The Brazil Securities Commission (CVM) Board rejected a proposed Term of Commitment settlement submitted by Felipe Lopes Boff, vice-president director of Banco Mercantil do Brasil S.A., in an administrative case assessed ahead of a potential sanctioning proceeding. Following negotiations with the Term of Commitment Committee, the proposer had undertaken to pay BRL 300,000 to the CVM and the committee voted to accept the agreement, with the CVM’s Federal Specialized Prosecutor’s Office finding no legal impediment. The administrative case was opened by the Superintendency of Market and Intermediary Relations to examine an allegedly irregular share purchase with possible use of inside information, in suspected breach of Article 13 of CVM Resolution 44.
Brazil Securities Commission (CVM) 2025-03-19
Brazil Securities Commission rejects BRL 300,000 settlement proposal in suspected insider trading case involving Banco Mercantil do Brasil executive
The Brazil Securities Commission (CVM) Board rejected a proposed Term of Commitment settlement by Felipe Lopes Boff, vice-president director of Banco Mercantil do Brasil S.A., related to an administrative case on alleged insider trading. Despite the Term of Commitment Committee's acceptance of a BRL 300,000 payment and no legal impediment from the CVM’s Federal Specialized Prosecutor’s Office, the Board declined the settlement. The case involves an investigation into a potentially irregular share purchase under CVM Resolution 44.