Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), handed down penalties totaling millions of reais during an August 25, 2026 disciplinary session, with Infinite Trade LLC facing a R$3.9 million fine for conducting an unregistered public securities offering. The company violated Article 19 of Law 6.385, which requires prior CVM registration for any public offering of securities.
- Infinite Trade LLC Fine: R$3.9 million
- Violation: Unregistered public securities offering
- Regulatory Basis: Article 19 of Law 6.385
- Decision Date: August 25, 2026
- Investigating Body: Superintendência de Relações com o Mercado e Intermediários (SMI)
The CVM’s collegiate board reached a unanimous decision following the recommendation of Director Marina Copola. The penalty was assessed under the SMI’s investigation into Infinite Trade’s market conduct. The company may appeal the decision to the Financial System Appeals Board with suspensive effect, meaning the penalty remains enforceable during the appeal process.
The Infinite Trade case was one of four administrative proceedings resolved during the CVM’s August session. The regulator also sanctioned AN Assessoria e Mentoria Ltda. and individual Alan da Silva Neres for unauthorized portfolio management activities, imposing a R$520,000 fine on the firm and a 78-month market ban on Neres. Additional penalties were issued against BNY Mellon-affiliated entities and former Oi S.A. directors in separate proceedings, though those cases remain pending full collegiate votes.
The enforcement actions reflect the CVM’s intensified oversight of market participants engaged in unregistered securities activities and unauthorized investment services. The regulator continues to prioritize investor protection through disciplinary measures against entities operating outside the regulatory framework.
Marina Copola, Director of CVM. Source: gov.br
