Brazil Securities Commission launches Open Capital Market initiative and introduces the FÁCIL regime while opening three rulemaking consultations

The Brazil Securities Commission (CVM) published a summary of its July 2025 activity, highlighting the launch of Mercado de Capitais ABERTO (Open Capital Market), new rulemaking to broaden access for smaller issuers, and the start of three public consultations. CVM Resolutions 231 and 232 created the FÁCIL regime to facilitate capital markets access for smaller companies, while Resolution 233 established the Intelligence Development Management unit (Gerência de Desenvolvimento de Inteligência, GDI). The three consultations cover new rules on presenting information in financial statements (Public Consultation SNC 01/25), a proposed regulatory adjustment involving rating agencies (Public Consultation SDM 02/25), and targeted changes to CVM Resolution 160 (Public Consultation SDM 03/25). Other updates included the second-quarter 2025 Economic Bulletin highlighting commercial notes and credit rights investment funds (FIDCs), and multiple circular letters covering copytrade services, crowdfunding platform obligations under CVM Resolution 88, enhancements to the E‑Net system, clarifications on exchange-traded funds (ETFs), and improvements to periodic reporting for real estate investment funds (FIIs) and FIAGRO funds. On supervision and enforcement, the roundup lists stop orders and public alerts over alleged irregular activity by Nexx Focus Capital A Ltda., Infinite Trade LLC and partners, Falcon Ltd., and Gênesis Tech, acceptance of settlement agreements with directors of Allos S.A. and Cambuci S.A., and the acquittal of PricewaterhouseCoopers Auditores Independentes S.A. and the responsible partner in a case alleging breaches of accounting standards.