B3

Afya and Yduqs announce a share-swap merger, with 69% for Afya shareholders and a minimum R$ 750 million dividend for Yduqs holders

Afya and Yduqs announced on the night of September 23, through a material fact, the combination of their businesses by share swap, with no cash payment: Afya shareholders will hold 69% of the combined company and Yduqs shareholders 31%. Afya will be merged into Yduqs, which stays listed on B3, and will leave Nasdaq; Yduqs shareholders will receive a minimum R$ 750 million dividend. The new company will have 1.6 million students and R$ 9.4 billion in revenue over the 12 months to June, with Afya Virgilio Gibbon as chief executive and Bertelsmann Kay Krafft chairing the board. The deal depends on Cade.

3 sourcesSep 24, 2026

Rondônia sanitation auction, worth R$ 8.5 billion across 40 municipalities, gets no bids at B3 and is declared void

The full concession of water and sewage services for 40 of the 52 municipalities of Rondônia, including Porto Velho, for 35 years, received no bid envelopes by the September 22 deadline at B3 and was declared void; the auction was scheduled for September 29. The project had an estimated value of R$ 8.5 billion, R$ 4.2 billion in investment and a minimum fixed grant of R$ 567.7 million, with a tariff discount of up to 20% allowed in the tender. Aegea, BRK and Acciona showed interest but did not formalize participation; NeoFeed attributes the void to high rates, operator leverage and commitments from earlier concessions, and expects a redesign and a new attempt in 2027.

2 sourcesSep 22, 2026

JBS wins a fully favorable ruling in four arbitrations at the B3 chamber brought by foreign funds

JBS said on September 22 that it obtained a fully favorable ruling in four consolidated arbitration proceedings at the B3 Market Arbitration Chamber (CAM 151/20, 157/20, 195/21 and 252/23), brought by foreign investment funds that alleged disclosure failures and sought compensation for losses from the share price decline. The defendants were JBS, J&F, Joesley and Wesley Batista. The final arbitral award was issued on September 4 and the company became aware on September 16; amounts and grounds remain confidential.

2 sourcesSep 22, 2026

Vehicle financing reaches 683,900 units in August, up 10.4% and the best result for the month in 15 years, according to B3

Data from Trillia, the B3 lien platform, released on September 22 show 683,928 vehicles financed in August, up 10.4% from August 2025 and the best result for the month since 2011. There were 478,000 light vehicles (350,000 new and 127,000 used), 178,000 motorcycles (up 4.9%) and 27,000 heavy vehicles (up 10.4%). Year to date, 5.136 million vehicles were financed, 10% more than in 2025. New vehicle prices rose 2.7% in August and are down 1.1% over 12 months; used prices are down 3.9% over 12 months.

3 sourcesSep 22, 2026

Santander asks the CVM for foreign issuer and BDR registration and advances its exchange offer for the 10% of Santander Brasil it does not own

Banco Santander filed with the CVM on September 22 requests for registration as a category A foreign issuer, for its BDR program and for the public exchange offer, plus a request to admit the BDRs to trading on B3, according to a Santander Brasil material fact. The voluntary offer, announced in July with a 15% premium over the July 30 close, targets the roughly 10% of Santander Brasil shares and units still outstanding, with an exchange ratio of 0.2028 BDR per share and 0.4056 per unit. The UBS BB appraisal puts the economic value between 12.62 and 13.88 euros per Santander share; the F-4 form at the SEC has not yet been declared effective.

3 sourcesSep 22, 2026

XP suspends new investments in six CDI-linked fixed income ETFs over doubts about the income tax rate

XP suspended from September 21 new investments and transfers into six CDI-linked fixed income ETFs: AMAB11, DEBB11, LFIN11 and MARG11 (BTG Pactual), GICP11 (Genial) and NLFA11 (Nu). The broker cites uncertainty over the applicable rate, 15% or 25%, which depends on how the average maturity of portfolios of CDI-indexed debentures and bank notes is calculated. Existing holders are not affected and the funds keep trading on B3; Anbima says the industry position creates no tax benefit, only equivalent treatment.

2 sourcesSep 22, 2026

JBS S.A. asks the CVM to cancel its public company registration while the parent holding of the Batista family applies for category B registration

JBS S.A. filed on September 21 with the CVM a request for voluntary cancellation of its category A issuer registration, the one that allows share trading in Brazil. JBS N.V., the holding listed on the New York Stock Exchange, remains a registered issuer and the JBSS32 BDRs keep trading on B3. In the same move, J&F, the Batista family holding that controls JBS, Âmbar Energia, Eldorado, Flora and PicPay, applied for category B public company registration, which allows only debt instruments such as debentures and commercial notes.

5 sourcesSep 21, 2026

Dino gives the federal government 90 days to review CVM rules and cites failures exposed by the Master case

Supreme Court Justice Flávio Dino ruled on September 20 that the federal government, coordinated by the Finance Ministry, must carry out within 90 days a technical assessment and reappraisal of the CVM's rules. The decision comes in the case in which he had already ordered an emergency plan for the regulator's enforcement, cites relaxations of 2021 and 2022 resolutions said to have created systemic permissiveness and a case forwarded in 2022 that anticipated the irregularities later found at Banco Master, plus Transparency International reports of complaints shelved without minimal inquiries.

2 sourcesSep 20, 2026

B3 approves R$ 1.128 billion in interest on equity, record date September 22

B3's board approved R$ 1.128 billion in interest on equity: R$ 378 million ordinary (R$ 0.07590407 per share) and R$ 750 million extraordinary (R$ 0.15060331), totaling R$ 0.22650738 gross and R$ 0.18686859 net per share. The record date is September 22, shares go ex on September 23 and payment is on October 7.

