The Brazil Securities Commission (CVM) has scheduled a hearing on five administrative sanctions cases for November 3, 2026, starting at 3 p.m. The cases concern alleged fraudulent transactions, breaches of asset manager duties and unauthorized securities activities, including portfolio management, intermediation and public offerings. One case concerns asset manager Áureo and its directors over alleged breaches of loyalty and diligence duties and an allegedly fraudulent transaction. Another involves Evandro Luiz de Sousa Jackson over suspected fraudulent activity and unauthorized securities portfolio management. Índico Ltda., Amauri de Souza Porto Junior and Ramon da Silva de Nez face a separate case concerning alleged professional securities portfolio management without prior CVM authorization. The case against FBS Markets Inc. and Mitsui Markets Limited concerns alleged securities intermediation in Brazil without authorization and a public securities offering without registration or an exemption. The remaining proceeding concerns the responsibilities of CBSF, formerly Reag Trust and now in extrajudicial liquidation, and Ramon Pessoa Dantas, its director responsible for securities portfolio management at the time of the events.

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