The Brazil Securities Commission (CVM) has issued Resolution CVM 250, updating the certifications accepted for registration as securities advisers under Resolution CVM 19. The changes take effect on December 1, 2026. CVM previously addressed certification in January 2026 interpretive guidance on the same advisory framework.
The amendment replaces the Brazilian Financial and Capital Markets Association’s CEA certification with its C-Pro R and C-Pro I certifications. It also replaces CNPI with CNCI within the certification framework of the Brazilian Association of Capital Market Analysts and Investment Professionals. The accepted qualifications now also include the European Financial Planner (EFP) certification awarded by the European Financial Planning Association Spain. These changes align the recognized credentials with evolving national and international certification programs.