Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), accepted two settlement proposals on September 15, 2026, resolving separate administrative proceedings involving potential market violations. Rodrigo Fernandes Dalago da Cruz, vice president of retail commerce at Pet Center Comércio e Participações S.A., and trader Rony Susskind each agreed to financial penalties to close their respective cases without formal sanctions.
- Pet Center Settlement Amount: R$ 180,000
- Susskind Settlement Amount: R$ 408,000
- Decision Date: September 15, 2026
- Regulatory Bodies Involved: CVM’s Supervisory Committee, Federal Specialized Prosecutor’s Office
Dalago da Cruz was under investigation for allegedly selling shares in Pet Center during a period preceding the company’s disclosure of its 2024 financial statements, potentially violating CVM Resolution 44, Article 14. The case, filed by the CVM’s Department of Relations with Companies, focused on insider trading concerns. The Federal Specialized Prosecutor’s Office (PFE-CVM) found no legal impediment to the settlement, and the CVM’s Settlement Committee recommended acceptance of the proposed agreement.
Susskind’s case addressed suspected price manipulation involving real estate investment fund quotas, a potential violation of CVM Resolution 62, Article 2. Unlike the Dalago da Cruz matter, Susskind’s administrative process had not yet escalated to formal sanctions proceedings when he submitted his settlement proposal. The CVM’s Market Supervision Department, Derivatives, and Systemic Risk Division initiated the investigation. The higher penalty amount reflects the severity of the alleged manipulative conduct.
Both agreements were negotiated through the CVM’s Settlement Committee and require payment of the respective penalties to conclude the proceedings. The CVM’s board voted to accept both proposals, following favorable assessments from the regulatory body’s specialized legal counsel. These settlements represent administrative closures without formal findings of wrongdoing, allowing both parties to avoid protracted litigation while satisfying regulatory enforcement objectives.
