The Securities and Exchange Commission of Brazil (CVM) published its Sanctioning Activity Report for the second quarter of 2026 on 9 September 2026. The document details enforcement metrics, ongoing investigations, warning notices, settlement agreements, and criminal referrals made to public prosecutors.
Active Investigations and Technical Charges
By the end of June 2026, 1,023 administrative proceedings with potential sanctioning implications were active across eight technical departments: SEP, SMI, SIN, SSE, SRE, SNC, SSR, and SPS. The regulator defines these cases as inquiry or investigation processes where identified potential irregularities may result in formal charges, administrative inquiries, or warning letters depending on available evidence of authorship and materiality.
During the second quarter of 2026, technical divisions initiated 19 investigative administrative procedures. These consisted of 11 statements of charges under ordinary proceedings, 7 under simplified proceedings, and 1 administrative inquiry. Over the same period, technical teams concluded 15 administrative proceedings that resulted in formal charges. These cases advanced to Sanctioning Administrative Proceedings (PAS) status to be decided by the CVM Board or settled if settlement proposals are submitted.
Supervisory Actions, Board Rulings, and Settlements
Supervisory units issued 43 warning letters (ofícios de alerta) and 2 stop orders during the quarter to address market conduct. In board activity, the CVM Board analysed 23 proceedings involving 42 proponents between April and June 2026.
The Board approved settlement agreement proposals (Termos de Compromisso) for 10 proceedings involving 16 proponents. These settlements amounted to 6.73 million Brazilian Reais designated for diffuse damages. Additionally, the CVM Board judged 4 cases during the second quarter, all of which were processed under simplified proceedings.
Criminal Referrals and Market Oversight Objectives
The CVM forwarded 15 official communications reporting evidence of public criminal action to the Public Prosecutor's Office in Q2 2026. This included 4 notices sent to State Public Prosecutors' Offices and 11 sent to the Federal Public Prosecutor's Office. Primary highlighted offenses involved the unauthorized exercise of professional roles or activities, fraudulent management of financial institutions, and market manipulation.
The quarterly report consolidates supervisory, investigative, and inspection data to prevent and mitigate infractions in the Brazilian capital market. The regulator noted that enforcement activities aim to deter non-compliance, penalise violations, safeguard investors, and preserve market integrity.
| Activity / Metric | Q2 2026 Figure |
|---|---|
| Ongoing proceedings with sanctioning potential (as of June 2026) | 1,023 |
| Investigative Administrative Procedures initiated | 19 |
| Administrative Proceedings concluded with charges | 15 |
| Warning letters issued (Ofícios de Alerta) | 43 |
| Stop orders issued | 2 |
| Approved Settlement Agreements (Termos de Compromisso) | 10 proceedings (R$ 6.73 million) |
| Proceedings judged by CVM Board | 4 |
| Referrals to Public Prosecutor's Office | 15 |
Frequently Asked Questions
What are administrative proceedings with sanctioning potential under CVM rules?
They are investigation or inquiry processes where technical units identify potential irregularities that could result in formal statement of charges, administrative inquiries, or warning letters based on evidence of authorship and materiality.
How many cases did the CVM refer to public prosecutors in Q2 2026?
The CVM sent 15 official notices to public prosecutors, including 4 to state prosecutors and 11 to federal prosecutors, covering alleged offenses such as unauthorized professional activity, fraudulent management of financial institutions, and market manipulation.
