The Brazil Securities Commission (CVM) published a March 2025 roundup covering new rulemaking, supervisory guidance, enforcement actions and key reports. The main regulatory updates were a new rule to regulate innovations introduced by Law 14.711 and a targeted change to CVM Resolution 193 to facilitate voluntary adoption of CBPS 01 (IFRS S1) and CBPS 02 (IFRS S2). Supervisory circular letters set expectations for the minimum registration data for EAMOs and IOSMFs, clarified the limited liability of real estate investment fund (FII) unitholders, and announced enhancements to the E‑Net system. Enforcement updates included stop orders warning of alleged irregular activity by Albi Corporation Ltd and by Metaverso Assessor de Investimento Ltda., Metaverso Soluções Digitais Ltda. and two representatives, and collegiate decisions including a conviction for creating artificial market conditions, a BRL 1.2 million fine for information failures, and BRL 383 million in fines for irregular portfolio management and fraudulent operations; CVM also rejected a proposed settlement with a director of Banco Mercantil do Brasil S.A. CVM also reported that fines applied in 2024 judgments exceeded BRL 1 billion, that more than 80% of the 2023–2024 Sustainable Finance Action Plan targets were fully completed, and that its regulatory agenda was a highlight of its 2024 Management Report. Other items included an order for Trustee DTVM Ltda. to carry out a public tender offer (OPA) due to Ambipar’s increase in ownership stake, a joint CVM-ANBIMA update on their cooperation regime results for the second half of 2024, and a notice relaying a FATF communication on countries presenting potential risk to the financial system.

Original source View in tracker