The Brazilian Securities and Exchange Commission (CVM) accepted Efraim Schmuel Horn’s proposal to settle an enforcement proceeding concerning his alleged purchase of Plano & Plano Desenvolvimento Imobiliário shares before the release of first-quarter 2025 financial information. Horn, an administrator of the company, committed to pay BRL 180,000 over the possible breach of restrictions on trading before financial disclosures. The CVM rejected a separate proposal from QI Corretora de Títulos e Valores Mobiliários relating to its administration of the Everest Summit fund. The regulator found that an isolated settlement was inappropriate because the investigation also covers the fund manager and responsible directors, while QI Corretora’s proposal addressed only some alleged reporting and liquidity management failures. The wider inquiry includes inaccurate liquidity reports, inadequate controls that contributed to the fund’s closure to redemptions on Jan. 28, 2025, and potential structural problems involving open-ended multimarket funds with substantial exposure to illiquid closed-ended funds.
2026-09-09Brazil Securities Commission (CVM)
Brazilian Securities and Exchange Commission accepts BRL 180,000 settlement proposal in pre-results trading case and rejects QI Corretora proposal
The Brazilian Securities and Exchange Commission accepted Efraim Schmuel Horn’s BRL 180,000 settlement proposal over alleged share purchases before a quarterly financial disclosure. It rejected QI Corretora’s proposal because the fund liquidity investigation covers additional parties and broader reporting, control and structural concerns.