The Brazil Securities Commission (CVM) issued an order requiring BBN Finance S/A (BBN Mercantil Monet) and its partner, Oscar Gibson Sobrinho, to immediately stop disseminating in Brazil any offer of securities portfolio management services, after identifying indications that the activity was being offered without CVM authorisation. According to the Superintendence of Relations with Institutional Investors (SIN), the services were promoted via www.monet.com.br. Non-compliance with the order may lead to a daily coercive fine of BRL 100,000, and the CVM noted that potential liability for violations committed before the decision may still be pursued through a sanctioning administrative proceeding under Article 11 of Law 6,385. The regulator also invited investors who receive proposals from the firm to report details to the CVM via its citizen service channel.
Brazil Securities Commission (CVM) 2025-08-21
Brazil Securities Commission orders BBN Finance and Oscar Gibson Sobrinho to immediately halt unlicensed securities portfolio management offers in Brazil
The Brazil Securities Commission (CVM) ordered BBN Finance S/A and partner Oscar Gibson Sobrinho to cease offering securities portfolio management services in Brazil without authorization. The services were promoted on www.monet.com.br, and non-compliance may result in a daily fine of BRL 100,000. The CVM may pursue liability for prior violations and encourages investors to report any proposals from the firm.