Brazil’s Securities Commission (CVM) issued Resolution CVM 227 amending Resolution CVM 193 to allow listed companies that intend to voluntarily publish a sustainability-related financial information report based on International Sustainability Standards Board (ISSB) standards IFRS S1 and IFRS S2 for financial years starting on or after 1 January 2025 to disclose their election to the market by 31 December 2025. Under the updated procedures, voluntary adoption for financial years starting on or after 1 January 2024 required a market notice by 31 December 2024, while voluntary adoption for financial years starting on or after 1 January 2025 can now be declared by 31 December 2025. CVM also reiterated that mandatory preparation and publication of the sustainability-related financial information report, based on standards issued by the CBPS, applies only to listed companies and does not apply to investment funds, securitisation companies, or other regulated entities; the change followed input received from the Brazilian Association of Listed Companies (Abrasca) on implementation of certain requirements. Resolution CVM 227 enters into force on 1 April 2025.
Brazil Securities Commission (CVM) 2025-03-31
Brazil Securities Commission extends to 31 December 2025 the market notice deadline for voluntary IFRS S1 and S2 sustainability reporting
Brazil’s Securities Commission (CVM) issued Resolution CVM 227, amending Resolution CVM 193, to allow listed companies to voluntarily publish sustainability-related financial reports based on ISSB standards IFRS S1 and IFRS S2 for financial years starting on or after 1 January 2025, with disclosure required by 31 December 2025. Mandatory reporting applies only to listed companies, not to investment funds or other entities, following feedback from the Brazilian Association of Listed Companies. Resolution CVM 227 takes effect on 1 April 2025.