Brazil Securities Commission accepts four settlement agreements totaling BRL 2.63 million in market conduct and disclosure cases

The Brazil Securities Commission (CVM) has approved four settlement agreements (Termo de Compromisso) to close administrative and sanctioning proceedings, requiring total payments of BRL 2,633,100 to the regulator. The agreements cover: Riza Gestora de Recursos Ltda. and its Head of Allocation, Amadeu Almeida Borda Neto, paying BRL 612,000 each (BRL 1,224,000 total) in a case examining purchases of real estate investment fund units near market close and in closing auctions with indications of price manipulation (possible breach of CVM Resolution 62, articles 2 and 3); Eduardo Guardiano Leme Gotilla, investor relations director at Light S.A. – under judicial reorganisation, paying BRL 600,000 in a case concerning the non-disclosure on 28/12/2023 of a material fact on the stage and terms of debt negotiations amid a media leak (possible breach of CVM Resolution 44, article 3); Alejandro Gustavo Elsztain, a Brasilagro board member, paying BRL 90,000 following a self-report of trading the company’s shares during the 15-day blackout period before quarterly financial information released on 6/11/2024 (possible breach of CVM Resolution 44, article 14); and Gabrielle Castelo Branco Helú, investor relations director at Sendas Distribuidora S.A., paying BRL 719,100 in a case assessing allegedly untimely efforts to seek information from a shareholder during atypical trading (possible breach of CVM Resolution 44, article 4, sole paragraph). In each matter, the Federal Attorney’s Office at CVM identified no legal impediment, and the board followed the Termo de Compromisso Committee’s recommendation to accept the settlements.