The Brazil Securities Commission (CVM) published the outcomes of four enforcement cases, including two unanimous sanctions. Infinite Trade LLC was fined BRL 3.9 million for conducting a public securities offering without prior registration. Alan da Silva Neres was barred for 78 months from participating directly or indirectly in securities market transactions for unauthorized portfolio management, while AN Assessoria e Mentoria Ltda. was fined BRL 520,000 for the same conduct. Rulings in the other two cases remain pending after review requests suspended the proceedings. Director Marina Copola voted to impose fines ranging from BRL 100,000 to BRL 400,000 on BNY Mellon Serviços Financeiros DTVM, Carlos Augusto Salamonde, FL Gestora de Recursos and José Carlos Rodrigues Rosa for breaches of investment fund rules, while acquitting BNY Mellon and Salamonde of a separate charge. She also voted to fine former Oi directors Marco Norci Schroeder and Eurico de Jesus Teles Neto BRL 400,000 each over the company’s 2015 and 2016 financial statements, while acquitting the five directors of fiduciary duty charges and three of them of the financial reporting charges. The parties subject to the final sanctions may appeal to the National Financial System Appeals Council with suspensive effect.
2026-08-26Brazil Securities Commission (CVM)
Brazil Securities Commission imposes BRL 3.9 million fine for unregistered offering and 78-month ban for unauthorized portfolio management
The Brazil Securities Commission fined Infinite Trade BRL 3.9 million for an unregistered public offering and imposed a 78-month market ban on Alan da Silva Neres for unauthorized portfolio management. AN Assessoria e Mentoria was fined BRL 520,000 for the same activity. Decisions in cases involving BNY Mellon and former Oi directors remain pending after review requests.