The Brazil Securities Commission (CVM) published the report of its research “Perception of Integrity in the Brazilian Capital Markets – 2025”, assessing how external stakeholders perceive the ethical behaviour of capital markets participants and the effectiveness of the regulatory and investor-protection framework in supporting market integrity. Based on 1,526 responses collected between 28 April and 19 May 2025, the indicator (scored from 1 “not at all íntegro” to 5 “completely íntegro”) reached an overall value of 2.57, built from two equally weighted sections covering ethical conduct and the effectiveness of regulation and investor protection. Respondents who reported working professionally in CVM-regulated activities (25% of the sample) rated integrity higher (2.97) than other respondents (2.44). In the ethical conduct section, investment advisers were highlighted as a key point of attention by the general public, and respondents outside regulated professional activities also pointed to the conduct of managers of real estate investment funds. The survey is intended to be repeated periodically and is positioned as an input to CVM actions aligned with its 2023–2027 strategic objectives, including structural measures to strengthen the regulator as the market expands. The report also notes that impacts from actions taken in response to perceived integrity issues tend to be visible over the medium to long term, and that more recent CVM measures such as investment adviser remuneration transparency (CVM Resolution 179) and new securities portability rules (CVM Resolution 229), effective in 2026, were not captured by this survey.

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