance and cross border securities requirements.

Should I expect a detailed prospectus for structured notes?

Yes. Brazilian securitization typically requires a prospectus or equivalent disclosure, depending on whether the offer is public or private under CVM rules.

Do I need to understand SPV governance for Rio deals?

Absolutely. Governance provisions control decision rights, payment waterfalls, enforcement rights and changes of control for the SPV.

How long does a typical Financiamento Estruturado deal take in Rio?

From structuring to closing, deals often span 3 to 6 months, depending on due diligence, regulatory approvals and investor availability.

What costs should I expect when hiring a structured finance lawyer in Rio?

Costs vary by complexity, but you should expect hourly rates or flat fees for due diligence, document drafting and negotiation. Budget for legal, tax and regulatory filings.

Is there a difference between securitization for real estate vs public infrastructure in Rio?

Real estate securitization focuses on property receivables; infrastructure securitization covers cash flows from projects and concession agreements. The regulatory approach and risk profiles differ accordingly.

What documents are typically required in a Rio structured finance engagement?

Expected documents include SPV articles, deed of securitization, service agreements, security instruments, waterfall agreements, and disclosure schedules.

5. Additional Resources

• Comissão de Valores Mobiliários (CVM) - Brazilian market regulator overseeing securitization, SPVs and public offerings. Official site: https://www.cvm.gov.br
• Portal da Legislação - Planalto - Access to federal laws such as Lei 9.514/1997, Lei 6.404/1976 and LGPD. Official site: https://www.planalto.gov.br
• Secretaria Estadual de Fazenda do Rio de Janeiro (SEFAZ RJ) - State tax authority dealing with tax regimes relevant to structured finance in Rio de Janeiro. Official site: https://www.fazenda.rj.gov.br

6. Next Steps

1. Define your transaction type and objectives, including the asset class and expected investor profile. Set a high level timeline for closing.
2. Identify a Rio de Janeiro based lawyer or law firm with demonstrated experience in securitization, SPVs and CVM compliance. Gather referrals and check references.
3. Prepare a concise information packet: asset list, expected cash flows, project timetable, and regulatory concerns specific to Rio de Janeiro.
4. Schedule initial consultations to discuss deal structure, governance, and regulatory constraints. Ask for a proposed engagement plan and fee structure.
5. Request a draft engagement letter outlining scope of work, deliverables, and milestones. Confirm who will supervise the matter and the jurisdiction of representation.
6. Review the proposed SPV setup, security packages and waterfall waterfall mechanics with your attorney. Ensure alignment with CVM and LGPD requirements.
7. Proceed to due diligence and documentation; coordinate with tax advisors, auditors and counterparties to support a timely closing. Target a 2-4 month window for preliminary diligence.