Brazil Securities Commission rejects Cedarwood settlement bid and approves BRL 307,600 in settlements with Cambuci investor relations director and MV Auditores

At its 22 July 2025 meeting, the Brazil Securities Commission (CVM) Board ruled on three proposed settlement agreements (Termo de Compromisso) in enforcement proceedings, rejecting a proposal from Cedarwood Private Equity S.A. and nine individuals while approving settlements with Roberto Estefano and MV Auditores Independentes S/S involving total payments of BRL 307,600. In the Cedarwood case, the CVM followed the Term of Commitment Committee’s (CTC) recommendation to reject the proposals, citing a legal impediment identified by the Office of the Attorney General at the CVM, the alleged seriousness of conduct involving a possible fraudulent operation under former CVM Instruction 8, potential harm to institutional investors including public sector pension funds (RPPS), and proposed amounts viewed as disproportionate, alongside limited procedural economy because not all potentially liable persons were covered. In a separate case, the CVM accepted (by majority) Roberto Estefano’s settlement, under which the Cambuci S.A. investor relations director will pay BRL 280,000 to close allegations of trading during the 15 days preceding the issuer’s 2022 financial results disclosure and failing to report those trades to the company within the required timeframe under CVM Resolution 44. The CVM also accepted MV Auditores’ settlement for BRL 27,600 (BRL 15,000 linked to a sanctioning proceeding and BRL 12,600 linked to a related administrative process), addressing alleged repeated non-compliance with continuing professional education requirements under NBC PG 12 (R3) for 2021 and 2022.