2 sourcesSep 17, 2026

ETFs on B3 reach 862 thousand investors, up 34% in a year, with assets of R$ 35.1 billion

The number of individuals holding ETFs on B3 rose from 639 thousand in June 2025 to 862 thousand in June 2026, up 34% or 223 thousand accounts, according to the exchange. Custodied assets went from R$ 26.9 billion to R$ 35.1 billion, a 62% increase. In the year to date 140.3 thousand investors joined and 38 new ETFs were launched through July, for 213 listed funds.

2 sourcesSep 17, 2026

Casas Bahia tells CVM it made no contributions to the FIDC in the first half and gets a B3 demand over shares below R$ 1

Responding to a CVM request after a Veja report, Grupo Casas Bahia said it made no contributions to the IBCB FIDC in the first half of 2026 and that the balance of subordinated quotas rose from R$ 780 million to R$ 1.166 billion due to the result of the quotas themselves, of R$ 386 million. B3 demanded a schedule to bring the shares back into compliance, as they have traded below R$ 1 since July 21.

2 sourcesSep 16, 2026

CVM receives the draft of the tokenisation pilot that will test shares, debentures and fund quotas on DLT networks

The Tokenisation Working Group delivered to the CVM board, on September 15, the draft resolution creating the CVM DLT Pilot Programme. The pilot will test issuance, offering, trading, bookkeeping, custody and settlement of shares, debentures, receivables certificates and fund quotas on distributed ledger networks, with direct real time access by the CVM to the records.

3 sourcesSep 16, 2026

B3 Regime Fácil completes six months with R$ 161 million raised in five issuances

The simplified capital market access regime for companies with revenue up to R$ 500 million, in force on B3 since March 16, totalled R$ 161 million in six months, in four commercial note issuances and one debenture issuance. Issuers come from technology, media, hospitality, cosmetics and logistics.

2 sourcesSep 16, 2026

B3 posts a 26.1% rise in daily equity volume in August, to R$ 30.3 billion

Average daily traded volume in equities on B3 rose 26.1% in August from August 2025, to R$ 30.284 billion, and 33.8% from July. Futures traded R$ 9.608 billion a day, up 3.3%, with revenue per contract down 12.8%. The number of investors reached 5.82 million.

2 sourcesSep 16, 2026

B3 VIX closes at a record 30.15 points on the STF crisis and the Fed, topping the March high

The S&P/B3 Ibovespa VIX, which measures expected implied volatility for the next 30 days from Ibovespa options, closed September 14 at 30.15 points, up 5.24% on the day and 17.87% in September, the highest level since the index launch on March 19, 2024, above the previous record of 29.6 points on March 27, 2026; B3 and Exame attribute the jump to the STF crisis between Moraes and Mendonça, the hearing scheduled for September 15, US-Iran tensions and the wait for the Fed and Copom decisions.

3 sourcesSep 14, 2026

A5X raises R$ 360 million in a Series D round at R$ 2.7 billion and targets its derivatives exchange debut in the second quarter of 2027

A5X, a pre-operational derivatives and futures exchange that aims to compete with B3, announced on September 14 a R$ 360 million Series D round led by Morgan Stanley, Goldman Sachs and Kaszek, at a valuation of about R$ 2.7 billion, with participation from shareholders IMC, Jump Trading, Optiver, XTX Markets and ABN Amro Clearing and the entry of XP, which exercised a purchase option; the company has raised more than R$ 730 million in four rounds, says the funds cover regulatory capital and operations to breakeven, and expects to start trading in the second quarter of 2027, after tests with regulators between October and November.

3 sourcesSep 14, 2026

B3 starts publishing the Ibovespa in dollars from 9/14, converted at the WMR rate

B3 announced on September 11 that from Monday, September 14, it will publish the Ibovespa B3 Index in US Dollars, converting the Ibovespa at the WM/Reuters WMR rate fixed at 4pm London (noon Brasília), in two versions, closing and settlement, published on the Indices on Demand channel at the end of each session; the aim is to let foreign investors track the index in US currency.

4 sourcesSep 11, 2026

B3 changes the Ibovespa methodology and BDRs of Brazilian companies may make up to 10% of the index from 2027

B3 announced on September 9 that BDRs of Brazilian companies listed abroad, such as Nubank, XP and Mercado Livre, may join the Ibovespa from the first half of 2027, with a 10% cap on the theoretical portfolio and the traditional liquidity, tradability and representativeness criteria; the transition schedule will come in a circular.

5 sourcesSep 09, 2026

Foreign investors pull R$ 18.1 billion from B3 in August, the largest monthly outflow since January 2022

Foreign investors pulled R$ 18.12 billion from B3's secondary market in August, the largest monthly outflow since January 2022, per an Elos Ayta survey of B3 data published by Exame and Poder360. The year's balance halved to R$ 18.29 billion after inflows of R$ 56.55 billion from January to April and outflows of R$ 38.26 billion from May to August.

4 sourcesSep 03, 2026

Cade clears B3's purchase of 60% of CRDC, subject to remedies deal

Cade's tribunal unanimously approved on September 2 B3's purchase of 60% of receivables registrar CRDC for R$ 15 million, conditional on signing a merger-control agreement, per CNN Brasil, InfoMoney and Money Times. The deal, announced in September 2025 with the São Paulo Commercial Association, includes an option on the remaining stake from 2030.

4 sourcesSep 02, 2026

T4F delists after 15 years with shares more than 90% below IPO

T4F Entretenimento completed its delisting after founder Fernando Alterio's tender offer, which paid R$ 6.02 per share and lifted his stake to 79.1% of capital, per InfoMoney and Exame. CVM cancelled its public-company registration and the company leaves Novo Mercado down about 96% since its 2011 IPO.

2 sourcesSep 02, 2026