The Brazil Securities Commission (CVM) imposed fines in four enforcement cases and barred two individuals from portfolio management for 51 months at its Nov. 3, 2026, hearing. The decisions addressed unauthorized securities activities, fraud and breaches of portfolio management rules. A fifth case involving Áureo Administração de Recursos Ltda. and two individuals was adjourned for further review without a final decision.
FBS Markets Inc. received fines of BRL 500,000 for unauthorized securities intermediation and BRL 1.5 million for offering securities to investors resident in Brazil without registration or an exemption. Mitsui Markets Limited received respective fines of BRL 425,000 and BRL 1.275 million for the same violations. In a separate case, Evandro Luiz de Sousa Jackson was fined BRL 210,000 for unauthorized portfolio management and BRL 850,000 for fraudulent securities transactions.
Índico Ltda. was fined BRL 255,000 for unauthorized professional portfolio management. Amauri de Souza Porto Junior and Ramon da Silva de Nez were each barred from portfolio management for 51 months in the same case. Separately, CBSF Distribuidora de Títulos e Valores Mobiliários Ltda., formerly Reag Trust and now in extrajudicial liquidation, was fined BRL 750,000 for breaching Article 22 of CVM Resolution 21. Ramon Pessoa Dantas, its director responsible for portfolio management at the time, was fined BRL 375,000 for the same breach. Sanctioned parties may appeal to the National Financial System Appeals Council with suspensive effect.