The Brazil Securities Commission (CVM) published a roundup of actions taken in April 2025, including a new Integrity Plan for 2025–2026 and Resolution CVM 228, which updated the agency’s internal rules and defined the responsibilities of a new Data Governance Office. The update also covered two new CVM surveys on sustainability reporting and integrity in Brazil’s capital markets, and the first-quarter 2025 Economic Bulletin, which highlighted stronger crowdfunding activity. Technical areas issued Joint Circular Letter CVM/SSE/SNC 1/2025 on the FIAGRO results distribution regime and Circular Letter CVM/SRE 1/2025 on registrations for FIAGRO and other securitisation titles. Enforcement actions included four stop orders warning of alleged irregular activity involving GRF Assessoria Ltda. and its partner, Eike Token ($EIKE), Bravo Assessoria em Investimentos Ltda. and its partner, and Securcap Securities Limited. In adjudications, the CVM imposed a BRL 340,000 fine related to voting irregularities at a Saraiva Livreiros S.A. (in judicial reorganisation) shareholders’ meeting, fined a trustee BRL 255,000 for internal control failures, sanctioned an accused party for a fraudulent capital markets operation, and temporarily barred an accused unregistered portfolio manager for 60 months. The CVM also accepted settlement proposals involving Oceanpact Serviços Marítimos S.A. and its directors, a Raízen S.A. director, and the José do Egito Fundo de Investimento Multimercado Crédito Privado Investimento no Exterior, and published additional guidance with ANBIMA on public offering processes and FIDC reporting.

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