The Brazil Securities Commission (CVM) issued Resolution CVM 234, replacing Resolution CVM 51 on the registration of capital markets participants and updating the list of data that must be made available in the participant registry. The amendments are described as technical and formal, with no significant changes to the substance or structure of the requirements. The update aligns nomenclature and harmonises similar requirements across different types of participants, while also incorporating into the registry information already required under other rules. Key changes include editorial fixes to the “securities market administrator” category, the addition of “Central Securities Depository” (with data to be entered directly into the system to make inclusion more efficient and decentralised), and the creation of a broader “securities intermediaries” category consolidating previous registrations for brokers, dealers, investment banks and multiple banks with an investment portfolio. The participant categories for administrators of credit receivables investment funds and real estate investment funds were removed on the basis that they are covered by the generic portfolio administrator category. CVM waived both a Regulatory Impact Analysis and a public consultation, citing the limited and low-impact nature of the changes. Resolution CVM 234 enters into force on 10 September 2025, with the lead time intended to allow participants to review the updates; the data submission regime and applicable deadlines were not changed.

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