The Brazil Securities Commission (CVM) announced it will hold a judgment session from 15:00 on 23 December to decide two administrative sanctioning proceedings, one linked to RPPS investments in the FIRF Pyxis Institucional IMA-B fund and another involving alleged failures of diligence by members of Petróleo Brasileiro S.A.’s executive board. The first case (PAS 19957.002964/2020-73) involves Arnaldo José da Silva, Artur Martins de Figueiredo, Planner Corretora de Valores S.A., Fábio Antonio Garcez Barbosa and Fornax Consultoria Empresarial S.A., and examines alleged breaches of duties of diligence and loyalty connected to RPPS investments that were out of compliance in the FIRF Pyxis Institucional IMA-B. The second case (PAS 19957.009503/2018-15) involves Maria das Graças Silva Foster, José Carlos Cosenza, Almir Guilherme Barbassa, José Alcides Santoro Martins, José Antonio de Figueiredo and José Miranda Formigli Filho, and assesses a possible breach of the duty of diligence by Petrobras executive directors, with a potential infringement of Article 153 of Law 6,404. Both cases are accompanied by reports from Director João Accioly. The session will be public and available in person at CVM headquarters and via videoconference. If none of the defendants or their representatives indicate they will participate, the judgment will be conducted in restricted form through electronic voting, and the published reports may be updated after the session.
Brazil Securities Commission (CVM) 2025-12-22
Brazil Securities Commission schedules sanctioning judgment session covering RPPS FIRF Pyxis fund investments and Petrobras directors’ duty of diligence allegations
The Brazil Securities Commission (CVM) will hold a judgment session on 23 December for two administrative sanctioning proceedings. The first involves alleged breaches of diligence and loyalty duties related to RPPS investments in the FIRF Pyxis Institucional IMA-B fund, while the second assesses potential diligence breaches by Petrobras executive directors. The session will be public, with options for in-person or videoconference attendance, and may proceed with electronic voting if defendants do not participate.