The Securities and Exchange Commission of Brazil, known as CVM, scheduled an administrative sanctioning trial session for Tuesday, 8 September, beginning at 15:00. The proceedings address alleged fraudulent market practices, artificial price creation, fiduciary breaches, and investor relations disclosure failures.
Cases Concerning Brazil Realty FII Quota Issuance and Transfers
The first proceeding on the docket, case PAS 19957.007976/2020-94, investigates alleged irregularities tied to the third quota issuance of Brazil Realty FII. The charges encompass fraudulent operations in the capital markets, breaches of fiduciary and informational duties, and obstruction of regulatory supervision. The list of accused entities and individuals includes Sefer Investimentos Distribuidora de Títulos e Valores Mobiliários Ltda. (in extrajudicial liquidation), Banco Master S/A (in extrajudicial liquidation), Milo Investimentos S.A., and several associated parties.
A second related proceeding, case PAS 19957.005363/2021-01, involves Milo Investimentos S.A. and Pedro Junqueira Moll. This case scrutinises the alleged creation of artificial conditions of demand, supply, or price during transfers of Brazil Realty FII quotas.
Investor Relations Disclosure Violations at Ybirá Capital
The third case scheduled for the session, PAS 19957.001811/2025-13, focuses on Carolina Pestana Coelho in her former role as investor relations director at Ybirá Capital S.A.
The regulator initiated this proceeding to evaluate potential breaches of regulatory standards. The specific allegations involve failing to present the required documentation for convening an extraordinary general meeting, failing to disclose board of directors meeting minutes within the prescribed period, and missing regulatory deadlines to update the company's Reference Form.
Session Format and Public Access
The trial session is open to the public and takes place in person at CVM headquarters in Rio de Janeiro, with remote access available through a videoconference link. If neither the accused nor their legal representatives express an intention to participate in the session, the proceedings will shift to a restricted format using an electronic voting system.
CVM noted that case reports published ahead of the hearing remain subject to modification following the conclusion of the trial session.
Domande frequenti
When and where is the CVM trial session held?
The trial session is scheduled for Tuesday, 8 September, at 15:00. It takes place at CVM headquarters in Rio de Janeiro, with public access available in person and via videoconference.
What issues are being addressed in the Brazil Realty FII cases?
The cases address alleged fraudulent operations in capital markets, fiduciary and information duty breaches, obstruction of supervision, and the alleged creation of artificial demand, supply, or price conditions in quota transfers.
