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Urbana","movilidad-urbana",{"code":23},{"id":1447,"status":1448,"segmentId":25,"slug":1449,"title":1450,"editorsPick":1451,"topImage":1452,"coverImage":1453,"slideImage":8,"publishDate":1454,"readTime":81,"maxRelatedEvents":5,"image":8,"imageCredit":1455,"imageCreditColor":1456,"breakNewsUntil":1457,"seoTagConversionId":8,"seoTag":8,"seoTitle":8,"seoKeywords":8,"seoDescription":8,"seoAbstract":8,"seoImage":8,"visitCounter":1458,"createdAt":1459,"updatedAt":1460,"translations":1461,"segment":1474,"categories":1482,"countries":1491,"authors":1494,"urls":1495},2467,"TRUE","garantias-em-operacoes-de-fiis-avancos-e-desafios","Garantias em operações de FIIs: avanços e desafios",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FSlider_2025_4_04_16_01_15_1743793275.webp","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FTop_2025_4_04_16_01_15_1743793275.webp","2025-04-04T00:00:00.000Z","Credit: Envato","#FFF","2025-04-11T00:00:00.000Z",1199,"2025-04-04T16:01:15.000Z","2025-04-04T16:47:54.000Z",[1462],{"id":1463,"newsId":1447,"languageId":25,"title":1450,"subtitle":1464,"content":1465,"summary":8,"takeaways":8,"seoTagConversionId":1466,"seoTag":1467,"seoTitle":1468,"seoKeywords":1469,"seoDescription":1464,"seoAbstract":978,"seoImage":1470,"createdAt":1471,"updatedAt":1472,"language":1473},2621,"Modernização legislativa procura aliar flexibilidade e segurança jurídica para atender um mercado em constante evolução","Por&nbsp;\u003Cstrong>&nbsp;Rodrigo Mutti \u003C\u002Fstrong>e\u003Cstrong> Ana Larissa da Rosa Pereira\u003C\u002Fstrong>\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nOs Fundos de Investimento Imobili&aacute;rio (FIIs), regulamentados pela Lei n&ordm; 8.668\u002F93, tiveram um in&iacute;cio discreto no mercado brasileiro, caracterizado por reduzida ades&atilde;o e limitada diversifica&ccedil;&atilde;o em suas opera&ccedil;&otilde;es. Nos &uacute;ltimos 10 anos, contudo, o setor apresentou avan&ccedil;os expressivos. Novos gestores adentraram ao mercado e a base de investidores se multiplicou. Hoje, os FIIs est&atilde;o consolidados como ve&iacute;culo essencial no mercado de capitais brasileiro, democratizando o acesso a investimentos imobili&aacute;rios de forma estruturada e regulada.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nO crescimento e a visibilidade deste mercado de FIIs fomenta melhorias tanto em termos de governan&ccedil;a como de oportunidades de novos neg&oacute;cios. Recentemente, o sistema de garantias passou por revis&otilde;es que atingiram diretamente opera&ccedil;&otilde;es envolvendo FIIs. Dentre as recentes altera&ccedil;&otilde;es legislativas, vale destacar duas em especial: i) a permiss&atilde;o para que os FIIs utilizem im&oacute;veis como garantia e ii) as inova&ccedil;&otilde;es trazidas pelo Marco Legal das Garantias.\r\n\u003Ch3>A evolu&ccedil;&atilde;o recente: FIIs e im&oacute;veis como garantia\u003C\u002Fh3>\r\nDesde a sua cria&ccedil;&atilde;o, os FIIs enfrentavam restri&ccedil;&otilde;es em rela&ccedil;&atilde;o &agrave; constitui&ccedil;&atilde;o de &ocirc;nus reais sobre os im&oacute;veis de sua titularidade. Essa veda&ccedil;&atilde;o era fundamentada em uma interpreta&ccedil;&atilde;o restritiva da regulamenta&ccedil;&atilde;o, especialmente a Instru&ccedil;&atilde;o CVM 472, que buscava estabelecer um n&iacute;vel maior de prote&ccedil;&atilde;o aos cotistas e garantir a integridade patrimonial dos fundos. A postura normativa brasileira contrastava com pr&aacute;ticas do mercado internacional, onde a constitui&ccedil;&atilde;o de &ocirc;nus reais &eacute; comum e facilita o acesso ao cr&eacute;dito e a diversifica&ccedil;&atilde;o das estrat&eacute;gias de financiamento.