Brazil

The Comissão de Valores Mobiliários (CVM) represents Brazil's securities regulator and is considered the "capital markets watchdog" with similar rights to those of the U.S. Securities and Exchange Commission (SEC). Created on December 7, 1976, as part of Law No. 6,385, it represents an independent and autonomous body of administration associated with the Ministry of Finance. The main responsibility of the CVM lies in the supervision, regulation, and discipline of all participants of the public securities markets, including publicly held companies, asset management firms, independent auditors, and brokerage houses. Organizationally, the CVM operates according to the structure of the Collegiate Board of Directors consisting of the Chairperson and four Commissioners selected directly by the President of Brazil and approved by the Federal Senate. Managed by Chairman Otto Lobo, with board members such as João Accioly, Marina Copola, and Igor Muniz, the CVM represents a key line of defense protecting retail investors from corporate fraud and insider trading while modernizing legislation in relation to cryptocurrencies.

The CVM ensures the protection of the interests of investors, ensuring market transparency and working towards the growth of the capital markets in Brazil. To accomplish this, the regulatory body controls and oversees all the participants in the capital market, including publicly-held companies, investment managers, independent auditors, and securities brokerages. The CVM has strict rules regarding financial disclosures in order to prevent any type of manipulation in the market, fraud, and insider trading, which guarantees that the public gets accurate information from companies before making investments. Additionally, the CVM oversees the functioning of the stock and derivatives markets in the country, deals with the grievances of investors, penalizes fraud committed by financial institutions, and also formulates rules regarding new financial instruments.