Brazil Securities Commission (CVM) published a round-up of its May 2025 activity, led by the launch of Public Consultation SDM 01/25 on reforming rules for the disclosure of material facts and other market communications, and the issuance of Resolution CVM 228 making targeted changes to portability rules while postponing their entry into force to 2026. Alongside the policy work, technical areas issued circular letters covering annual expectations for independent auditors, additional guidance on FIAGRO distribution policies, and instructions on registration requests in the SRE system. The month’s outputs also included the second edition of the TOP Book on investment analysis, the Q1 2025 CVM Agribusiness Bulletin highlighting FIAGRO and CRA activity over the last two years, and a new open-data release with information on administrative sanctioning proceedings. Enforcement and supervisory actions cited in the recap included irregular-activity alerts against CFI Financial Group Holding Ltd and CFI International Ltd and against Lunify Payments Ltda. and its partners, decisions to reject or approve multiple settlement proposals, the opening of judgments involving alleged audit irregularities in a real estate investment fund and an allegedly fraudulent operation with public offering irregularities, and sanctions for creating artificial market conditions. Other items noted included cancellations and suspensions of listed-company registrations, the launch of the LEAP experimentation lab with Fenasbac, and the start of the ETF Connect Brazil-China programme announced with the Ministry of Finance.

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