Brazil Securities Commission (CVM) published a roundup of its November 2025 agenda, highlighting two new public consultations and a rule change that expanded the range of infractions eligible for the simplified procedure under its enforcement framework. The consultations covered updates to accounting rules to align with international standards and a proposal to simplify the information disclosure regime for Financial Investment Funds, while a separate consultation on adjustments to Resolution CVM 77 had its deadline extended. The roundup also referenced CVM guidance issued through circular letters on distribution of fund quotas on behalf of investors, ordinary registration of public offerings through the SRE system, and application of normative annexes to Resolution CVM 175 for FIDC, FII and FIAGRO. On supervision and enforcement, CVM published multiple stop-order style alerts about allegedly irregular activity by named entities and 24 digital platforms, suspended the registration of listed company Sugoi S.A., and reported collegiate decisions on settlement agreements and adjudications including a case involving alleged price manipulation and fraudulent operations. Other items included a COP30-focused sustainable finance feature and related taxonomy discussions with Spain’s CNMV and IIMV, renewal of cooperation agreements with the Inter-American Development Bank and ABDE to continue the LAB initiative, publication of a Real Estate Sector Bulletin reporting 7.5% growth and BRL 697 billion in 2025, additional open-data releases, and a technical note on a survey into implementation of Resolution CVM 193.

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