Brazil Securities Commission publishes new regimental structure decree and circular guidance on leverage, securities consulting and authorisation requests

The Brazil Securities Commission (CVM) published a roundup of its January 2026 deliverables, led by a new decree updating the agency’s regimental structure under Resolution CVM 239, alongside technical guidance for market participants and public warnings on alleged irregular activity. The update also covered an exploratory study by the CVM’s Economic Analysis, Risk Management and Integrity Advisory (ASA) on the “Twin Peaks” model and implementation challenges in Brazil. CVM issued stop orders warning about the irregular operation of the foreign company Capitalist LTD and of the Onil or OnilX group, and released Circular Letters with guidance on leverage in Financial Investment Funds, the securities advisory activity, a new system for authorisation requests and reporting of registration updates, and a new process to obtain registration and a CPF for certain non-resident investors exempt from CVM registration. Other items referenced include the cancellation of the registration of two listed companies, a new investment-fund dataset published on the CVM Open Data Portal, and advance disclosure of cases expected to be on the agenda of a CVM Board meeting. The roundup flagged upcoming investor-education initiatives, including Global Money Week 2026 scheduled for 16 to 22 March.