Brazil Securities Commission (CVM) published its 2026 Regulatory Agenda, setting out rulemaking priorities and planned consultations for the year ahead. Key items include drafting a new rule to replace the current investment crowdfunding framework for securities offerings by small companies carried out without registration via electronic participatory investment platforms, alongside targeted updates to annexes of the investment fund rulebook. Planned regulatory outputs also cover material fact disclosures and other market communications, rating agencies, public offerings, treasury share transactions, and updates to the list of certifications for consultants. Consultation priorities include the “Project 135 Light” review of rules for smaller markets with a focus on tokenization, enhancements to suitability including expanded retail products, a review of the “qualified investor” concept and measures drawn from prior regulatory evaluations, and a framework for finfluencers alongside a modernization of analyst rules. Additional consultation topics span AML/CFT-related registration and information requirements, regulation for the carbon market under Law 15.042/24, cross-border intermediation partnerships, COE, registration of CRI and CRA backing and reporting to the Credit Information System, active management ETFs, FIDC rules covering companies in judicial recovery and non-performing receivables, and the Brazilian Sustainable Taxonomy. The agenda also schedules five regulatory impact and ex-post evaluation studies for 2026, including an evaluation related to the public offerings framework under existing offerings resolutions and an impact assessment on the roles of regulated participants involved in analysing, distributing and advising investors. Separately, the ongoing consultation on a proposed replacement for the current investment crowdfunding rule (SDM 05/2025) remains open until 23 January 2026.

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