The Brazil Securities Commission (CVM) published a notice detailing administrative investigations, sanctioning proceedings and settled cases involving institutions in the Master and REAG groups and related entities acting as investors, fund administrators or fund managers. The information formed part of a presentation delivered at a hearing of the Federal Senate’s Economic Affairs Committee. Ongoing administrative inquiries cover suspected misconduct in Ambipar Participações e Empreendimentos S.A. trading in 2024–2025, issuances of commercial notes and real estate receivables certificates acquired by specified funds, potential irregularities in the Mirante das Águas real estate investment fund from its 2018 formation through its 2025 liquidation, and possible issues in fund administration and management by BRK S.A. (in extrajudicial liquidation) and REAG DTVM S.A. An additional inquiry was authorised to examine potential irregularities in corporate reorganisation transactions involving GetNinjas S.A. (now REAG Investimentos S.A.) and REAG Trust S.A. (now CIABRASF). The CVM also listed multiple ongoing administrative sanctioning proceedings, largely awaiting judgment by the CVM Board, spanning alleged irregularities in fund operations and distribution practices, disclosure-related issues concerning relevant shareholdings in GetNinjas, failures to produce required periodic financial reporting by listed REAG entities, alleged trading during a blackout period, and alleged creation of artificial price conditions in private trades of Brazil Realty FII quotas. A further set of proceedings has been closed via acceptance of settlement agreements, including cases linked to debentures and CRI issuances and alleged market manipulation involving BZLI11 and CARE11. The CVM noted that other supervisory actions and administrative processes related to Master, REAG and connected entities remain ongoing and that the published list may be updated. It also recalled that its Risk Management Committee approved the creation of a dedicated working group on 6 February 2026 to consolidate information across matters, support closer integrated monitoring and assess potential improvements to regulation, supervision, procedural governance and institutional cooperation.
Brazil Securities Commission (CVM) 2026-02-24
Brazil Securities Commission discloses investigations and sanctioning proceedings involving Master and REAG groups
The Brazil Securities Commission (CVM) detailed ongoing investigations and sanctioning proceedings involving the Master and REAG groups, covering suspected misconduct in trading, fund management, and corporate reorganisations. The CVM also highlighted settled cases and noted the establishment of a working group to enhance regulatory oversight and cooperation. Further updates on supervisory actions related to these entities are anticipated.