Brazil Securities Commission (CVM) has approved a term of commitment with Rafael Sirotsky Russowsky, vice-president of finance and investor relations director at Companhia Brasileira de Distribuição (CBD), to settle an administrative sanctions proceeding related to the alleged failure to disclose a material fact on a timely basis. Under the agreement negotiated with the Term of Commitment Committee, Russowsky committed to pay BRL 470,000 to the CVM. The case (PAS 19957.001169/2025-72), opened by the Corporate Relations Superintendence, examined potential responsibility for not promptly disclosing a material fact in the context of atypical market movements on 5 December 2023, ahead of media reporting the same day on a possible change in the company’s controlling shareholder, potentially breaching article 157(4) of Law 6,404 and articles 3 and 6 of CVM Resolution 44. The CVM’s Office of the Federal Attorney found no legal impediment to the settlement, and the CVM Board followed the committee’s recommendation to accept it.
Brazil Securities Commission (CVM) 2025-11-05
Brazil Securities Commission accepts BRL 470,000 settlement with CBD finance and investor relations director over late material fact disclosure
The Brazil Securities Commission (CVM) approved a settlement with Rafael Sirotsky Russowsky, vice-president of finance at Companhia Brasileira de Distribuição, over delayed disclosure of a material fact. Russowsky agreed to pay BRL 470,000 to resolve the administrative sanctions proceeding related to atypical market movements in December 2023. The settlement was endorsed by the CVM Board after the Term of Commitment Committee's recommendation.