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Capital markets regulation

CVM and B3 rules for offerings, funds, asset managers, tokenization and capital market supervision, and the reviews imposed by court rulings or Congress; banking and payments regulation sits under Brazilian banks.

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OrganizationB33 shared articles ↗OrganizationBanco Master2 shared articles ↗OrganizationJBS1 shared article ↗OrganizationXP Inc.1 shared article ↗

Last 90 days

What sources are saying

On September 20, 2026 Supreme Court Justice Flávio Dino gave the federal government, coordinated by the Finance Ministry, 90 days to assess and reappraise the CVM's rules, citing 2021 and 2022 relaxations and failures exposed by the Banco Master case, per CNN Brasil and Agência Brasil.

Updated September 26, 2026 · 5 verified articles

Market transmission

Why it matters

Rule changes alter compliance and fundraising costs for issuers, asset managers and investment banks, and the reputational risk of the market as a whole.

Explanatory mechanism, not a forecast or recommendation.

Articles in chronological order

05
MACROBrazil

CMN bans credit receivables funds from buying uncertain court claims and requires new valuation of those already in portfolios

The National Monetary Council approved on September 24 changes to the rules for credit receivables investment funds that ban purchases of credits arising from lawsuits or arbitration that still lack liquidity, certainty and enforceability. According to CVM data, the funds had about R$ 35.2 billion exposed to court claims in July. Credits already in portfolios are not eliminated, but from January 4, 2027 they require stricter valuation methods, with independent audit and more transparency. The changes come amid anti-money laundering operations involving funds, such as Carbono Oculto.

5 sourcesSep 24, 2026
MACROBrazil

Dino orders the Federal Police to investigate the conduct of CVM top officials in the Banco Master case

Justice Flávio Dino of the Supreme Court ordered on September 24 that the Federal Police investigate possible irregularities in the conduct of the Securities and Exchange Commission in the Banco Master case. According to the coverage, the probe targets the conduct of the agency top officials and an alleged omission regarding operations linked to the bank. The decision comes a day after Amec and IBGC asked for clarifications about the CVM situation and defended the agency independence.

6 sourcesSep 24, 2026
CORPORATEBrazil

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
CORPORATEBrazil

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
MACROBrazil

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