&nbsp;\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nUma mudan&ccedil;a significativa nesse cen&aacute;rio ocorreu em dezembro de 2023, com a promulga&ccedil;&atilde;o da Lei n&ordm; 14.754\u002F23, a qual alterou disposi&ccedil;&otilde;es na Lei n&ordm; 8.668\u002F93 e permitiu que os FIIs constitu&iacute;ssem &ocirc;nus reais sobre seus im&oacute;veis para garantir obriga&ccedil;&otilde;es assumidas pelo pr&oacute;prio fundo ou por seus cotistas.&nbsp;\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nComo rea&ccedil;&atilde;o inicial &agrave; altera&ccedil;&atilde;o legislativa, a Comiss&atilde;o de Valores Mobili&aacute;rios (CVM) se manifestou por meio do Of&iacute;cio Circular 1\u002F24\u002FCVM\u002FSSE, indicando que, apesar da nova previs&atilde;o legal, a alavancagem dos FIIs permaneceria vedada. Conforme o entendimento da CVM, tal pr&aacute;tica dependeria da edi&ccedil;&atilde;o de uma norma espec&iacute;fica para alterar o art. 32 do Anexo Normativo III da Resolu&ccedil;&atilde;o n&ordm; 175, ainda vigente &agrave; &eacute;poca.&nbsp;\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nContudo, em 8 de mar&ccedil;o de 2024, a CVM revisou o entendimento por meio do Of&iacute;cio Interno 3\u002F24\u002FCVM\u002FSDM\u002FGDN-2. Nesse documento, a Comiss&atilde;o reconheceu a possibilidade de os FIIs empregarem ativos de suas carteiras como garantia em suas opera&ccedil;&otilde;es, desde que observadas as condi&ccedil;&otilde;es de transpar&ecirc;ncia e ritos de aprova&ccedil;&atilde;o. A medida visou equilibrar a altera&ccedil;&atilde;o legislativa ao ambiente de seguran&ccedil;a e confiabilidade que se espera deste mercado regulado.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nAo permitir que os im&oacute;veis sob titularidade dos fundos sejam utilizados como garantia em determinadas situa&ccedil;&otilde;es, a nova regulamenta&ccedil;&atilde;o abriu um leque de oportunidades transacionais ao mercado de FIIs. Uma opera&ccedil;&atilde;o bastante t&iacute;pica no setor &eacute; a securitiza&ccedil;&atilde;o dos receb&iacute;veis de aluguel com a emiss&atilde;o de um Certificado de Receb&iacute;vel Imobili&aacute;rio (CRI), situa&ccedil;&atilde;o que geralmente demanda a constitui&ccedil;&atilde;o de uma garantia real.&nbsp;\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nAt&eacute; pouco tempo, a viabiliza&ccedil;&atilde;o desse tipo de opera&ccedil;&atilde;o dependia de uma aquisi&ccedil;&atilde;o simult&acirc;nea do im&oacute;vel pelo FII, com a constitui&ccedil;&atilde;o da garantia ainda em nome do propriet&aacute;rio original (vendedor). Essa exig&ecirc;ncia, contudo, costumava gerar entraves na negocia&ccedil;&atilde;o, diante da complexidade de se explicar ao vendedor a necessidade de vincular o bem como garantia antes mesmo da transfer&ecirc;ncia de titularidade ao fundo. Agora, a emiss&atilde;o de um CRI pelo FII se mostra um movimento mais simplificado, sem necessidade de formaliza&ccedil;&otilde;es laterais junto a um terceiro titular do im&oacute;vel.