Brazil Securities Commission (CVM) announced it will hold a judgment session in Administrative Sanctioning Proceeding (PAS) 19957.003612/2020-35 to assess the potential responsibility of Fernando Passos and José Carlos Cardoso for information disclosures by IRB - Brasil Resseguros S.A. and its administrators. The session is scheduled for 29 December starting at 15:00. The hearing will be open to the public and held in person at CVM’s headquarters in Rio de Janeiro, with the option to follow via videoconference. If none of the accused or their duly appointed representatives indicate an intention to participate, CVM will conduct a restricted session with voting through an electronic system. CVM also noted that the reports made available in connection with the case, including the interim president Otto Lobo’s report, may be amended after the judgment session.
Brazil Securities Commission (CVM) 2025-12-26
Brazil Securities Commission schedules sanctions judgment on IRB Brasil Resseguros disclosure case involving Fernando Passos and José Carlos Cardoso
Brazil Securities Commission (CVM) will hold a judgment session on 29 December to assess Fernando Passos and José Carlos Cardoso's responsibility regarding IRB - Brasil Resseguros S.A. disclosures. The session will be public, with in-person or videoconference attendance options, and may proceed as restricted if the accused do not participate. Reports, including interim president Otto Lobo’s, may be amended post-session.