Brazil Securities Commission (CVM) published its Sanctioning Activity Report for the fourth quarter of 2024, including a full-year 2024 balance sheet, reporting that fines imposed in sanctioning judgments totaled BRL 1,052,847,582.74 in 2024, the highest level in recent years. Over the year, the CVM Board (Colegiado) judged 94 Administrative Sanctioning Proceedings (PAS) and sanctioned 176 individuals, while 150 were acquitted; a further 32 proceedings were closed through the signing of Terms of Commitment. In the fourth quarter, the CVM Board judged 35 proceedings and sanctioned 70 defendants, resulting in 60 fines, six bans, three warnings and one disqualification; seven proceedings were also closed following compliance with previously signed Terms of Commitment. As of December 2024, 765 administrative processes with sanctioning potential were ongoing across eight technical areas, and during the quarter the CVM initiated 15 investigative administrative procedures and concluded 19 processes that resulted in accusations, which moved into PAS status for judgment or potential closure via Terms of Commitment. Market-facing preventive actions in October to December included 125 warning letters and two stop orders, bringing 2024 totals to 388 warning letters and 13 stop orders; the Board also approved 13 Terms of Commitment totaling BRL 11.86 million in the quarter.

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