&nbsp;\r\n\u003Ch3>O Marco Legal das Garantias\u003C\u002Fh3>\r\nAinda no ano de 2023 foi sancionado o Marco Legal das Garantias, marcando um importante passo na moderniza&ccedil;&atilde;o das normas financeiras brasileiras. A Lei surgiu para abordar desafios hist&oacute;ricos, como a complexidade e a morosidade nos processos de execu&ccedil;&atilde;o de garantias. Em &uacute;ltima an&aacute;lise, buscou-se ampliar o acesso ao cr&eacute;dito pela(s) parte(s) tomadora(s) da d&iacute;vida, mas igualmente facilitar o recebimento dos recursos pela(s) parte(s) credora(s).\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEm rela&ccedil;&atilde;o &agrave; amplia&ccedil;&atilde;o de acesso a cr&eacute;dito, a Lei proporciona um uso mais eficiente de bens im&oacute;veis em garantia de opera&ccedil;&otilde;es sucessivas. Figuras como a extens&atilde;o da garantia (tamb&eacute;m conhecida como recarregamento) e a aliena&ccedil;&atilde;o fiduci&aacute;ria da propriedade superveniente possibilitam que o propriet&aacute;rio de um im&oacute;vel aproveite inteiramente o potencial financeiro do bem.&nbsp;\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPelo vi&eacute;s do credor, a Lei praticamente equiparou o procedimento de execu&ccedil;&atilde;o da Hipoteca ao da Aliena&ccedil;&atilde;o Fiduci&aacute;ria (AF). Talvez uma das principais raz&otilde;es para o desuso do instituto da hipoteca tenha sido justamente a necessidade de ingresso em ju&iacute;zo para sua execu&ccedil;&atilde;o, o que a tornava menos eficiente em compara&ccedil;&atilde;o a outras modalidades de garantia.&nbsp;\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nCom o art. 9&ordm;, a Lei introduziu um procedimento muito claro de execu&ccedil;&atilde;o extrajudicial dos cr&eacute;ditos garantidos por hipoteca que culmina com a realiza&ccedil;&atilde;o de leil&atilde;o do im&oacute;vel. Na pr&aacute;tica, esse procedimento apresenta uma vantagem em rela&ccedil;&atilde;o &agrave; AF, haja vista que, se o leil&atilde;o for conclu&iacute;do com &ecirc;xito, o credor em nenhum momento assume a condi&ccedil;&atilde;o de titular do bem e n&atilde;o se sujeita, em tese, aos custos de manuten&ccedil;&atilde;o, nem mesmo ao recolhimento de ITBI.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPara os FIIs, as altera&ccedil;&otilde;es promovidas pelo novo Marco Legal se mostram vantajosas sob as duas &oacute;ticas. De um lado, em vista da recente permiss&atilde;o legal para dar o im&oacute;vel em garantia, poder&aacute; se valer disso de modo mais eficiente, e, de outro lado, como credor com garantias reais, poder&aacute; se valer tamb&eacute;m da hipoteca e de garantias sobre propriedade superveniente.&nbsp;\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nA possibilidade de execu&ccedil;&atilde;o extrajudicial, independentemente da garantia adotada, adiciona agilidade e reduz custos. A moderniza&ccedil;&atilde;o do ambiente de neg&oacute;cios e a previsibilidade nos procedimentos de execu&ccedil;&atilde;o s&atilde;o fatores cruciais para o desenvolvimento do mercado imobili&aacute;rio e financeiro.\r\n\u003Ch3>Conclus&atilde;o\u003C\u002Fh3>\r\nOs avan&ccedil;os recentes no uso de garantias por FIIs refletem uma tentativa de equilibrar flexibilidade e seguran&ccedil;a jur&iacute;dica, atendendo &agrave;s demandas de um mercado em constante evolu&ccedil;&atilde;o. A permiss&atilde;o para que FIIs utilizem im&oacute;veis como garantias e o fortalecimento da hipoteca mostram que o setor est&aacute; em um momento de transi&ccedil;&atilde;o e aprendizado.