The Brazil Securities Commission (CVM) board approved a Term of Commitment settlement proposal from Leonardo Mendes Cabral, in his capacity as a director of Banco Santander (Brasil) S.A., in Administrative Sanctioning Proceeding PAS 19957.003650/2025-01. Under the agreement, he committed to pay BRL 180,000 to the CVM. The Federal Specialized Prosecutor’s Office at the CVM found no legal impediment to entering into the settlement. The Terms of Commitment Committee recommended acceptance following negotiations with the proposer. The case was opened by the Corporate Relations Superintendence to examine potential responsibility for trading units issued by the company during a prohibited period, which may constitute a breach of Article 14 of CVM Resolution 44.
Brazil Securities Commission (CVM) 2025-12-10
Brazil Securities Commission accepts BRL 180,000 settlement with Banco Santander Brasil director over alleged blackout-period trading
The Brazil Securities Commission (CVM) approved a Term of Commitment settlement with Leonardo Mendes Cabral, director of Banco Santander (Brasil) S.A., involving a payment of BRL 180,000. The settlement follows an investigation into potential trading violations during a prohibited period, possibly breaching Article 14 of CVM Resolution 44. The Federal Specialized Prosecutor’s Office found no legal barriers, and the Terms of Commitment Committee recommended acceptance.