The Brazil Securities Commission (CVM) Board approved three Term of Commitment (settlement) proposals in enforcement-related proceedings, requiring total payments of BRL 6,740,625 to close cases involving alleged unlicensed securities registrar activity, alleged independent audit standard breaches, and alleged governance and compliance failings in the administration of real estate investment funds (FIIs). In the Laqus case, Laqus Depositária de Valores Mobiliários S.A. and its chief executive Rodrigo Martins Amato agreed to pay BRL 405,000 (BRL 270,000 and BRL 135,000 respectively, in two monthly instalments) to close an administrative case opened to examine alleged operation as a securities registrar without CVM authorisation between 14 August 2024 and 1 October 2024. In the auditing case, Moore Metri Auditores Ltda. and Moacir Lucindo agreed to pay BRL 106,500 (BRL 71,000 and BRL 35,500) to close a sanctioning proceeding related to the alleged non-application of requirements in NBC TA 540 (R2) in an audit of the Projeto Água Branca real estate investment fund, with the Board accepting the proposal despite an unfavourable recommendation from the Term of Commitment Committee. In a global settlement, Tivio Capital Distribuidora de Títulos e Valores Mobiliários S.A. and four former responsible directors agreed to pay BRL 6,229,125 to close one sanctioning proceeding and two administrative proceedings linked to the management of FIIs including BB Progressivo II, BII BTS and BB Renda Corporativa, covering allegations such as conflicted rent renegotiations without prior unitholder approval, delays and errors in financial statement submissions, failures in convening and conducting unitholder meetings, and breaches of diligence and transparency duties.

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