The Brazil Securities Commission (CVM) will hold a sanctions judgment session from 15:00 on 1 April to decide two administrative sanctioning proceedings, covering alleged irregularities in the provision of investment fund management services and an alleged breach of shareholder duties in a listed company under judicial reorganisation. The cases are against Marcos Jorge (investigating responsibility for irregularities in fund management services) and Olga Maria Barbosa Saraiva (investigating the responsibility of a shareholder and Chair of the Board of Directors of Saraiva Livreiros S.A. – Em Recuperação Judicial for an alleged violation of Article 115(1) of Law 6,404). The session is open to the public and will take place in person at CVM’s headquarters in Rio de Janeiro, with the option to follow by videoconference; if none of the defendants or their legal representatives indicates an intention to participate, the session will be held in a restricted format via electronic voting. CVM noted that the reports made available for the cases may be amended after the judgment session.
Brazil Securities Commission (CVM) 2025-03-31
Brazil Securities Commission to hold 1 April sanctions judgment session on fund management irregularities and Saraiva Livreiros governance case
The Brazil Securities Commission (CVM) will conduct a sanctions judgment session on 1 April to address two administrative proceedings involving alleged irregularities in investment fund management and shareholder duties. The cases concern Marcos Jorge and Olga Maria Barbosa Saraiva, with the session open to the public at CVM's headquarters in Rio de Janeiro, and available via videoconference. Reports for the cases may be amended post-session.