The Brazil Securities Commission (CVM) has outlined mandatory use of its new Intermediary Management System for registration updates, compliance reporting and authorization cancellation requests by all participants supervised by its Superintendence of Market and Intermediary Relations (SMI). The system has been operational since Oct. 23, 2026, with access continuing through CVMWeb. The requirement covers securities intermediaries, including brokers, distributors, investment banks and multiple banks with investment portfolios. Securities custodians, securities registrars, central securities depositories and commodity brokers must also use the system. Participants must report changes to registration information required under CVM Resolution 234 and annually update their net equity, which forms the basis for calculating fees under Law 7,940. They must also use the system to submit the Electronic Declaration of Compliance (DEC) and request cancellation of authorization.
Brazil Securities Commission details mandatory use of new intermediary management system
The Brazil Securities Commission (CVM) requires all participants supervised by its Superintendence of Market and Intermediary Relations to use the new Intermediary Management System, operational since Oct. 23, 2026. Securities intermediaries and specified service providers must use it for registration changes, annual net equity updates used to calculate fees, compliance declarations and authorization cancellation requests. Access remains through CVMWeb.