meta_id 3435078

On August 25, 2026, the Securities Commission of Brazil (Comissão de Valores Mobiliários — CVM) held a disciplinary hearing session and ruled on four administrative sanction proceedings (PAS). In the most significant case, the CVM unanimously condemned Infinite Trade LLC. to pay a fine of BRL 3,900,000 for conducting a public offering of securities without prior registration with the CVM, in violation of Article 19 of Law 6,385. The CVM's Market Relations and Intermediaries Superintendence (Superintendência de Relações com o Mercado e Intermediários — SMI) initiated the proceeding against Infinite Trade LLC. The CVM determined that the entity violated securities registration requirements by offering securities to the public without obtaining mandatory CVM approval. Director Marina Copola voted to impose the penalty, and the CVM's collegiate body unanimously adopted this recommendation. In three additional cases heard during the same session, the CVM issued penalties totalling approximately BRL 2,120,000. These included fines against BNY Mellon Financial Services and associated individuals for violations of CVM Instruction 555; penalties against two former directors of Oi S.A. for breaches of financial reporting obligations; and a BRL 520,000 fine against AN Advisory and Mentoring Ltd., alongside a 78-month prohibition on Alan da Silva Neres from participating in securities market operations for unauthorised portfolio management activities. Infinite Trade LLC. may appeal the decision to the Financial System National Appeals Board (Conselho de Recursos do Sistema Financeiro Nacional) with suspensive effect, meaning the appeal will stay enforcement of the penalty pending resolution.