&nbsp;\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nA alavancagem financeira permitir&aacute;, por exemplo, uma redu&ccedil;&atilde;o nos movimentos de novas ofertas p&uacute;blicas com o &uacute;nico intuito de aportar capital para a aquisi&ccedil;&atilde;o de novos bens. O pr&oacute;prio portif&oacute;lio existente ser&aacute; suficiente, do ponto de vista econ&ocirc;mico, para gerar alavancagem e impulsionar novas aquisi&ccedil;&otilde;es dentro do atual grupo de cotistas, elevando o valor de cada cota e dos futuros dividendos.&nbsp;\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nLogicamente, essa permiss&atilde;o - como bem avaliado e regulado pela CVM - demanda um alto n&iacute;vel de maturidade das gestoras que dever&atilde;o se utilizar destes mecanismos sempre no mais elevado padr&atilde;o de governan&ccedil;a e transpar&ecirc;ncia. Isso se mostra ainda mais importante junto aos investidores de varejo: saber quais ativos est&atilde;o em garantia e os tipos de alavancagem adotados &eacute; fundamental. Apenas com cautela e comunica&ccedil;&atilde;o clara o mercado poder&aacute; evoluir de forma sustent&aacute;vel, equilibrando riscos e oportunidades.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEm rela&ccedil;&atilde;o &agrave; simplifica&ccedil;&atilde;o dos procedimentos de execu&ccedil;&atilde;o de garantias, h&aacute; um impacto mais vis&iacute;vel nos FIIs de papel, ou seja, naqueles fundos que investem em t&iacute;tulos, como CRIs. A tend&ecirc;ncia &eacute; de que gere maior seguran&ccedil;a naquele investidor que aporta recursos em t&iacute;tulos com garantias reais e, portanto, torne estes produtos mais l&iacute;quidos e atrativos.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPara os profissionais deste mercado, o desafio est&aacute; em compreender essas mudan&ccedil;as e oferecer solu&ccedil;&otilde;es criativas que unam seguran&ccedil;a jur&iacute;dica e viabilidade econ&ocirc;mica. Mais do que nunca, &eacute; essencial antecipar os impactos dessas mudan&ccedil;as regulat&oacute;rias e adaptar as melhores pr&aacute;ticas para maximizar as oportunidades nesse mercado t&atilde;o din&acirc;mico.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cem>Rodrigo Mutti &eacute; S&oacute;cio Coordenador da &Aacute;rea de Direito Imobili&aacute;rio na Silveiro Advogados\u003Cbr \u002F>\r\nAna Larissa da Rosa Pereira &eacute; Advogada na &Aacute;rea de Direito Imobili&aacute;rio na Silveiro Advogados\u003C\u002Fem>\u003Cbr \u002F>\r\n&nbsp;","Artigo","fundos imobiliários, garantias, hipoteca, alienação fiduciária, alavancagem, transações imobiliárias"," Garantias em operações de FIIs: avanços e desafios","fundos imobiliários, garantias, hipoteca, alienação fiduciária, alavancagem, transações imobiliárias\r\n","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FSocial_[4]_2025_4_04_16_07_27_1743793647.jpg","2025-04-04T16:01:27.000Z","2025-04-04T16:08:05.000Z",{"code":18},{"id":25,"color":27,"translations":1475},[1476,1478,1480],{"title":26,"slug":30,"language":1477},{"code":13},{"title":37,"slug":38,"language":1479},{"code":18},{"title":33,"slug":34,"language":1481},{"code":23},[1483],{"id":65,"label":1231,"translations":1484},[1485,1487,1489],{"label":1231,"slug":1242,"language":1486},{"code":13},{"label":1245,"slug":1246,"language":1488},{"code":18},{"label":1249,"slug":1250,"language":1490},{"code":23},[1492],{"name":171,"enName":171,"ptName":171,"iso2":1493},"BR",[],{"pt-BR":1496},"\u002Fmercado-imobiliario\u002Fgarantias-em-operacoes-de-fiis-avancos-e-desafios",[1498,1499,1500,1501,1502,1503],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]