The Board of the Securities and Exchange Commission of Brazil (CVM) has accepted a settlement proposal of BRL 180,000 from an officer at Plano & Plano Desenvolvimento Imobiliário S.A., while rejecting a proposed settlement from fund administrator QI Corretora de Títulos e Valores Mobiliários S.A.
Executive Settlement Approved in Share Trading Investigation
On 8 September 2026, the CVM Board reviewed settlement proposals relating to two separate administrative proceedings. In administrative sanctioning proceeding PAS 19957.001985/2026-67, Efraim Schmuel Horn, serving as an administrator of Plano & Plano Desenvolvimento Imobiliário S.A., submitted an agreement proposal to resolve an inquiry launched by the Company Relations Superintendence (SEP).
The inquiry examined alleged irregularities concerning Horn's acquisition of common shares issued by Plano & Plano during the period immediately preceding the publication of the company's first-quarter 2025 financial statements, representing a potential violation of Article 14 of CVM Resolution 44.
The Specialized Federal Attorney's Office at the CVM (PFE-CVM) determined that there were no legal impediments to a settlement. Following negotiations with the Settlement Agreement Committee (CTC), Horn agreed to pay BRL 180,000.00 to the CVM. The CTC deliberated in favour of accepting the offer, and the CVM Board subsequently ratified the decision to execute the agreement.
Settlement Rejected for QI Corretora Over Liquidity and Scope Concerns
In administrative proceeding PA 19957.016651/2025-15, QI Corretora de Títulos e Valores Mobiliários S.A. sought a settlement prior to the potential initiation of a formal sanctioning proceeding. The firm acted as the administrator for the Everest Summit Fundo de Investimento em Cotas de Fundos de Investimento Multimercado – CP E2.
The proceeding was established by the Institutional Investor Supervision Superintendence (SIN) to investigate potential infractions under CVM Resolution 175. These included submitting inaccurate liquidity information in daily reports during January 2025 without making timely rectifications, failing to maintain liquidity management controls adequate to sustain fund redemption terms leading to a redemption closure on 28 January 2025, and potential structural issues involving open-ended funds allocating significant capital into illiquid closed-end fund quotas.
Although the PFE-CVM found no legal bar to an agreement, the CTC recommended rejecting the proposal. The committee noted that the investigations also involve the fund manager and executive officers who had not submitted settlement offers. The CTC highlighted that approving an isolated proposal would offer limited procedural savings, fail to address broader structural issues under Article 106 of CVM Resolution 175, and undermine the required comprehensive assessment of all responsible parties. The CVM Board endorsed the CTC's findings and rejected the settlement proposal.
