The Brazil Securities Commission (CVM) issued a market warning and ordered EBC Financial Group, its partners in Brazil Santo Trader Treinamento Profissionais Ltda., and Santo Trader’s partner Oliver Augusto Moreno Spanghero to immediately suspend any public offering of securities intermediation services. The measure follows indications that the group has been seeking to attract clients resident in Brazil to conduct securities transactions via its website. CVM’s Superintendence of Market and Intermediary Relations identified signs of solicitation and stressed that the firm and the named partners are not authorised by CVM to intermediate securities, act as investment advisers, or raise funds from investors for application in securities. The immediate suspension was imposed through CVM Declaratory Act 23,512.
Brazil Securities Commission (CVM) 2025-06-18
Brazil Securities Commission orders EBC Financial Group and Brazilian partners to immediately halt public offers of securities intermediation services
The Brazil Securities Commission (CVM) has issued a market warning and ordered EBC Financial Group and its partners to suspend public offerings of securities intermediation services. The CVM identified unauthorized solicitation activities targeting Brazilian residents. The suspension was enacted through CVM Declaratory Act 23,512.