The Brazil Securities Commission (CVM) board accepted a settlement agreement (termo de compromisso) proposed by José do Egito Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior, represented by Banco Santander Brasil S.A. as its fiduciary administrator and manager, in an administrative proceeding opened ahead of any potential sanctioning case. Under the agreement, the fund will pay BRL 90,000 to the CVM. The Federal Prosecutor’s Office at the CVM found no legal impediment to the agreement, and the Commitments Committee recommended acceptance after negotiations that led to improvements to the initial proposal. The proceeding was opened by the Corporate Relations Superintendence to examine alleged trading by the fund in shares issued by Moura Dubeux Engenharia S.A. during a prohibited period, a potential breach of Article 14 of CVM Resolution 44.
Brazil Securities Commission (CVM) 2025-04-16
Brazil Securities Commission accepts BRL 90,000 settlement with José do Egito multimarket fund over alleged blackout-period trading
The Brazil Securities Commission (CVM) accepted a settlement with José do Egito Fundo de Investimento Multimercado, represented by Banco Santander Brasil S.A., involving a BRL 90,000 payment. This follows an administrative proceeding over alleged trading violations during a prohibited period, potentially breaching Article 14 of CVM Resolution 44. The Federal Prosecutor’s Office found no legal impediment, and the Commitments Committee recommended acceptance after negotiations.