The Brazil Securities Commission (CVM) published an October 2025 round-up of its main initiatives, led by the launch of a public consultation proposing to modernise the regulatory framework for real estate investment funds (Fundos de Investimento Imobiliário, FIIs), alongside a series of cooperation, market education and enforcement updates. Key items included approval of an administrative agreement with European Economic Area authorities, a memorandum of understanding with the Astana Financial Services Authority (AFSA), and a technical cooperation agreement with Brazil’s Federal Regional Court of the 4th Region (TRF4). The CVM also reported World Investor Week activities, issued an economic bulletin highlighting FIIs, credit receivables funds (FIDC) and crowdfunding in Q3 2025, and announced improvements to its E-Net system via a circular letter. On supervision and enforcement, it warned of alleged irregular activity by Tickmill Ltd., Tickmill UK Ltd., Tickmill Europe Ltd., Tickmill South Africa (PTY) LTD. and Procard Global Ltd., and separately by Kadryx Financial Services Ltda.; it accepted settlement proposals involving a Vivara Participações S.A. director and Sendas Distribuidora S.A.’s investor relations officer, rejected a settlement proposal involving XP Investimentos and its directors, and reported sanctions including total fines of BRL 26 million for an alleged fraudulent capital markets operation and a BRL 70,000 fine for failure to submit registration forms. Other items referenced reversals of a public company registration suspension, an administrative supervisory agreement related to Americanas S.A., and the Ministry of Finance and CVM announcement of approval for Brazilian index listings on Chinese exchanges under the Brazil–China ETF Connect programme. The public consultation opens the process for market feedback on the proposed FII regulatory modernisation.

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