The Brazil Securities Commission (CVM), through its Superintendence of Institutional Investor Supervision (SIN), issued guidance setting out its technical interpretation of Article 6 of Joint Resolution BCB/CVM 13 on when CVM registration requirements do not apply to nonresident investors operating in agribusiness derivatives. Circular Letter CVM/SIN 4/2026 addresses questions on whether a nonresident investor must appoint a local representative and obtain CVM registration when it exclusively trades forward, futures and options contracts on agricultural products and conducts receipts, payments and other financial movements through an overseas account (the so-called INR Agro). SIN concludes that, based on a systematic and historical reading of Joint Resolution 13, the general requirements to register and appoint a representative do not apply to nonresident legal-entity investors entering Brazil to operate in the segments regulated by National Monetary Council Resolution 2,687. The registration obligation continues to apply to nonresident investors for other financial and capital market products, but does not extend to INR Agro, which is exempt from both local representation and CVM registration.
Brazil Securities Commission (CVM) 2026-02-11
Brazil Securities Commission clarifies exemption from CVM registration for nonresident investors trading agribusiness derivatives
The Brazil Securities Commission (CVM) issued guidance clarifying that nonresident legal-entity investors trading agribusiness derivatives, known as INR Agro, are exempt from CVM registration and local representation requirements. This exemption applies when transactions are conducted through overseas accounts, as per Joint Resolution BCB/CVM 13. Registration obligations remain for other financial and capital market products.