The Brazil Securities Commission (CVM) will hold a judgment session from 15:00 on 2 December to decide on three administrative sanctioning proceedings. The cases cover alleged failures by members of Petróleo Brasileiro S.A.’s Executive Board to meet their duty of diligence, a possible breach of Article 153 of Law 6,404; alleged informational failures by Mitre Realty Empreendimentos e Participações S.A.’s investor relations director; and alleged breaches of duties of diligence and loyalty linked to RPPS investments that became non-compliant in the FIRF Pyxis Institucional IMA-B fund, involving individuals as well as Planner Corretora de Valores S.A. and Fornax Consultoria Empresarial S.A. The session is open to the public and will be held in person at the CVM’s Rio de Janeiro headquarters with a videoconference option. If none of the defendants or their counsel indicates an intention to participate, the session will be restricted and conducted via electronic voting, and the published case reports may be updated after the judgments.
Brazil Securities Commission (CVM) 2025-12-01
Brazil Securities Commission schedules 2 December sanctioning judgments in Petrobras duty of care case and two other proceedings
The Brazil Securities Commission (CVM) will hold a public judgment session on 2 December for three administrative sanctioning proceedings. The cases involve alleged diligence failures by Petróleo Brasileiro S.A.’s Executive Board, informational failures by Mitre Realty’s investor relations director, and breaches of diligence and loyalty duties related to RPPS investments in the FIRF Pyxis Institucional IMA-B fund. The session will be at CVM’s Rio de Janeiro headquarters with a videoconference option, and may proceed via electronic voting if defendants do not participate.