Brazil Securities Commission amends Collegiate procedures to allow alternate directors to be assigned as rapporteurs in administrative proceedings

The Brazil Securities Commission (CVM) issued Resolution CVM 241, amending Annex I of Resolution CVM 24 to set out how alternate directors may sit as members of the CVM Collegiate and be designated as rapporteurs for sanctioning and non-sanctioning administrative proceedings. The changes took effect on 6 March 2026. Alternate directors will be included in the random draw to assign rapporteurship when the Collegiate has three or more vacancies lasting more than 30 days, so the draw is conducted among three members. Where an alternate director has an impediment or a ground for recusal, the draw includes the next person in the order of precedence list. Once the Collegiate is restored with three or more permanent directors, cases provisionally assigned to alternate directors must be redistributed through a new draw, while cases previously attributed to vacant seats return to the permanent directors of those seats. A change in the precedence order does not require redistribution of cases already drawn for provisional rapporteurship, and the alternate director remains rapporteur until removed from the list or subject to impediment or suspension.