Brazil

At its 20 October 2026 session the Colegiado convicted him unanimously in PAS CVM 19957.004453/2025-09 of professionally managing securities portfolios without prior CVM authorisation and temporarily prohibited for 51 months from acting, directly or indirectly, in any securities market operation. No fine is mentioned; appeal lies to the Conselho de Recursos do Sistema Financeiro Nacional with suspensive effect.

Fined R$170,000 in PAS CVM 19957.011231/2025-34 for failing to prepare the 2024 annual financial statements and the first- and second-quarter 2025 quarterly information of Reag Capital Holdings S.A. The vote was unanimous; appeal lies to the Conselho de Recursos do Sistema Financeiro Nacional with suspensive effect.

Fined R$170,000 in PAS CVM 19957.011231/2025-34 for failing to prepare the 2024 annual financial statements and the first- and second-quarter 2025 quarterly information of Reag Capital Holdings S.A. The vote was unanimous; appeal lies to the Conselho de Recursos do Sistema Financeiro Nacional with suspensive effect. The CVM case list names him "João Carlos Falbo Mansur" where the decision text says "João Carlos Mansur".

The Colegiado accepted a settlement proposal in PA CVM 19957.010974/2022-44 involving TC S.A. (formerly TC Traders Club S.A.). Mr Abi was alleged to have traded indirectly through exclusive funds during a five-day blackout after a research report he signed, and to have possibly manipulated prices through an anonymous video in June 2022. Two other proponents settled for R$765,000 and R$612,000, a total of R$2,389,887.14.

Fined as administrator of Neo In in PAS CVM 19957.005810/2024-67 over a public securities offering made without CVM registration. The company was fined R$2,000,000 in the same decision.

Fined in PAS CVM 19957.005810/2024-67 for carrying out a public offering of securities without the required CVM registration. The same decision fined its administrator, Anderson Alves de Macedo, R$1,000,000; the vote was unanimous and an appeal with suspensive effect is available.

Banned for 78 months from acting, directly or indirectly, in any securities market operation in PAS 19957.002610/2025-33 for managing securities portfolios without prior CVM authorisation. His firm, AN Assessoria e Mentoria Ltda., was fined R$520,000 in the same decision.

Convicted unanimously in PAS 19957.013932/2025-16 of carrying out a public offering of securities without prior CVM registration and fined R$3,900,000. Appeal with suspensive effect lies to the Conselho de Recursos do Sistema Financeiro Nacional.

The Colegiado accepted a settlement proposal in PAS 19957.001449/2022-38, R$1,485,000 in total with its responsible director Guilherme Dias Fernandes Benchimol (R$405,000). It was alleged to have failed to supervise autonomous agents linked to the brokerage, and must also prove payment of at least R$1,211,248.54 in court-ordered indemnity to an investor.

The Colegiado accepted a revised settlement proposal in PAS 19957.003748/2021-26 after rejecting proposals from him and two others in 2024. He was alleged to have lacked diligence in approving and overseeing a share buyback programme in 2018-2019 and to have improperly approved, at the board meeting of 26 December 2018, an investment programme in other companies.

The Colegiado accepted a settlement proposal in PA 19957.009090/2025-90, R$800,000 in total with its two responsible statutory directors (R$200,000 each). Alleged custody failures included handing over trade notes only by email on request, ignoring client complaints until two CVM letters, and omitting audit conclusions from the 2025 custody report. It must also file an independent auditor's report on its Resolution 32 procedures.

The Colegiado accepted his settlement proposal in PA 19957.008954/2025-56, together with Pátria Investimentos Ltda. (R$1,260,000). The alleged breach concerned the use of forced-liquidation value in valuing assets of the Pátria Special Opportunities funds.

The Colegiado accepted a settlement proposal in PA 19957.008954/2025-56, R$1,890,000 in total with its portfolio-management director Marcelo Santos Nogueira (R$630,000). It was alleged to have breached the duty of diligence by allowing forced-liquidation value to be used in valuing assets of the Pátria Special Opportunities funds.

The Colegiado accepted a revised settlement proposal in PA 19957.001077/2024-10, negotiated alongside a criminal non-prosecution agreement with the federal prosecutors. He was alleged to have bought shares of the bank possibly using inside information; the R$400,000 is described as reparation for diffuse harm to the market, and he must keep an individual share-trading plan for two years.

Fined unanimously in PAS 19957.007774/2025-57 for exercising securities portfolio management without authorisation.

