Brazil Securities Commission reminds investment advisers of continuing education recertification requirements as first PEC cycle ends in January 2026

The Brazil Securities Commission (CVM), through its Market and Intermediaries Relations Superintendence (SMI), issued Circular Letter CVM/SMI 1/2025 reinforcing that the first cycle of the Continuing Education Program (PEC) will be completed on 31 January 2026 for investment advisers registered in January 2021 or earlier, and setting out what is required to remain recertified. To secure recertification, advisers must either have earned annual PEC points over five years through educational activities such as courses, lectures and seminars, or take the credential renewal exam, which becomes available 90 days before the end of the five-year cycle. SMI noted that 2026 will be the first year in which an adviser may lose accreditation for non-compliance with PEC and instructed intermediaries to monitor the status of contracted advisers, communicate PEC obligations and non-compliance risks, and implement internal tracking and controls to mitigate service disruption and potential investor harm. PEC cycles expire at the end of the month corresponding to the adviser’s registration anniversary, meaning advisers registered in February 2021 or earlier have until 28 February 2026, with subsequent months following the same pattern. For first-cycle participants who need to sit the exam, registrations open on 20 October 2025 via Fundação Getulio Vargas (FGV).