The Brazil Securities Commission (CVM) published a three-year review of initiatives delivered under President João Pedro Nascimento, structured around executive, regulatory and development agendas and anchored by ABERTO, its Open Capital Markets programme to broaden participation in Brazil’s capital markets. ABERTO groups measures such as investment portability rules, an experimental simplified investor access register and the FÁCIL regime aimed at facilitating access to capital and encouraging listings. Institutional capacity measures included an additional BRL 11.7 million in discretionary funding for 2022 and successive increases in the budget pre-limit from BRL 20 million in 2023 to BRL 36 million for 2025, with 100% budget execution reported in each period so far. Staffing was reinforced via a 60-role public recruitment process and new superintendencies for institutional development and people management, alongside updated integrity and anti-harassment and anti-discrimination plans for 2025-2026. A Regtech drive introduced or upgraded digital systems for auditor registration, offers and sanctions workflows and risk supervision, including leverage and liquidity monitoring, and supported innovation initiatives such as CRIA and the LEAP experimentation programme launched in May 2025; the review also highlights technology partnerships and an AI challenge programme allocating more than BRL 20 million to solutions across four federal entities, with two startups selected in August 2024 to advance CVM projects. On rulemaking, 70 new CVM resolutions were issued since late July 2022, including the consolidated investment funds framework, ISSB-based sustainability reporting and climate disclosure requirements for listed companies, investment portability linking Open Capital Markets to Open Finance, the FIAGRO framework, debenture issuance simplification, and new regimes for investment advisers, BDRs, shareholder meetings and tender offers; the development agenda also cited guidance on cryptoassets treated as securities and on football corporations seeking to access the capital market, and reported FIAGRO net assets rising from BRL 14.7 billion to BRL 44.7 billion between March 2023 and March 2025 while agribusiness receivables certificates increased from BRL 110 billion to BRL 156 billion. The update lists public consultations underway on reforms to material facts and other market communications, changes to private equity funds (FIP) intended to enable retail access, and proposals to remove limits on ownership stakes in stock exchanges.
Brazil Securities Commission (CVM) 2025-07-18
Brazil Securities Commission publishes three-year review highlighting ABERTO open capital markets programme and 70 regulatory resolutions
The Brazil Securities Commission (CVM) reviewed initiatives under President João Pedro Nascimento, highlighting the ABERTO programme to enhance capital market participation. Key developments include increased funding, staffing enhancements, and a Regtech drive with digital upgrades. The CVM issued 70 new resolutions, including sustainability reporting requirements and investment portability rules, and reported significant growth in FIAGRO net assets and agribusiness receivables certificates.