Brazil Securities Commission (CVM) concluded four administrative sanctioning proceedings, imposing a BRL 255,000 fine on Sebastian Kunert for the alleged unauthorised provision of securities portfolio management and dismissing charges in three other cases involving alleged audit irregularities and an alleged fraudulent fund operation. In the audit case involving KPMG – Auditores Independentes Limitada and engagement partner Cláudio Rogélio Sertório, the board unanimously acquitted both in proceedings relating to the independent audit of Odontoprev S.A.’s financial statements for the year ended 31 December 2023, which referenced alleged non-compliance with Brazilian auditing standards and Article 20 of CVM Resolution 23. In the private equity fund matter concerning the Fundo de Investimento em Participações Cais Mauá do Brasil Infraestrutura, a majority decision acquitted ICLA Consultoria S.A., its former directors, Finance Moinhos Assessoria e Consultoria Empresarial LTDA., and former partners and administrators, despite a dissenting vote that would have imposed substantial fines under CVM Instruction 08. In the BDO RCS Auditores Independentes SS case concerning an audit report issued on 31 March 2020 for Companhia de Tecidos Norte de Minas (Coteminas), the board unanimously rejected a preliminary challenge alleging lack of just cause, upheld by majority a preliminary finding on insufficient individualisation of the engagement partner’s conduct, and unanimously acquitted the firm and partner Paulo Sérgio Tufani on the merits. Kunert may appeal the sanction to the Council of Appeals of the National Financial System with suspensive effect.
Brazil Securities Commission (CVM) 2025-12-17
Brazil Securities Commission fines Sebastian Kunert BRL 255,000 for unlicensed portfolio management and acquits KPMG BDO and fund advisers
The Brazil Securities Commission (CVM) concluded four administrative proceedings, fining Sebastian Kunert BRL 255,000 for unauthorized securities portfolio management, while dismissing charges in three other cases. KPMG and its partner were acquitted of audit irregularities, as were ICLA Consultoria S.A. and others in a private equity fund case, despite a dissenting vote. BDO RCS Auditores Independentes SS and its partner were also acquitted in an audit report case, with a preliminary challenge rejected.