The Brazil Securities Commission (CVM) issued Resolution CVM 235 amending Resolution CVM 45 to refine the procedures governing its administrative sanctioning activity, with the stated aim of improving procedural clarity and efficiency and expanding the range of infringements eligible for a simplified track. Key changes include an expanded list of violations that can be processed under the simplified procedure, along with a targeted adjustment to that procedure. The amendments also refine how the CVM obtains a prior statement from investigated parties, clarifying that this step is an administrative efficiency measure and is distinct from formal service for the exercise of adversarial proceedings and full defence rights. For Terms of Commitment, the rules now expressly require the applicant to evidence compliance with the legal and regulatory conditions for cessation and correction of the alleged misconduct and for compensation of losses, and clarify that the cessation requirement is met where the conduct has already been completed or interrupted. The measure was exempted from a Regulatory Impact Analysis under Decree 10.411 on the basis that it is low impact and does not impose new regulatory costs. Resolution CVM 235 enters into force on 1 December 2025.

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