The Brazil Securities Commission, in partnership with Fenasbac, has opened applications until 31 May 2026 for the second edition of LEAP, its experimentation, learning and prototyping laboratory for capital markets innovation. The new cycle expands the program to seven challenges across supervisory technology and automated compliance, sustainability data for the carbon market, digital interoperability, liquidity in capital markets, and an open track for other high-impact proposals. LEAP offers a structured environment for testing solutions with direct engagement from the regulator, but without the regulatory waivers available under the Regulatory Sandbox. Selected early-stage projects from startups, universities, fintechs, researchers and market participants will receive support from a joint CVM and Fenasbac project group. The challenge set includes artificial intelligence and natural language processing for conduct and AML/CFT supervision, machine-readable regulation and compliance-as-code, integration of measurement, reporting and verification data into carbon-credit trading, sharing of investor data and consent for suitability-as-a-service, interoperability for the registration, custody and collateral use of tokenized real-world assets, and digital tools to improve secondary liquidity for securities issued by closed companies. The first LEAP cycle in 2025 produced seven functional prototypes, including solutions for crowdfunding secondary-market fragmentation, carbon-market transparency, automation of manual supervision and compliance work, ESG data standardization, and investor-centered suitability. Applications close on 31 May 2026. LEAP is part of the NEXUS innovation framework, which also includes the Regulatory Sandbox for live-market testing with regulatory flexibilities.
Brazil Securities Commission (CVM) 2026-05-14
Brazil Securities Commission opens applications for second LEAP cycle with seven challenges spanning AI sustainability and capital markets access
The Brazil Securities Commission, with Fenasbac, has launched the second edition of LEAP, its experimentation, learning and prototyping lab for capital markets innovation, expanding to seven challenges across supervisory technology, automated compliance, sustainability data, digital interoperability, liquidity and an open track. Selected early-stage projects will test solutions such as AI for conduct and AML/CFT supervision, machine-readable regulation, carbon-credit market data integration, investor data sharing for suitability, tokenized real-world asset interoperability and tools to improve secondary liquidity for closed-company securities, in a controlled environment without Sandbox waivers.