The Brazil Securities Commission (CVM) Board ruled on five proposed settlement agreements (termos de compromisso) discussed at its 31 March 2026 meeting, approving four and rejecting two. The approved agreements require payments ranging from BRL 42,500 to BRL 1,480,000, while one rejection overturned the Term of Commitment Committee’s (CTC) recommendation. In the Auzza Securitizadora case, the Board accepted Mario Alessandro Cazzulo’s BRL 43,000 offer and rejected the joint proposal from Rafael de Lima Felcar, Danilo Freitas, Tiago Vinicius da Costa and Daniel Domenici Loures Bueno, with the CTC citing the alleged seriousness of the conduct, proposed terms misaligned with usual parameters and similar precedents. For Oncoclínicas, the Board rejected a BRL 400,000 proposal from investor relations director Cristiano Affonso Ferreira de Camargo in an administrative proceeding examining an alleged failure to disclose a material fact between 10 May and 21 May 2024 during negotiations on a capital increase amid atypical share-price movements. It also approved BRL 180,000 from Otavio Lage de Siqueira Filho (Jalles Machado) over alleged trading during the 15-day blackout period before quarterly disclosure, BRL 1,480,000 from Joaquim Martino Ferreira (MMX) payable in six instalments over alleged delayed or incomplete material disclosures and lack of diligence in negotiations with a purported investor, and BRL 42,500 from Thiago Meira Coelho Lemgruber Porto (OSX) in a pre-sanctioning administrative proceeding concerning an alleged failure to inform the company’s investor relations director about a criminal conviction. In all five matters, the Federal Specialized Prosecutor’s Office attached to CVM found no legal impediment to entering into a settlement.
Brazil Securities Commission (CVM) 2026-04-01
Brazil Securities Commission approves four settlement agreements and rejects proposals in Auzza and Oncoclínicas matters
The Brazil Securities Commission (CVM) Board ruled on settlement proposals, approving four and rejecting two, with payments from BRL 42,500 to BRL 1,480,000. Rejections included joint proposals in the Auzza Securitizadora case and a BRL 400,000 offer from the investor relations director of Oncoclínicas over alleged failure to disclose a material fact during a capital increase negotiation. Approved settlements covered alleged blackout-period trading, delayed or incomplete material disclosures, lack of diligence in negotiations with a purported investor, and failure to inform an investor relations director about a criminal conviction.