The Colegiado accepted his settlement proposal in PAS 19957.007592/2025-86, payable to the CVM and indexed to the IPCA from 7 May 2025. He was alleged to have carried out fraudulent transactions in the securities market between 4 April and 7 May 2025. He also undertook to reimburse unit holders in proportion to the harm suffered and accepted a 12-month removal from portfolio management; the release does not state the total reimbursed.

In PE 263746 the sanctioning committee fined the firm a total of R$804,000: R$146,000 for irregularities 'a/b', R$146,000 for 'c', R$437,000 for 'd' and R$75,000 for 'e'. Three individuals were also fined R$30,000, R$24,000 and R$12,000.

In PE 266470 he was disqualified for five years from acting as an administrator or holding a statutory office in institutions supervised by the BCB or in the Brazilian Payment System, and fined R$732,000 for irregularity 'd'.

In PE 266470 the BCB's sanctioning committee prohibited the bank for two years from over-the-counter foreign exchange operations for trading virtual assets where the client acts as an intermediary for third parties not expressly authorised by the BCB. It also imposed cumulative fines of R$16,280,000: R$4,560,000 and R$3,280,000 for irregularities 'a' and 'b' under Law 9,613/1998 and R$8,440,000 for irregularity 'd'. The minutes describe irregularity 'a' as inadequate AML policies, procedures and internal controls, 'b' as failing to report suspicious movements to COAF and 'd' as failing to confirm the qualification of foreign exchange clients.

The Colegiado accepted his settlement proposal in PA CVM 19957.009588/2025-52. He was alleged to have delayed disclosure of a material fact after a press leak of 7 August 2025 on talks to acquire assets from Braskem S.A.; the material fact was published on 8 August 2025 and the alleged issue is the gap between the two.

The Colegiado accepted his settlement proposal in PA 19957.000374/2024-30. He was alleged not to have published a material fact on projections presented at the Investor Day events of 6 February 2023 and 15 March 2024, nor to have responded promptly to media reports of 11 January 2024 anticipating a revision.

The Colegiado accepted his settlement proposal in PAS 19957.015487/2022-78, payable in six instalments of R$246,666.67. He was alleged to have delayed disclosure of court decisions of November-December 2020, given incomplete information in the material fact of 30 September 2020, and lacked diligence in negotiating with CDIL.

The Colegiado accepted his settlement proposal in PAS CVM 19957.001941/2025-56. He was alleged not to have disclosed a material fact on a possible Chapter 11 filing reported by the media on 14-15 January 2024, amid unusual trading in the shares.

The Colegiado accepted settlement proposals from four administrators of Construtora Adolpho Lindenberg S.A. and Lindenberg Investimentos Ltda. in PAS CVM 19957.001545/2025-29, R$2,160,000 in total. They were alleged to have approved their own accounts at the general meeting of 15 April 2024 through the vote of a controlling shareholder of which they were also administrators. His share of the payment is R$540,000.

The Colegiado accepted settlement proposals from four administrators of Construtora Adolpho Lindenberg S.A. and Lindenberg Investimentos Ltda. in PAS CVM 19957.001545/2025-29, R$2,160,000 in total. They were alleged to have approved their own accounts at the general meeting of 15 April 2024 through the vote of a controlling shareholder of which they were also administrators. His share of the payment is R$540,000.

The Colegiado accepted settlement proposals from four administrators of Construtora Adolpho Lindenberg S.A. and Lindenberg Investimentos Ltda. in PAS CVM 19957.001545/2025-29, R$2,160,000 in total. They were alleged to have approved their own accounts at the general meeting of 15 April 2024 through the vote of a controlling shareholder of which they were also administrators. His share of the payment is R$540,000.

The Colegiado accepted settlement proposals from four administrators of Construtora Adolpho Lindenberg S.A. and Lindenberg Investimentos Ltda. in PAS CVM 19957.001545/2025-29, R$2,160,000 in total. They were alleged to have approved their own accounts at the general meeting of 15 April 2024 through the vote of a controlling shareholder of which they were also administrators. His share of the payment is R$540,000.

In PAS CVM 19957.001918/2024-81, whose judgment resumed and ended on 18 December 2025 after a director had asked for time to study the case (pedido de vista), the Colegiado unanimously acquitted him of the competing-company and conflict-of-interest charges but, by majority with Director João Accioly dissenting, gave him a warning for failing to ensure that the 2022/2024 board registration form was completed fully and accurately.

