The Brazil Securities Commission (CVM) has extended the deadline for submitting suggestions and comments to its public consultation on a proposed new rule to replace CVM Resolution 88, which governs exempt public offerings by small businesses carried out via electronic investment crowdfunding platforms. The new deadline is 23 January 2026, replacing the original deadline of 23 December 2025. The proposed changes aim to modernise and broaden Brazil’s investment crowdfunding regime in response to recent market developments, including the growth of securitisation transactions, and to support the gradual integration of agribusiness into the capital markets. The consultation forms part of the CVM’s 2025 Regulatory Agenda.
Brazil Securities Commission (CVM) 2025-12-09
Brazil Securities Commission extends consultation on proposed replacement of investment crowdfunding rules until 23 January 2026
The Brazil Securities Commission (CVM) has extended the deadline for public consultation on a proposed rule to replace CVM Resolution 88, which regulates exempt public offerings by small businesses via crowdfunding platforms. The changes aim to modernize Brazil’s investment crowdfunding regime, addressing market developments like securitisation growth and agribusiness integration. This initiative is part of the CVM’s 2025 Regulatory Agenda.