The Brazil Securities Commission (CVM), through its Superintendence of Market and Intermediaries Relations (SMI), issued Circular Letter CVM/SMI 2/2026 reiterating guidance and alerting intermediaries to the duties that apply to their intermediation activities and client relationship practices in fixed income securities. The circular underscores the need for compliance with CVM Resolution 35 and with the requirement to register previously executed trades with organised over-the-counter market administrators under CVM Resolution 135. It links the reminder to recent developments in fixed income secondary markets, including higher traded volumes, changes in participant profiles and the rollout of new systems, noting that intermediaries may trade via proprietary platforms or via systems provided by organised OTC market operators.
Brazil Securities Commission (CVM) 2026-04-02
Brazil Securities Commission issues circular letter warning intermediaries on fixed income trading duties and OTC transaction registration
The Brazil Securities Commission issued Circular Letter CVM/SMI 2/2026 reiterating intermediaries’ duties in fixed income intermediation and client relationship practices. The circular stresses compliance with CVM Resolution 35 and the obligation under CVM Resolution 135 to register previously executed trades with organised over-the-counter market administrators, in light of higher secondary market volumes, changing participant profiles and new trading systems.