The Brazil Securities Commission (CVM) imposed a 51 month securities market ban on Rodrigo Xavier Teles for conducting professional securities portfolio management without prior authorization. In a separate enforcement case, the board acquitted R&M Auditores Independentes e Consultores S/S of alleged breaches relating to the Continuing Professional Education Program. The ban prohibits Teles from participating, directly or indirectly, in any type of securities market transaction. The board found that he violated Article 23 of Law 6,385 and Article 2 of CVM Resolution 21. He may appeal to the National Financial System Appeals Council, with suspensive effect. The audit firm was acquitted of charges under Articles 20 and 34 of CVM Instruction 308. Both decisions were unanimous among the participating board members at the Oct. 20, 2026, hearing.
Brazil Securities Commission imposes 51 month market ban for unauthorized portfolio management and acquits audit firm
The Brazil Securities Commission (CVM) banned Rodrigo Xavier Teles from participating directly or indirectly in securities market transactions for 51 months for unauthorized professional portfolio management. He may appeal with suspensive effect. In a separate case, the board acquitted R&M Auditores Independentes e Consultores S/S of alleged violations relating to continuing professional education.