At its 16 June 2026 meeting, the Brazil Securities Commission reviewed five settlement proposals and accepted only one, from Felipe Lopes Boff, vice president director of Banco Mercantil do Brasil S.A., in an administrative case opened before any formal sanctioning proceeding. The case concerns a share purchase with possible use of inside information under CVM Resolution 44. The settlement is structured to be executed jointly by the CVM and the Federal Public Prosecutor's Office alongside a non-prosecution agreement and requires a formal and detailed confession, payment of BRL 400,000 to repair alleged diffuse damage to the securities market, and specified compliance undertakings. Boff must, for two years, report any communication from the Federal Public Prosecutor's Office questioning any trading in the company's shares, and adopt an individual trading plan under Article 16 of CVM Resolution 44 with objectively defined parameters and semiannual board verification of adherence. He must also keep the CVM and the prosecutors updated on contact details and prove compliance with the monetary and conduct obligations before the criminal court responsible for enforcing the non-prosecution agreement. The board rejected the other four proposals, including one from investors in FIAGRO RZEO CI over alleged quota transactions aimed at transferring funds among the same investors and potentially creating artificial market conditions, where the committee cited the seriousness of the case and an amount still below its benchmark, and another from Zero Markets LLC, Zero Securities PTY LTD and Zero Financial LTD, where the CVM's legal office found a legal impediment and the parties did not agree to the terms set in the committee's 23 September 2025 decision. The board also rejected proposals from Sênior Auditores Independentes S/S and Agnaldo Aparecido de Souza, and from Pedro Carrijo Gouveia.
Brazil Securities Commission (CVM)2026-06-19
Brazil Securities Commission accepts BRL 400000 settlement with Banco Mercantil executive and rejects four other proposals
The Brazil Securities Commission accepted one of five settlement proposals reviewed at its 16 June 2026 meeting and rejected the other four. The accepted deal, with Banco Mercantil executive Felipe Lopes Boff in a possible insider trading case, includes a formal confession, BRL 400,000 in reparation and two years of trading-related compliance obligations. Rejected proposals included those involving FIAGRO RZEO CI investors and the Zero entities.