The Brazil Securities Commission (CVM) board accepted a revised BRL 979,995 settlement proposal from Romero Cabral da Costa Neto in a case involving alleged use of undisclosed information about a tender offer for EDP – Energias do Brasil S.A. It also rejected a proposal from José Maurício Gonçalves concerning alleged delays in disclosing changes in his shareholding in Azevedo e Travassos S.A. Costa Neto would pay six equal monthly installments adjusted by Brazil's Broad National Consumer Price Index (IPCA). The case concerns trading before the tender offer's disclosure on March 2, 2023, generating an alleged improper gain of BRL 316,667. The board overruled its settlement committee, which had recommended rejection because of the seriousness of the alleged conduct and the case's relevance to capital markets. It found the proposed amount proportionate given Costa Neto's admission of misconduct and a criminal nonprosecution agreement requiring payment equivalent to the economic benefit obtained. For Gonçalves, the board followed the committee's recommendation to reject settlement. The assessment took account of his regulatory history and another ongoing CVM proceeding involving possible misconduct concerning Azevedo e Travassos securities. The committee considered that the disclosure case could not currently be isolated from that broader context. The alleged disclosure delays concern shareholding changes in December 2025 and January 2026.

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