The Brazil Securities Commission (CVM) used the “Um Mercado de Capitais ABERTO” event, held with AMEC and the CFA Society Brazil/CFA Institute, to outline its regulatory priorities for 2026 and discuss market expectations as the regulator approaches its 50th anniversary. CVM officials presented the Agenda Regulatória 2026 and flagged a pipeline of rulemaking, consultations and analytical work spanning funds, offers and market conduct topics. Key items highlighted for 2026 included issuing a new rule to replace the current investment crowdfunding framework, amending annexes to CVM Resolution 175 with updates affecting private equity (FIP), financial (FIF) and real estate (FII) funds, and developing rules on the disclosure of material facts, communications to the market and treasury shares. Among planned public consultations, CVM pointed to suitability and the expansion of retail products, a review of the “qualified investor” concept, and measures stemming from a regulatory outcomes evaluation on the topic. CVM also signalled a regulatory impact analysis on a broad review of the role of regulated participants involved in the analysis, distribution and advice provided to investors. CVM indicated that several 2026 agenda items will move forward via public consultations, studies and subsequent issuance of standards, and that the planned impact assessment work will likely include a public call for contributions from market participants.

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