The Brazil Securities Commission (CVM) has published its Sanctioning Activity Report for the fourth quarter of 2025, including a full-year 2025 enforcement overview, pointing to increased use of preventive measures and higher volumes of investigative and sanctioning activity. Stop orders rose to 37 in 2025 from 13 in 2024, increasing quarter by quarter (2 in Q1, 10 in Q2, 11 in Q3, 14 in Q4). The number of alert letters also increased to 434 from 388, with the Superintendence of Corporate Relations (SEP) issuing 126 and the Superintendence of Securities Registration (SRE) 118. As of December 2025, 804 potentially sanctionable administrative proceedings were ongoing across eight technical areas, while the number of investigative administrative proceedings initiated rose to 92 from 59 and sanctioning proceedings leading to charges rose to 95 from 76. The CVM Board approved settlement agreements (Termo de Compromisso) covering 42 cases and 64 proponents in 2025, with BRL 33.31 million proposed for diffuse damages, including BRL 11.66 million approved in Q4 2025 for 15 cases involving 24 proponents. Referrals to the Public Prosecutor’s Office increased to 95 letters in 2025 from 70 in 2024 (28 to state prosecutors and 67 to the federal prosecutor), covering suspected public-crime offences identified in sanctioning proceedings and broader supervisory work, including unlicensed practice, fraud, and fraudulent management.

Original source View in tracker