The Colegiado accepted his settlement proposal in PA 19957.007640/2025-36, made before any sanctioning proceeding was opened. He was alleged not to have disclosed a material fact after a media report of 23 May 2024 on a corporate transaction under negotiation, amid atypical trading in the shares.

The Colegiado accepted his settlement proposal in PAS CVM 19957.020738/2024-06. He was alleged not to have promptly disclosed a material fact after media leaks of 18-22 November 2023; the CVM describes the conduct as an alleged infringement, not an established one.

Fined unanimously in PAS CVM 19957.015425/2024-28 for carrying out securities portfolio management without CVM authorisation, on a charge brought by the CVM's investor-relations superintendency (SIN). Appeal lies to the Conselho de Recursos do Sistema Financeiro Nacional with suspensive effect.

In PAS CVM 19957.005597/2021-41, decided unanimously on 9 December 2025, the Colegiado found the 2019 private capital increase of Indústrias J.B. Duarte S.A. (now Blue Tech Solutions E.Q.I S.A.), largely paid with credits that Duagro S.A. held against the company, in exchange for hereditary rights over a property whose title was never transferred to it, to have been irregular. He was fined R$170,000 for approving a capital increase paid in assets that had not been valued and R$425,000 for a conflict of interest (total R$595,000).

In PAS CVM 19957.005597/2021-41, decided unanimously on 9 December 2025, the Colegiado found the 2019 private capital increase of Indústrias J.B. Duarte S.A. (now Blue Tech Solutions E.Q.I S.A.), largely paid with credits that Duagro S.A. held against the company, in exchange for hereditary rights over a property whose title was never transferred to it, to have been irregular. He was fined R$575,000 for abuse of power and R$400,000 for failing to disclose a material fact (total R$975,000).

In PAS CVM 19957.005597/2021-41, decided unanimously on 9 December 2025, the Colegiado found the 2019 private capital increase of Indústrias J.B. Duarte S.A. (now Blue Tech Solutions E.Q.I S.A.), largely paid with credits that Duagro S.A. held against the company, in exchange for hereditary rights over a property whose title was never transferred to it, to have been irregular. As a board member she was fined R$170,000 for approving the capital increase without valuing the assets and was temporarily disqualified for 51 months for breach of the duty of diligence.

In PAS CVM 19957.005597/2021-41, decided unanimously on 9 December 2025, the Colegiado found the 2019 private capital increase of Indústrias J.B. Duarte S.A. (now Blue Tech Solutions E.Q.I S.A.), largely paid with credits that Duagro S.A. held against the company, in exchange for hereditary rights over a property whose title was never transferred to it, to have been irregular. She was fined R$2,856,852.18 for abusive voting as a shareholder representative, plus R$340,000 and R$200,000 as a board member (total R$3,396,852.18), and was temporarily disqualified for 60 months for breach of the duty of diligence.

In PAS CVM 19957.005597/2021-41, decided unanimously on 9 December 2025, the Colegiado found the 2019 private capital increase of Indústrias J.B. Duarte S.A. (now Blue Tech Solutions E.Q.I S.A.), largely paid with credits that Duagro S.A. held against the company, in exchange for hereditary rights over a property whose title was never transferred to it, to have been irregular. He was fined R$5,713,704.36 as indirect controlling shareholder and R$400,000 for failing to act on the investor-relations director's omission to disclose a material fact (total R$6,113,704.36), and was temporarily disqualified for 104 months. Appeal lies to the Conselho de Recursos do Sistema Financeiro Nacional with suspensive effect.

At its 46th session the BCB sanctioning-decision committee fined the bank in PE 295020 for late declaration of assets and values held abroad (base date 31 December 2020).

At its 46th session the BCB sanctioning-decision committee fined the institution in PE 288585 for filing the five-yearly census of foreign capital in Brazil (base date 31 December 2020) late.

The Colegiado accepted his settlement proposal in PAS 19957.001169/2025-72. He was alleged not to have promptly disclosed a material fact after unusual market movements on 5 December 2023, ahead of a media report that day on a possible change of controlling shareholder.

In PE 266783 the committee fined the cooperative R$1,104,000 and prohibited it for three years from forming new consortium groups, for consortium operations that departed from the legal purpose of using pooled funds. Five administrators were disqualified for five years and fined. On 8 December 2025 suspensive effect on the appeal was denied for the prohibition.

In PE 247583 (Deboni Distribuidora de Títulos e Valores Mobiliários Ltda.) he was disqualified for ten years from administrative and governance roles at BCB-supervised institutions and fined R$323,000. The minutes record that suspensive effect on his appeal was denied on 19 September 2025.