The Brazil Securities Commission (CVM) has issued Circular Letter CVM/SNC/SEP 2/2026 clarifying for investor relations officers and independent auditors how Resolution CVM 244 affects sustainability-related financial reporting under Resolution CVM 193. The guidance follows the move to voluntary adoption and focuses on reports prepared under International Sustainability Standards Board standards, as incorporated in Brazil by the Brazilian Sustainability Pronouncements Committee and approved through CVM Resolutions 217 and 218. The circular addresses the scope of Resolution CVM 193, partial disclosures or references to CBPS/ISSB standards, and the treatment of companies that previously opted into voluntary reporting. It also explains deadlines for voluntary disclosures covering fiscal years before 2026, initial-adoption relief and the requirement to justify a decision not to file a sustainability-related financial information report under Resolution CVM 193.
2026-08-27Brazil Securities Commission (CVM)
Brazil Securities Commission clarifies sustainability-related financial disclosure rules following regulatory amendments
The Brazil Securities Commission issued guidance on amended requirements for sustainability-related financial reports based on ISSB standards incorporated in Brazil. It addresses scope, prior voluntary adoption, pre-2026 disclosures, initial adoption relief and explanations for choosing not to file a report under the framework.