The Brazil Securities Commission (CVM) published its 2025 Management Report, setting out the main regulatory agenda deliveries aimed at simplifying rules and widening access to Brazil’s capital markets, alongside operational and market-supervision metrics. Key outcomes highlighted include the creation of the FÁCIL regime for smaller issuers, streamlined debenture issuance requirements, and changes to the procedure for Administrative Sanctioning Proceedings (PAS). In 2025 the CVM issued rules establishing the FÁCIL regime (Facilitation of Access to Capital and Incentives for Listings), simplified the debenture issuance process, and modernised the PAS process through amendments to CVM Resolution 45. Other measures included targeted changes to portability rules with the effective date pushed to 2 January 2026, a deferral of the effective date of CVM Resolution 215 to 1 October 2025 pending completion of an automated tender offer (OPA) module in the SRE system for voluntary OPAs not involving an exchange of securities, an update to the dataset that market participants must make available replacing CVM Resolution 51, and further adjustments to the FÁCIL regime that delayed its start to 16 March 2026 and amended CVM Resolution 47 on coercive daily fines. The report also notes public consultations on replacing CVM Resolution 88 (investment crowdfunding by small enterprises), regulatory adjustments for rating agencies, a draft rule to replace CVM Resolution 44 on disclosure of material facts and market communications, targeted amendments to CVM Resolution 160 and CVM Resolution 77 (trading in own shares), modernisation of rules for real estate investment funds (FIIs), and simplification of the information regime for financial investment funds (FIFs). Work in 2025 additionally included an ESG disclosure survey to support a Regulatory Impact/Outcome Analysis focused on CVM Resolution 59, and published analyses on suitability (Investor Profile Analysis), the corporate governance report, and integrity perceptions in the Brazilian capital market. On market coverage and resourcing, the CVM reported a record 92,818 regulated participants at end-2025, up 3.4% from 2024, with the strongest growth among securities investment advisers. The report also records the onboarding of 44 new staff in Rio de Janeiro and seven in São Paulo in January, followed by a further 25 staff received in November.
Brazil Securities Commission (CVM) 2026-03-31
Brazil Securities Commission publishes 2025 management report highlighting the FÁCIL regime reforms and record 92,818 regulated participants
The Brazil Securities Commission (CVM) published its 2025 Management Report outlining key initiatives to simplify rules and broaden access to capital markets, including the FÁCIL regime for smaller issuers, streamlined debenture issuance, and modernisation of Administrative Sanctioning Proceedings under CVM Resolution 45. The report details adjustments and deferrals to multiple resolutions, consultations on crowdfunding, disclosure, rating agencies and fund regimes, and analytical work on ESG disclosure, suitability and governance. CVM also reported a record 92,818 regulated participants at end-2025 and increased staffing in Rio de Janeiro and São Paulo.