Brazil Securities Commission (CVM) published a December 2025 activity roundup highlighting the launch of its 2026 Regulatory Agenda and three new resolutions covering targeted changes to the FÁCIL simplified regime and new accounting requirements derived from CPC Technical Pronouncement 51. The update also references an extended public consultation on reforming CVM Resolution 88 and a range of supervisory and enforcement actions. The 2026 agenda includes workstreams on a new investment crowdfunding rule, amendments to annexes of CVM Resolution 175, and “Project 135 Light”. Resolution CVM 236 introduces point adjustments to the FÁCIL regime and postpones its entry into force, while Resolutions CVM 237 and 238 address accounting rule changes stemming from CPC 51. The month’s actions also included approval of a technical cooperation agreement with the Federal Accounting Council and issuance of technical circular letters on adoption of the ANBIMA platform, submission of a Termo de Emissão, and improvements to the monthly FIDC report in the Fundos.Net system, alongside publication of a 2026 compliance calendar for regulated reporting deadlines. On supervision and enforcement, CVM issued multiple declaratory acts warning of irregular activity by entities including Oneal Group, Suxxess FX, Maxbit, AxiTrader and AxiCorp Financial Services, Magnum International Markets, the Onequity group, 4SQUARE SY, and Vie Finance Sey. Its Q3 2025 sanctions activity report recorded 175 warning letters and 11 stop orders, and the Board rejected one settlement proposal while accepting two; it also imposed fines including more than BRL 11.25 million in a case involving Indústrias J.B. Duarte S.A. and BRL 255,000 for alleged irregular capital-markets activity, judged cases involving JBS S.A. and members of Petrobras’ executive management, and denied a request to register a tender offer for ATOM Educação e Editora S.A.

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