The Brazil Securities Commission (CVM) issued Resolution CVM 239 amending its internal rules to reflect organisational changes introduced by Decree 12.787/2025, including the creation of two new superintendencies and an expanded set of positions and commissioned functions. Both the decree and the resolution enter into force on 12 January 2026. The new Superintendence for Intelligence Development is tasked with strengthening supervision and enforcement through advanced technologies, analysis of large data sets, integration with external databases, and the use of public and open data, including initiatives using artificial intelligence and internal work on data governance, protection and management. The new Superintendence for Market Supervision, Derivatives and Systemic Risks takes over market monitoring responsibilities previously housed in the Superintendence for Market and Intermediary Relations and adds a focus on derivatives supervision and systemic and macroprudential risks, including mapping financial interconnections and potential systemic impacts. The changes also create standalone, autonomous structures for the Ombudsman and Internal Affairs functions, which were previously under Internal Audit, and expand the number of technical advisory staff supporting directors in reviewing cases before the CVM’s Board to reduce time to decision.

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