The Brazil Securities Commission (CVM) issued a market alert and ordered the immediate suspension of public offers of securities intermediation services by 4SQUARE SY LTD, citing indications that the firm was soliciting clients resident in Brazil. The Superintendence of Market and Intermediary Relations (SMI) identified evidence that 4SQUARE SY LTD, through the websites www.fxroad.com/pt and www.fxroad.co.in, was seeking to attract Brazilian clients to conduct securities transactions. CVM stated that the company is not authorised to intermediate securities or to raise funds from investors for investment in securities, and formalised the determination through Declaratory Act CVM 24.523.
Brazil Securities Commission (CVM) 2025-12-15
Brazil Securities Commission orders immediate suspension of 4SQUARE SY LTD’s securities intermediation offers targeting Brazilian residents
The Brazil Securities Commission (CVM) has issued a market alert and ordered the suspension of securities intermediation services by 4SQUARE SY LTD, which was soliciting Brazilian clients. The firm, operating through websites www.fxroad.com/pt and www.fxroad.co.in, is not authorized to intermediate securities or raise investment funds in Brazil, as formalized in Declaratory Act CVM 24.523.