Brazil Securities Commission (CVM) published a roundup of its main September 2025 actions, spanning rulemaking consultations, supervisory guidance, market research and enforcement outcomes. The agenda included three public consultations covering trading in issuers’ own shares, a proposed reform of Resolution CVM 88, and an extension of the consultation deadline on targeted amendments to Resolution CVM 160. CVM also published its Q2 2025 Enforcement Activity Report, which recorded 115 warning letters. Supervisory and interpretive updates included circular letters reiterating deadlines under the Continuing Education Programme for investment adviser recertification, clarifying the engagement of a trustee in securitization public offerings, communicating the unification of registrations across administrators of FII and FIDC and portfolio managers, and setting out registration requirements for public offering coordinators and for tender offers (OPAs). The roundup also covered the release of a capital markets integrity perception survey and an investor profile survey identifying retirement savings as the main investment objective, as well as publication of first-half 2025 results under CVM’s technical cooperation agreement with ANBIMA. On enforcement casework, CVM reported accepting settlement proposals involving directors of Banco Mercantil do Brasil S.A., Fertilizantes Heringer S.A. and Gafisa S.A., rejecting a settlement proposal involving an Alpargatas S.A. executive, acquitting KPMG Auditores Independentes Ltda and the responsible technical professional in one judgment, and advancing a proceeding related to alleged irregularities in audit work for the RB Capital Renda FII; additional items included an FAQ on the regulated carbon market, hosting IOSCO’s Emerging Risks Committee, a temporary outage of the SEI system, and the reversal of a listed company registration suspension.

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