The Brazil Securities Commission (CVM) released its Sanctioning Activity Report for the first quarter of 2025, reporting BRL 385,748,750 in fines imposed through concluded judgments and summarising the pipeline of administrative investigations and supervisory actions. During the quarter, the CVM Board judged 10 Administrative Sanctioning Proceedings (nine under the ordinary procedure and one under the simplified procedure), resulting in 12 sanctioned individuals (10 fined and two banned) and eight acquittals. Seven proceedings were closed through settlement agreements (Termo de Compromisso). As of March, 865 administrative cases with potential sanctioning outcomes were underway across eight technical areas, while 16 investigative administrative proceedings were initiated and 21 cases were concluded by technical areas with statements of charges, moving them into the PAS stage. Supervisory teams also issued 46 warning letters and two stop orders; the Board approved settlement proposals in six cases totalling BRL 3.23 million, and the CVM sent 19 referrals to prosecutors (four to state prosecutors and 15 to federal prosecutors) involving indications of crimes including unlicensed activity, market manipulation and fraudulent management of a financial institution. Cases that resulted in statements of charges are expected to be decided by the CVM Board or closed via settlement if proposals are submitted.

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