Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), published its enforcement activity report on September 9, 2026, revealing substantial regulatory activity across the nation’s capital markets. The report covers the second quarter of 2026 and details enforcement actions, investigations, and compliance measures undertaken by the eight technical divisions responsible for market supervision and investigation.
- Active Cases: 1,023 administrative processes with sanctioning potential
- New Accusations: 19 investigative procedures initiated (11 ordinary rites, 7 simplified rites, 1 administrative inquiry)
- Concluded Cases: 15 administrative processes resulting in formal accusations
- Settlement Approvals: 10 commitment terms totaling R$6.73 million
- Alert Notices: 43 issued; 2 stop orders issued
- Criminal Referrals: 15 reports to prosecutors (4 state, 11 federal)
During the second quarter, the CVM approved settlement proposals involving 10 processes from 16 respondents, with total diffuse damage settlements reaching R$6.73 million. The regulator analyzed 23 processes in total during the period, involving 42 proponents. Additionally, the agency rendered judgments on 4 cases through its collegiate body, all involving simplified procedure protocols. These enforcement actions represent the regulator’s commitment to preventing and mitigating unlawful conduct within Brazil’s securities market.
The CVM intensified its criminal referral activity, forwarding 15 reports to the Public Ministry during the quarter. These submissions identified suspected public crimes under both administrative sanctioning procedures and general supervisory operations. Key crimes highlighted in the referrals include unauthorized practice of regulated professions or functions, fraudulent management of financial institutions, and market manipulation. The regulator emphasized that such enforcement activity is fundamental to protecting investors and maintaining confidence and integrity in Brazil’s capital markets.
The enforcement report consolidates information from supervision, investigation, and inspection activities conducted by the CVM‘s technical divisions, demonstrating the regulator’s multi-pronged approach to market oversight. The complete and summary versions of the report are available on the agency’s official website.
