The Brazil Securities Commission (CVM) published a roundup of developments from June 2025, headlined by the release of its Enforcement Activity Report for the first quarter of 2025 and the launch of an internal research initiative on ESG information disclosure. The update also captures a set of supervisory communications, enforcement case milestones, and operational decisions affecting market participants. During the month, CVM technical areas issued Circular Letters addressing verification of ombudsman reports, the handling of qualifications and disclaimers of opinion in investment fund audit reports, and the process for FIAGRO vehicles to adapt to CVM Resolution 175. In enforcement, the CVM Board rejected proposed settlement agreements involving Compostela Capital Gestão de Recursos Ltda. and its representatives, Banco J. Safra S.A., Turmalina Gestão e Administração de Recursos S.A. and their directors, and a director of Mitre Realty Empreendimentos e Participações S.A.; it also initiated proceedings on potential irregularities in audit work on financial statements of a private equity investment fund (FIP) and on a former board member of Banco de Brasília S.A. CVM issued public warnings via declaratory acts regarding alleged irregular activity by Vantage International Group and related entities, Elion Capital Ltda. and its partners, EBC Financial Group and its partners in Brazil, and Digital Smart LLC (BULLEX) and its responsible person; additional measures included suspending the registration of two listed companies and three securitization companies, updating its jurisprudence search tool, and postponing the entry into force of new takeover bid (OPA) regulation while extending the consultation period on reform of CVM Resolution 44. The roundup also notes forward-looking calendar and coordination items, including World Investor Week 2025 scheduled for 6 to 12 October, CVM becoming an associated body of Sisbin, and CVM hosting an international IOSCO event.
Brazil Securities Commission (CVM) 2025-07-01
Brazil Securities Commission publishes Q1 2025 enforcement activity report and rounds up June actions including ESG disclosure research and irregular-operator warnings
The Brazil Securities Commission (CVM) released its Q1 2025 Enforcement Activity Report and launched an internal research initiative on ESG information disclosure. Key actions included rejecting settlement agreements with financial entities, initiating proceedings on audit irregularities, and issuing public warnings against alleged irregular activities by various groups. Additional measures involved suspending registrations, updating a jurisprudence tool, and postponing new takeover bid regulations.