> For the complete documentation index, see [llms.txt](https://www.opensourcelaw.com.br/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.opensourcelaw.com.br/en/legislation/6.-credit-rights-law.md).

# 6. Credit Rights Law

The law must be observed by virtual asset service providers that intend to issue <mark style="background-color:purple;">receivables tokens</mark>.

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Receivables Certificates are issued exclusively by securitization companies and are considered securities <mark style="background-color:purple;">when publicly offered</mark>.
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The CVM may waive the requirement for service providers to apply the provisions of the Corporations Law, provided that the waiver does not harm the public interest, investor protection, and proper information to the securities market.
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## Definitions:

* Securitization Company: financial institution organized as a corporation.
* Securitization Transaction: the <mark style="background-color:purple;">acquisition of credit rights to back the issuance of Receivables Certificates</mark> or other securities and marketable securities before investors.
* Receivables Certificates: nominative credit instruments, issued in book-entry form, <mark style="background-color:purple;">issued exclusively by a securitization company</mark>, freely negotiable, constitute a promise of payment in cash, preserving the possibility of payment in kind, and are out-of-court enforceable instruments. <mark style="background-color:purple;">When publicly offered</mark> or admitted to trading in a regulated securities market, Receivables Certificates are considered securities.
* Securitization Deed: document certifying the information relating to the Receivables Certificates.

## Requirements:

The Receivables Certificates included in each issuance shall be formalized by means of a Securitization Deed, which shall include the following information:

* name of the issuing securitization company;
* serial number, place, and date of issuance;
* designation “Receivables Certificate” plus the nature of the credit rights;
* par value;
* ordinary maturity date of the par value and redemption of the Receivables Certificates and, where applicable, breakdown of the amounts and payment dates of amortizations;
* interest remuneration at a fixed, floating, or variable rate, which may include a fixed or variable premium and allow capitalization over the period established in the securitization deed;
* monetary correction criteria, if any;
* exchange-rate adjustment clause, if any;
* place and method of payment;
* indication of the issue number and of any division of the Receivables Certificates included in the same issue into different classes or series, including the possibility of subsequent amendments to include new classes and series and requirements for additional collateralization, where applicable;
* indication of whether or not there is subordination among the classes included in the same issue, understood as the preference of one class over another for purposes of amortization and redemption of the Receivables Certificates;
* description of the credit rights that make up the collateral for the issuance of the Receivables Certificates;
* indication, where applicable, of the possibility of substitution or future acquisition of the credit rights linked to the Receivables Certificates with the use of the proceeds from payment of the original credit rights linked to the issuance, detailing the procedure for its formalization, the eligibility criteria, and the deadline for acquiring the new credit rights, under penalty of mandatory early amortization of the Receivables Certificates;
* if any, personal or real guarantees for the amortization of the Receivables Certificates included in the issuance or of specific classes and series, as applicable;
* indication of the possibility of payment in kind of the credit rights to the holders of the Receivables Certificates, in which case the procedures to be adopted must be established;
* rules and procedures applicable to general meetings of holders of Receivables Certificates; and
* circumstances in which the securitization company may be removed or replaced.

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The securitization company may enter into with investors a promise to subscribe and fully pay for Receivables Certificates, so as to receive funds for the acquisition of credit rights that will serve as collateral for their issuance.
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## Obligations:

* the Receivables Certificate must be registered or deposited with an entity authorized by the Central Bank of Brazil or by the CVM to carry out the activity of registration or centralized deposit of financial assets and securities, <mark style="background-color:purple;">when publicly offered</mark>;
* the securitization company is liable for the origin and authenticity of the credit rights linked to the Receivables Certificates it issues.