The Brazil Securities Commission (CVM) has signed a third Administrative Agreement in a Supervisory Proceeding concerning facts related to Americanas S.A.’s Jan. 11, 2023, material fact disclosure. Information obtained through the agreement is expected to provide further evidence for the CVM’s investigation and analysis, which has been underway since 2023. The new agreement follows earlier agreements signed on Sept. 29, 2023, and Oct. 15, 2025. Under the supervisory agreement framework, the CVM may terminate an enforcement action or reduce an applicable penalty in exchange for effective, full and permanent cooperation. Proponents must confess to a violation, identify other participants and provide information and documents proving the misconduct.
2026-09-10Brazil Securities Commission (CVM)
Brazil Securities Commission signs third supervisory agreement tied to Americanas investigation
The Brazil Securities Commission has signed a third supervisory agreement related to its investigation of Americanas S.A.’s Jan. 11, 2023, material fact disclosure. The agreement is expected to provide further evidence for the investigation, which has been underway since 2023.