Brazil Securities Commission mandates CPF-based onboarding for non-resident individual investors and moves fictitious CVM code generation to B3 from 23 February 2026

The Brazil Securities Commission’s Superintendence of Supervision of Institutional Investors (SIN) published guidance on a new operational process for obtaining a registration record and a Cadastro de Pessoas Físicas (CPF) for non-resident investors who are exempt from registration with the authority under CVM Resolution 13. The circular also confirms that, from 23 February 2026, the CVM will stop using its current method for generating the fictitious “CVM code” document, and the market should use a new functionality developed by B3. Under the new process, the CPF becomes a mandatory document for the onboarding of non-resident individuals and will be the key identifier for obtaining the fictitious CVM code via B3; where an investor does not have a CPF, it will be requested through an integration between B3 and the CVM. The guidance notes that market infrastructures and B3 have continued to use the operational CVM code even where the document is dispensed for individual investors, and SIN observes that since CVM Resolution 64 the code no longer corresponds to any CVM registration modality for non-resident natural persons. As an exception, for those opting to maintain the conventional “passenger” inclusion in a collective account, the CVM will remain responsible for generating the operational CVM code, and previously generated codes will remain unchanged.