pc
nid 93766
Jul 07, 2026
rghosh@vixio.com
Brazil
Administrative Council for Economic Defense
financial services
75% of draft length
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2044 charsBrazil's Securities Commission Accepts Settlement Agreement with Pátria Investimentos and Director for R$ 1.89 Million
On June 30, 2026, the Collegiate Board of the Securities Commission (Comissão de Valores Mobiliários — CVM) accepted a settlement proposal from Pátria Investimentos Ltda. and Marcelo Santos Nogueira, its director responsible for portfolio management activities. The settlement resolves Administrative Process (PA) 19957.008954/2025-56 prior to potential formal sanction proceedings.
The CVM's Specialized Federal Attorney's Office (Procuradoria Federal Especializada — PFE-CVM) confirmed no legal impediment existed for the agreement. Following negotiations with the Settlement Committee (Comitê de Termo de Compromisso — CTC), the parties committed to paying R$ 1.89 million: Pátria Investimentos Ltda. R$ 1.26 million and Marcelo Santos Nogueira R$ 630,000. The CTC recommended acceptance, which the Collegiate Board approved.
The underlying administrative process was initiated by the Institutional Investors Supervision Superintendence (Superintendência de Supervisão de Investidores Institucionais — SIN) to investigate alleged breaches of fiduciary duty. Specifically, Pátria Investimentos and Nogueira allegedly failed to exercise due diligence by permitting use of "forced liquidation value" in evaluating fund assets. This conduct potentially violated Article 3, Section 1 of CVM Instruction 579 and Article 92, Section I of the then-applicable CVM Instruction 555. The settlement resolves these allegations without admission of wrongdoing.
In the same June 30 meeting, the CVM's Collegiate Board also accepted three additional settlement agreements: with Inter Distribuidora de Títulos e Valores Mobiliários Ltda. and two directors (R$ 800,000); with Nicolas Aires de Paiva (R$ 280,000); and rejected a proposal from Maicon André Alves Pereira due to legal impediments and insufficient settlement terms.
REFERENCES:
Comissão de Valores Mobiliários (2026). Colegiado da CVM aceita proposta de Termo de Compromisso com Pátria Investimentos Ltda. e seu diretor no valor de R$ 1.890.000,00. Available at: https://www.gov.br/cvm/pt-br
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1540 charsBrazilian Securities and Exchange Commission Fines Inter Distribuidora de Títulos e Valores Mobiliários Ltda. R$400,000 for Custody and Customer Service Failures
On July 6, 2026, Brazil's Securities Commission (CVM) announced that it had accepted a R$400,000 settlement proposal against Inter Distribuidora de Títulos e Valores Mobiliários Ltda (DTVM) for custody and client service failures.
The CVM's Superintendency of Market and Intermediary Relations (SMI) brought the proceeding against DTVM in its capacity as a securities custody service provider. The alleged irregularities were:
Failure to act with due diligence and loyalty toward investor interests under Article 13(I) of CVM Resolution 32.
Failure to make fixed income trade notes available to clients in an adequate and timely manner under Article 14 of CVM Resolution 32.
Failure to adopt adequate rules and procedures for distributing trade notes to clients under Article 16(I) and (II) of CVM Resolution 32.
Failure to maintain written, verifiable, and CVM-accessible documentation of those rules and procedures under Article 16, paragraph 1, items I to III of CVM Resolution 32.
Ignoring client complaints and only addressing the underlying issue following two formal letters from the CVM, in breach of Article 17, paragraph 3 of CVM Resolution 32.
Omitting audit conclusions and corrective action plans from the 2025 internal audit report relating to 2024, in breach of Article 18(I) and (II) of CVM Resolution 32.
In addition to the monetary payment, DTVM agreed to submit a report from an independent auditor registered with the CVM detailing the internal procedures adopted by the company to comply with CVM Resolution 32.