Elementos subjacentes aos regulamentos e a divulgação do risco de crédito em fundos de investimento em direitos creditórios

The objective of this study is to analyze the influence of elements underlying accounting regulation in the disclosure of credit risk practiced by Credit Rights Investment Funds (FIDCs). The sample consists of 148 FIDCs whose explanatory notes from 2012 to 2014 were analyzed as to the level of compliance with disclosure standards through content analysis and statistical tests. The results indicate that the FIDCs partially meet the regulatory requirements for disclosure about credit risk, that there has been a relative improvement in the level of disclosure over time, that compliance with ICVM no 489/11 is higher than CPC 40 (R1), and that quantitative normative criteria are the most publicized aspects. The constructs of the Asymmetric Information Theory allow us to understand that the asymmetry of credit risk information remains in securitization market and that the specificity of the regulations influences its occurrence.