The Brazil Securities Commission (CVM) issued Resolution CVM 229, making targeted amendments to Resolutions CVM 209 and 210 on the portability of securities investments. The changes respond to requests from regulated entities and their representative associations during preparations for the regime, and include a deferral of the framework’s start date alongside clarifications and operational relief. The revised entry into force date for the portability provisions is 2 January 2026, replacing the previously planned 1 July 2025 start. Custodians and intermediaries with fewer than 200 individual clients are automatically exempted from the obligation to provide a digital interface for portability requests, and other firms may request an exemption. The amendments also add new provisions to Resolution CVM 210 to clarify the interpretation of “partial portability” and allow custodians’ and intermediaries’ rules and procedures to disallow partial portability in specific cases. Resolution CVM 229 itself enters into force on 2 June 2025.

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