The Brazil Securities Commission (CVM) published its 2024 Management Report, summarising the main rulemaking, enforcement, organisational and market-development initiatives carried out in 2024 to simplify regulation and broaden access to Brazil’s capital markets. It reports a record BRL 966.8bn in securities issuance in 2024 and more than BRL 1bn in fines imposed through adjudicated cases. Key regulatory outputs included rules on investment portability (CVM Resolutions 209 and 210), the final FIAGRO framework via Annex VI to CVM Resolution 175 (CVM Resolution 214), the ProRecicle recycling investment fund (CVM Resolution 206) and a new regime for public tender offers (OPAs) (CVM Resolutions 215 and 216). Public consultations covered the proposed FÁCIL regime (Facilitation of Access to Capital and Incentives for Listings) and revisions to the specific rules for private equity investment funds (FIPs). Internally, CVM ran a public recruitment process for 60 roles after 14 years, renamed its investor-facing superintendence to include sustainable finance and created the Sectional Superintendence for Institutional Development and Modernisation (SDE) to support administrative, financial and people management. Enforcement metrics included 59 investigative proceedings opened, 126 closed and 94 sanctioning cases adjudicated, plus 51 settlement agreements involving 79 proponents and BRL 64.89m in payments, and the first combined settlement and criminal non-prosecution instrument signed with the Federal Public Prosecutor’s Office. Market indicators in the report include FIAGRO net assets of about BRL 43.7bn at end-2024 after 315% growth over two years, an increase in supervised entities from 86,627 to 89,771, investment funds from 30,756 to 31,952, and BRL 1.5bn of crowdfunding issuance. The report notes an expectation of expanding staffing beyond the 60 posts in 2025.

Original source View in tracker